MGE ENERGY INC
For the period ended Jun 30, 2024. Filed Aug 7, 2024.
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Jun 30, 2024 · Filed Aug 7, 2024
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12. Joint Plant Construction Project Ownership
uction Project Ownership - MGE Energy and MGE
MGE has ownership interests in generation projects with other co-owners, some of which are under construction, as shown in the following table. Incurred costs are reflected in "Property, plant, and equipment, net" or "Construction work in progress" on the consolidated balance sheets.
| Project | Ownership Interest | Source | Share of Generation | Share of Estimated Costs(a) | Costs incurred as of June 30, 2024(a) | Estimated Date of Commercial Operation |
|---|---|---|---|---|---|---|
| Paris(b) | 10% | Solar/Battery | 20 MW/11 MW | $61 million(d) | $40.2 million | 2024 Solar2025 Battery |
| Darien(c) | 10% | Solar | 25 MW | $48 million(d)(e) | $37.6 million | 2024 |
| Koshkonong(f) | 10% | Solar | 30 MW | $65 million(d)(e) | $0.1 million | 2026 |
| West Riverside | 3.5% | Natural Gas | 25 MW | $25 million | $25.2 million | (g) |
(a)
Excluding AFUDC.
(b)
Paris Solar-Battery Park is located in the Town of Paris in Kenosha County, Wisconsin.
(c)
Darien Solar Energy Center is located in Walworth and Rock Counties in southern Wisconsin.
(d)
Estimated costs are expected to exceed PSCW previously approved Certificate of Authority (CA) levels. Notifications are provided to the PSCW when costs increase above CA levels. MGE has and will continue to request recovery of the updates in its rate case proceedings.
(e)
As part of its order, the PSCW approved battery capacity with this project, which is no longer included in the current estimate. We will continue to evaluate timing, cost, and feasibility of the installation of batteries.
(f)
Koshkonong Solar Energy Center is located in the Towns of Christiana and Deerfield in Dane County, Wisconsin.
(g)
In June 2024, MGE purchased an additional ownership interest in West Riverside, a natural gas-fired facility located in Beloit, WI, from WPL, operator and co-owner of the plant. West Riverside was placed in-service in 2020. MGE's interest in West Riverside increased to 6.9%.
MGEreceived specific approval to recover 100% AFUDC on Paris, Darien, and Koshkonong. During the three and six months ended June 30, 2024, MGE recognized $1.5 million and $2.7 million, respectively, after tax, in AFUDC for these projects compared to $0.6 million and $1.0 million for the comparable periods in 2023.
Reven
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