MGE Energy's earnings heat up in fourth quarter

2013-02-26T14:30:00Z MGE Energy's earnings heat up in fourth quarterJUDY NEWMAN | Wisconsin State Journal | jdnewman@madison.com | 608-252-6156 madison.com

The cold winter helped boost earnings for MGE Energy in the fourth quarter.

The Madison utility holding company, parent of Madison Gas & Electric, on Tuesday reported net income of $10.5 million, or 46 cents a share, on revenues of $137 million for the three months that ended Dec. 31. That's up from net income of $9.4 million, or 41 cents a share, on revenues of $130.9 million for the 2011 fourth quarter.

MGE said natural gas sales rose 10.8 percent over the year-ago quarter because of colder weather.

For the full year, natural gas sales were down but electricity use was up as demand for air conditioning increased during the hot July weather.

For the year, MGE had earnings of $64.4 million, or $2.79 a share, on revenues of $541.3 million. That compares with earnings of $60.9 million, or $2.64 a share, on $546.4 million in revenues for 2011.

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