Madison Gas and Electric Company

What Madison Gas and Electric Company does

Madison Gas and Electric Company ("MGE") is a regulated electric and natural gas distribution utility serving residential, commercial, and industrial customers across southcentral Wisconsin, including Dane, Crawford, and Vernon counties. The company has operated since 1896 and is a wholly-owned operating subsidiary of MGE Energy, Inc. (NASDAQ: MGEE), a publicly traded holding company that has paid a dividend for 56 consecutive years. MGE owns and operates integrated electric and natural gas distribution infrastructure — poles, wires, substations, pipelines, meters — supplemented by co-owned generation assets including the 1.1 GW Columbia Energy Center coal plant (with Alliant Energy operating and Wisconsin Public Service as co-owner), the 6 MW Strix Solar array in Fitchburg, the Darien Solar Project (operational March 2025), the Paris Battery Energy Storage System (operational June 2025), and the 150 MW solar + 50 MW battery Dawn Harvest project under development with We Energies and Wisconsin Public Service for 2028 commissioning.

MGE generates the majority of its earnings from regulated, usage-based sales of electricity and natural gas under rates approved by the Public Service Commission of Wisconsin. The 2025 electric segment earnings rose $11.3 million and gas segment earnings rose $2.5 million (on a 14% increase in retail therm deliveries), driving parent-company GAAP earnings to $135.9 million ($3.72 per share). Layered on top of this regulated utility base, MGE sells optional subscription products — Green Power Tomorrow (electric REC retirement), Shared Solar - Strix and Shared Solar for Business (community solar with up-front and per-kWh fees), the GPT Renewable Natural Gas option ($1.78/therm RTC charge), and the Renewable Flat Bill fixed-billing pilot — alongside demand-side programs (MGE Connect, Charge Ahead), an EV Owners Group loyalty program, and a network of more than 50 public EV charging stations powered by 100% renewable energy.

Customer engagement runs through the My Account online portal, call centers, in-person payment locations, and a field service workforce. The strategic platform, branded Energy 2050 Together, targets at least 80% carbon reduction by 2030 (relative to a 2005 baseline — approximately 40% achieved as of 2025), net-zero carbon electricity by 2050, and net-zero methane emissions by 2035. Capital structure is supported by recent financings including $90 million of unsecured senior notes, a $100 million at-the-market equity program with Guggenheim Securities and Morgan Stanley, and a $250 million common stock offering announced in May 2026, all directed toward a broader $2 billion renewable energy investment plan.

Name

Madison Gas and Electric Company

Legal name

Madison Gas and Electric Company

Website

https://mge.com

Company type

Private

Founded year

1896

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Madison Gas and Electric Company is a regulated electric and natural gas utility serving residential, commercial, and industrial customers in southcentral Wisconsin, including the Madison metropolitan area, Dane, Crawford, and Vernon counties. It is a wholly-owned operating subsidiary of MGE Energy, Inc. (NASDAQ: MGEE).

Ownership category

akta.pro rank

Product category

Regulated Electric and Gas Utility

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Transmission, Control, and Distribution (22112), Electric Power Generation (22111), Solar Electric Power Generation (221114)

SIC

Electric Services (4911), Natural Gas Transmisison & Distribution (4923), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Microgrid & Local Distribution Operators (Campus/Base/Industrial Park DSOs) (EUADABAF)

akta.pro secondary industries

Distributed Storage (Behind-the-Meter Batteries) (EUAMAJAE), Hybrid Microgrids (Solar+Storage+Gen, Multi-Resource) (EUACALAH), Dispatchable Distributed Generation (Gas Reciprocating Engines, Microturbines) (EUACALAI)

Keywords

• Regulated electric utility
• Natural gas distribution
• Community solar programs
• Renewable energy services
• EV charging network

