MGE Energy is a regulated utility holding company based in Madison, Wisconsin. Its primary subsidiary, Madison Gas and Electric (MGE), delivers electricity to roughly 170,000 customers and natural gas to roughly 180,000 customers across south-central Wisconsin. Electric utility operations account for about 72% of regulated revenues, with gas making up the remaining 28%. MGE generates and distributes electricity across a 264 square-mile service area in Dane County, using a mix of coal, natural gas, renewables, and purchased power from the MISO wholesale market. MGE's gas business spans a much larger seven-county service area; MGE does not produce gas but purchases it from interstate pipelines. MGE Energy earns returns through regulated tariffs set by the Public Service Commission of Wisconsin, with earnings driven primarily by rate base size, allowed returns on equity, and PSCW-approved cost recovery. MGE Energy also holds minority equity interests in American Transmission Company and ATC Holdco, which provide modest regulated returns. MGE Energy's growth strategy centers on expanding its rate base through renewable energy investment — with plans to add roughly 252 MW of solar, 18 MW of wind, and 125 MW of battery storage by 2030 — while transitioning coal generation to natural gas as a reliability bridge. MGE Energy also owns generation assets through nonregulated subsidiaries, which lease those assets back to MGE at PSCW-approved rates.