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Common Equity | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Equity [Text Block] | Common Equ ity. a. Common Stock - MGE Energy and MGE. MGE Energy sells shares of its common stock through its Direct Stock Purchase and Dividend Reinvestment Plan (the Stock Plan). Those shares may be newly issued shares or shares that are purchased in the open market by an independent agent for participants in the Stock Plan. Effective May 2025, MGE Energy transitioned to utilizing open market purchases for all shares issued under the Stock Plan. Sales of newly issued shares under the Stock Plan are covered by a shelf registration statement that MGE Energy filed with the SEC. During the year ended December 31, 2025, MGE Energy issued a pproximately 41,000 new shares of common stock. The net proceeds from these issuances were approximately $3.8 million, which were used for general corporate purposes. For the years ended December 31, 2025 and 2024, MGE Energy paid $67.6 million (or $1.85 per share) and $63.6 million (or $1.76 per share), respectively, in cash dividends on its common stock. Dividend payments by MGE to MGE Energy are subject to restrictions arising under a PSCW rate order and, to a lesser degree, MGE's first mortgage bonds. The PSCW order restricts any dividends, above the PSCW authorized amount that MGE may pay MGE Energy if MGE's common equity ratio, calculated in the manner used in the rate proceeding, is less than 55%. This restriction did not restrict MGE's payment of dividends in 2025. For the years ended December 31, 2025 and 2024, MGE paid $51.5 million and $34.5 million, respectively, in cash dividends to MGE Energy. b. Dilutive Shares Calculation - MGE Energy. As of December 31, 2025, 37,293 shares were included in the calculation of diluted earnings per share related to nonvested equity awards. See Footnote 12 for additional information on shared-based compensation awards.

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