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Electric Utility Sales: MGE generates the majority of earnings from regulated electricity sales to residential, commercial, and industrial customers within its service territory, under rates approved by the Public Service Commission of Wisconsin. Electric segment earnings increased $11.3 million in 2025 driven by deployment of key renewable energy projects including Darien Solar and Paris BESS.
2. Natural Gas Utility Sales: MGE generates earnings from regulated natural gas distribution sales to customers. Gas segment earnings rose $2.5 million in 2025, supported by a 14% increase in retail gas therm deliveries due to warmer weather.
3. Optional Renewable Energy Programs: MGE offers optional programs including Shared Solar - Strix (community solar subscriptions with up-front fees and monthly per-kWh charges), Green Power Tomorrow (electric, $0.01/kWh above standard rate), Renewable Flat Bill (fixed monthly billing with GPT 100 enrollment), and Renewable Natural Gas ($1.78/therm RTC charge). These generate incremental revenue from participating customers.
4. Equity Capital Raises: MGE Energy (parent) periodically raises equity through at-the-market offerings. A $100 million ATM equity offering agreement with Guggenheim Securities and Morgan Stanley was announced in February 2026. Net proceeds are used for general corporate purposes including debt repayment, capital expenditures, and investments in subsidiaries.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels8 records

Core offering

Madison Gas and Electric Company (MGE) is a regulated electric and natural gas utility that delivers electricity and natural gas to residential, commercial, and industrial customers across southcentral Wisconsin. In addition to core energy distribution through its owned poles, wires, pipes, and meters, MGE offers optional renewable energy programs (Green Power Tomorrow, Shared Solar - Strix, Shared Solar for Business, Renewable Natural Gas, Renewable Flat Bill), a public EV charging network powered by 100% renewable energy, and demand-side management programs.

Product overview

Madison Gas and Electric Company (MGE) is a regulated electric and natural gas utility serving the greater Madison, Wisconsin area. Its customer-facing product portfolio centers on three tiers: (1) Core energy delivery services — electricity and natural gas distribution with standard billing, payment management (My Account, AutoPay, Pay by Text, Budget Payment Plan, Summary Billing, Paperless Billing), and financial assistance programs (Back on Track, Energy Assistance via ESI); (2) Branded renewable and clean energy programs — including Green Power Tomorrow (GPT) for renewable electricity with REC retirement, Shared Solar - Strix and Shared Solar for Business (community solar subscription programs at the Strix Solar array), Renewable Natural Gas (RNG/GPT RNG) for methane offset via Renewable Thermal Certificates, and the Renewable Flat Bill pilot; and (3) Grid-edge and efficiency products — MGE's public EV charging network (50+ stations at Level 1/2 and DC Fast, powered 100% by wind), EV Owners Group demand-management program, MGE Connect and Charge Ahead demand-response programs, Focus on Energy efficiency rebates, and HEAR/HOMES federal home electrification rebates. MGE's strategic roadmap is organized under its Energy 2050 Together platform, targeting at least 80% carbon reduction by 2030 and net-zero carbon electricity by 2050.

Differentiator

Problem solved

Functional benefit

Brands

• My Account: Online bill payment and account management portal for residential and business customers
• EV Owners Group
• Shared Solar - Strix
• Green Power Tomorrow
• GPT RNG
• Renewable Flat Bill
• MGE Connect
• Back on Track
• Dawn Harvest Solar and Battery
• Strix Solar

