MGE Energy operates as a regulated utility holding company that provides electric and gas utility services across Dane County and south-central Wisconsin through its MGE subsidiary, serving approximately 170,000 electric customers and 180,000 gas customers. The company generates, purchases, and distributes electricity and natural gas; operates transmission assets through a minority ownership stake in American Transmission Company; and owns nonregulated generating facilities that supply power to the regulated utility. MGE's revenue derives from regulated utility operations overseen by the Public Service Commission of Wisconsin, with rates set through cost-of-service methodology, supplemented by energy and capacity market revenues and customer program fees, while pursuing a strategic transition toward renewable energy and net-zero carbon emissions goals.