About the Cover

We have paid annual dividends since 1909 — the year President Taft was inaugurated, Model T cars rolled off production lines and the average worker made $12.98 a week.

Now, 100 years later, we remain dedicated to helping our loyal investors build value over time.

Durlin Radlund of Sun Prairie, Wis., is one of our younger shareholders growing up in a world that seems light-years away from Model T cars. Yet, the wisdom of saving and investing remains sound passed down through his family. The stock purchased for Durlin and his twin sister Grace is set aside for their college educations.

On pages 6 and 7, you can read brief profiles of other shareholders.

	Table of Contents
	1	2008 Highlights
	2	Letter to our Shareholders
	6	Building Shareholder Value
	8	Responding to our Custonmers
	10	Growing A Healthy Economy
	12	Serving Our Communities
	14	Consolidated Statements of Income
	15	Consolidated Statements of Cash Flows
	16	Consolidated Balance Sheets
	17	Consolidated Statements of Capitalization
	17	Cumulative Five—Year Total Return Comparison
	18	Corporate Leadership
	20	Shareholder Information
	21	Corporate Profile
	MGE Energy, Inc. MGE Energy, Inc. MGE Energy is an investor-owned public utility holding company headquartered in the state capital of Madison, Wis. MGE Energy is the parent company of Madison Gas and Electric Co. The utility provides natural gas and electric service in south-central and western Wisconsin. Assets total $1.3 billion. In 2008, revenue was approximately $596 million. See the Corporate Profile here.

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