Report highlights MGE's commitment to transparency and disclosure, plans to achieve industry-leading carbon reduction goals and ongoing commitments to those it serves.

Madison Gas and Electric (MGE) has published its annual Corporate Responsibility and Sustainability Report, detailing its environmental, social and governance (ESG) commitments and progress toward the company's sustainability goals. The report is a comprehensive overview of the company's activities and performance in fulfilling its role as a critical services provider, environmental steward, and community resource and partner.

"As we continue working toward net-zero carbon electricity by 2050, we expect every MGE electric customer will have 80% fewer carbon emissions from their electricity use by 2030, simply by being an MGE customer," said Chairman, President and CEO Jeff Keebler. "We're investing in innovative technologies and cost-effective cleaner energy. In less than a decade, we expect to have eliminated coal as an energy source. We are working with our customers to create a more sustainable future while ensuring continued top-ranked electric reliability and affordability for our communities."

Report highlights

The 2023 report and our ESG Data Center feature information about MGE's corporate strategy and climate-related matters, safety and operations, customer and employee engagement, risk management, and governance and oversight. Highlights include:

• MGE's goal to reduce carbon emissions at least 80% by 2030. As of year-end 2022, MGE already has reduced carbon emissions 39% from 2005 levels as we work with customers toward achieving net‑zero carbon electricity by 2050.
• MGE's ongoing transition away from coal-fired generation and plans to eliminate it from its portfolio by the end of 2032.
• An estimated billion dollars in clean energy investment expected from 2015 through 2028. Since fall 2015 when MGE's Energy 2030 framework was announced and through year-end 2022, MGE has announced clean energy projects that are expected to increase the company's owned renewable capacity by more than nine times when completed.
• MGE's partnership on a proposed first-of-its-kind in the United States long-duration energy storage system. The 20-megawatt project was selected in fall 2023 to receive a federal grant.
• MGE's goal and plans to achieve net-zero methane emissions from its natural gas distribution system by 2035.
• Top-ranked reliability. MGE placed second for the fewest number of electric outages per customer, according to the most recent results from an annual industry survey, including more than 75 electric utilities nationwide. MGE crews also continue to earn high marks when notified of a potential natural gas emergency with MGE's total response time ranking in the top 12% of a nationwide industry survey, based on 2022 data.
• The company's charitable giving benefiting local communities. In the last five years, the company's philanthropic arm, the MGE Foundation, has given more than $8.3 million to more than 400 nonprofit organizations.

Commitment to transparency and disclosure

MGE is committed to helping customers, investors and other stakeholders better understand the company's goals, long-term strategies and progress toward achieving its goals.

CDP (Carbon Disclosure Project)

To advance transparency and disclosure in company operations and governance, MGE submits data to the global environmental impact disclosure platform CDP. The company's climate change questionnaire submitted to CDP is available online.

Edison Electric Institute (EEI) and American Gas Association (AGA)

MGE also continues to participate in EEI's and AGA's ESG sustainability reporting templates. The voluntary, industry-specific templates include both qualitative and quantitative information. The quantitative template includes data related to MGE's energy portfolio (generation and capacity), emissions, capital expenditures, and human and natural resources. The qualitative template includes information related to the company's strategies for transitioning toward deep decarbonization and greater sustainability.

Task Force on Climate-Related Financial Disclosures (TCFD)

MGE also publishes a TCFD report, which provides the company's key disclosures that align to TCFD recommendations.

MGE's CDP questionnaire, EEI-AGA templates and TCFD report are all available in our ESG Data Center.

About MGE

MGE generates and distributes electricity to 161,000 customers in Dane County, Wis., and purchases and distributes natural gas to 173,000 customers in seven south-central and western Wisconsin counties. MGE's parent company is MGE Energy, Inc. The company's roots in the Madison area date back more than 150 years.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231205326422/en/