MGE halfway to its 2030 carbon reduction target by Investing.com

MGE’s annual Corporate Responsibility and Sustainability Report highlights MGE’s ongoing transition to clean energy and progress toward its industry-leading carbon reduction goals.

MADISON, Wis.–( BUSINESS WIRE )–Madison Gas and Electric (MGE) released its annual Corporate Responsibility and Sustainability Report, detailing environmental, social and governance (ESG) commitments and progress toward the company’s sustainability goals, including its goal carbon-free electricity by 2050.

MGE is working to achieve deep decarbonisation, in line with global climate science, as quickly, responsibly and economically as possible. With more than $1 billion in clean energy and battery storage investments expected from 2015 to 2028, renewable energy will continue to play a significant role in helping to achieve our goals of reducing carbon by at least 80% by 2030 compared to levels from 2005. electrical carbon-free energy by 2050.

As of the end of 2023, MGE has reduced carbon emissions by about 40% since 2005, which is our baseline. With completed projects, projects currently under construction and proposed projects awaiting regulatory approval, MGE will add more than 500 megawatts (MW) of renewable capacity and more than 95 MW of battery storage from 2015 to 2028.

MGE continues to transition from coal-fired generation and does not have sole ownership of coal-fired assets. By the end of 2032, MGE expects to eliminate coal from its ownership portfolio.

“Carbon is our goal. On behalf of all MGE customers, by 2030 we expect to deliver electricity with 80% less carbon emissions, and by 2050 we expect to deliver carbon-free electricity,” said the chairman, president and CEO Jeff Keebler. “We are transitioning our energy supply in a cost-effective way, engaging customers in decarbonisation strategies and working with residential and commercial customers to electrify transport and other end uses.” We are working with our customers to create a more sustainable future while providing continued top-ranked electric reliability and affordability for our communities.”

MGE remains a national leader in electrical reliability. MGE ranked second for the fewest power outages per customer in 2023, according to an annual industry survey of more than 75 electric utilities nationwide. MGE also continues to earn high marks when notified of a potential emergency, and our overall response time in 2023 ranks in the top 10% of a national industry survey of more than 75 natural gas utilities.

Aiming for net zero methane emissions

More than half of our greenhouse gas (GHG) emissions come from sources already included in our carbon-free electricity target. This includes emissions from our fossil fuel power generation facilities and power purchase agreements.

Building on our sustainability and clean energy goals, MGE aims to achieve net zero methane emissions from our natural gas distribution system by 2035. In addition to the proactive steps MGE has already taken, strategies to achieve net zero methane emissions include increased leak detection and repair, implementing cost-effective technologies and processes and exploring the use of renewable natural gas (RNG). In 2024, MGE introduced a new RNG option for customers to offset their greenhouse gas emissions from natural gas use. MGE is the first utility in Wisconsin to offer customers this type of RNG option.

Other highlights in the report

The report and our ESG Data Center contain information on MGE’s corporate strategy and issues related to climate, safety and operations, customer and employee engagement, risk management and governance and oversight. Other highlights include:

• Expanding our use of agrovoltaics beyond pollinator habitat to include the use of sheep for solar grazing at our Tito Solar facility. Sheep are able to sustainably manage the ground cover under and around the solar panels.
• Developing new options for customers interested in renewable energy for their home or business.
• A partnership to propose the first such system in the United States for long-term energy storage that could provide at least 10 hours of energy storage. The 18 MW project was awarded a cooperative agreement with the US Department of Energy in July 2024 to support its construction.
• Working with customers to grow and manage electric vehicle (EV) charging.
• Partner with hundreds of local organizations and community stakeholders to reach customers with energy efficiency and conservation, safety and other information.
• Supporting our communities through charitable giving from the company’s philanthropic arm, which has given more than $8.7 million to more than 400 nonprofit organizations.
• Partnering in the ongoing training of our All Hazards Response Plan. In 2024, MGE informally activated a plan for a major training exercise with local, state, and federal partners.
• We welcome three new directors in 2024 as part of the ongoing board refresh.

Commitment to transparency and disclosure

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

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

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

MGE’s EEI-AGA templates are available in our ESG Data Center, which includes other discoveries.

About MGE

MGE generates and distributes electricity to 163,000 customers in Dane County, Wisconsin, and purchases and distributes natural gas to 176,000 customers in seven counties in south-central and western Wisconsin. MGE’s parent company is MGE Energi, Inc. The company’s roots in the Madison area date back more than 150 years.

See the original version on businesswire.com: https://www.businessvire.com/nevs/home/20241212712433/en/

Steve Schultz
Corporate Communications Manager
608-252-7219 | sbschultz@mge.com

Source: Madison Gas and Electric