2017 Annual Report [24.5 MB PDF]
Form 10K [657 kB PDF]
Proxy [3.4 MB PDF]

2017 Annual Report

Sustainability through Technology

Better future, stronger communities

Technology is paving the way for a more sustainable energy future. New investments are advancing our clean energy goals. We are building a utility of the future, seizing opportunities to offer new products and services that build customer and shareholder value.

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 approximately $1.9 billion. In 2017, revenue was approximately $563 million.

MGE Energy (MGEE)

Year at a Glance
(Thousands, except per share amounts and shares outstanding)
2017 2016 Increase/ (Decrease) % Change
Total Market Value (Dec. 31) $ 2,187,574 $ 2,263,845 $ (76,271) -3.4
Market Price Per Share (Dec. 31) $ 63.10 $ 65.30 $ (2.20) -3.4
Book Value Per Share $ 22.45 $ 20.89 $ 1.56 7.5
Average Shares Outstanding 34,668,370 34,668,370 - 0.0
Shares Outstanding at Year-End 34,668,370 34,668,370 - 0.0
Operating Revenues $ 563,099 $ 544,745 $ 18,354 3.4
Net Income $ 97,606 $ 75,560 $ 22,046 29.2
Basic and Diluted Earnings Per Share $ 2.82 $ 2.18 $ 0.64 29.4
Dividends Declared Per Share $ 1.26 $ 1.21 $ 0.05 4.1
Dividend Payout Ratio 44.7% 55.5% (10.8)% -19.5
Total Assets $ 1,855,182 $ 1,801,060 $ 54,122 3.0
Total Retail Electric Sales (kWh) 3,237,248 3,323,438 (86,190) -2.6
Total Gas Deliveries (therms) 256,276 251,354 4,922 2.0

For detailed financial information, see the 2017 MGE Energy Form 10K [657 kB PDF]

Cumulative Total Return Comparison earnings per share

Gary J. Wolter, MGE Energy Chairman, with MGE President and CEO, Jeffrey M. Keebler

Letter to our Shareholders

We are putting new technologies to work to build a more sustainable future.

MGE Credit graph

The evolution of new technology is creating new pathways to greater sustainability. As innovators develop solutions, technology is helping us toward a cleaner and smarter energy future.

Our regulated subsidiary, Madison Gas and Electric (MGE), is putting new technology to work—constructing a new wind farm that is our largest and most efficient to date, implementing new smart home technologies, expanding the use of electric vehicles and more. We constantly scan for innovative technologies that can improve service to our customers and provide value to our shareholders.

Disciplined Financial Performance

At MGE Energy, we are carefully growing our company through strategic investments in cleaner energy and new technology. As we do so, we are maintaining a strong bottom line and top ratings.

In 2017, MGE Energy was cited as a top financial performer among electric utilities by Regulatory Research Associates, a division of S&P Global Market Intelligence.

This study reviewed 36 electric utilities nationwide. MGE Energy ranked among the top five companies in the eight financial quality metrics. For example, MGE Energy received a No. 1 rating for its return on total capital and a No. 2 rating for its capital structure, which is how a company finances its overall operations and growth.

In addition, MGE has the highest credit rating of any investor-owned combination utility in the nation from both Standard & Poor’s and Moody’s. These top ratings reflect our prudent approach to growing our company.

Investments to Advance Energy 2030

Energy 2030 is our framework for building shareholder and customer value. We are investing in projects to move us forward.

These projected investments range from additional renewable energy resources to electric distribution and metering expenditures to information technology infrastructure. In 2018, we project an estimated $231 million in capital investment, more than $100 million of which is for our new wind farm.

These new investments continue our transformation to become a utility of the future and build upon our past expenditures. The investments are driven by our high standards for reliability, by new technologies and by our goals for a more sustainable energy future.

capital expenses

Shareholder Value

In 2017, your Board of Directors approved our largest dividend increase in the last 30 years—increasing the regular quarterly dividend rate by nearly 5%. The action by our Board demonstrates confidence in our long-held strategy of providing solid returns for our shareholders.

