MGE Energy

What MGE Energy does

MGE Energy, Inc. (NASDAQ: MGEE) is a public utility holding company headquartered in Madison, Wisconsin, whose principal subsidiary, Madison Gas and Electric Company (MGE), is a regulated electric and natural gas utility serving approximately 170,000 electric customers across 264 square miles in Dane County and 180,000 natural gas customers across 1,722 square miles in seven south-central and western Wisconsin counties. The company generates, purchases, and distributes electricity and natural gas under rates approved by the Public Service Commission of Wisconsin, with revenue mechanics driven by regulated rate base growth, retail gas deliveries, and equity earnings from transmission investments held through MGE Transco Investment and MGEE Transco LLC in ATC LLC and ATC Holdco. Beyond core delivery, MGE owns generation assets through MGE Power (West Campus Cogeneration Facility in Madison and Elm Road Generating Station in Oak Creek) and is building out a portfolio of utility-scale solar (Darien 25 MW operational March 2025; Nine Springs 8 MW expected 2027), battery storage (Paris 11 MW operational June 2025), and the Columbia Energy Storage Project (18 MW, MGE owns 3 MW) using Energy Dome's closed-loop CO2 long-duration storage technology—the first of its kind in the United States.

The company's business model is a regulated utility franchise: revenue is generated through state-approved rates tied to capital investment in rate base, supplemented by retail gas deliveries and transmission equity income. MGE serves residential customers, commercial customers, and select large energy users including data centers, with state regulatory safeguards ensuring incremental costs from new large customers do not burden existing ratepayers. Adjacent product lines include a Shared Solar community program, MGE Charging Network (public EV fast-charging on 100% clean energy), the MGE Connect smart thermostat demand-response program, Renewable Energy Rider for large commercial customers, and a proposed Commercial EV Charging Allowance (CEVCA). The company has paid dividends for more than 110 years with 50 consecutive years of dividend increases and maintains the highest S&P and Moody's credit ratings among U.S. investor-owned electric and gas utilities. Recent capital actions include a $250 million underwritten common stock offering completed in May 2026 to fund capex, and the company is pursuing regulatory approval to acquire a 33% interest in the RockGen Energy Center natural gas-fired plant (expected close late 2027).

MGE Energy operates with goals of net-zero carbon electricity by 2050 and net-zero methane emissions from its gas distribution system by 2035, supported by capital investment of approximately $1.5 billion in renewable energy and battery storage from 2015-2030 and forecasted near $850 million in generation investment from 2025-2029.

Name

MGE Energy

Legal name

MGE Energy, Inc.

Website

https://mgeenergy.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

MGE Energy (NASDAQ: MGEE) is a Madison, Wisconsin-based public utility holding company whose subsidiary Madison Gas and Electric serves 170,000 electric and 180,000 natural gas customers across south-central and western Wisconsin under a state-regulated monopoly franchise.

Ownership category

akta.pro rank

Product category

Electric and Gas Utility Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Transmission, Control, and Distribution (22112), Fossil Fuel Electric Power Generation (221112)

SIC

Electric Services (4911), Natural Gas Transmisison & Distribution (4923), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Electric Distribution System Owners (Wires-Only Companies) (EUADABAI)

akta.pro secondary industries

Utility-Scale Power Generation Asset Management (EUAEAMAA), Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI), Distributed Storage (Behind-the-Meter Batteries) (EUAMAJAE)

Keywords

• Regulated electric utility
• Natural gas distribution
• Renewable energy generation
• Battery energy storage
• Utility holding company

Headquarters

HQ city

Louisville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Others

Revenue model

1. Electric Distribution and Generation: Regulated electricity generation and distribution services to 170,000 customers in Dane County, Wisconsin. Revenue generated through regulated rates approved by the Public Service Commission of Wisconsin. Earnings driven by rate base investment growth and deployment of renewable energy projects.
2. Natural Gas Distribution: Purchase and distribution of natural gas to 180,000 customers in seven south-central and western Wisconsin counties. Provides stable earnings with gas net income supported by retail gas deliveries.
3. Transmission Investments: MGE Transco Investment holds ownership interest in ATC LLC and MGEE Transco LLC holds interest in ATC Holdco, which invest in transmission assets primarily within and outside Wisconsin.
4. Cogeneration and Power Generation Assets: MGE Power owns assets in the West Campus Cogeneration Facility in Madison and Elm Road Generating Station in Oak Creek, Wisconsin.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

MGE Energy, through its principal subsidiary Madison Gas and Electric (MGE), generates and distributes electricity to 170,000 customers in Dane County, Wisconsin and purchases and distributes natural gas to 180,000 customers across seven south-central and western Wisconsin counties. The company also operates renewable generation, battery storage, EV charging, and demand-response programs to support its regulated utility service and net-zero carbon electricity by 2050 target.

Product overview

MGE Energy is a public utility holding company whose principal subsidiary, Madison Gas and Electric (MGE), operates as a regulated electric and gas utility in south-central and western Wisconsin. The company provides core electricity and natural gas distribution services to over 170,000 and 180,000 customers respectively. MGE has been investing in renewable energy and battery storage projects to support its sustainability goals, including the Darien Solar Project (25 MW, operational March 2025), Paris Battery Energy Storage System (11 MW, operational June 2025), Nine Springs Solar (8 MW, planned 2027), and the Columbia Energy Storage Project (18 MW, MGE owns 3 MW). The company also offers customer-facing programs including the Shared Solar community program, MGE Charging Network for EVs, MGE Connect smart thermostat demand response, and the Renewable Energy Rider for large customers. Shareholder services include a Direct Stock Purchase and Dividend Reinvestment Plan administered through Computershare.

