Information regarding lines of credit and short-term borrowings is shown below:


(In thousands)	MGE Energy(a)							MGE
As of December 31,	2022			2021			2022				2021
Lines of credit(b)	$	150,000		$	150,000		$		100,000		$	100,000
Available capacity under line of credit	$	78,815		$	143,815		$		28,815		$	93,815
Short-term debt outstanding	$	70,500		$	5,500		$		70,500		$	5,500
Letters of credit issued inside credit facilities	$	685		$	685		$		685		$	685
Required ratio of consolidated debt to consolidated total capitalization - not to exceed a maximum		65.00	%(c)		65.00	%(c)			65.00	%(d)		65.00	%(d)
Weighted-average interest rate		4.32	%		0.15	%			4.32	%		0.15	%
Year Ended December 31,
Maximum short-term borrowings	$	70,500		$	64,000		$		70,500		$	64,000
Average short-term borrowings	$	20,177		$	28,583		$		20,177		$	28,583
Weighted-average interest rate		3.46	%		0.15	%			3.46	%		0.15	%

(a)

MGE Energy short-term borrowings include MGE Energy and MGE lines of credit and MGE commercial paper.

(b)

In November 2022, MGE Energy and MGE amended and restated their existing credit agreements, which extended their maturity dates to November 8, 2027. In January 2023, MGE amended one of its existing credit agreements to increase the available credit by an additional $30 million. As of December 31, 2022, MGE Energy and MGE had no borrowings outstanding under these credit facilities and were in compliance with the covenant requirements of the credit agreements.

(c)

A change in control constitutes a default under the agreement. Change in control events are defined as (i) a failure by MGE Energy to hold 100% of the outstanding voting equity interest in MGE or (ii) the acquisition of beneficial ownership of 30% or more of the outstanding voting stock of MGE Energy by one person or two or more persons acting in concert.

(d)

The ratio calculation excludes assets, liabilities, revenues, and expenses included in MGE's financial statements as the result of the consolidation of VIEs, such as MGE Power West Campus and MGE Power Elm Road. A change in control constitutes a default under the agreements. Change in control events are defined as (i) a failure by MGE Energy to hold 100% of the

outstanding voting equity interest in MGE or (ii) the acquisition of beneficial ownership of 30% or more of the outstanding voting stock of MGE Energy by one person or two or more persons acting in concert.