MGE Energy Inc. reported third-quarter 2025 earnings of $44.5 million, or $1.22 per share, up from $40.9 million, or $1.13 per share, in the same period of the previous year. Total revenue for the third quarter was $175.7 million, compared to $168.5 million a year earlier. Electric segment earnings increased by $1.3 million, primarily due to capital investments and the addition of the Darien Solar Project and the Paris Battery Energy Storage System, which became operational in March and June 2025, respectively. The gas segment showed minimal variation compared to the prior year. Non-utility investment gains, mainly from venture capital funds, contributed approximately $2.2 million to third-quarter earnings.
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