MGE Energy, Inc. (MGEE) received approval from the Wisconsin Public Service Commission on November 25, 2025 to purchase 35 MW of solar capacity, 5 MW of battery storage and nearly 18 MW of wind capacity from four renewable projects. The acquisition adds a total of 58 MW of clean generation to MGE’s regulated rate base, further advancing the company’s net‑zero carbon electricity target set for 2050.
The four projects are the Saratoga Solar Energy Center (15 MW solar plus a 5 MW battery), the Ursa Solar Park (20 MW solar), the Badger Hollow Wind Farm (11.2 MW wind) and the Whitetail Wind Farm (6.7 MW wind). The Saratoga complex is expected to begin serving customers in 2028, while the Ursa Solar Park, Badger Hollow and Whitetail projects are slated for commercial operation in 2027.
MGE’s CEO Jeff Keebler said the approval “is another important step in our ongoing effort to reduce carbon emissions, increase our use of cost‑effective renewable generation and advance new technologies to benefit all customers.” The expansion strengthens MGE’s position in Wisconsin’s evolving energy market and supports its 2030 goal of an 80 % reduction in carbon emissions from 2005 levels.
In Q3 2025, MGE reported earnings of $44.5 million ($1.22 per share), up from $40.9 million ($1.13 per share) in Q3 2024. The earnings beat analyst expectations of $1.19 per share by $0.03, driven by rate‑base growth from the new renewable assets and non‑utility investment gains. The company’s electric‑segment earnings rose as the deployment of renewable projects like the Darien Solar Project and the Paris Battery Energy Storage System increased the rate‑base, while non‑utility earnings were boosted by gains in venture‑capital funds.
Market reaction to the approval has been cautious. Analysts have maintained “hold” or “reduce” ratings, citing a premium valuation and recent 52‑week low in the stock. Despite the earnings beat, investors remain focused on the impact of ongoing infrastructure investments on short‑term profitability and potential rate increases for customers.
MGE’s renewable expansion positions the company for long‑term growth while balancing affordability. The addition of 58 MW of clean generation will help MGE meet its net‑zero target and provide customers with more sustainable energy options, but the company acknowledges that the investments may lead to rate adjustments as the projects come online.
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