MGEE on Nasdaq

MGE Energy, Inc.

American utility holding company based in Madison, Wisconsin

MGE Energy: MGE Energy, Inc. (Nasdaq: MGEE) is a utility holding company based in Madison, Wisconsin. Its main subsidiary, Madison Gas and Electric Co., produces and distributes electricity and distributes natural gas.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 20, 2026.

Overview

2001Founded1

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  • TickerMGEE on Nasdaq1
  • IndustryElectric, Gas & Sanitary Services1
  • HeadquartersMadison1
  • Websitewww.mgeenergy.com
  • Incorporated inWI4
  • Business address133 South Blair Street, Po Box 1231, Madison, Wi 53701-12314
  • Filer categoryLarge accelerated filer4

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MGE Energy: MGE Energy, Inc. (Nasdaq: MGEE) is a utility holding company based in Madison, Wisconsin. Its main subsidiary, Madison Gas and Electric Co., produces and distributes electricity and distributes natural gas.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Electric brought in 71% of the revenue MGE Energy, Inc. broke down this way in fiscal 2025.

  1. Electric$531.6M771%up 7% from 2024
  2. Gas$211.4M728%up 18% from 2024
  3. Non Regulated Energy$677.0K70%down 1% from 2024
Business segments by year
Business segments202320242025
Electric$489.7M$497.7M$531.6M
Gas$200.0M$178.6M$211.4M
Non Regulated Energy$690.0K$684.0K$677.0K

Financial statements

Operating income8910117$170.7M in 2025+54% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $110.9M$110.9M20192020: $110.0M$110.0M2020−1%2021: $117.3M$117.3M2021+7%2022: $137.7M$137.7M2022+17%2023: $146.4M$146.4M2023+6%2024: $146.3M$146.3M2024−0%2025: $170.7M$170.7M2025+17%
Net income8910117$135.9M in 2025+56% since 2019
0$50.0M$100.0M$150.0M2019: $86.9M$86.9M20192020: $92.4M$92.4M2020+6%2021: $105.8M$105.8M2021+14%2022: $111.0M$111.0M2022+5%2023: $117.7M$117.7M2023+6%2024: $120.6M$120.6M2024+2%2025: $135.9M$135.9M2025+13%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Electric revenues$532.2M$498.4M$490.4M
Gas revenue$211.4M$178.6M$200.0M
Total Operating Revenues$743.7M$676.9M$690.4M
Fuel for electric generation$70.8M$54.0M$57.6M
Purchased power$20.0M$32.9M$41.2M
Cost of gas sold$107.0M$82.7M$106.6M
Other operations and maintenance$236.9M$228.6M$215.9M
Depreciation and amortization$114.3M$108.6M$100.4M
Other general taxes$23.9M$24.0M$22.3M
Total Operating Expenses$573.0M$530.7M$544.0M
Operating Income$170.7M$146.3M$146.4M
Other income, net$19.8M$17.8M$29.5M
Interest (expense) income, net-$33.8M-$32.9M-$30.4M
Income before income taxes$156.7M$131.2M$145.5M
Income tax provision-$20.8M-$10.6M-$27.8M
Net Income Including Noncontrolling Interest$135.9M$120.6M$117.7M
Net Income$135.9M$120.6M$117.7M
Earnings Per Share of Common Stock, Basic$3.72$3.33$3.25
Earnings Per Share of Common Stock, Diluted$3.72$3.33$3.25
Dividends per share of common stock$1.85$1.76$1.67
Weighted Average Shares Outstanding, Basic36.5M shares36.2M shares36.2M shares
Weighted Average Shares Outstanding, Diluted36.6M shares36.2M shares36.2M shares

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Corporate structure

MGE Energy, Inc. sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MGE Energy, Inc.

  • VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on MGE Energy, Inc., latest Apr 30, 2026
  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on MGE Energy, Inc., latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on MGE Energy, Inc., latest Mar 27, 2026 (6 filings since Feb 9, 2022)
  • BlackRock Filed SCHEDULE 13G/A on MGE Energy, Inc., latest Oct 17, 2025
  • State Street Corporation Filed SCHEDULE 13G on MGE Energy, Inc., latest May 13, 2025
  • T. Rowe Price Investment Management, Inc. Filed SC 13G/A on MGE Energy, Inc., latest Nov 14, 2024 (3 filings since Feb 14, 2023)
  • MILLENNIUM MANAGEMENT LLC Filed SC 13G on MGE Energy, Inc., latest Mar 21, 2024
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on MGE Energy, Inc., latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • MGE Energy, Inc. Madison
    • • MGE Transco Investment LLC – owns a minority equity interest in American Transmission Company LLC, which owns and operates electric transmission facilities in Subsidiary · Wisconsin, United States
    • • MGEE Transco LLC – owns a minority equity interest in ATC Holdco LLC, which will facilitate electric transmission development and investments outside of Subsidiary · Wisconsin, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MGE Energy, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$293.0M7 Dec 31, 2025$138.2M7 Dec 31, 2024+112.0%
Property and equipment, net$2.6B7 Dec 31, 2025$2.3B7 Dec 31, 2024+12.5%
Finance-lease assets$15.1M7 Dec 31, 2025$15.6M7 Dec 31, 2024−3.3%
Operating-lease assets (leased space)$7.2M7 Dec 31, 2025$7.4M7 Dec 31, 2024−2.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$5.7M7 Dec 31, 2025$21.3M7 Dec 31, 2024−73.4%
Stakes in other companies (equity method)$103.0M7 Dec 31, 2025$92.6M7 Dec 31, 2024+11.2%

Inventory

ItemLatestA year beforeChange
Supplies$37.9M7 Dec 31, 2025$36.2M7 Dec 31, 2024+4.6%

Properties, in its own words

Electric Generation

Net summer rated capacity in service as of December 31, 2025, was as follows:

The rest of Item 2

Plants(b) · Location · CommercialOperation Date · Fuel · NameplateCapacity (MW) · Net SummerRatedCapacity (MW)(a) · No. ofUnits

Coal Facilities:

Columbia(c) · Portage, WI · 1975 & 1978 · Low-sulfur Coal · 211 · 213 · 2

Elm Road Units(c) · Oak Creek, WI · 2010 & 2011 · Coal · 106 · 109 · 2

Natural Gas Facilities:

Blount · Madison, WI · 1957 & 1961 · Natural Gas · 100 · 96 · 2

Nine Springs · Madison, WI · 1964 · Natural Gas · 16 · 14 · 1

Sycamore · Madison, WI · 1967 & 1971 · Natural Gas · 38 · 30 · 2

Fitchburg · Fitchburg, WI · 1973 · Natural Gas · 53 · 34 · 2

West Marinette · Marinette, WI · 2000 · Natural Gas/Oil · 90 · 71 · 1

WCCF(c) · Madison, WI · 2005 · Natural Gas/Oil · 157 · 132 · 2

West Riverside(c) · Beloit, WI · 2020 · Natural Gas · 50 · 47 · 2

Distributed Generators:

Multiple Locations · Madison, WI · 1998-2021 · ULSFO(d) · 70 · 53 · 60

Wind Facilities:

Lincoln-Red River · Kewaunee County, WI · 1999 · Wind · 11 · 1 · 17

Top of Iowa · Brookfield, IA · 2008 · Wind · 30 · 4 · 18

Forward(c) · Dodge & Fond du Lac Counties, WI · 2008 · Wind · 18 · 3 · 86

Saratoga · Howard County, IA · 2019 · Wind · 66 · 17 · 33

Red Barn(c) · Grant County, WI · 2023 · Wind · 9 · 2 · 28

Solar Facilities:

Morey Field · Middleton, WI · 2020 · Solar · 6 · 3 · 4

Two Creeks(c) · Two Creeks, WI · 2020 · Solar · 50 · 36 · 48

Dane County · Madison, WI · 2020 · Solar · 10 · 7 · 4

O'Brien · Fitchburg, WI · 2021 · Solar · 22 · 14 · 8

Badger Hollow I & II(c) · Monfort, WI · 2021 & 2023 · Solar · 100 · 72 · 400

Hermsdorf · Madison, WI · 2022 · Solar · 8 · 6 · 64

Tyto · Fitchburg, WI · 2024 · Solar · 6 · 4 · 24

Paris(c) · Paris, WI · 2024 · Solar · 20 · 15 · 53

Strix · Fitchburg, WI · 2025 · Solar · 6 · 2 · 24

Darien(c) · Rock & Walworth Counties, WI · 2025 · Solar · 25 · 17 · 65

Energy Storage:

Paris(c) · Paris, WI · 2025 · Battery · 11 · 10 · 30

Total · 1,289 · 1,012

Net summer rated capacity is determined by annual testing (measured in June, July or August) and may vary from year to year due to, among other things, the operating and physical conditions of the units.

