# MGE ENERGY INC

Summary updated: 2026-10-02T12:10:14.771538Z
Canonical: https://finbar.com/research/companies/mge-energy-inc

## Overview

MGE Energy, Inc. is a Wisconsin-based utility holding company whose principal operating business is Madison Gas and Electric (MGE). MGE provides regulated electric and natural-gas service, including electricity generation, purchased power, and distribution, as well as natural-gas procurement and distribution. MGE Energy also has nonregulated generation interests and investments in electric transmission companies. [1](https://app.finbar.com/go?id=P91368206)[2](https://app.finbar.com/go?id=P11716597)[3](https://app.finbar.com/go?id=P115095285)[4](https://app.finbar.com/go?id=P69310223) Its operations are concentrated in south-central and western Wisconsin, with Madison at their center. [5](https://app.finbar.com/go?id=P66435207)[6](https://app.finbar.com/go?id=P78827718)[7](https://app.finbar.com/go?id=P115052537)

The company’s core services include electricity and natural gas, alongside offerings such as shared solar, renewable-energy options, and EV charging. [8](https://app.finbar.com/go?id=P85670315)[9](https://app.finbar.com/go?id=P98604808)[10](https://app.finbar.com/go?id=P12021105)[11](https://app.finbar.com/go?id=P6641635) For 2025, MGE Energy reported consolidated operating revenue of approximately $743.7 million. MGE served about 170,000 electric customers at year-end 2025; its gas service reached about 180,000 customers across seven Wisconsin counties. [12](https://app.finbar.com/go?id=T11912960)[7](https://app.finbar.com/go?id=P115052537)[13](https://www.mgeenergy.com/news/earnings/02-24-2026-mge-energy-reports-fourth-quarter-earnings) The company’s stated priorities include customer engagement and providing safe, reliable, affordable, and sustainable energy. [14](https://www.mgeenergy.com/MGEEnergy/media/Library/documents/sec-reports/sec-filings/2026-MGEE-Proxy_Statement.pdf)
[1](https://app.finbar.com/go?id=P91368206)[2](https://app.finbar.com/go?id=P11716597)[3](https://app.finbar.com/go?id=P115095285)[4](https://app.finbar.com/go?id=P69310223)[5](https://app.finbar.com/go?id=P66435207)[6](https://app.finbar.com/go?id=P78827718)[7](https://app.finbar.com/go?id=P115052537)[8](https://app.finbar.com/go?id=P85670315)[9](https://app.finbar.com/go?id=P98604808)[10](https://app.finbar.com/go?id=P12021105)[11](https://app.finbar.com/go?id=P6641635)[12](https://app.finbar.com/go?id=T11912960)[7](https://app.finbar.com/go?id=P115052537)[13](https://www.mgeenergy.com/news/earnings/02-24-2026-mge-energy-reports-fourth-quarter-earnings)[14](https://www.mgeenergy.com/MGEEnergy/media/Library/documents/sec-reports/sec-filings/2026-MGEE-Proxy_Statement.pdf)[13](https://www.mgeenergy.com/news/earnings/02-24-2026-mge-energy-reports-fourth-quarter-earnings)[14](https://www.mgeenergy.com/MGEEnergy/media/Library/documents/sec-reports/sec-filings/2026-MGEE-Proxy_Statement.pdf)

## Products & services

MGE Energy’s utility offerings include electricity generated or purchased by MGE and delivered to customers, and natural gas purchased, transported and distributed through its gas system. At year-end 2025, its electric utility served about 170,000 customers and its gas utility about 180,000 customers. Electric operations accounted for approximately 72% of regulated revenues in 2025, with gas operations accounting for 28%. [1](https://app.finbar.com/go?id=P91368206)[2](https://app.finbar.com/go?id=P11716597)[6](https://app.finbar.com/go?id=P78827718)[7](https://app.finbar.com/go?id=P115052537)[15](https://app.finbar.com/go?id=P11638029)

MGE offers customer renewable-energy programs alongside standard utility service. Its Renewable Energy Rider provides customized renewable-energy arrangements, primarily for governmental entities, with MGE owning the assets and billing under a contract rate; about 42 MW of solar had been developed through the rider. Shared Solar enables residential and small-business customers to meet up to half their annual energy needs with local solar. MGE also offers Green Power Tomorrow, a voluntary program supporting regional wind and solar. [9](https://app.finbar.com/go?id=P98604808)[10](https://app.finbar.com/go?id=P12021105)[16](https://www.mge.com/smart-energy/clean-energy/renewable-energy-programs/green-power-tomorrow)

