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Variable Interest Entities | 12 Months Ended
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Dec. 31, 2025
Variable Interest Entities Disclosure [Abstract] |
Variable Interest Entities | Variable Inte rest Entities - MGE Energy and MGE. MGE Power Elm Road and MGE Power West Campus are not subsidiaries of MGE, but they have been consolidated in the financial statements of MGE. MGE Power Elm Road and MGE Power West Campus were created for the purpose of owning new generating assets and leasing those assets to MGE. MGE Power Elm Road's sole principal asset is an undivided ownership interest in two coal-fired generating plants (the Elm Road Units) located in Oak Creek, Wisconsin, which it leases to MGE pursuant to long-term leases. MGE Power West Campus's sole principal asset is an ownership interest in WCCF, which it leases to MGE pursuant to a long-term lease. Based on the nature and terms of the contractual agreements, MGE is expected to absorb a majority of the expected losses or residual value associated with the ownership of the generation assets by MGE Power Elm Road and MGE Power West Campus and therefore MGE holds a variable interest despite the absence of an equity interest. In accordance with applicable accounting guidance, MGE Energy and MGE consolidate VIEs of which they are the primary beneficiary. MGE has the power to direct the activities that most significantly impact both the Elm Road Units' and the WCCF's economic performance and is also the party most closely associated with MGE Power Elm Road and MGE Power West Campus. As a result, MGE is the primary beneficiary. MGE has included the following significant accounts on its consolidated balance sheets related to its interest in these VIEs as of December 31:
|  | MGE Power Elm Road |  |  | MGE Power West Campus |
(In thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Property, plant, and equipment, net |  | $ | 157,652 |  |  | $ | 159,576 |  |  | $ | 78,970 |  |  | $ | 76,378 |
Construction work in progress |  |  | 485 |  |  |  | 514 |  |  |  | 4,174 |  |  |  | 3,052 |
Affiliate receivables |  |  | — |  |  |  | — |  |  |  | 861 |  |  |  | 911 |
Accrued interest and accrued (prepaid) taxes |  |  | (129 | ) |  |  | (184 | ) |  |  | (46 | ) |  |  | (78 | )
Deferred income taxes |  |  | 31,153 |  |  |  | 30,902 |  |  |  | 15,601 |  |  |  | 15,435 |
Long-term debt(a) |  |  | 38,447 |  |  |  | 41,082 |  |  |  | 25,941 |  |  |  | 28,550 |
Noncontrolling interest |  |  | 104,479 |  |  |  | 104,304 |  |  |  | 52,309 |  |  |  | 46,082 |
(a) MGE Power Elm Road's long-term debt includes debt issuance costs of $0.2 million as of December 31, 2025 and 2024. The debt is secured by a collateral assignment of lease payments that MGE makes to MGE Power Elm Road for use of the Elm Road Units pursuant to the related long-term leases. MGE Power West Campus's long-term debt includes debt issuance costs of $0.1 million as of December 31, 2025 and 2024. The debt is secured by a collateral assignment of lease payments that MGE makes to MGE Power West Campus for use of the cogeneration facility pursuant to the long-term lease. See Footnote 14 for further information on the long-term debt securities. MGE is permitted by PSCW order to recover lease payments made to MGE Power Elm Road and MGE Power West Campus in customer rates.

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- Definition Disclosure of variable interest entities (VIE), including, but not limited to the nature, purpose, size, and activities of the VIE, the carrying amount and classification of consolidated assets that are collateral for the VIE's obligations, lack of recourse if creditors (or beneficial interest holders) of a consolidated VIE have no recourse to the general credit of the primary beneficiary. An enterprise that holds a significant variable interest in a VIE but is not the primary beneficiary may disclose the nature of its involvement with the VIE and when that involvement began, the nature, purpose, size, and activities of the VIE and the enterprise's maximum exposure to loss as a result of its involvement with the VIE. + References No definition available. + Details
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