We have increased the dividend for 42 consecutive years and consistently paid dividends for more than 100 years. The financial publisher Mergent recognizes MGE Energy as a "Dividend Achiever" for our dividend performance.

Many shareholders choose to reinvest their dividends to grow their value. The total return on your investment combines stock price with dividends. Over the last five years, MGE Energy's annualized total return was 16%—outperforming the Russell 2000 and the S&P 500. A $1,000 investment in MGE Energy, with dividends reinvested, would have grown to $2,109 during the five years ending Dec. 31, 2017.

We reported earnings of $2.82 per share in 2017 compared to $2.18 per share in 2016. Earnings for 2017 included a 62-cent per share one-time tax benefit due to the Tax Cuts and Jobs Act and a 3-cent per share expense from a voluntary contribution to the Madison Gas and Electric Foundation. The charitable contribution lowered the tax benefit on earnings per share to 59 cents. Excluding these amounts, earnings were $2.23 per share for 2017.

Our strong financial position has earned the company Value Line’s highest grade for investment safety and top marks for financial strength.

ev chargin

Left: Sunset at MGE's Top of Iowa wind farm, celebrating 10 years of generating clean energy.

Middle: Under MGE's new Charge@Home program, MGE installs, owns and maintains electric vehicle charging units at customers' homes.

Right: MGE served as utility coordinator for a major highway expansion project, which required relocation of our gas main and coordinating the relocation of facilities for several other utilities.

Pathways to Further Sustainability

Technological advances offer multiple paths to increased sustainability. Technology plays an important role in our Energy 2030 framework, which is our strategy to meet customer energy needs while responsibly growing investments.

Energy 2030 calls for greater use of renewable resources—30% by 2030—and further reduced carbon emissions—40% from 2005 levels by 2030. If we can move further faster toward these goals, we will. Already, we have reduced carbon emissions 21% since 2005.

In November 2017, we received regulatory approval for our $108 million wind project. The 66-megawatt wind farm will be our largest to date. The site near Saratoga, Iowa, was chosen for its strong wind speeds and proximity to existing transmission infrastructure. New wind turbine technology delivers greater efficiency, providing more electricity per turbine. The economics afforded by both the location and the technology will provide affordable, clean energy for years to come.

In January 2017, our Shared Solar project came online. This 500-kilowatt project, in partnership with the City of Middleton, offers our residential customers the opportunity to purchase locally generated solar energy.

As part of our transition away from coal generation, we have reduced our investment in the coal-fired Columbia Energy Center in Portage, Wis., a facility in which we are a minority owner. MGE no longer has a controlling interest in any coal-fired facilities, having discontinued coal use at our Blount Generating Station in 2011.

Energy Partnerships

While electric generation is a critical part of a sustainable future, so is the technology that customers use at home, at work and on the road.

MGE is helping to transform transportation in the Madison area by helping to advance electric vehicles at customers' homes, customers' businesses, and with public and private fleets.

For example, we are partnering with the City of Madison, which has a goal to electrify 50% of its bus fleet by 2035. Metro Transit has received a federal grant for three, zero-emission electric buses. MGE played a key role in securing the grant by providing the required local matching funds for charging infrastructure as well as technical expertise. Metro Transit, with MGE’s support, has applied for a second federal grant to further expand electric transportation.

MGE also is working to grow residential and workplace electric vehicle charging. For example, with regulatory approval, we expanded our Charge@Home program in 2017, offering more customers the convenience of faster electric vehicle charging at home.

For energy use inside of homes, we have programs to help customers reduce and manage energy consumption. One of MGE's new programs is testing the potential of using smart thermostats to reduce electric usage during periods of higher energy use, such as hot summer days.

For larger commercial customers, MGE launched a new program to serve businesses with renewable energy resources. The Renewable Energy Rider program allows a business to partner with MGE to develop renewable options specific to their business. MGE is the first utility in Wisconsin to offer this opportunity.

Operational Excellence

We consistently work to deliver safe, reliable energy. Our skilled employees, whether working out in the field or behind a desk, are committed to this core mission.

