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Vote Your Shares

Dear Shareholder,

We hope you are able to join us for our upcoming meeting of shareholders. The annual meeting is an important opportunity for us to hear from many of you and to share directly with you our recent initiatives and future plans for your valued investment.

Gary Wolter and Jeff Keebler

Gary Wolter, Chairman, and Jeff Keebler, President and CEO

MGE Energy has defined clean energy goals and long-term strategies for a smarter, more sustainable energy future. We continue to build upon our record of industry leadership and upon our history as a community-oriented company, responsive to the needs, values and priorities of our customers and shareholders.

MGE Energy has a proven record of leadership toward greater sustainability.

These actions demonstrate your community energy company's commitment to delivering on its promises while building long-term customer and shareholder value.

Under our Energy 2030 framework, introduced in November 2015, we committed to reducing carbon emissions 40% by 2030. Beyond 2030, we have committed to reducing carbon emissions at least 80% by 2050 and have said that if we can go further faster by working with our customers, we will.

These commitments align with the goals of the U.S. Mid-Century Strategy (MCS) for Deep Decarbonization. The MCS is the U.S. strategy for meeting the goals of the Paris Agreement on climate change to limit global temperature increases to 2 degrees.

We will meet and/or exceed our carbon reduction targets by investing in clean energy, advancing the electrification of transportation and working to increase engagement around energy efficiency. These strategies are nationally recognized key strategies for reducing carbon emissions.

Below is an update on some of our recent initiatives and projects:

These actions demonstrate your community energy company's commitment to delivering on its promises while building long-term customer and shareholder value. Thank you for investing in MGE Energy and we look forward to seeing you at our annual meeting.

Sincerely,

Gary Wolter signature

Gary Wolter
Chairman

Jeff Keebler signature

Jeff Keebler
MGE President and CEO