All facilities shown are owned by MGE unless footnoted otherwise.

MGE jointly owns these facilities with various other utilities. The capacity shown represents MGE's ownership share:

Columbia is jointly-owned by MGE, WPSC and WPL, which operates the facility. MGE's ownership interest is 19%. See "Columbia" below for further information.

Elm Road Units is jointly owned by MGE, WPPI Energy, Inc, and WEC, which operates the units. MGE's ownership interest is 8.33%. See "Elm Road Units" below for further information.

WCCF is jointly-owned by MGE and UW. Per the joint plant agreement, the UW is allocated 17 MW of the net capability of these units during the summer cooling season. The net summer-rated capacity shown reflects this decrease. MGE's ownership interest is 55%. See "WCCF" below for further information.

West Riverside is jointly owned by multiple parties including MGE and WPL, which operates the facility. Power from this facility is shared in proportion to each owner's ownership interest. Commercial operation date of facility was 2020. MGE purchased its ownership interest of 6.9% in 2023 and 2024.

Forward is jointly owned by MGE, WPL and WPSC, which operates the facility. Power from this facility is shared in proportion to each owner's ownership interest. Commercial operation date of facility was 2008. MGE purchased its 12.8% ownership interest in 2018.

Red Barn is jointly owned by MGE and WPSC, which operates the facility. MGE's ownership interest is 10%.

Two Creeks and Badger Hollow I and II are both jointly owned with WPSC, which operates the facilities. MGE's ownership interest is 33%.

Paris and Darien are both jointly owned by MGE, WPSC and WEPCO, which operates the facilities. MGE's ownership interest is 10%.

ULSFO is ultra low-sulfur fuel oil.

Columbia

MGE and two other utilities jointly own Columbia, a coal-fired generating facility consisting of two units, which, as of December 31, 2025, accounted for 21% of MGE's net summer rated capacity. Power from this facility is shared in proportion to each owner's ownership interest. As of December 31, 2025, MGE had a 19% ownership interest in Columbia. The other owners are WPL, which operates Columbia, and WPSC. Operational, regulatory, and environmental regulation considerations have impacted and continue to impact Columbia's generation planning. MGE, as a minority owner, and Columbia's other co-owners continue to evaluate transitioning away from coal and continue to evaluate replacing the generation from Columbia while maintaining electric service reliability. MGE and Columbia's co-owners are exploring converting Columbia to natural gas.

The Columbia units burn low-sulfur sub-bituminous coal obtained from the Powder River Basin coal fields located in Wyoming. The coal inventory supply for the Columbia units was approximately 87 days as of December 31, 2024, and approximately 84 days as of December 31, 2025.

Elm Road Units and WCCF

Item 2 of the 10-K filed Feb 24, 2026.16

The story

The company's history in the Madison area date back more than 150 years. In 1888, as the renamed Madison Electric Co., it began delivering electric service. In 1892, the Four Lakes Light and Power Co. succeeded Madison Electric Co. and operated as Madison's electricity provider for the next four years. In 1896, the local utility incorporated to become Madison Gas and Electric Co.

In 2001, the company formed a holding company named MGE Energy, Inc. − and Madison Gas and Electric Co. became its main subsidiary.

From Wikipedia’s article on MGE Energy, shared under CC BY-SA 4.0.5

Leadership

Who has led MGE Energy, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jeffrey M. Keebler2017–now

Chair

  1. Jeffrey M. Keebler2019–now

President

  1. Jeffrey M. Keebler2017–now

Chief financial officer

  1. Terry A. Hanson2006–2008
  2. Jeffrey C. Newman2009–2019
20052010201520202025
Board members and other officers (29)

Products and brands

  • electricity

Listed on Wikidata.1

MGE Energy is the parent corporation and holding company of eight subsidiaries.

Madison Gas and Electric Co. (MGE), a regulated utility, and its divisions, which serve natural gas and electric customers in south-central and south-western Wisconsin. MGE has 146,000 electric customers and 152,000 natural gas customers.

MGE Power, which owns assets in the West Campus Cogeneration Facility at Madison, Wis., and the Elm Road Generating Station at Oak Creek, Wis.

