Madison Gas & Electric Pension

Madison Gas & Electric Pension

The plan sits inside MGE Energy, an investor-owned public utility holding company operating through its main subsidiary, Madison Gas and Electric Company. The utility generates and distributes electricity to 170,000 customers in Dane County and natural gas to 180,000 customers across seven south-central and western Wisconsin counties. Founding year 1896 makes it one of the older utility-linked corporate plans in the Midwest, shaped by a rate-regulated parent whose asset base has expanded into utility-scale solar and battery storage over the past decade. Confirmed investments track the sponsor's infrastructure buildout directly. Assets tied to the plan include the Koshkonong Solar Energy Center, the Red Barn Wind Farm, the Darien Solar Project, and the Paris Battery Energy Storage System — all Wisconsin-sited. The portfolio also holds an MGEE Stock Fund via a 401(k) Master Trust and participates in energy commodity hedging. Geographic concentration is heavy Wisconsin and upper Midwest, with renewables sited across Dane, Grant, Iowa, Rock, Walworth, and Kenosha counties. Publicly named principals are filtered through the Madison Gas and Electric Foundation, where Gary Wolter and Jeffrey Newman hold director roles alongside Newman's executive-officer position at the utility. The plan itself does not disclose a dedicated CIO or internal investment team headcount. Adjacent structures include the foundation and membership in Nuclear Electric Insurance Limited, a mutual insurer for the nuclear sector. The plan's connection to the United Way of Dane County — where MGE is a top corporate partner — threads civic engagement directly into the sponsor's governance culture. Its structural differentiator is definitional: this is a corporate pension whose asset pool mirrors the sponsor's own capital-expenditure program and physical hedging book. There is no standalone asset-management entity, no disclosed external allocator mandate, and no published strategic asset allocation targets. The plan functions as a financial extension of a regulated utility, not as an independent institutional investor pursuing diversified portfolio construction.