MGE's electric service reliability was ranked No. 2 in the nation for the fewest number of outages, according to a 2016 industry survey of more than 90 electric utilities. MGE has ranked in the top three utilities in the country for the fewest outages in each of the last 10 years.

In addition, MGE recorded the third-fastest average response time when called upon for a potential natural gas leak, according to a 2016 industry-wide survey. MGE's average response time of 15 minutes ranked near the top in this survey of more than 80 utilities.

Natural Gas Operations

MGE led a utility effort for a major Dane County highway expansion project. MGE relocated and upgraded its underground natural gas facilities to accommodate this expansion, serving as the lead coordinator for several other utilities relocating their underground facilities.

Under our ongoing gas expansion program, we continue to add natural gas customers to our service area. Since the program began in 2012, MGE has completed 18 expansion projects, which add homes, farms and businesses to our system. Our new customers appreciate their safe and dependable natural gas service.

New Board Members

Two new members, Marcia Anderson and James Berbee, joined our Board of Directors on March 1, 2018. They bring a breadth and diversity of professional and community experience that we are pleased to welcome to our Board of Directors.

At MGE Energy, we are committed to the communities we serve and to responsible growth for a sustainable future. Thank you for your confidence.

Gary Wolter signature

Gary J. Wolter

Jeff Keebler signature

Jeffrey M. Keebler
President and Chief Executive Officer

Turbines at MGE's Top of Iowa Wind Farm stretch 400 feet tall. Our newest wind farm, Saratoga, will feature taller, more efficient turbines, reaching nearly 500 feet in the air.

hand globe leaf icon

Technology drives sustainability

By harnessing the power of new technologies, MGE is advancing a more sustainable future under our Energy 2030 framework.

MGE is building a cleaner energy future using the most efficient, cost-effective technologies available. Our new 66-megawatt wind farm is under construction in Saratoga, Iowa, about 200 miles west of Madison.

The 8,300-acre site boasts strong winds and proximity to transmission infrastructure, making it an ideal location for Saratoga's 33 turbines. Wind turbine technology has steadily improved in recent years, with larger turbines producing energy more efficiently.

The $108 million project grows MGE-owned wind generation by 160%. Saratoga represents another step toward our goal of 30% renewable energy by 2030.

When MGE's Saratoga wind farm comes online, it will deliver cost-effective, clean energy to about 47,000 households, making it our largest wind farm to date.

Exploring new ways to grow renewable energy

MGE's innovative Shared Solar pilot project began generating solar-powered electricity in January 2017. The community solar project gives MGE electric customers the opportunity to purchase solar energy from the 500-kilowatt array on the roof of the City of Middleton's Municipal Operations Center.

The unique model partners MGE with the community and our residential customers to grow sustainable energy. Under Energy 2030, MGE has a goal of reducing carbon dioxide emissions 40% from 2005 levels by 2030. Programs like Shared Solar offer our customers options to support clean energy in their local community.

MGE continues to explore opportunities to expand its Shared Solar program, which currently has a waiting list of interested customers.

Dan Clauesen

MGE continues to seek new opportunities for growing our use of renewable resources, like our innovative Shared Solar project, which MGE engineer Dan Clausen worked to bring online in early 2017.

Night in hte city

With some business customers also seeking greater sustainability, MGE has a new program to work with customers who want to power their enterprises with renewable generation.

Men working on a line

MGE has the people and systems in place to maintain its top-ranked electric reliability as the grid becomes more advanced.

Tailoring clean energy solutions to meet customers' needs

As your community energy company, MGE seeks ways to meet the specific energy needs of our customers. Sustainability is important to MGE and to many of those we serve.

A new innovative program, approved by state regulators in 2017, gives MGE the ability to tailor renewable energy solutions that meet the needs of business customers who want to reduce their environmental footprint. MGE is the first utility in Wisconsin to offer this new service.

