At December 31, 2013, MGE Energy had an unsecured, committed revolving line of credit of $50 million expiring July 31, 2017. At December 31, 2013, no borrowings were outstanding under this facility.

The agreement requires MGE Energy to maintain a ratio of its consolidated indebtedness to consolidated total capitalization not to exceed a maximum of 65%. 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. As of December 31, 2013, MGE Energy is in compliance with the covenant requirements.

For short-term borrowings, MGE generally issues commercial paper (issued at the prevailing discount rate at the time of issuance), which is supported by unused committed bank lines of credit. At December 31, 2013, MGE had an unsecured, committed revolving line of credit for $100 million expiring July 31, 2017. The agreement requires MGE to have a period of at least one day, during any 365-day period, on which the principal amount of all outstanding loans thereunder shall be zero. At December 31, 2013, no borrowings were outstanding under this facility.

The agreement requires MGE to maintain a ratio of consolidated debt to consolidated total capitalization not to exceed a maximum of 65%. 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 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. As of December 31, 2013, MGE is in compliance with the covenant requirements.

Information concerning short-term borrowings for the past three years is shown below:

		As of December 31,
(In thousands)		2013		2012		2011
MGE Energy^(a)
Available lines of credit	$	150,000	$	115,000	$	115,000
During the year:
Maximum short-term borrowings	$	32,000	$	16,000	$	28,500
Average short-term borrowings	$	6,992	$	1,154	$	3,410
Weighted-average interest rate		0.18%		0.17%		1.43%

MGE
Available lines of credit	$	100,000	$	75,000	$	75,000
During the year:
Maximum short-term borrowings	$	32,000	$	16,000	$	9,500
Average short-term borrowings	$	6,992	$	1,154	$	349
Weighted-average interest rate		0.18%		0.17%		0.25%

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