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MGE Energy
MGE Energy was founded in 1855 as the Madison Gas Light and Coke Company, making it one of the oldest continuously operating energy firms in the Midwest.
MGE Energy
MGE Energy was founded in 1855 as the Madison Gas Light and Coke Company, making it one of the oldest continuously operating energy firms in the Midwest. The holding company structure was adopted in 2001, with Chairman and CEO Jeffrey Keebler leading the organization. The firm's primary operating subsidiary is Madison Gas and Electric (MGE), a regulated utility that serves a defined territory in south-central Wisconsin. Strategy centers on owning and operating regulated electric and natural gas infrastructure in a single geographic market. The generation portfolio spans natural gas-fired plants, wind farms, solar arrays, and legacy coal units that are being phased out. MGE co-owns the 150 MW Forward Energy Center wind farm and the 300 MW Badger Hollow solar farm alongside Wisconsin Public Service. The utility targets net-zero carbon electricity by 2050, with an interim goal of reducing carbon emissions 80 percent by 2030 from 2005 levels. Distribution investments include electric vehicle charging infrastructure and grid modernization in the Madison area. The company maintains a compact operational footprint, with no significant adjacent vehicles or external investment arms. Total assets stand at approximately $2.7 billion as of the latest public filings. The firm's stability is reflected in 49 consecutive years of dividend increases, a track record that places it among the Dividend Aristocrats. In November 2024, MGE Energy reported third-quarter earnings of $36.8 million, supported by rate base growth and favorable weather conditions in its service territory. MGE Energy's structural differentiator is its pure-play regulated utility model coupled with a publicly listed holding company structure — granting capital markets access while insulating operations within a historically constructive Wisconsin regulatory environment. This architecture allows the firm to fund its energy transition without relying on private equity or infrastructure fund structures common among independent power producers.
General information
Firm type
Asset Manager
Year founded
1855
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Madison
Corporate office
Madison, WI, United States
Principals
Jeffrey M. Keebler
Chairman, President and Chief Executive Officer
Sector focus
Frequently asked questions
How is MGE Energy structured, and what assets does it own?
MGE Energy is a publicly traded holding company whose primary subsidiary is Madison Gas and Electric (MGE), a regulated utility serving roughly 161,000 electric and 173,000 natural gas customers in south-central Wisconsin. Its generation assets include co-ownership stakes in natural gas plants, the Forward Energy Center wind farm (150 MW) and the Badger Hollow solar farm (300 MW). The company is trading under ticker MGEE on the Nasdaq.
What is MGE Energy's approach to the energy transition?
MGE has committed to net-zero carbon electricity by 2050, with a near-term target of cutting emissions 80 percent by 2030 from a 2005 baseline. The company is retiring its remaining coal-fired capacity and adding renewables — its Badger Hollow solar farm partnership now provides utility-scale solar. It is also investing in EV charging infrastructure and grid modernization.
Who makes the key strategic decisions at MGE Energy?
Jeffrey M. Keebler serves as Chairman, President and CEO of MGE Energy and Madison Gas and Electric. The executive team is supported by a board of directors that governs the holding company, while the regulated utility operates under the oversight of the Public Service Commission of Wisconsin.
Does MGE Energy invest outside of Wisconsin?
No. MGE's utility operations are concentrated entirely within a defined service territory in south-central Wisconsin, including the city of Madison and surrounding areas. The company does not operate unregulated generation subsidiaries, competitive retail energy businesses, or interstate transmission lines that would extend its geographic footprint.
How does MGE Energy fund its capital projects?
As a publicly traded holding company with an investment-grade credit rating, MGE Energy funds its regulated capital investments through a combination of retained earnings, equity issuance, and debt. Its status as a Dividend Aristocrat — having raised its dividend for 49 consecutive years — reflects stable cash flows from its regulated utility model.
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