MGE may work with a customer to develop a contract to serve all or a significant portion of the business's electric needs with renewable generation. MGE believes this new option for sustainable energy could be attractive to businesses, including those that are relocating or expanding—bringing economic development and new jobs.

Enhancing our grid for the future

MGE's electric service reliability was ranked No. 2 in the nation for the fewest number of outages, according to a nationwide industry survey of more than 90 electric utilities. The survey is based on 2016 statistics, the most recent data available.

MGE has ranked in the top three utilities in the country for the fewest outages in each of the last 10 years. MGE invests in its people, dedicated employees who respond around the clock and in inclement conditions to preserve the safety of our community and the reliability of our grid. We are investing in our electric infrastructure, which is undergoing more than $130 million in upgrades over three years to help maintain MGE's leading reliability.

Under our Energy 2030 framework, we continue to create a more advanced electric grid that enables new technologies. A dynamic, integrated grid supports two-way power flows from distributed generation, such as solar arrays.

Randall Dunham participates in MGE's Charge@Home program, which enables him to charge his all-electric Chevy Bolt in the convenience of his garage faster than with a standard electrical outlet.

pathway icon

Technology creates opportunities

Technology is connecting us in new ways, making it easier to work together to manage our collective energy use.

MGE is committed to smart investments to build customer and shareholder value. Our new Charge@Home program offers customers the convenience of faster electric vehicle charging at their homes.

MGE owns, installs and maintains the Level 2 chargers, which charge vehicles up to six times faster than a standard electrical outlet. Customers who enroll, like Randall Dunham, pay a monthly fee plus the cost of their electricity. The "smart," Wi-Fi-enabled charging units can be controlled remotely by the customer—or, if needed, by MGE, allowing us the ability to manage charging sessions when electricity use is at its highest.

This pilot program is an opportunity to meet customers' needs in new ways as their preferences and habits change with technology.

Developing new strategies to save energy

MGE's On Demand Savings program for larger energy users, such as businesses and schools, is an opportunity to work together to learn and implement new tools and strategies for saving energy. Customers like Bill Eberhardt, Facilities Services Manager for the Middleton-Cross Plains Area School District, use a "dashboard" to monitor their facilities' real-time energy use. The information enables customers to take action to reduce their energy use, thereby reducing their costs.

The pilot program, launched in partnership with Wisconsin's statewide energy efficiency program Focus on Energy, was recognized with an Inspiring Efficiency Award for Innovation from the Midwest Energy Efficiency Alliance.

Bill Eberhardt

Bill Eberhardt, Facilities Services Manager for the Middleton-Cross Plains Area School District, chose three schools to participate in MGE’s On Demand Savings program, including Kromrey Middle School.

smart thermostat program

Madison residents Leon Bettis and Diane Dohe enrolled in MGE's smart thermostat demand response pilot program, a partnership with Nest Labs.

Marisabel Cadena

The Sense home energy monitor connects to a home's electric panel, enabling MGE employee Marisabel Cadena to track her home’s energy usage remotely in our pilot program to test this new technology.

Building new relationships through technology

MGE strives to be responsive to our customers. We know smart home technologies interest our customers and offer them powerful tools for making energy efficiency easy.

In summer 2017, MGE launched our Smart Thermostat Demand Response pilot program in partnership with Nest and 500 residential electric customers.

The program tests how MGE can reduce periods of highest energy use in the summer through the use of smart thermostats to manage residential air conditioners. During periods of peak demand, utilities use their maximum capacity of generation, transmission and distribution infrastructure.

With customers' consent, Nest is able to make temperature adjustments of no more than three degrees to participating smart thermostats during times of high electric usage, reducing demand on the grid. Customers may opt out of the adjustment.

The program will continue through summer 2018. Managing our collective use of energy is an objective under our Energy 2030 framework.

Partnering to test new tools

As smart home technologies evolve, customers want more real-time information about their energy use. MGE is exploring the Sense home energy monitor with some of our residential electric customers and employees.

The Sense home energy monitor attaches to a home’s electric panel to "monitor" household items as they consume electricity, such as your clothes dryer or microwave. The Sense develops profiles of those devices’ energy consumption, giving customers the power to take action in real time to manage their use. Energy use information for household items is available through an app on a customer's mobile device.

