Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 9,468	$ 5,666
Accounts receivable, less reserves	59,014	57,558
Other accounts receivables, less reserves	12,108	12,983
Unbilled revenues	31,597	42,770
Materials and supplies, at average cost	38,193	37,850
Fuel for electric generation, at average cost	11,242	11,010
Stored natural gas, at average cost	9,409	15,317
Prepaid taxes	14,243	19,314
Regulatory assets - current	10,996	8,879
Other current assets	14,864	17,201
Total Current Assets	211,134	228,548
Regulatory assets	45,488	42,758
Pension benefit asset	168,666	164,985
Other deferred assets and other	19,215	18,348
Property, Plant, and Equipment:
Property, plant, and equipment, net	2,282,117	2,279,899
Construction work in progress	326,399	292,969
Total Property, Plant, and Equipment	2,608,516	2,572,868
Investments	132,663	127,913
Total Assets	3,185,682	3,155,420
Current Liabilities:
Long-term debt due within one year	20,471	21,633
Short-term debt	40,250	94,527
Accounts payable	57,288	117,673
Accrued interest and taxes	13,674	10,269
Accrued payroll related items	14,114	17,244
Regulatory liabilities - current	28,175	23,490
Other current liabilities	9,191	11,873
Total Current Liabilities	183,163	296,709
Other Credits:
Deferred income taxes	344,250	337,798
Investment tax credit - deferred	48,066	48,609
Regulatory liabilities	189,423	185,372
Accrued pension and other postretirement benefits	51,249	51,105
Asset retirement obligations	77,143	76,289
Other deferred liabilities and other	62,645	63,397
Total Other Credits	772,776	762,570
Capitalization:
Common shareholders equity	1,349,399	1,303,936
Long-term debt	880,344	792,205
Total Capitalization	2,229,743	2,096,141
Commitments and contingencies (see Footnote 8)
Total Liabilities and Capitalization	3,185,682	3,155,420
MGE [Member]
Current Assets:
Cash and cash equivalents	5,418	2,248
Accounts receivable, less reserves	59,014	57,558
Other accounts receivables, less reserves	12,104	12,979
Unbilled revenues	31,597	42,770
Materials and supplies, at average cost	38,193	37,850
Fuel for electric generation, at average cost	11,242	11,010
Stored natural gas, at average cost	9,409	15,317
Prepaid taxes	14,208	18,748
Regulatory assets - current	10,996	8,879
Other current assets	15,852	17,225
Total Current Assets	208,033	224,584
Regulatory assets	45,488	42,758
Pension benefit asset	168,666	164,985
Other deferred assets and other	18,022	17,817
Property, Plant, and Equipment:
Property, plant, and equipment, net	2,282,145	2,279,927
Construction work in progress	326,399	292,969
Total Property, Plant, and Equipment	2,608,544	2,572,896
Total Assets	3,048,753	3,023,040
Current Liabilities:
Long-term debt due within one year	20,471	21,633
Short-term debt	40,250	94,527
Accounts payable	56,911	117,658
Accrued interest and taxes	13,463	10,234
Accrued payroll related items	14,114	17,244
Regulatory liabilities - current	28,175	23,490
Other current liabilities	9,190	8,843
Total Current Liabilities	182,574	293,629
Other Credits:
Deferred income taxes	307,132	301,198
Investment tax credit - deferred	48,066	48,609
Regulatory liabilities	189,423	185,372
Accrued pension and other postretirement benefits	51,249	51,105
Asset retirement obligations	77,143	76,289
Other deferred liabilities and other	65,257	67,281
Total Other Credits	738,270	729,854
Capitalization:
Common shareholders equity	1,089,421	1,050,564
Noncontrolling interest	158,144	156,788
Total Equity	1,247,565	1,207,352
Long-term debt	880,344	792,205
Total Capitalization	2,127,909	1,999,557
Commitments and contingencies (see Footnote 8)
Total Liabilities and Capitalization	$ 3,048,753	$ 3,023,040

MGE ENERGY INC 10-Q