Products and services

• Electric Utility Service

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

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

• Alliant EnergycoreStrategic or Co-development Partner · 5 June 2026Alliant Energy operates the 1.1-gigawatt Columbia Energy Center coal plant near Portage, Wisconsin, co-owned with MGE and Wisconsin Public Service. In June 2026, the plant received $19 million in Defense Production Act funding for $48.5 million in upgrades to extend operations to 2029. Alliant Energy manages day-to-day plant operations.
• PricewaterhouseCoopers LLP (PwC)minorOthers · 22 May 2026Independent registered public accounting firm ratified by MGE Energy shareholders at the May 2026 Annual Meeting for 2026.
• We Energies (WEC Energy Group)coreStrategic or Co-development Partner · 13 March 2026We Energies (majority owner), Wisconsin Public Service, and Madison Gas and Electric jointly acquired the Dawn Harvest Solar and Battery Energy Storage Facility in Rock County from developer Invenergy. The approximately $443 million, 150 MW solar + 50 MW battery storage project is expected to serve customers in 2028. The project is part of a broader $2 billion renewable energy plan and may serve a major data center campus in Port Washington.
• Wisconsin Public Service (WPS)coreStrategic or Co-development Partner · 13 March 2026Co-owner with We Energies and MGE of the Dawn Harvest Solar and Battery Energy Storage Facility. WPS is also a co-owner of the Columbia Energy Center coal plant and partner in the critical infrastructure coordination partnership.
• InvenergycoreStrategic or Co-development Partner · 13 March 2026Developer of the Dawn Harvest Solar and Battery Energy Storage Facility in Rock County. Sold the project to the three-utility consortium (We Energies, WPS, MGE).
• Wisconsin Department of Military AffairsstrategicStrategic or Co-development Partner · 20 February 2026Hosted the biennial natural gas and electric public-private partnership meeting in Madison on February 20, 2026, bringing together utilities, Wisconsin Emergency Management, and the Wisconsin National Guard to strengthen coordination for safeguarding the state's critical energy infrastructure.
• Wisconsin National GuardstrategicStrategic or Co-development Partner · 20 February 2026Participant in the biennial critical infrastructure partnership meeting hosted by the Wisconsin Department of Military Affairs. Maj. Gen. Matthew Strub highlighted Wisconsin's 'new normal' of increased risks including severe weather, wildfire potential, cyber and physical threats, and growing energy demand.
• Wisconsin Emergency ManagementstrategicStrategic or Co-development Partner · 20 February 2026Participant in the biennial infrastructure partnership meeting. Discussed improving information sharing through Wisconsin's Utility Coordination Group and expanding joint training opportunities ahead of Capstone 27 exercise.
• Focus on EnergycoreStrategic or Co-development PartnerWisconsin's statewide energy efficiency and renewable resource program funded by investor-owned energy utilities. MGE participates as a utility partner. Focus on Energy offers financial incentives and technical assistance. In 2024, delivered $4.17 in benefits per $1 spent and achieved a 9.4/10 customer satisfaction rating. MGE promotes Focus on Energy programs including HEAR and HOMES rebate programs.
• Home Energy PlusminorStrategic or Co-development PartnerWisconsin state program for energy assistance. MGE shares customer information with Home Energy Plus to enable third parties to provide energy-related products and services to customers on behalf of MGE.

Scale indicators12 records

Recent moves6 records

Expansion highlights7 records

Regional players

• Avista Corporation: Pacific Northwest regulated electric and gas utility of comparable size and similar customer base dynamics. Comparable vertically integrated business model with overlapping decarbonization and affordability challenges.
• Black Hills Corporation: Multi-state regulated electric and gas utility serving smaller-population markets in the Plains and West. Highly comparable in size, customer concentration, and the mix of regulated electric and gas distribution.

Direct peers

• Alliant Energy: Wisconsin-regulated electric and gas utility that co-owns Columbia Energy Center with MGE and operates day-to-day plant management. Operates in overlapping Midwest territories and faces the same regulatory and decarbonization dynamics as MGE.
• WEC Energy Group: Parent of We Energies and Wisconsin Public Service, both direct co-owners of MGE on the Dawn Harvest Solar + BESS project and Columbia Energy Center. WEC is the closest same-state regulated utility peer with overlapping electric and gas operations in Wisconsin.

Broad incumbents

• Xcel Energy: Large multi-state regulated electric and gas utility serving Midwest and Mountain West territories with a leading renewables transition. Highly comparable in business model (vertically integrated regulated utility) though broader scale and geography.
• DTE Energy: Detroit-based regulated electric and gas utility with significant generation portfolio mix and Michigan decarbonization mandates. Comparable vertically integrated utility structure and similar Midwest regulatory environment.
• CMS Energy (Consumers Energy): Michigan-based regulated electric and gas utility (Consumers Energy) pursuing accelerated coal retirement and renewable growth. Comparable business mix, regulatory profile, and decarbonization trajectory.
• Pinnacle West Capital: Arizona-based regulated electric utility (Arizona Public Service) of broadly similar size and customer base. Comparable vertically integrated utility model facing renewable mandates and rapid load growth from data centers in its territory.
• NextEra Energy: Largest U.S. renewable energy operator through its Florida Power & Light and NextEra Energy Resources subsidiaries. Comparable in the renewables-build trajectory, though much larger and not a Midwest regulated peer.

Others

• MGE Energy, Inc. Public parent holding company (NASDAQ: MGEE) of Madison Gas and Electric. Included as the listed entity through which investors access MGE's earnings and growth profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/MGEMadison
• Facebookfacebook.com/madisongasandelectric
• LinkedInlinkedin.com/company/madison-gas-and-electric

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Madison Gas and Electric Company