Smart tools like the Sense could be used in the future to help utilities reduce peak demand, which could result in lower costs for all customers in the long run.

Gregg Gohrband, MGE's GIS Supervisor, meets with his staff to review the company's upgraded Geographic Information System. These expert employees work behind the scenes to enable the company's improved system for accessing geospatial data, which is critical for electric and gas operations.

hand heart icon

Technology bolsters the customer experience

MGE is taking advantage of new technologies to better meet customers' evolving needs.

Emerging technologies continue to offer opportunities to improve upon our critical mission of providing safe, reliable energy—both “behind the scenes” and with our customers who value their locally based community energy company.

Every day, MGE employees access geographic data throughout our service territory to support repairs and upgrades to our infrastructure, to prepare and plan for future needs, and to support the monitoring of our gas and electric operations. In 2017, MGE implemented its new Geographic Information System (GIS), a cutting-edge tool for mapping all of the assets in our gas and electric distribution systems. With this new state-of-the-art software, employees across the company will have easier access to comprehensive information and data for crews responding to incidents and for meeting our community's current and future needs.

Working to grow the use of electric vehicles

Since 2009, MGE has been leading efforts to grow the use of electric vehicles (EVs). Our network of public charging stations was one of the first of its kind in the Midwest.

Today, we're building upon our record of industry leadership by working with municipalities, employers and property owners to continue expanding opportunities for EV charging. MGE worked with the developer of the Galaxie Apartments in Madison's Capitol East District to facilitate charging units at the new high-rise building, enabling residents like Mike Olson to charge his Nissan LEAF conveniently. Olson took advantage of a limited-time discount to purchase his LEAF. In 2017, MGE partnered with two local Nissan dealerships to promote the incentive offer. We continue to work with dealerships on education around EV charging for customers interested in "going electric."

MGE is working aggressively to support the electrification of transportation, both to grow our business and to reduce emissions. Our 29 public charging stations throughout the community are fueled by wind energy, and we continue to expand our public charging network.

Mike Olson

Mike Olson, who purchased the all-electric Nissan LEAF, uses the charging unit at the Galaxie Apartments, where he lives with his family. MGE worked with the developer to facilitate chargers for the multifamily building in downtown Madison.

Pa Dhao Thao and Sarah Zepnick

MGE Customer Service Representative Pa Dhao Thao and Customer Experience Manager Sarah Zepnick discuss the multiyear Enterprise Forward project, a multimillion-dollar system upgrade to help MGE become a utility of the future.

breaking ground

Construction crews broke ground in late 2017 for a new 137,000-square-foot clinical lab for Exact Sciences, maker of the Cologuard cancer screening test. MGE is working on infrastructure for enhanced reliability for the lab.

Meeting customers where they are

As the energy world changes, customer expectations evolve too. MGE is preparing to meet the evolving needs and preferences of our customers through our Enterprise Forward initiative. From customer service to metering, online interactions, billing and beyond, this multiyear project will touch every part of the company. Enterprise Forward will improve our ability to serve our customers more efficiently and effectively with the products and services they want from us as a utility of the future.

Helping high-tech business expand and grow

Madison-based Exact Sciences, maker of the noninvasive colorectal screening test Cologuard, is expanding on the city's west side. The growing company’s plans include a 137,000-square-foot lab already under construction.

MGE is working with the company to provide the lab dual electrical feeds from two substations and on-site backup generation to ensure the seamless processing of patient samples. When complete, the single facility will be able to analyze up to two million Cologuard tests annually. A second lab in Madison will be capable of handling another 2.5 million of the cancer detection tests.

The new building is expected to become operational in 2019.

With the entrepreneurial hub StartingBlock Madison under construction, Chandra Miller Fienen, Director of Operations and Programs at StartingBlock, watches its progress with MGE Economic Development Director Pam Christenson.


