MADISON, Wis.--(BUSINESS WIRE)--
Madison-based utility participates in new industry tool to enhance transparency and disclosure
Madison Gas and Electric (MGE), a regulated utility subsidiary of MGE Energy, Inc., is participating in the Edison Electric Institute's (EEI) environmental, social, governance (ESG) and sustainability reporting template. MGE's release of its template coincides with the publication of its 2018 Environmental and Sustainability Report.
"MGE has aggressive and internationally recognized carbon reduction goals. We are committed to reducing carbon at least 80% by 2050. If we can go further faster by working with our customers, we will," Chairman, President and CEO Jeff Keebler said. "This reporting template is an opportunity to further engage our investors and other stakeholders with timely, relevant and easily accessible information that meets their needs as we work toward our short- and longer-term clean energy goals."
EEI, which represents all U.S. investor-owned electric companies, developed the voluntary, industry-specific template to offer investors and other stakeholders more uniform and consistent reporting of data and information from the electric sector. It includes data related to MGE's portfolio (generation and capacity), emissions, capital expenditures, and human and natural resources. MGE's template is available at mgeenergy.com/environment.
2018 Environmental and Sustainability Report
MGE's annual Environmental and Sustainability Report offers meaningful information about corporate strategy and governance, operations, community engagement and annual giving, workforce and safety.
MGE is on a trajectory to reduce carbon emissions at least 40% by 2030, which is consistent with U.S. emissions targets for the 2030 timeframe established under the Paris Agreement on climate change. Beyond 2030, the company is committed to reducing carbon emissions at least 80% by 2050. This benchmark is consistent with the U.S. Mid-Century Strategy (MCS) for Deep Decarbonization. The MCS is the strategy identified by the U.S. for limiting global warming to 2 degrees Celsius (the 2-degree scenario).
As detailed in its report, MGE is pursuing three key strategies to achieve deep decarbonization:
- Reducing carbon intensity in electric generation.
- Engaging customers in energy efficiency.
- Electrifying the transportation sector.
MGE's report captures some of the company's most recent investments in renewable energy, including its 66-megawatt wind farm under construction near Saratoga, Iowa, as well as proposals for three large-scale solar projects and a proposed expansion of its successful Shared Solar program for subscribing customers.
In addition to growing cost-effective renewable energy, MGE is seizing opportunities to take advantage of new, evolving technologies, such as electric vehicles and smart technologies, for the benefit of its shareholders, customers and communities. A nationwide leader in electric reliability, MGE is committed to providing safe, reliable, affordable and sustainable energy for the communities it serves.
Visit mgeenergy.com/environment to learn more about the company's initiatives for a sustainable future.
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, MGE, generates and distributes electricity to 151,000 customers in Dane County, Wis., and purchases and distributes natural gas to 158,000 customers in seven south-central and western Wisconsin counties.