First Quarter FINANCIAL UPDATE. 4th Quarter. February 25, 2016
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1 First Quarter FINANCIAL UPDATE 4th Quarter February 25, 2016
2 Disclaimer All statements in this presentation other than historical facts are forward-looking statements that inole risks and uncertainties which are subject to change at any time. Such statements are based upon management s expectations at the time they are made. Various factors could cause actual results to be significantly different than those contemplated, estimated or projected in forward-looking statements. Those factors include the assumptions and factors referred to in the statements themseles as well as risk factors described in the company s latest annual report on Form 10-K, subsequently filed quarterly reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. The company assumes no responsibility to update any forward-looking statements for eents occurring after the date hereof. This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities of MGE Energy, Inc., or Madison Gas and Electric Company. A registration statement relating to the common stock of MGE Energy, Inc., has been declared effectie by the Securities and Exchange Commission. Any offering of such common stock is being made solely by means of a prospectus supplement and an accompanying prospectus, copies of which may be obtained from MGE Energy, Inc., at 133 South Blair Street, Madison, Wisconsin 53788, attention: Shareholder Serices, telephone no. (800)
3 MGEE Inestment Profile Financial Strength: Strong Asset Base Strong Capital Structure Strong Liquidity & Cash Flows Cost Conscious Management Supportie Regulation: Forward Looking Test Years Fuel Recoery Mechanisms Current return on CWIP High Credit Quality: S&P Rating AA- Stable Moody s Rating A1 Stable Highest rated combination utility in the nation Strong Diidend History: Consistent and Predictable Diidend Growth Flexibility with Diidend 3
4 Organizational Structure Exchange: NASDAQ Ticker: MGEE Organized: 2001 Madison Gas and Electric Co. (Est. 1896) MGE Power West Campus, LLC (Est. 2003) MGE Power, LLC (Est. 2002) MGE Power Elm Road, LLC (Est. 2003) MGE Transco Inestment, LLC (Est. 2005) Other MAGAEL, LLC (Est. 1973) Central Wisconsin Deelopment Corp. (Est. 1986) North Mendota Energy & Technology Park, LLC (Est. 2013) NGV Fueling Serices, LLC (Est. 2013) MGE State Energy Serices, LLC (Est. 2014) MGE Serices, LLC (Est. 2014) 4
5 Serice Territory Economic Outlook Madison Best place to lie Liability, th best small metro college area American Inst. for Econ. Research Low unemployment (Dec. 2015): 2.8% Dane County Population growth through 2035 predicted to be the highest of any county in Wisconsin Low unemployment (Dec. 2015): 2.9% (WI: 4.2%; U.S.: 4.8%) 5
6 Public Utilities Fortnightly Ranking MGEE named 8th Best Energy Company by Public Utilities Fortnightly MGEE achieed Top 10 honors for 3 consecutie years and was in the Top 40 for 8 consecutie years Public Utilities Fortnightly describes MGEE as one of the Old Reliables companies with rankings that hae shown remarkable consistency oer the past seeral years 6
7 Industry Leader Value Line, Inc. MGEE gien top ratings for financial strength MGEE is one of four inestor-owned utilities to receie the highest inestment safety ranking among 18 central US utilities Target Rock Adisors, LLC MGEE named one of the nation s top three sustainable small cap utilities, based on enironmental stewardship, economic performance and societal contribution 7
8 Electric Reliability MGE recognized as the most reliable electric utility in the United States, based on national industry surey results MGE ranked number 1 in reliability with the fewest and shortest power interruptions based on aerage customer outages in 2013 MGE consistently placed in the top three utilities nationwide for fewest and shortest outages 8
9 Inestment Fundamentals - Growth through Utility Inestments Inesting in Our Utility Enironmental Controls Installing a selectie catalytic reduction system (SCR) at the Columbia Energy Center Electric and Gas Maintenance CapEx Gas Main Expansion Electric Distribution and Metering Common CapEx IT Infrastructure Transmission ia equity contributions to American Transmission Company (ATC) 9