Technology powers our community's future

From fueling start-ups to cultivating young minds, technology is turning possibilities into realities and energizing our community.

MGE Energy's regulated utility, MGE, supports our service territory's entrepreneurial growth and economic development through resources and expertise. Such support is highly visible in our own backyard, the City of Madison's up-and-coming Capitol East District.

In 2017, construction began on the entrepreneurial hub known as StartingBlock Madison, which will serve as a flexible working and mentoring space for early-stage companies and emerging entrepreneurs. The MGE Foundation, MGE Energy's charitable arm, contributed $150,000 toward the project.

The collaborative garnered national attention when the global real estate firm Cushman & Wakefield cited StartingBlock in naming Madison a tech hotspot in the firm's "Tech Cities 1.0" report.

Next door, the Gebhardt building will feature retail and office space, and a 2,500-person music venue known as The Sylvee. The two new buildings are part of more than $350 million in redevelopment expected by 2020 throughout East Washington Avenue's urban corridor.

City Bus

MGE is partnering with the City of Madison's Metro Transit to help electrify 50% of its bus fleet by 2035. The electrification of transportation is a key, long-term strategy for reducing emissions.

mge kids

Students got a hands-on experience in the industry during a daylong visit to MGE as part of STEAM Camp, one of a number of programs MGE supports to help educate young people.

MGE Foundation

With support from the MGE Foundation, local high school students were trained in building an electric vehicle. Our foundation averages more than a million dollars in annual giving across the community.

Partnering to pursue shared goals

As early as 2019, electric buses could be serving concert-goers from the Sylvee and innovators nurturing their ideas at StartingBlock.

MGE is partnering with the City of Madison on its efforts to electrify 50% of its bus fleet by 2035. This partnership resulted in Metro Transit receiving a federal grant for three zero-emission buses.

MGE continues to work with the City to try to secure federal funding for additional electric buses and for facility improvements to expand Metro Transit services in the community.

The electrification of transportation is a priority under MGE's Energy 2030 framework, both to advance new technologies that build customer and shareholder value and to reduce carbon emissions.

Preparing tomorrow’s workforce

Technology is changing the energy world, our industry and the global economy. As an energy leader, MGE recognizes the importance of educating today's youth, both in and out of the classroom.

In summer 2017, MGE served as a local host site for STEAM Camp. STEAM stands for science, technology, engineering, arts and math—all of which are practiced through various careers at MGE's corporate headquarters in Madison, Wis.

Dozens of middle school students spent a day at MGE, learning what it takes to work, grow and succeed at a career in the energy industry. It is today's youth who will be meeting the critical energy needs—and challenges—of tomorrow.

Bringing sustainability to the classroom

Today's technologies are shaping tomorrow's creative minds. A team from James Madison Memorial High School in Madison is building an electric vehicle (EV) with support from the MGE Foundation. The months-long construction process offers students insight into the STEM disciplines of science, technology, engineering and math—all critical to a more sustainable future. When complete, the student-crafted EV will compete in an annual Electrathon event organized by the Wisconsin Energy Efficient Vehicle Association.

Corporate Leadership

Directors of MGE Energy and MGE

Marcia M. Anderson

Marcia M. Anderson

Clerk of Court of U.S. Bankruptcy Court - Western District of Wis., retired Major General in the U.S. Army
Age 60
Director since March 1, 2018

James G. Berbee

James G. Berbee

Former Chairman and CEO of Berbee Information Networks Corp., physician and incoming chair of the Wisconsin Alumni Research Foundation
Age 54
Director since March 1, 2018

Mark Bugher

Mark D. Bugher

Retired Director of University Research Park, University of Wisconsin-Madison
Age 69
MGEE Director since 2010

Londa J. Dewey

Londa J. Dewey

President of QTI Management Services, Inc., a human resources
and staffing company
Age 57
MGEE Director since 2008

F. Curtis Hastings

F. Curtis Hastings

Retired Chairman of J. H. Findorff & Son, Inc., commercial and industrial general contractors
Age 72
MGEE Director since 1999

