The energy industry is evolving fast. MGE Energy is keeping up with fundamental industry-level shifts by taking steps which allow it to transition into a futuristic utility company. It has set itself a goal of achieving net-zero carbon distribution and generation by 2050. To achieve this goal, MGE Power and all of MGE’s subsidiaries plan to pursue decarbonization of electricity generation, boosting energy efficiency, and furthering broad-based electrification across areas including transportation.
MGE has also been focusing on renewable energy in a big way. There have been some interesting developments in the solar energy area lately. In February 2020, it received approval to own 50 MW at the Badger Hollow Solar Farm. The Badger Hollow Farm is a 300 MW farm being developed by Invenergy.
In April 2020, MGE received approval to partner with Dane County for a 9 MW solar array meant to power a regional airport. Jeff Keebler, CEO, MGE Energy, had said “Partnerships like this will help MGE achieve net-zero carbon electricity for all of our customers by 2050.”
In May 2020, MGE proposed a 20 MW solar array for providing locally generated solar energy to public institutions, municipalities, and local businesses of Fitchburg, Wisconsin. Mr. Keebler at the time said, ” 20 MW of locally generated, cost-effective carbon-free energy on our electric grid will help us achieve our goal of net-zero carbon electricity by 2050 and the sustainability goals of these customers.”
MGE Energy Inc is the parent holding company of subsidiaries in the southern Wisconsin area that generate and distribute power. The biggest subsidiary is Madison Gas and Electric (popularly known as the Madison Gas Company). MGE has had a presence in the Madison, Wisconsin area for more than 150 years. MGE Energy stock price closed at $66.42 on 4th June 2020, up 4.7% for the past month.