News

The Trump administration is halting a $5 billion program that aims to fast-track installation of electric vehicle chargers along highways nationwide, blocking access to tens of millions of dollars set aside for Wisconsin.

The U.S. Department of Transportation  has released a memo saying it was immediately suspending approval of state plans for deploying chargers. Transportation officials say no new funds will be awarded until the Federal Highway Administration updates guidance for the program to align with current policies. Wisconsin was set to receive a total of more than $78 million in federal funding for charging stations. The state stands to lose out on roughly $55 million that Wisconsin has yet to receive.

A new data center could be coming to Beaver Dam as a flurry of similar projects across the state are raising concerns about whether utilities will be able to keep up with rising energy demand.

The city of Beaver Dam, Alliant Energy and the Beaver Dam Area Development Corp. have been working on a potential data center development for much of the last year, according to Trent Campbell, executive vice president of the Beaver Dam Area Development Corp.

The project would be located on a more than 500-acre site, called the Beaver Dam Commerce Park, that the city and Alliant Energy have been marketing for years.

Electric facilities with a generating capacity of 100 megawatts or more need a certificate of public convenience and necessity from the Public Service Commission of Wisconsin, and do not need to be approved by local municipalities. That applies to all such projects, whether they generate electricity using solar, wind, natural gas or coal.

Renewable energy projects smaller than 100 megawatts do need local approval, and some small power plant projects may need a certificate of authority from the state. In 2009, Wisconsin passed a law that prevents municipalities from placing restrictions on wind projects that are more restrictive than PSC rules, with a few exceptions.

A new bill would require solar or wind projects producing 15 megawatts or more to get approval from each city, village and town in which the project is located. The PSC would not be able to approve solar or wind projects without local approvals.

Two Republican Wisconsin lawmakers who chair state legislative committees on energy and utilities say they want to bring more nuclear power online in Wisconsin in the coming years. To start that effort, they are calling on the Legislature to publicly support nuclear power and fusion energy.

“Their resolution, more than anything, makes a formal declaration that Wisconsin is open for business — it is open for nuclear,” said Rep. David Steffen, R-Howard, who chairs the Assembly Energy and Utilities Committee.

He is also working with state Sen. Julian Bradley, R-New Berlin, chair of the Senate Utilities and Tourism Committee, on the effort.

In addition to the resolution, they plan to propose a nuclear siting study to identify locations around Wisconsin that make sense as sites for nuclear power plants. They also hope to bring an international nuclear summit to the state in the coming years that would help market Wisconsin for development and research opportunities, Steffen said.

He said completing a siting study could take two years off the development time for a new nuclear plant, which can take a decade or more to bring online.

Steffen said the biggest factor pushing him toward supporting nuclear power was seeing the large energy needs of Microsoft’s data center campus in Mount Pleasant. The first phase of that project is expected to use more electricity than all the homes in Dane County combined.

Madison Gas and Electric has announced the 6-megawatt (MW) Strix Solar project in Fitchburg is operational. Two-thirds of the project serve all MGE electric customers with locally generated, carbon-free energy. The remaining two MW are expected to serve the company's proposed Shared Solar – Strix program. Shared Solar – Strix is based on MGE's original and fully subscribed community solar program, Shared Solar.

"With the recent completion of the Paris solar project and now Strix Solar, MGE continues to grow our use of renewable energy, which is one of MGE's key strategies for achieving our science-based carbon reduction goals," according to Jeff Keebler, MGE Chairman, President and CEO. "By growing our use of cost-effective carbon-free energy and by working with customers to advance energy efficiency and electrification, we can achieve our sustainable energy goals."

Located at the corner of Byrne and Syene roads, Strix Solar is expected to generate enough clean energy to power about 1,400 households annually. The solar array includes bifacial solar panels that produce energy from both sides as they track the sun throughout the day. The facility was developed for MGE by U.S.-based OneEnergy Renewables.

Alliant Energy Announces 2024 Earnings

 “In 2024, the company delivered another solid year of financial and operational results. It has completed 1,500 megawatts of solar generation investments in 2024. Combined with existing 1,800 megawatts of wind resources, these zero-fuel cost, zero-emission investments strengthen the clean energy element of our balanced generation portfolio and reinforce our leadership in the energy transition,” according to  Lisa Barton, Alliant Energy President and CEO. “As part of the company’s customer and community-focused strategy, it, along with Iowa Governor Kim Reynolds and Cedar Rapids Mayor Tiffany O’Donnell, officially confirmed the largest economic development investment in the history of Cedar Rapids.

Utilities and Corporate Services - Alliant Energy’s Utilities and Alliant Energy Corporate Services, Inc. (Corporate Services) operations generated $2.81 per share of GAAP EPS in 2024, which was $0.05 per share lower than 2023. The primary drivers of lower EPS were items not normally associated with ongoing operations and higher depreciation and financing expenses, estimated temperature impacts on retail electric and gas sales, and lower allowance for funds used during construction (AFUDC). These items were partially offset by higher revenue requirements from capital investments.

MGE Energy Reports Fourth-Quarter and Full Year 2024 Earnings

Madison, Wis., Feb. 25, 2025—MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the fourth quarter and full year of 2024.

MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the full year of 2024 were $120.6 million, or $3.33 per share, compared to $117.7 million, or $3.25 per share, for the same period in the prior year.

MGE Energy's earnings for the fourth quarter of 2024 were $22.0 million, or 61 cents per share, compared to $20.1 million, or 55 cents per share, for the same period in the prior year. 

MGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for 2024. The Paris solar project was completed in December 2024.

During 2024, gas retail therm deliveries decreased approximately 4% compared to the prior year, primarily due to warmer-than-normal weather in 2024. Gas use by commercial and industrial customers was approximately 4% lower during 2024, and residential gas consumption decreased by approximately 4%.

WEC Energy Group posts 2024 results

WEC Energy Group has reported net income based on generally accepted accounting principles (GAAP) of $1.5 billion, or $4.83 per share, for 2024. This compares to earnings of $1.3 billion, or $4.22 per share, for 2023. Full-year 2024 earnings include a charge of 6 cents per share related to certain capital expenditures under the Qualifying Infrastructure Plant (QIP) rider that were disallowed by the Illinois Commerce Commission (ICC). Full-year 2023 earnings included a non-cash charge of 41 cents per share related to previous capital investments that were disallowed by the ICC. Excluding these charges, WEC Energy Group's adjusted earnings for 2024 rose to $4.88 per share – an increase of 5.4 percent over 2023 adjusted earnings of $4.63 per share. For the fourth quarter of 2024, WEC Energy Group recorded net income based on GAAP of $453.5 million, or $1.43 per share. This compares to earnings of $218.5 million, or 69 cents per share, for the fourth quarter of 2023. Excluding the non-cash charge, WEC Energy Group's adjusted earnings for the fourth quarter of 2023 totaled $1.10 per share. Consolidated revenues for the full year were $8.6 billion, down $293.1 million from revenues in 2023.

Xcel Energy 2024 Year End Earnings Report

Xcel Energy  has reported 2024 GAAP earnings of $1.94 billion, or $3.44 per share, compared with $1.77 billion, or $3.21 per share in the same period in 2023 and ongoing earnings of $1.97 billion, or $3.50 per share, compared with $1.85 billion, or $3.35 per share in the same period in 2023. See Note 6 for reconciliation from GAAP to ongoing earnings.

The change in ongoing earnings reflects increased recovery of infrastructure investments, partially offset by higher depreciation, interest charges and O&M expenses.

“In 2024, we delivered on our earnings guidance for the 20^th year in a row - one of the best track records in the industry - against a very difficult backdrop of challenges throughout the year. We significantly increased our investments in the infrastructure and technology that serves to protect and enhance the electrical systems for the benefit of our customers and communities,” according to Bob Frenzel, Chairman, President and CEO of Xcel Energy.

Xcel Energy will extend the operation of its carbon-free Monticello Nuclear Generating Plant well into the future to support its clean energy vision following the recent renewal of the plant’s operating license by the U.S. Nuclear Regulatory Commission (NRC).

The federal approval allows the plant to operate an additional 20 years, through 2050, provided the plant’s extended operation is also approved by state regulators. Monticello’s continued operation will ensure that nuclear energy plays a foundational role in Xcel Energy’s transition to 100% carbon-free electricity.

“The Monticello plant has long been an essential source of clean, safe and reliable energy, powering more than 500,000 homes annually in the Upper Midwest,” according to Bob Frenzel, Xcel Energy Chairman, President and CEO. “As the only 24/7 carbon-free energy source we have, nuclear energy will be key to accelerating our journey to a clean energy future while ensuring we also meet the unprecedented growth in our customers’ demand for electricity.”

The plant’s license renewal comes as the result of a multi-year process, during which the NRC conducted numerous inspections, audits and reviews of all technical aspects of the plant to ensure it met or exceeded standards for safety, environmental impact and other considerations. 

As of the middle of January, the first federally funded electric vehicle charging stations are up and running. The fast-charging stations came online at Kwik Trip locations in Ashland, Menomonie and Chippewa Falls. They’re three of the 53 charging station projects at businesses across Wisconsin that have been awarded funding.

The state is receiving $78 million from the federal government’s National Electric Vehicle Infrastructure, or NEVI, Formula Program, funded through the Bipartisan Infrastructure Law. The 53 projects announced so far account for about $23 million of that funding. 

The remaining 50 charging projects that have already been announced are expected to continue to come online through the first half of 2026, said Kaleb Vander Wiele, the transportation electrification project manager at the state Department of Transportation.

Xcel Energy has announced that Roopesh Aggarwal has been named Vice President of Investor Relations, succeeding Paul Johnson, who is retiring from the company after more than 40 years of service, most recently as vice president, Treasury and Investor Relations.

“Strong, trusted relationships with the investment community are critical to achieving our strategic priorities and capital growth plans,” according to Brian Van Abel, Executive Vice President and Chief Financial Officer. “Paul is recognized across our industry for his longstanding connections with our investors, analysts, credit rating agencies and other external and internal stakeholders. At the same time, we have been mindful to build a pipeline of talent and succession plans to ensure continuity when changes do occur.”

Aggarwal joined Xcel Energy in 2019 as senior director, Business Innovation, and was named Senior Director, Investor Relations in 2022. He has well-established relationships in the financial community, overseeing the company’s quarterly earnings calls, investor presentations and shareholder services. Aggarwal’s career spans finance, strategy and corporate development roles at Summit Utilities, DTE Energy, Ford Motor Co. and several private equity and consulting firms.

Johnson will work in an advisory role as the company closes out its annual financial reporting and will depart after the first quarter.

The Board of Directors of MGE Energy has declared the regular quarterly dividend of $0.45 per share on the outstanding shares of the company's common stock, payable March 15, 2025, to shareholders of record at the close of business March 1, 2025. MGE Energy has increased its dividend annually for the past 49 years and has paid cash dividends for more than 110 years.