MGE ENERGY INC
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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FY2024 · Filed Feb 25, 2025
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Liquidity and Capital Resources
MGE Energy and MGE expect to have adequate liquidity to support future operations and capital expenditures over the next twelve months. Available resources include cash and cash equivalents, operating cash flows, liquid assets, borrowing working capacity under revolving credit facilities, and access to equity and debt capital markets. In September 2024, MGE Energy began issuing new shares of common stock to participants in our Direct Stock Purchase and Dividend Reinvestment Plan. MGE Energy expects to generate funds from operations and both long-term and short-term debt financing. See "Credit Facilities" below for information regarding MGE Energy's and MGE's credit facilities.
Cash Flows
The following summarizes cash flows for MGE Energy and MGE during 2024 and 2023:
| MGE Energy | MGE | |||
|---|---|---|---|---|
| (In thousands) | 2024 | 2023 | 2024 | 2023 |
| Cash provided by (used for): | ||||
| Operating activities | $277,784 | $237,561 | $272,953 | $231,822 |
| Investing activities | (241,487) | (230,020) | (239,013) | (224,027) |
| Financing activities | (26,827) | (10,483) | (20,586) | (11,590) |
Cash Provided by Operating Activities
Cash flows from operating activities for MGE Energy and MGE principally reflect the receipt of customer payments for electric and gas service and outflows related to fuel for electric generation, purchased power, gas, and operation and maintenance expenditures.
The principal increases (decreases) in cash flows from operating activities during 2024, compared to 2023, were as follows:
| (In millions) · MGE Energy · MGE | ||||
|---|---|---|---|---|
| Lower payments for fuel and purchased power at our generation plants, as well as lower natural gas costs to our customers, primarily driven by a decrease in the price of natural gas | $ | 59.0 | $ | 59.0 |
| Changes in income taxes paid/received - includes $18.5 million proceeds from renewable tax credits transferred to other corporate taxpayers during 2024 | 22.9 | 25.6 | ||
| Lower overall collections from customers, driven by lower purchased gas costs adjusted through the PGA customer rate | (38.8) | (38.8) | ||
| Higher payments for other operation and maintenance expenses | 1.6 | 0.1 | ||
| Higher payments for interest, driven by MGE's issuance of long-term debt during the second half of 2023 | (4.8) | (4.8) | ||
| Other operating activities | 0.3 | (0.0) | ||
| Increase in cash provided by operating activities | $ | 40.2 | $ | 41.1 |
Capital Requirements and Investing Activities
Cash outflows for MGE Energy and MGE principally reflect capital expenditures. See "Capital Expenditures" below for more information.
MGE Energy's cash used for investing activities increased $11.5 million for 2024 when compared to 2023.
Capital expenditures for 2024 were $236.9 million. This amount represents an increase of $14.9 million from the expenditures made in 2023. This increase primarily reflects an increase in electric and gas utility expenditures.
Proceeds from the sale of investments increased $1.6 million during 2024, when compared to 2023.
Capital contributions in ATC and other investments decreased $2.2 million for 2024 when compared to 2023.
MGE
MGE's cash used for investing activities increased $15.0 million for 2024 when compared to 2023.
Capital expenditures for 2024 were $236.9 million. This amount represents an increase of $14.9 million from the expenditures made in 2023. This increase primarily reflects an increase in electric and gas utility expenditures.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.