MGE’s renewable-natural-gas options include a voluntary program through which customers can offset emissions from gas use using renewable thermal credits, and an option introduced in January 2026 for renewable natural gas produced at a customer’s premises to enter MGE’s distribution system. The company also reports nearly 60 electric-vehicle charging stations powered by renewable energy, including fast-charging hubs. [17](https://app.finbar.com/go?id=P83817123)[11](https://app.finbar.com/go?id=P6641635)[18](https://www.mge.com/smart-energy/clean-energy/renewable-energy-programs/renewable-natural-gas)
[1](https://app.finbar.com/go?id=P91368206)[2](https://app.finbar.com/go?id=P11716597)[6](https://app.finbar.com/go?id=P78827718)[7](https://app.finbar.com/go?id=P115052537)[15](https://app.finbar.com/go?id=P11638029)[9](https://app.finbar.com/go?id=P98604808)[10](https://app.finbar.com/go?id=P12021105)[17](https://app.finbar.com/go?id=P83817123)[11](https://app.finbar.com/go?id=P6641635)[16](https://www.mge.com/smart-energy/clean-energy/renewable-energy-programs/green-power-tomorrow)[18](https://www.mge.com/smart-energy/clean-energy/renewable-energy-programs/renewable-natural-gas)

## Geographic presence

MGE Energy’s regulated utility operations are concentrated in Wisconsin. Its electric service territory covers 264 square miles in Dane County, while its natural-gas service territory spans 1,722 square miles in Wisconsin. The company reports serving electric customers in southern Wisconsin and natural-gas customers across Columbia, Crawford, Dane, Iowa, Juneau, Monroe and Vernon counties. [19](https://app.finbar.com/go?id=P103869118)[20](https://www.mge.com/about-mge/service-area)

Its principal executive office is in Madison, Wisconsin. Generation assets and interests described in the company’s filings are also located in Wisconsin, including facilities in Oak Creek and Beloit and the RockGen Energy Center near Cambridge. [21](https://app.finbar.com/go?id=T16752988)[22](https://app.finbar.com/go?id=P1640161)[23](https://app.finbar.com/go?id=P105650381) The filings reviewed report operating segments by business type rather than geography, and do not provide revenue or employee distribution by region. [24](https://app.finbar.com/go?id=T16753030)
[19](https://app.finbar.com/go?id=P103869118)[21](https://app.finbar.com/go?id=T16752988)[22](https://app.finbar.com/go?id=P1640161)[23](https://app.finbar.com/go?id=P105650381)[24](https://app.finbar.com/go?id=T16753030)[20](https://www.mge.com/about-mge/service-area)

## Business segments

MGE Energy reports four consolidated segments: Electric, Gas, Non-Regulated Energy, and Transmission Investment. Electric covers the electric utility business; Gas covers the natural-gas utility business; and Non-Regulated Energy owns and leases electric-generation projects through MGE Power and subsidiaries. Transmission Investment holds MGE Energy’s interests in ATC and ATC Holdco. The four-segment presentation is also used in the company’s 2026 second-quarter reporting. [25](https://app.finbar.com/go?id=T6825508)[24](https://app.finbar.com/go?id=T16753030)

In FY2025, Electric contributed $531.554 million of operating revenue, approximately 71.5% of the consolidated total, and $85.777 million of net income, about 63.1%. Gas contributed $211.423 million of revenue (28.4%) and $16.257 million of net income (12.0%). Non-Regulated Energy contributed $0.677 million of revenue (0.1%) and $24.763 million of net income (18.2%). Transmission Investment reported no operating revenue and $9.464 million of net income (7.0%). Percentages are approximate and calculated against consolidated operating revenue of $743.654 million and net income of $135.889 million; “All Others” recorded a $0.372 million loss, reconciling segment net income to the consolidated figure. [25](https://app.finbar.com/go?id=T6825508)

MGE, a wholly owned subsidiary, separately presents three segments—Electric, Gas, and Non-Regulated Energy. That subsidiary-level breakdown is distinct from MGE Energy’s four-segment consolidated reporting, which additionally includes Transmission Investment. [26](https://app.finbar.com/go?id=P43712526)[27](https://app.finbar.com/go?id=P60314485)[28](https://app.finbar.com/go?id=P87547901)
[25](https://app.finbar.com/go?id=T6825508)[24](https://app.finbar.com/go?id=T16753030)[26](https://app.finbar.com/go?id=P43712526)[27](https://app.finbar.com/go?id=P60314485)[28](https://app.finbar.com/go?id=P87547901)

