MADISON GAS & ELECTRIC CO
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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Sep 30, 2026 · Filed Nov 4, 2026
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3. Investment in ATC and ATC Holdco
nts - MGE Energy and MGE.
ATC and ATC Holdco.
ATC owns and operates electric transmission facilities primarily in Wisconsin. MGE received an interest in ATC when it, like other Wisconsin electric utilities, contributed its electric transmission facilities to ATC, as required by Wisconsin law. That interest is presently held by MGE Transco, a subsidiary of MGE Energy. ATC Holdco was formed by several members of ATC, including MGE Energy, to pursue electric transmission development and investments outside of Wisconsin. The ownership interest in ATC Holdco is held by MGEE Transco, a subsidiary of MGE Energy.
MGE Transco and MGEE Transco have accounted for their investments in ATC and ATC Holdco, respectively, under the equity method of accounting. Equity earnings from investments are recorded as "Other income" on the consolidated statements of income of MGE Energy. MGE Transco recorded the following amounts related to its investment in ATC:
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (In thousands) | 2026 | 2025 | 2026 | 2025 |
| Equity earnings from investment in ATC | $3,907 | $3,224 | $11,205 | $9,280 |
| Dividends received from ATC | 2,954 | 2,403 | 8,404 | 8,035 |
| Capital contributions to ATC | 3,567 | 3,214 | 10,183 | 8,385 |
In October 2026, MGE Transco made a $4.3 million capital contribution to ATC.
ATC's summarized financial data is as follows:
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (In thousands) | 2026 | 2025 | 2026 | 2025 |
| Operating revenues | $280,753 | $245,104 | $820,060 | $721,260 |
| Operating expenses | (129,377) | (116,919) | (386,418) | (351,228) |
| Other income, net | 87 | 188 | 2,015 | 821 |
| Interest expense, net | (47,330) | (41,593) | (137,731) | (124,040) |
| Earnings before members' income taxes | $104,133 | $86,780 | $297,926 | $246,813 |
MGE receives transmission and other related services from ATC. During the three and nine months ended September 30, 2026, MGE recorded $11.2 million and $33.6 million, respectively, for transmission service compared to $10.2 million and $30.6 million for the comparable periods in 2025. MGE also provides a variety of operational, maintenance, and project management work for ATC, which is reimbursed by ATC. As of September 30, 2026, and December 31, 2025, MGE had a receivable due from ATC of $4.0 million and $2.5 million, respectively. The receivable is primarily related to transmission interconnection activities at the renewable generation sites. MGE will be reimbursed for these costs after the new generation assets are placed into service.
Other Investments - MGE Energy.
During thethree and nine months ended September 30, 2026 and 2025, certain investments were liquidated for MGE Energy. There were no material liquidations for MGE during these periods. As a result of the liquidations, the following was received:
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (In thousands) | 2026 | 2025 | 2026 | 2025 |
| Cash proceeds | $6,724 | $4,244 | $12,133 | $4,402 |
| Gain on sale | 5,346 | 3,156 | 9,322 | 3,233 |
Taxes - MGE E
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