Jeffrey M. Keebler

Jeffrey M. Keebler

President and Chief Executive Officer of MGE Energy, Inc., and Madison Gas and Electric Co.
Age 46
Director since 2017

Regina M. Millner

Regina M. Millner

Retired President of RMM Enterprises Inc., attorney, analyst and broker
Age 73
MGEE Director since 1996

John R. Nevin

John R. Nevin

Grainger Professor and Executive Director of Grainger Center for Supply Chain Management at the School of Business, UW-Madison
Age 74
MGEE Director since 1998

James L. Possin

James L. Possin

Certified Public Accountant and tax consultant with James L. Possin CPA, LLC. Former partner at Grant Thornton LLP
Age 66
MGEE Director since 2009

Thomas R. Stolper

Thomas R. Stolper

Former Executive Vice President and Director of ProActive Solutions USA LLC, management consultant at Purple Cow Organics and Deibel Laboratories
Age 69
MGEE Director since 2008

Gary J. Wolter

Gary J. Wolter

Chairman of MGE Energy, Inc.,
and Madison Gas and Electric Co.
Age 63
MGEE Director since 2000

Note: Ages as of Dec. 31, 2017.
For detailed information on board members, see the MGE Energy Proxy Statement [3.4 MB PDF].

Officers of MGE Energy and MGE

Jeffrey M. Keebler

Jeffrey M. Keebler1

President and Chief Executive Officer
Age 46
Years of Service, 22

Jeffrey C. Newman

Jeffrey C. Newman1

Executive Vice President, Chief Financial Officer, Secretary and Treasurer
Age 55
Years of Service, 33

Craig A. Fenrick

Craig A. Fenrick

Executive Vice President – Energy Operations
Age 58
Years of Service, 35

Lynn K. Hobbie

Lynn K. Hobbie

Executive Vice President – Marketing and Communications
Age 59
Years of Service, 32

Cari Ann Renlund

Cari Ann Renlund

Vice President and General Counsel
Age 44
Years of Service, 3

Gregory A. Bollom

Gregory A. Bollom

Assistant Vice President and Regulatory Consultant
Age 57
Years of Service, 35

Jared J. Bushek

Jared J. Bushek

Assistant Vice President and Chief Information Officer
Age 37
Years of Service, 7

Marshall Heyworth

Marshall S. Heyworth

Assistant Vice President – Human Resources
Age 61
Years of Service, 4

Tamara J. Johnson

Tamara J. Johnson

Assistant Vice President and Controller
Age 53
Years of Service, 24

Donald D. Peterson

Donald D. Peterson

Assistant Vice President – Strategic Products and Services
Age 58
Years of Service, 35

1. Officers of MGE Energy and MGE. All others are MGE officers.
Note: Ages and years of service as of Dec. 31, 2017.

Shareholder Information

2018 Annual Shareholder Meeting

Tuesday, May 15, 2018
Marriott Madison West
1313 John Q. Hammons Drive
Middleton, Wis.

Stock Listing
  • MGE Energy common stock trades on The Nasdaq Stock Market ®
  • Stock symbol: MGEE
  • Listed in newspaper stock tables as MGE
Shareholder Account Information

Please notify us promptly if:

  • A stock certificate is lost or stolen.
  • A dividend check or statement is not received within 10 days of the scheduled payment date.
  • Your name or address changes.

MGE Energy's transfer agent, Computershare, provides registered shareholders with secure online account access. Shareholders may view share balances, account statements, tax documents and market value as well as perform various transactions.

Visit computershare.com/mgee for more information.

To contact Computershare by mail:
MGE Energy Shareholder Services
c/o Computershare Trust Company, N.A.
P.O. Box 505005
Louisville KY 40233-5005

For Overnight Delivery:
MGE Energy Shareholder Services
c/o Computershare Trust Company, N.A.
462 South 4th Street, Suite 1600
Louisville KY 40202

By phone:
Toll free: (800) 356-6423
Madison area: (608) 252-4744

Online Account Access

Registered shareholders also can access their account information by visiting the MGE Energy website. Go to mgeenergy.com and click the Shareholder Login link.