MGE Transco Investment, which owns interest in the American Transmission Co. through its members, MGE and MGE Energy

Read the full text

MGE Services provides construction and other services

Central Wisconsin Development Corp. promotes business growth in MGE's service area

MAGAEL holds title to properties acquired for future utility plant expansion

North Mendota Energy & Technology Park owns property and serves as the development entity for the property

From Wikipedia’s article on MGE Energy, shared under CC BY-SA 4.0.5

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • • MGE Transco Investment LLC – owns a minority equity interest in American Transmission Company LLC, which owns and operates electric transmission facilities in Wisconsin.6
  • • MGEE Transco LLC – owns a minority equity interest in ATC Holdco LLC, which will facilitate electric transmission development and investments outside of Wisconsin.6

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 5, 20268-K Entered a material agreement; New debt or obligation49
  2. Aug 21, 20268-K Other events50
  3. Aug 5, 20268-K Results of operations; Regulation FD disclosure51
  4. Jun 23, 20268-K Executive or director change52
  5. May 22, 20268-K Shareholder vote53
  6. May 8, 20268-K Entered a material agreement; Other events54
  7. May 8, 20268-K Regulation FD disclosure55
  8. May 5, 20268-K Results of operations56
  9. Apr 21, 20268-K Executive or director change57
  10. Feb 27, 20268-K Regulation FD disclosure58
  11. Feb 24, 20268-K Results of operations59
  12. Feb 24, 20268-K Other events60
  13. Sep 6, 2017New chief executive Jeffrey M. Keebler becomes CEO17
  14. 2001Founded Founded1

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $1.22 a share, on Nov 5, 2025.61

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results51
  2. May 5, 2026Reported quarterly or annual results56
  3. Feb 24, 2026Reported quarterly or annual results59
  4. Nov 5, 2025Reported quarterly or annual results62
  5. Aug 6, 2025Reported quarterly or annual results63
  6. May 7, 2025Reported quarterly or annual results64
  7. Feb 25, 2025Reported quarterly or annual results65
  8. Nov 6, 2024Reported quarterly or annual results66

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

309 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 67 major events, 166 insider forms, 20 large holders, 36 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Sep 11, 20264 EDGAR
  3. Aug 21, 20268-K EDGAR
  4. Aug 20, 20264 EDGAR
  5. Aug 5, 20268-K EDGAR
  6. Aug 5, 202610-Q EDGAR
  7. Jun 23, 20268-K EDGAR
  8. May 22, 20268-K EDGAR
  9. May 8, 20268-K EDGAR
  10. May 8, 20268-K EDGAR
  11. May 7, 2026424B5 EDGAR
  12. May 6, 2026424B5 EDGAR
  13. May 5, 20268-K EDGAR
  14. May 5, 202610-Q EDGAR
  15. Apr 30, 2026SCHEDULE 13G EDGAR
  16. Apr 29, 2026SCHEDULE 13G EDGAR
  17. Apr 23, 2026DEFA14A EDGAR
  18. Apr 21, 20264 EDGAR
  19. Apr 21, 20268-K EDGAR
  20. Apr 2, 2026ARS EDGAR

The 309 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

25 open-market trades by officers, directors and large owners since October 2021: 25 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 9, 2026Berbee James GDirectorBuy275$77.35$21.3KForm 4
Aug 19, 2026Berbee James GDirectorBuy261$81.30$21.2KForm 4
Mar 11, 2026Berbee James GDirectorBuy373$77.74$29.0KForm 4
Dec 5, 2025Berbee James GDirectorBuy270$78.57$21.2KForm 4
Sep 8, 2025Berbee James GDirectorBuy254$83.75$21.2KForm 4
Aug 15, 2025Berbee James GDirectorBuy507$83.83$42.5KForm 4
Mar 12, 2025Berbee James GDirectorBuy446$90.83$40.5KForm 4
Aug 23, 2024Berbee James GDirectorBuy406$87.36$35.5KForm 4
May 30, 2024Berbee James GDirectorBuy58$78.00$4.5KForm 4
Mar 6, 2024Berbee James GDirectorBuy458$82.16$37.6KForm 4
Dec 6, 2023Berbee James GDirectorBuy20$74.39$1.5KForm 4
Dec 6, 2023Smith Scott RobertVP Business and Reg. StrategyBuy134$74.39$10.0KForm 4
Nov 15, 2023Berbee James GDirectorBuy100$75.07$7.5KForm 4
Aug 25, 2023Berbee James GDirectorBuy434$74.84$32.5KForm 4
May 23, 2023Berbee James GDirectorBuy60$75.50$4.5KForm 4
Mar 10, 2023Lorenz James JeromeVP Energy OperationsBuy143$69.96$10.0KForm 4
Mar 10, 2023Berbee James GDirectorBuy1,146$70.19$80.5KForm 4
Nov 15, 2022Berbee James GDirectorBuy172$69.55$12.0KForm 4
Aug 30, 2022Berbee James GDirectorBuy361$78.90$28.5KForm 4
May 25, 2022Berbee James GDirectorBuy57$79.11$4.5KForm 4

