v3.26.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities:    
Net Income $ 138,192 $ 112,587
Adjustments to reconcile net income to cash provided by operating activities    
Depreciation and amortization 86,330 84,848
Deferred income taxes 9,994 4,784
Provision for doubtful receivables 5,269 6,600
Employee benefit plan credit (6,325) (3,697)
Cash contributions to pension and other postretirement plans (5,803) (5,678)
Equity earnings in investments (11,261) (9,586)
Dividends from investments 8,499 8,411
Changes in assets and liabilities    
Current assets 22,196 18,109
Accounts payable (15,986) (396)
Deferred income taxes 12,153 0
Other current liabilities 1,527 180
Regulatory assets and liabilities, net 11,957 9,557
Other, net (15,688) 3,051
Cash Provided by Operating Activities 241,054 228,770
Investing Activities:    
Capital expenditures (292,222) (255,622)
Capital contributions to investments (12,072) (9,208)
Other 7,154 2,984
Cash Used for Investing Activities (297,140) (261,846)
Financing Activities:    
Issuance of common stock, net 91,979 3,750
Cash dividends paid on common stock (54,505) (50,230)
Repayments of long-term debt (20,260) (3,951)
Issuance of long-term debt 90,000 0
Proceeds from short-term debt (44,277) 74,000
Other (1,694) (969)
Cash Provided by (Used for) Financing Activities 61,243 22,600
Change in cash, cash equivalents, and restricted cash 5,157 (10,476)
Cash, cash equivalents, and restricted cash at beginning of period 8,736 24,496
Cash, cash equivalents, and restricted cash at end of period 13,893 14,020
MGE [Member]    
Operating Activities:    
Net Income 124,842 104,037
Adjustments to reconcile net income to cash provided by operating activities    
Depreciation and amortization 86,330 84,848
Deferred income taxes 8,116 4,083
Provision for doubtful receivables 5,269 6,600
Employee benefit plan credit (6,325) (3,697)
Cash contributions to pension and other postretirement plans (5,803) (5,678)
Changes in assets and liabilities    
Current assets 20,808 18,084
Accounts payable (16,335) (414)
Deferred income taxes 12,153 0
Other current liabilities 3,845 (633)
Regulatory assets and liabilities, net 11,957 9,557
Other, net (7,264) 5,195
Cash Provided by Operating Activities 237,593 221,982
Investing Activities:    
Capital expenditures (292,222) (255,622)
Other (4,966) (1,371)
Cash Used for Investing Activities (297,188) (256,993)
Financing Activities:    
Cash dividends paid to parent by MGE (33,500) (37,500)
Distributions to parent from noncontrolling interest (13,500) (11,500)
Capital contributions from parent 83,500 2,000
Repayments of long-term debt (20,260) (3,951)
Issuance of long-term debt 90,000 0
Proceeds from short-term debt (44,277) 74,000
Other (1,694) (969)
Cash Provided by (Used for) Financing Activities 60,269 22,080
Change in cash, cash equivalents, and restricted cash 674 (12,931)
Cash, cash equivalents, and restricted cash at beginning of period 5,318 20,059
Cash, cash equivalents, and restricted cash at end of period $ 5,992 $ 7,128