About the Cover

We put innovation to work when we constructed our first wind farm—built in 1999 in Kewaunee County, Wis. At the time, it was the largest wind project east of the Mississippi.

Nathanial and Olivia Theys are now growing up everyday with this wind technology in their backyard. As the next generation of energy consumers, they will benefit from a cleaner environment and a responsible energy future.

Building on this vision and initiative, MGE Energy recently completed its second major wind farm in Iowa. Our $58 million, 30-megawatt wind farm began operation in early 2008.

As you read this report, you’ll learn how we constantly build on our experience and knowledge to manage our company. We put innovation to work for our customers and loyal investors.

	Table of Contents
	1	2007 Highlights
	2	To Our Shareholders
	6	New energy solutions at work
	8	Putting our economy to work
	10	Environmental commitments that work
	12	Community connections at work
	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 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 $1.1 billion. In 2007, revenue was more than $537 million. See the Corporate Profile here.

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