Differentiator

Problem solved

Functional benefit

Brands

• MGE Foundation: MGE's philanthropic arm established in 1966, focused on charitable giving and community support.
• Investor Center

Products and services

• Electricity Generation and Distribution
• Natural Gas Purchase and Distribution
• Shared Solar
• MGE Charging Network
• MGE Connect Smart Thermostat Program
• Renewable Energy Rider (RER)
• Direct Stock Purchase and Dividend Reinvestment Plan
• Paris Battery Energy Storage System
• Darien Solar Project
• Columbia Energy Storage Project
• Nine Springs Solar

Quantifiable outcome

• 50 consecutive years of dividend increases with 5% compound annual dividend growth rate over 5 years
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eight partnerships are on record, tiered strategic, core and minor.

• Madison Metropolitan Sewerage DistrictstrategicStrategic or Co-development Partner · 1 July 2025Partnership on 8-megawatt Nine Springs Solar array to be built south of the Nine Springs Wastewater Treatment Plant in Madison. MGE will build, own and operate the array and lease land from the District. Construction expected 2026, operational 2027.
• Energy DomestrategicTechnology or Integration · 1 June 2025Designed the Columbia Energy Storage Project - the first long-duration energy storage system of its kind in the United States using a revolutionary closed-loop CO2 process to store energy by converting gas to compressed liquid form.
• City of Madison Metro TransitcoreStrategic or Co-development Partner · 1 January 2022Partnership to facilitate electric buses and charging infrastructure. City has goal to electrify its bus fleet. MGE provides financial and in-kind support as well as expertise to support electrification efforts.
• Northern Natural Gas (Berkshire Hathaway Energy Pipeline Group)minorStrategic or Co-development PartnerNatural gas transmission company. Part of ONE Future Coalition working to reduce methane emissions across the natural gas supply chain to 1% or less by 2025. Also part of EPA's Methane Challenge Program.
• ANR Pipeline Company (TC Energy)minorStrategic or Co-development PartnerNatural gas transmission company. Part of ONE Future Coalition working to reduce methane emissions across the natural gas supply chain to 1% or less by 2025. Also part of EPA's Methane Challenge Program.
• ATC LLCcoreStrategic or Co-development PartnerMGE Transco Investment holds ownership interest in ATC LLC, which invests in transmission assets primarily within Wisconsin.
• ATC HoldcocoreStrategic or Co-development PartnerMGEE Transco LLC holds ownership interest in ATC Holdco, which invests in transmission assets outside ATC LLC service territory.
• Alliant Energy / Wisconsin Public Service (WPS)coreStrategic or Co-development PartnerCo-owners of Columbia Energy Center. Partnering on Columbia Energy Storage Project (18 MW long-duration storage) and evaluating transitioning Columbia away from coal to natural gas.

Scale indicators13 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• WEC Energy Group: Milwaukee-based regulated utility holding company (NYSE: WEC) serving electric and gas customers primarily in Wisconsin and Illinois. Closest comparable peer with similar Wisconsin regulatory jurisdiction, electric and gas distribution focus, and renewable energy investments.
• Alliant Energy: Wisconsin-headquartered regulated utility holding company (NASDAQ: LNT) serving electric and natural gas customers across Wisconsin and Iowa. Directly comparable to MGE Energy in terms of geographic overlap (Wisconsin), regulated electric and gas business model, and renewable energy transition strategy.

Broad incumbents

• CMS Energy: Michigan-based regulated utility holding company (NYSE: CMS) providing electric and natural gas service. Comparable in terms of combined electric and gas utility operations, regulated rate base growth strategy, and renewable energy investments.
• DTE Energy: Detroit-based regulated utility holding company (NYSE: DTE) providing electric and gas service in Michigan. Comparable in regulated utility business model and transition to renewable energy, with similar Midwest operational context.
• Xcel Energy: Large multi-state regulated utility (NASDAQ: XEL) serving electric and gas customers across the Midwest and Western U.S. Comparable business model with focus on clean energy transition, but operates at significantly larger scale across multiple regulatory jurisdictions.
• Evergy: Kansas City-based regulated utility holding company (NYSE: EVRG) serving electric customers in Kansas and Missouri. Comparable in regulated electric utility model and renewable energy transition, though without gas distribution exposure.

Regional players

• NorthWestern Energy Group: Butte, Montana-based regulated utility (NASDAQ: NWE) providing electric and natural gas service in the Northern Plains. Comparable in regulated electric and gas business model with similar mid-size utility holding company structure.
• Black Hills Corporation: Rapid City-based utility holding company (NYSE: BKH) serving electric and gas customers across multiple Midwestern and Western states. Comparable in size and combined electric/gas utility model, though operating in different service territory.
• Hawaiian Electric Industries: Honolulu-based regulated electric utility holding company (NYSE: HE) facing unique renewable energy integration challenges. Comparable in the context of aggressive renewable integration and grid modernization strategy relevant to MGE's net-zero by 2050 goals.

Others

• American Transmission Company: Wisconsin-based electric transmission-only utility in which MGE holds an ownership interest through MGE Transco Investment. Operates the electric transmission system in Wisconsin and portions of surrounding states, directly relevant to MGE's transmission investment strategy.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mge-energy-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MGE Energy