MADISON, Wis.--(BUSINESS WIRE)--Madison Gas and Electric (MGE) has published its annual Corporate Responsibility and Sustainability Report, detailing its sustainable energy goals and findings from the University of Wisconsin's analysis of the company's goal of net-zero carbon electricity by 2050. The report covers the company's response to the COVID-19 pandemic, its clean energy investments and its partnerships with customers and other stakeholders to advance sustainability and to serve the community. The report is available at mge.com/sustainability.
"MGE is committed to corporate responsibility, to environmental leadership and to a more sustainable energy future for the benefit of our customers, investors and the broader community," said Chairman, President and CEO Jeff Keebler. "By working with customers to decarbonize our energy supply, advance energy efficiency and electrify transportation, we can meet our goal of net-zero carbon by 2050. If we can go further faster through the use of new technologies and partnerships with our customers and communities, we will."
The 2020 Corporate Responsibility and Sustainability Report features information about MGE's corporate strategy and climate-related matters, safety and operations, customer and employee engagement, governance and oversight. Highlights include:
- MGE's response to the COVID-19 pandemic, including fulfilling its commitment to customers while providing safe and reliable service and contributing to local relief efforts.
- Analysis of the company's net-zero carbon goal by the University of Wisconsin-Madison's Nelson Institute for Environmental Studies. Dr. Tracey Holloway compared MGE's goal to the modeled pathways for the electricity sector in industrialized nations to limit global warming to 1.5 degrees Celsius. The study determined MGE's goal is in line with or more aggressive than these model benchmarks for climate solutions.
- MGE's globally recognized strategies for deep decarbonization. Consistent with the latest climate science, MGE expects to achieve carbon reductions of 65% by 2030 and net-zero carbon by 2050.
- Recent development of clean energy projects equating to an expected 650% increase in owned renewable capacity when all projects come online, including 100 megawatts (MW) from the Badger Hollow Solar Farm and 50 MW from Two Creeks Solar, and a number of solar projects in the Madison, Wisconsin, area.
- MGE's residential and commercial customer programs to help customers use energy more efficiently and power their households and businesses with clean energy.
- MGE's commitment to diversity, equity and inclusion and efforts to advance diversity in the energy industry by partnering with local organizations on career-oriented programming for area youth.
- Partnerships to electrify transportation, working with customers, stakeholders, municipalities and others to grow the use of electric vehicles (EVs) and to facilitate charging options throughout the community.
- MGE's record of top-ranked electric reliability and its employee-led safety initiatives, resulting in record-setting safety achievements.
- The company's efforts to help improve the quality of life for those it serves by giving back to the community through the MGE Foundation, corporate giving and employee volunteerism.
Commitment to transparency and disclosure
MGE's report is consistent with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). MGE is committed to helping customers, investors and other stakeholders better understand the company's long-term strategies, challenges and opportunities as it transitions to a more sustainable, net-zero carbon future.
MGE also continues to participate in the Edison Electric Institute's (EEI) environmental, social, governance (ESG) and sustainability reporting templates. EEI, which represents all U.S. investor-owned electric companies, developed the voluntary, industry-specific templates to provide more uniform and consistent reporting of data and information from the electric sector. The templates include data related to MGE's portfolio (generation and capacity), emissions, capital expenditures, human and natural resources, and other matters. The templates are available at mgeenergy.com/environment.
MGE generates and distributes electricity to 155,000 customers in Dane County, Wis., and purchases and distributes natural gas to 163,000 customers in seven south-central and western Wisconsin counties. MGE's parent company is MGE Energy, Inc. The company's roots in the Madison area date back more than 150 years.