MGE Energy Inc. filings document the regulatory reporting of a Wisconsin public utility holding company and its principal utility subsidiary, Madison Gas and Electric. The record includes Form 8-K reports for earnings releases, Regulation FD financial presentations, material agreements, capital-market transactions, and officer and compensation matters.
Company filings also cover common-stock offering arrangements, forward sale agreements, at-the-market equity distribution programs, proxy governance, board matters, executive compensation, shareholder voting materials, and disclosure for electric and gas utility operations in Wisconsin.
MGE Energy, Inc. and its subsidiary Madison Gas and Electric Company filed a current report indicating that on February 27, 2026, MGE Energy posted a financial presentation on its Investor Relations website. The same presentation has been furnished to the SEC as Exhibit 99.1 to this report.
The companies clarify that this report and the attached presentation slides are being furnished, not filed, which has implications for how the information is treated under securities laws. No specific financial results or transaction details are described in this text, only the availability of the investor presentation.
MGE Energy, Inc. established an equity distribution agreement allowing it to sell up to $100,000,000 of common stock through at-the-market offerings. Shares may be sold from time to time via Guggenheim Securities and Morgan Stanley on Nasdaq or through privately negotiated transactions.
The managers will receive up to a 2% commission on gross sales. Net proceeds may be used for general corporate purposes, including repaying short-term debt, refinancing other securities, funding capital expenditures, investments in subsidiaries, and potential repurchases or retirements of securities.
MGE Energy, Inc. filed a prospectus supplement registering the offer and sale of common stock having an aggregate offering price of up to $100,000,000 under an at-the-market equity distribution agreement dated February 24, 2026.
The company may sell shares from time to time through Guggenheim Securities, LLC and Morgan Stanley & Co. LLC as sales agents or to them as principals, with commissions up to 2.0%. The prospectus notes 36,563,899 shares outstanding as of February 20, 2026 and a pro forma outstanding share example of up to 37,790,892 shares assuming sales at $81.50 per share.
MGE Energy, Inc. filed a shelf registration to offer an indeterminate amount of securities, including shares for its Direct Stock Purchase and Dividend Reinvestment Plan, other equity and debt instruments, and medium-term notes of its subsidiary Madison Gas and Electric Company, from time to time after the effective date of this Registration Statement as determined by market conditions and other factors. The prospectus covers the Plan (common stock, $1 par), procedures for optional cash investments, and related fees. The filing states 36,563,899 shares issued and outstanding as of February 20, 2026.
MGE Energy reported stronger results for the fourth quarter and full year 2025. Full-year GAAP net income rose to $135.9 million, or $3.72 per share, compared with $120.6 million, or $3.33 per share, a year earlier. Fourth-quarter net income was $23.3 million, or $0.64 per share, up from $22.0 million, or $0.61 per share.
Operating revenues increased to $743.7 million for 2025 from $676.9 million in 2024, and operating income rose to $170.7 million from $146.3 million. The electric segment added Darien Solar and the Paris Battery Energy Storage System in 2025, contributing to an $11.3 million earnings increase. Gas segment earnings grew $2.5 million as retail therm deliveries climbed about 14% versus 2024.
MGE Energy, Inc. and wholly owned utility Madison Gas and Electric file a combined annual report describing a regulated electric and gas business centered in the Madison, Wisconsin area. MGE serves about 170,000 electric and 180,000 gas customers and operates under PSCW and FERC oversight.
Electric operations provided roughly three-quarters of regulated revenues in 2025, with supply from coal, natural gas, renewables, and purchased power. Since 2015, MGE has added 253 MW of solar, 93 MW of wind, and 11 MW of battery storage, and plans roughly a similar amount of additional solar plus 125 MW of storage by 2030.
The company targets net‑zero carbon electricity by 2050 and net‑zero methane emissions from its gas distribution system by 2035, while transitioning the Elm Road coal units to natural gas and considering changes at Columbia. It also highlights extensive environmental regulation, evolving climate and tax policy, data‑center load uncertainty, cybersecurity, and workforce risks.
MGE Energy’s utility subsidiary, Madison Gas and Electric Company, has fully redeemed its last series of first mortgage bonds and terminated a long-standing mortgage indenture. On January 27, 2026, MGE redeemed all $1.2 million of its outstanding 7.70% First Mortgage Bonds due 2028.
The bonds were the final series issued under an Indenture of Mortgage and Deed of Trust originally dated January 1, 1946. With no first mortgage bonds remaining, MGE satisfied and discharged the indenture, is recording the discharge to remove the lien on its utility plant assets, and will not issue additional first mortgage bonds under this indenture.
Madison Gas and Electric Company, a subsidiary of MGE Energy, issued $90 million of new unsecured senior notes in three series under a Note Purchase Agreement dated January 22, 2026. The Series A, B and C Notes have coupons of 5.05%, 5.25% and 5.79% and mature on January 31, 2036, 2041 and 2056, respectively.
MGE plans to use the net proceeds to fund capital expenditures and other corporate obligations. Interest is payable semi-annually starting July 31, 2026. The notes are redeemable at MGE’s option, generally with a make-whole premium, and include a change-of-control prepayment right at 100% of principal plus accrued interest. Key covenants limit the ratio of consolidated indebtedness to consolidated total capitalization to 65% and cap Priority Debt at 20% of consolidated assets.
MGE Energy Inc. officer Cari Anne Renlund, who serves as VP, General Counsel and Secretary, reported a change in her direct ownership of the company’s common stock. On 01/02/2026, a Form 4 transaction coded “F” showed the disposition of 438 shares of common stock at a price of $78.44 per share. After this transaction, she directly beneficially owned 5,319.5459 shares of MGE Energy common stock. A footnote explains that the reported holdings include adjustments for accrued dividends through dividend reinvestment that are exempt from Section 16 reporting under Rule 16a-11.
MGE Energy Inc. Chairman, President & CEO Jeffrey M. Keebler, who also serves as a director, reported one insider transaction involving the company’s common stock. On 01/02/2026, he disposed of 1,216 shares of common stock at a price of $78.44 per share, coded as transaction type F.
Following this transaction, Keebler beneficially owned 21,003.3543 shares of MGE Energy common stock in direct ownership. A footnote explains that this figure includes adjustments for accrued dividends through a dividend reinvestment arrangement that is exempt from Section 16 under Rule 16a-11.