MGE Energy outlines $2 billion capital investment plan for 2027-2031
MGEE•MGE Energy forecasts about $2 billion in capital investment from 2027 through 2031. A $250 million equity offering in May 2026 secured the equity funding needed through 2031 under its current plan.
1. Investment and funding plan
MGE Energy forecasts about $2 billion in capital investment from 2027 through 2031. The company said a $250 million equity offering in May 2026 secured all equity funding needed through 2031 under its current capital plan; remaining funding requirements will be met through operating cash flow and incremental debt.
2. Acquisition and returns
MGE Energy expects its planned $203 million acquisition of a 33.4% stake in RockGen to close in late 2027, subject to regulatory approval. Its authorized return on equity remains 9.8% through 2027, with a regulatory equity layer of about 56%.
