Company Overview

MGE Energy, Inc. is a publicly traded electric and natural gas utility holding company operating primarily in the regulated utilities and energy infrastructure sectors. The company’s core business is conducted through its principal subsidiary, Madison Gas and Electric Company (MGE), which provides regulated electric and natural gas services. MGE Energy generates the majority of its revenue from regulated utility operations, which offer stable, rate-based returns governed by state regulatory frameworks. Its customer base consists mainly of residential, commercial, industrial, and governmental customers.

Founded in the mid-19th century, the company has evolved from a local gas provider into an integrated electric and gas utility. Over time, MGE Energy expanded its operations to include electricity generation, transmission ownership, and long-term investments in power plants and renewable energy assets. Its strategic positioning emphasizes reliability, regulatory stability, and a gradual transition toward cleaner energy sources within a vertically integrated utility model.

Business Operations

MGE Energy operates primarily through its Regulated Electric Utility Operations and Regulated Natural Gas Utility Operations, both conducted by Madison Gas and Electric Company. Revenue is generated largely through customer rates approved by the Public Service Commission of Wisconsin, covering electricity generation, transmission, distribution, and natural gas distribution services. The company also earns income from ownership interests in electric generation facilities, including jointly owned power plants.

Operations are predominantly domestic, with no material international utility operations. MGE controls a mix of fossil fuel, renewable, and purchased power resources and maintains regulated transmission investments through regional grid participation. It has ownership interests in generation assets operated in partnership with other utilities, reflecting a collaborative model common in the U.S. regulated utility sector.

Strategic Position & Investments

MGE Energy’s strategic direction centers on long-term regulated growth, grid modernization, and a transition toward lower-carbon energy resources while maintaining system reliability. The company has made sustained investments in renewable generation, energy efficiency programs, and emissions reduction initiatives aligned with regulatory requirements and state energy policy goals.

Notable investments include ownership stakes in jointly owned electric generation facilities and renewable energy projects such as wind and solar assets. MGE Energy has also committed capital toward transmission infrastructure and advanced metering technologies. Data inconclusive based on available public sources regarding material acquisitions outside its regulated utility and generation ownership strategy.

Geographic Footprint

MGE Energy’s operations are concentrated in the Midwestern United States, with its service territory primarily located in south-central Wisconsin. The company is headquartered in Madison, Wisconsin, and serves the City of Madison and surrounding communities.

While the company does not maintain international operations, it participates in the broader regional transmission network through multi-state electric grid coordination, giving it operational exposure beyond its immediate service territory. Its geographic influence remains predominantly domestic and regionally focused.

Leadership & Governance

MGE Energy follows a governance model typical of regulated utilities, emphasizing regulatory compliance, long-term planning, and operational continuity. The company promotes a leadership philosophy focused on safety, reliability, financial discipline, and sustainable energy transition within a regulated framework.

Key executives include:

• Jeffrey M. Keffer – Chair of the Board
• Paul A. Dearborn – President and Chief Executive Officer
• James G. Berbee – Chairman, President and Chief Executive Officer, Madison Gas and Electric Company
• Seth D. Jorgensen – Vice President and Chief Financial Officer
• Karen L. Bauer – Vice President and General Counsel

The board and executive team oversee strategy execution, capital allocation, and regulatory engagement, with a strong emphasis on long-term shareholder value and customer service stability.