All 25 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jeffrey M. KeeblerChairman, President$795.8K$3.1M75
2025Jared J. BushekVice President$420.9K$1.5M75
2025Cari Anne RenlundVice President$413.2K$1.1M75
2025Lynn K. HobbieFormer Executive$389.0K$882.5K75
2025James J. LorenzVice President$328.6K$802.0K75
2024and Chief Executive$758.3K$2.1M75
2024Chief Financial Officer$386.8K$1.0M75
2024General Counsel$395.9K$913.4K75
2024Vice President$373.1K$781.2K75
2024Energy Operations$294.8K$643.8K75
2023Officer (PEO)$710.7K$1.8M75
2023and Secretary$377.0K$832.7K75
2023and Treasurer (PFO)$347.5K$820.9K75
2023Vice President$358.8K$765.9K75

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.6,093,900$496.9M0.0%+634,206
Vanguard Portfolio Management LLC2,793,808$227.8M0.0%+130,707
State Street Corp2,049,814$167.1M0.0%+131,136
Vanguard Capital Management LLC1,702,695$138.8M0.0%+61,669
Geode Capital Management, LLC1,005,058$82.0M0.0%+79,287
Zimmer Partners, LP1,000,000$81.5M1.9%New
Dimensional Fund Advisors LP700,969$57.2M0.0%+16,702
Morgan Stanley545,468$44.5M0.0%+239,075
Westwood Holdings Group Inc530,621$43.3M0.3%New
Gabelli Funds LLC513,700$41.9M0.3%+242,500
Two Sigma Investments, LP486,961$39.7M0.0%+317,887
First Trust Advisors LP447,445$36.5M0.0%+575
Charles Schwab Investment Management Inc434,562$35.4M0.0%+16,411
Northern Trust Corp394,580$32.2M0.0%+33,731
Deprince Race & Zollo Inc350,904$28.6M0.5%+73,787
Nuveen, LLC337,689$27.5M0.0%+152,235
Bank of New York Mellon Corp332,193$27.1M0.0%+11,778
Qube Research & Technologies Ltd329,710$26.9M0.0%−327
Aqr Capital Management LLC300,293$24.5M0.0%+266,075
Vanguard Fiduciary Trust Co249,913$20.4M0.0%+3,590
Speece Thorson Capital Group Inc228,679$18.6M4.0%+39,132
Yaupon Capital Management LP200,000$16.3M0.5%New
Legal & General Group Plc189,397$15.4M0.0%+6,867
Goldman Sachs Group Inc184,129$15.0M0.0%−42,357
Principal Financial Group Inc182,427$14.9M0.0%+4,233

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How MGE Energy, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMGE ENERGY INC2
  • CIK0001161728
  • Employer ID (EIN)39-204050116
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company16
  • Incorporated inWisconsin16
  • Fiscal year endsDecember 312
  • Industry code (SIC)4900 Electric, Gas & Sanitary Services2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address133 South Blair Street, Po Box 1231, Madison, WI 53701-12312
  • Phone(608) 252-70002
  • Shares outstanding36,563,899 shares; 17,347,894 Mge shares as of Feb 20, 202616
  • Public float$3.2B as of Jun 30, 202516
  • AuditorPricewaterhouseCoopers LLP, Chicago, Illinois PCAOB ID 238; it also attests to the company’s internal control over financial reporting16
  • On EDGAR sinceNov 2, 20012
  • Filings830 in all: 8-K (252), 4 (235), 10-Q (72), DEFA14A (35), SC 13G/A (35), 10-K (24), DEF 14A (24), 3 (21)2
    All 36 form types