10 Depreciation Depreciation Depreciation Depreciation Depreciation Depreciation $ Millions Inestment Fundamentals - Growth through Utility Inestments $140 Segment Capital Expenditure ersus Depreciation $120 $100 $80 $60 $40 $20 $ Electric Eniromental Gas Non-utility Depreciation Depreciation expense aerages around $40 million per year 10
11 Growth through Utility Inestments - Enironmental Columbia Enironmental Controls Expenditures $19-29 M Cumulatie Expenditures PSCW approed a Certificate of Authority to install a SCR system at the Columbia Energy Center 11
12 Growth through Utility Inestments - Gas Main Expansion Propane customers seeking a cheaper and more reliable fuel option Propane shortages caused fuel rationing and price spikes MGE extending natural gas infrastructure to meet growing demand $3 million / year of potential inestment High usage agricultural and commercial customers driing expansions to date WI Commission ery supportie of expansion program Potential customers are willing to pay a surcharge to bring natural gas serice to their locations Surcharges aoid subsidization by existing customers 12
13 Inestment Fundamentals - Growth through Transmission Inestments Approximately 6% of MGE Energy s earnings come from its $70 million transmission inestment in ATC ATC forecasted CapEx of $3.7 to $4.5 billion oer the next 10 years, this excludes potential transmission inestments outside its traditional footprint ATC rate base at year end 2015 is projected to be about $3.1 billion Alaskan municipal transmission opportunity 13
14 Inestment Fundamentals - Growth through Transmission Inestments DATC Joint Venture between Duke and ATC Zephyr Power Transmission Project San Luis Transmission Project Other transmission projects throughout the US 14
15 Financial Strength Inesting in Our Core Utility Total Asset Growth Dec Dec $1,325 M ($ Millions) $120 Capital Expenditures $100 $1001 M $738 $1,014 $80 $60 $40 $263 Electric $311 Gas $20 $ Est 2017 to 2019 Est* Electric $34 $47 $82 $100 $68 $49 $63 $68 Gas $14 $16 $14 $16 $22 $19 $25 $30 *Annual Aerage 15
16 Financial Strength Electric Utility Reenue Year Ended December 31 $413 M $395 M Actual Cooling Degree Days Year Ended December 31 (increased 7.4% from 2014) 4.5% increase Electric Retail Sales (MWh) Year Ended December Normal 3,289 3, % decrease
17 Financial Strength Gas Utility Reenue Year Ended December 31 $144 M $222 M 35.2% decrease Actual Heating Degree Days Year Ended December 31 (9.7% below normal and decreased 18.9% from 2014) 6,395 7,887 7, Gas Retail Delieries Year Ended December 31 (Therms, 000 s) 181, , % decrease Normal Gas reenue decreased due to: Decreased gas delieries, due to the mild weather experienced in 2015 as compared to extremely cold Q Lower gas costs 17
18 Regulated Reenue Low exposure to economically sensitie industrial customers Electric Retail Reenue, % 9% 33% 1% Gas Reenue, % 36% 59% 53% Residential Commercial Industrial Public authorities (including UW) Residential Commercial Industrial Transportation & other 18
19 Solid Earnings Per Share Growth $2.50 $2.00 $1.76 $1.86 $2.16 $2.32 $2.06 $1.50 $1.00 $0.50 $
20 Segment Earning Per Share Three Months Ended Dec. 31 $0.03 $0.14 $0.31 ($0.04) $0.44 $0.16 $0.14 $0.02 $
21 Segment Earning Per Share Year Ended Dec. 31 $1.65 $0.56 $0.16 ($0.05) $2.32 $1.35 $0.58 $0.13 $
22 Strong Asset Base $917 $693 $982 $1,112 $767 $779 $756 Asset and Market Value Growth ($ Millions) $1,268 $1,282 $1,318 $826 $988 $1,459 $1,081 $1,563 $1,579 $1,178 $1,334 $1,694 $1,731 $1,581 $1, Assets Market Cap. 22
23 Strong Balance Sheet MGEE s Low Leerage Manageable Debt Maturities ($ Millions) Total Debt/ Total Capitalization (%) 50.0% 45.0% 40.0% 35.0% 43.5% 36.4% $34.4 $24.5 $ % 25.0% $4.3 $
24 Inestment Profile - Financially Strong $160.0 $140.0 $120.0 $100.0 $80.0 $60.0 $40.0 $20.0 $0.0 Lines of Credit ($ Millions) $115.0 $115.0 $115.0 $22.5 Strong Liquidity $0.0 $0.0 $0.0 Outstanding Short-Term Debt ($ Millions) $150.0 $150.0 $150.0 $7.0 $
25 Inestment Profile - Financially Strong Strong Capital Structure 120% 100% 80% 60% 40% 20% 0% 7% 3% 1% 36% 38% 40% 38% 40% 37% 36% 56% 59% 60% 62% 60% 62% 64% CSE LTD STD 25
