MGE Energy INC: directors' dealings · United States · SEC (Form 4)

About MGE Energy INC

MGE Energy Inc. (ticker: MGEE) is a U.S.-listed utility holding company trading on the NASDAQ market in the United States. For international investors, it is best viewed as a classic regulated utility platform: a holding company whose core operating subsidiary is Madison Gas and Electric Co. (MGE), the regulated electric and natural gas utility serving customers in Wisconsin. The company is headquartered in Madison, Wisconsin, which is also the center of its historical franchise and operating footprint. MGE Energy’s origins are closely tied to the long history of utility service in the Madison area. The operating utility traces its roots back more than 150 years, while MGE Energy was formed as a holding company in the early 2000s to create a more transparent corporate structure around the regulated utility business and related subsidiaries. This structure is common among U.S. utilities: the parent company owns the principal regulated asset base while also overseeing smaller complementary businesses, all within a tightly regulated rate-setting environment. The company’s business model is anchored by two main utility lines: electric distribution and natural gas distribution. According to company disclosures, MGE serves roughly 170,000 electric customers in Dane County and purchases and distributes natural gas to about 180,000 customers across seven south-central and western Wisconsin counties. MGE emphasizes reliability, infrastructure investment, safety, customer service, and decarbonization. A key long-term objective is to achieve net-zero carbon electricity by 2050, underscoring a strategy focused on grid modernization, clean-energy investment, and regulatory compliance rather than rapid expansion. From a competitive standpoint, MGE Energy has a defensive, regionally concentrated franchise. Its service area is limited in geography, which reduces diversification, but that concentration also supports stable demand, recurring revenue visibility, and a constructive relationship with regulators. Most of the company’s earnings are tied to regulated operations, which typically offer more predictable cash generation than unregulated energy businesses. The company also reports additional segments, including nonregulated energy and transmission investments, providing some diversification, though the overall profile remains squarely within the utility sector. Recent developments are relevant for investors. In 2026, MGE Energy reported first-quarter results, announced and completed a public equity offering, and continued to highlight solar-related investments. The company also stated that it has raised its dividend for 50 consecutive years, which is an important marker for income-oriented shareholders. For French, Belgian, and Swiss investors, MGEE is therefore a U.S. energy name with a conservative utility profile, a strong local franchise in Wisconsin, a long operating history, and a measured transition strategy aligned with the evolving U.S. power mix on the NASDAQ market in the United States.