    4/A (17), ARS (16), SC 13G (13), UPLOAD (12), 425 (9), 424B5 (8), S-3ASR (8), CORRESP (7), 8-K/A (4), FWP (4), S-4/A (4), U-3A-2 (4), 10-Q/A (3), 424B2 (3), SCHEDULE 13G (3), 3/A (2), 424B3 (2), DEFR14A (2), SCHEDULE 13G/A (2), 8-K12G3 (1), POS AM (1), PRE 14A (1), PX14A6G (1), S-3 (1), S-3DPOS (1), S-4 (1), S-8 (1), U-3A-2/A (1)

  • Latest filingsAnnual report (10-K) Feb 24, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 2, 2026
    Latest 8-K (8-K) Oct 5, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $1 Par Value Per ShareMGEENASDAQ

From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).16

Risk factors and legal proceedings

The risks MGE Energy, Inc. names in Item 1A of its 10-K filed Feb 24, 2026: 26 risks under these headings, as written.16

  • Regulatory Risk
  • We are subject to extensive government regulation in our business, which affects our costs and ability to respond to changing events and circumstances.
  • Our utility revenues are subject to regulatory proceedings and/or negotiated settlements, which can affect our ability to recover, and the timing of recovery of, costs that we incur in our operations.
  • We could be subject to higher costs and potential penalties resulting from mandatory reliability standards.
  • We are subject to changing environmental laws and regulations that may affect our costs and business plans.
  • We may be subject to future laws, regulations, or actions associated with public concern with fossil-fuel generation, greenhouse gases, and the effects of global climate change.
  • We face risk regarding the recovery of fuel and purchased power costs.
  • Changes in federal income tax policy, including provisions under the Inflation Reduction Act (IRA) and One Big Beautiful Bill Act (OBBBA), or our inability to use or generate tax credits, may adversely affect our financial condition, results of operations, and cash flows, and credit ratings.
  • Operating Risk
  • We are affected by weather, which affects customer demand and can affect the operation of our facilities.
  • Demand for electricity and gas associated with existing data centers, and data centers developed in the future, could have a material impact on our operations.
  • We could be adversely affected by changes in the development, and utilization by our customers, of power generation, storage, and use technologies, as well as emerging technologies such as AI.
The other 16 risks
  • We are affected by local, national, and worldwide economic activity.
  • Our operations could be adversely affected by global climate change.
  • The ability to obtain an adequate supply of coal could limit the ability to operate the co-owned coal-fired facilities from which we receive a significant portion of our electric supply.
  • Our ability to manage our purchased power costs is influenced by a number of uncontrollable factors.
  • The equipment and facilities in our operational system are subject to risks that may adversely affect our financial performance.
  • Our operations and confidential information are subject to the risk of physical or cyber attacks, which could have an adverse effect on our business and performance.
  • Catastrophic and unpredictable events, including, but not limited to, terrorist or other physical attacks, could have a material adverse effect on our business.
  • We face risk in connection with the completion of significant capital projects.
  • Our stated long-term goals are based on various assumptions and beliefs that may not prove to be achievable in the time frame projected.
  • Failure to attract and retain an appropriately qualified workforce could affect our operations.
  • Financial Risk
  • We are exposed to commodity price risk relating to our purchases of natural gas, electricity, coal, oil, and environmental allowances.
  • Interest rate movements and market performance affects our employee benefit plan costs.
  • We are exposed to interest rate risk.
  • We are exposed to counterparty credit risk primarily through our regulated energy business.
  • As a holding company, we are dependent on upstream cash flows from our subsidiaries for the payment of dividends on our common stock.
  • Disruptions in the financial markets or changes to our credit ratings may affect our ability to finance at a reasonable cost and in accordance with our planned schedule.

Legal proceedings

MGE Energy and its subsidiaries, including MGE, from time to time are involved in various legal proceedings that are handled and defended in the ordinary course of business.

See "Environmental Regulations" under Part I, Item 1. Business and Footnote 16.a. of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Report for a description of several environmental proceedings affecting MGE. See Footnote 16b. of the Notes to Consolidated Financial Statements under Part II, Item 8. Financial Statements and Supplementary Data in this Report for a description of other legal matters.

The opening of Item 3, Legal Proceedings.16

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