26 Inestment Profile - High Credit Highest Rated Inestor-Owned Electric and Gas Utility S&P (Utility Ratings) Corporate credit AA- Business risk Excellent Commercial paper A-1+ Outlook Stable Effectie management of regulatory risk Strong regulatory enironment Focus on regulated ertically integrated electric and natural gas distribution operations Conseratie financial policies that ensure strong credit quality Source: S&P, September 2015 Moody s (Utility Ratings) Secured Aa2 Unsecured A1 Commercial paper P-1 Outlook Stable Rating reflects supportie regulatory enironment that proides reenue and cash flow Stable and healthy credit metrics Stable rating outlook assumes future prudently incurred inestments will be recoered Funding will replicate authorized capital structure Source: Moody s, February
27 Inestment Profile - Financially Strong ($ Millions) $160.0 $140.0 $120.0 $100.0 $80.0 $60.0 $40.0 $20.0 $0.0 Strong Cash Flows $146 $140 $141 $131 $118 $124 $129 $119 $98 $93 $78 $72 $60 $ Operating Cash Flow Capital Expenditure 27
28 Inestment Fundamentals - Growth through Diidends ($ / share) $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 Diidend CAGR = 3.62% (1909 to Dec. 2015) $1.16 Dec MGE has paid diidends annually since was our 40th diidend rate increase Dec Diidend Yield = 2.5% 28
29 Inestment Fundamentals - Growth through Diidends Diidend Growth has been around 4% Recent diidend payout ratio has been around 50-60% No diidend payout range targeted Flexibility with diidend Diidend Considerations Capital inestment growth opportunities Balance sheet and credit ratings Projected cash generation and requirements Diidend payout ratio / yield consistent with industry and peers Diidend decisions made by Board of Directors 29
30 Inestment Fundamentals - Growth through Diidends 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 87% 67% MGEE ersus Industry Range (EEI) Diidend Payout Ratios 62% 60% 66% 59% 58% 56% 50% 48% 56% MGEE EEI Industry Range 30
31 Deliering Competitie Shareholder Returns* Three Year Fie Year Ten Year MGEE Energy 14.16% 13.69% 11.45% Dow Jones Utility Aerage 8.44% 7.37% 3.61% Dow Jones Industrial Aerage 9.97% 8.52% 4.98% Russell 2000 Index 11.65% 9.19% 6.80% * December 31, 2015, Annualized Total Returns 31
32 Inestment Profile - Supportie Regulation Wisconsin s regulatory ranking is Regulatory Research Association s (RRA s) highest 32
33 Rate Proceedings In July 2015, the PSCW extended MGE s current transmission cost accounting into 2016, and allowed cost differentials in the next rate case, as a condition of not seeking a base rate case in In August 2015, the PSCW approed a fuel credit to begin on September 1, 2015, and continue throughout The fuel credit established a mechanism to return fuel saings to electric customers as a bill credit. In January 2016, the PSCW lowered MGE s 2016 fuel rules monitored costs by $14.8 million as a result of continued lower projected fuel costs in The PSCW will address the return of the 2016 fuel saings to customers as an update to the fuel credit or through another approed mechanism. 33
34 Enironmental Steward 1 st utility in Wisconsin to participate in the State of Wisconsin Department of Natural Resources (DNR) highest leel (Tier 2), Green Tier enironmental leadership program 5 th company in Wisconsin to achiee Tier 2 status Voluntarily committed to continuously improe enironmental performance by deeloping management strategies and adopting new technologies and practices 34
35 Enironmental Steward Attained the highest leel of the Wisconsin Sustainable Business Council s Green Masters Program The only utility in Wisconsin to be recognized as a Green Master MGE s steps to use less energy, cut waste and become generally more sustainable in operations and supply chain placed the company in the highest leel of the Green Master Program 35
36 Enironmental Steward 4 th highest green pricing participation rate of any inestor-owned utility (NREL) Total renewable generation capacity of approximately 140 MW: Wind (ownership) 41 MW Wind (PPAs) 97 MW Early compliance with renewable portfolio standards 36
37 Questions Contact: Ken Frassetto Director - Shareholder Serices and Treasury Management P. O. Box 1231 Madison, WI Phone: Cell: kfrassetto@mge.com 37
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