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MGE FOURTH QUARTER AND YEAR-END RESULTS

MGE Energy has reported financial results for the fourth quarter of 2022 and for the full year of 2022.

MGE Energy's earnings for the full year of 2022 were $111.0 million, or $3.07 per share, compared to $105.8 million, or $2.92 per share, for the same period in the prior year.

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MGE APPROVED TO BUY SHARE OF SOUTHERN WISCONSIN SOLAR ENERGY CENTER

Madison Gas and Electric has been approved by the Public Service Commission of Wisconsin to purchase more solar energy and battery storage.

MGE can now purchase solar energy and battery storage from the Darien Solar Energy Center and will own 25 megawatts (MW) of solar energy and 7.5 MW of battery storage from a solar battery storage facility in Rock and Walworth counties in southern Wisconsin.

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MGE RELEASES ANNUAL CORPORATE RESPONSIBILITY AND SUSTAINABILITY REPORT

Madison Gas and Electric has published its annual Corporate Responsibility and Sustainability Report, detailing its environmental, social and commitments and progress toward the company’s sustainability goals. The report is a comprehensive overview of the company's activities and performance in fulfilling its role as a critical services provider, environmental steward, and community resource and partner.

"MGE was one of the first utilities nationwide to set a goal of net-zero carbon electricity by 2050, and we continue to work toward our goal of reducing carbon at eighty percent by the end of this decade,” according to Chairman, President and CEO Jeff Keebler.

XCEL ENERGY COMPANY PLANS EARLIER COAL PLANT RETIREMENT

Xcel Energy has announced a proposal to advance the retirement of coal operations at Tolk Generating Station in Texas to 2028, more than four years earlier than planned. With this earlier retirement, along with accelerated coal plant retirements in other states, the company will exit the use of coal by the end of 2030 when the Comanche 3 coal unit in Colorado retires.

The company is leading the nation’s clean energy transition as it reduces carbon emissions 80% by 2030 for electric customers, with a vision to achieve 100% carbon-free electricity by 2050. Retiring coal generation while continuing to add reliable and affordable clean energy sources are key to Xcel Energy’s strategy in the eight states it serves.

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MGE to Reduce Carbon Eighty Percent by 2030

Consistent with its commitment to sustainable energy and to global climate science, Madison Gas and Electric will reduce carbon at least eighty percent by 2030 as it works toward achieving net-zero carbon electricity by 2050. Under its Energy 2030 framework, announced in 2015, the company set a goal of forty percent carbon reduction by 2030, one of the first such goals set by a utility and in alignment with the Paris Agreement on climate change. 

Since then, the company has said it fully expects to achieve carbon reductions of at least sixty-five percent by 2030. In 2019, MGE established its goal of net-zero carbon electricity by mid-century, consistent with climate science from the Intergovernmental Panel on Climate Change (IPCC) and analysis of the company’s goal by the University of Wisconsin-Madison’s Nelson Institute for Environmental Studies