MADISON, Wis. -- (Business Wire)
MGE Energy, Inc. (Nasdaq: MGEE) today reported earnings for the three
months ended June 30, 2012, of $14.3 million, or 62 cents per share,
compared to $12.7 million, or 55 cents per share, for the same period in
the prior year.
For the quarter ending June 30, 2012, the company experienced a 1.3%
increase in electric sales volumes reflecting higher customer demand
driven by warmer-than-normal weather. The June 2012 average temperature
of 71.9 degrees was 5.9% higher than the normal average temperature of
67.9 degrees. In June 2011 the average temperature was 68.5 degrees.
MGE has experienced fuel-related savings in 2012 that are expected to be
returned to customers in the future. As of June 30, 2012, $2.7 million
was deferred in fuel-related cost savings under the Wisconsin fuel rules
mechanism. MGE also received $1.2 million in refunds from PJM
Interconnection, LLC (a regional transmission organization) in July
2012, related to the resettlement of transmission credits. The fuel
savings for customers currently total $3.9 million. The 2012 fuel
savings could increase or decrease by year-end and are subject to review
by the Public Service Commission of Wisconsin.
MGE Energy is a public utility holding company. Its principal
subsidiary, Madison Gas and Electric (MGE), generates and distributes
electricity to 139,000 customers in Dane County, Wis., and purchases and
distributes natural gas to 144,000 customers in seven south-central and
western Wisconsin counties. MGE's roots in the Madison area date back
more than 150 years.
MGE Energy, Inc. |
(In thousands, except per-share amounts) |
(Unaudited)
|
|
Three Months Ended June 30, |
| 2012 |
| 2011 |
Operating revenue
| |
$117,221
| |
$117,259
|
Operating income
| |
$25,081
| |
$23,197
|
Net income
| |
$14,270
| |
$12,723
|
Earnings per share (basic and diluted)
| |
$0.62
| |
$0.55
|
Weighted average shares outstanding (basic and diluted)
| |
23,114
| |
23,114
|
| | | |
|
Six Months Ended June 30, | | 2012 | | 2011 |
Operating revenue
| |
$266,480
| |
$281,864
|
Operating income
| |
$53,525
| |
$54,095
|
Net income
| |
$30,318
| |
$30,506
|
Earnings per share (basic and diluted)
| |
$1.31
| |
$1.32
|
Weighted average shares outstanding (basic and diluted)
| |
23,114
| |
23,114
|
Contacts:
MGE Energy, Inc.
Steve Kraus
Manager - Media Relations
608-252-7907
| skraus@mge.com
Source: MGE Energy, Inc.
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