MGE Energy Shareholder Services

Madison-based staff are available to assist shareholders in person at our corporate headquarters by appointment between the hours of 8:00 a.m. and 4:30 p.m. (CT), Monday through Friday. We are located at 623 Railroad St. in Madison, Wis.

2018 Expected Record and Dividend Payment Dates

MGE Common Stock

Record Dates Payment Dates
March 1 March 15
June 1 June 15
Sept. 1 Sept. 15
Dec. 1 Dec. 15
Direct Stock Purchase and Dividend Reinvestment Plan

MGE Energy's Direct Stock Purchase and Dividend Reinvestment Plan allows investors to:

  • Buy common stock directly through the company.
  • Reinvest dividends.
  • Deposit certificates for safekeeping.

To review the Prospectus and to enroll, visit computershare.com/mgee or contact Computershare to request an enrollment package. This is not an offer to sell or a solicitation to buy any securities. Any stock offering will be made by Prospectus only.

Materials Available

More financial information is available upon request or on our website, mgeenergy.com, including the Direct Stock Purchase and Dividend Reinvestment Plan.

Sign Up For Electronic Delivery

You may choose to receive email alerts when annual meeting invitations, proxy materials, the annual report and newsletters are available on our website. Registered shareholders can sign up by visiting mgeenergy.com/paperless. If your MGEE shares are held in a brokerage account, contact your broker.

Eliminate Duplicate Proxy Mailings

If you receive more than one proxy mailing from MGE Energy, you can reduce the mailbox clutter.

  • Registered shareholders: call or email Computershare
  • Brokerage shareholders: contact your broker
Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Corporate Responsibility

MGE Energy is committed to being a responsible corporate citizen in meeting the needs and interests of our customers, shareholders and community.

Our board provides oversight with respect to the Company's long-term strategic plans and business initiatives; environmental and sustainability performance; enterprise-wide risk assessment and management; major capital projects and investments, new technologies, and industry changes; fiscal and budget matters.

Visit mgeenergy.com/corpgov for more information.

Corporate Profile

Corporate Chart

MGE Energy, Inc.

MGE Energy is the parent company of Madison Gas and Electric Co. (MGE) and its divisions, which serve natural gas and electric customers in south-central and western Wisconsin.

MGE Transco Investment holds an ownership interest in ATC LLC, which invests in transmission assets, primarily within Wisconsin.

MGEE Transco LLC holds an ownership interest in ATC Holdco, which invests in transmission assets outside ATC LLC service territory.

MGE Power owns assets in the West Campus Cogeneration Facility at Madison, Wis., and the Elm Road Generating Station at Oak Creek, Wis.

MAGAEL holds title to properties acquired for future utility plant expansion.

Central Wisconsin Development Corp. promotes business growth in MGE’s service area.

North Mendota Energy & Technology Park owns property and serves as the development entity for the property.

MGE Services provides construction and other services. Its subsidiary NGV Fueling Services, LLC, provided compressed natural gas services and is expected to be dissolved in 2018.

Learn more at mgeenergy.com
MGE Service Map

MGE Electric Services

Generation and Distribution
Customers: 151,000
Population: 324,000
Area: 316 square miles

Communities served: Cross Plains, Fitchburg, Madison, Maple Bluff, McFarland, Middleton, Monona, and Shorewood Hills

Generating facilities: Blount Station, West Campus Cogeneration Facility, combustion turbines and solar units at Madison, and Shared Solar at Middleton, Columbia Energy Center at Portage, natural gas combustion turbine at Marinette, MGE wind farm in Kewaunee County, Top of Iowa Wind Farm in north-central Iowa, Saratoga Wind Farm in northeast Iowa (under construction) and Elm Road Generating Station at Oak Creek

MGE Natural Gas Services

Purchase and Distribution
Customers: 158,000
Population: 449.000
Area: 1,682 square miles

Counties served: Columbia, Crawford, Dane, Iowa, Juneau, Monroe, and Vernon

Learn more at mge.com