MGE Energy, Inc. operates as a regulated public utility holding company primarily serving the Madison, Wisconsin metropolitan area and surrounding counties. The company's core business is conducted through its primary subsidiary, Madison Gas and Electric Company (MGE), which traces its roots back to 1855. MGE Energy's operations are divided into several segments: Regulated Electric Utility Operations, Regulated Gas Utility Operations, Nonregulated Energy Operations, and Transmission Investments. The Regulated Electric segment is the largest revenue contributor, accounting for approximately 72% of regulated revenues, and involves the generation, purchase, and distribution of electricity to roughly 170,000 customers in Dane County. The Regulated Gas segment contributes the remaining 28% of regulated revenues, providing natural gas to about 180,000 customers across seven Wisconsin counties. The company's generation portfolio includes coal-fired, gas-fired, and renewable energy sources, though it is actively transitioning its energy mix. MGE Energy is executing a long-term strategy to achieve net-zero carbon electricity by 2050, which involves retiring older coal facilities and investing heavily in solar, wind, and battery storage projects. Additionally, the company holds an equity interest in American Transmission Company (ATC), providing a steady stream of transmission-related earnings.