## Company history

Madison Gas and Electric’s origins trace to Madison’s 1855 gas-lighting business. In 1896, Madison City Gas Light and Coke Company merged with Four Lakes Light and Power Company to form Madison Gas and Electric Company. The company expanded local generation in 1902, when it built the Blount station. [29](https://www.historicmadison.org/gaslights)[30](https://www.wisconsinhistory.org/record/image/W013FIN)[31](https://www.mge.com/about-mge/electric-system/natural-gas-fired-generation)

In 1944, American Light and Traction sold MGE to company employees and local investors. Over subsequent decades, MGE added larger thermal generation, including coal-fired Columbia units that entered service in 1975 and 1978; wind generation appeared in its portfolio by 1999. [32](https://npgallery.nps.gov/NRHP/GetAsset/NRHP/02001126_text)[33](https://www.mgeenergy.com/news/reports/annual-reports/2025-annual-report)

On August 12, 2002, MGE completed a holding-company reorganization: Madison Gas and Electric became a wholly owned subsidiary of MGE Energy, and shareholders exchanged their MGE shares one-for-one for MGE Energy shares. [34](https://www.sec.gov/Archives/edgar/data/61339/000006133902000012/form-8k.htm)
[29](https://www.historicmadison.org/gaslights)[30](https://www.wisconsinhistory.org/record/image/W013FIN)[31](https://www.mge.com/about-mge/electric-system/natural-gas-fired-generation)[32](https://npgallery.nps.gov/NRHP/GetAsset/NRHP/02001126_text)[33](https://www.mgeenergy.com/news/reports/annual-reports/2025-annual-report)[34](https://www.sec.gov/Archives/edgar/data/61339/000006133902000012/form-8k.htm)[29](https://www.historicmadison.org/gaslights)[30](https://www.wisconsinhistory.org/record/image/W013FIN)[31](https://www.mge.com/about-mge/electric-system/natural-gas-fired-generation)[32](https://npgallery.nps.gov/NRHP/GetAsset/NRHP/02001126_text)[33](https://www.mgeenergy.com/news/reports/annual-reports/2025-annual-report)[34](https://www.sec.gov/Archives/edgar/data/61339/000006133902000012/form-8k.htm)

## Sources

1. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P91368206)
2. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P11716597)
3. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P115095285)
4. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P69310223)
5. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P66435207)
6. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P78827718)
7. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P115052537)
8. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P85670315)
9. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P98604808)
10. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P12021105)
11. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P6641635)
12. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=T11912960)
13. [www.mgeenergy.com](https://www.mgeenergy.com/news/earnings/02-24-2026-mge-energy-reports-fourth-quarter-earnings)
14. [www.mgeenergy.com](https://www.mgeenergy.com/MGEEnergy/media/Library/documents/sec-reports/sec-filings/2026-MGEE-Proxy_Statement.pdf)
15. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P11638029)
16. [www.mge.com](https://www.mge.com/smart-energy/clean-energy/renewable-energy-programs/green-power-tomorrow)
17. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P83817123)
18. [www.mge.com](https://www.mge.com/smart-energy/clean-energy/renewable-energy-programs/renewable-natural-gas)
19. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P103869118)
20. [www.mge.com](https://www.mge.com/about-mge/service-area)
21. [MGE ENERGY INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16752988)
22. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P1640161)
23. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P105650381)
24. [MGE ENERGY INC — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16753030)
25. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=T6825508)
26. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P43712526)
27. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P60314485)
28. [MGE ENERGY INC — Full financial report (2025 Y)](https://app.finbar.com/go?id=P87547901)
29. [www.historicmadison.org](https://www.historicmadison.org/gaslights)
30. [www.wisconsinhistory.org](https://www.wisconsinhistory.org/record/image/W013FIN)
31. [www.mge.com](https://www.mge.com/about-mge/electric-system/natural-gas-fired-generation)
32. [npgallery.nps.gov](https://npgallery.nps.gov/NRHP/GetAsset/NRHP/02001126_text)
33. [www.mgeenergy.com](https://www.mgeenergy.com/news/reports/annual-reports/2025-annual-report)
34. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/61339/000006133902000012/form-8k.htm)

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