Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$3,613,508 Jeffrey Keebler total, FY2025 | — CEO pay percentile vs peers | — CEO-to-median pay ratio | — Say-on-pay support, latest vote |
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| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Jeffrey Keebler | $795,833 | $0 | $1,402,881 | $0 | $865,920 | $531,180 | $17,694 | $3,613,508 |
| Chairman, President | ||||||||
| Jared Bushek | 420,868 | 0 | 582,316 | 0 | 345,044 | 3,222 | 113,434 | 1,464,884 |
| Vice President | ||||||||
| Cari Renlund | 413,180 | 0 | 273,183 | 0 | 270,607 | 0 | 102,953 | 1,059,923 |
| Vice President | ||||||||
| James Lorenz | 328,631 | 0 | 219,156 | 0 | 195,382 | 185,188 | 58,846 | 987,203 |
| Vice President | ||||||||
| Lynn Hobbie | 389,012 | 0 | 214,485 | 0 | 220,588 | 28,376 | 58,427 | 910,888 |
| Former Executive | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Jeffrey Keebler | $3,613,508 | $2,126,131 | $2,566,797 | +1,487,377 |
| Jared Bushek | 1,464,884 | 1,015,661 | 820,879 | +449,223 |
| Cari Renlund | 1,059,923 | 913,444 | 832,719 | +146,479 |
| James Lorenz | 987,203 | 713,592 | — | +273,611 |
| Lynn Hobbie | 910,888 | 781,236 | 1,006,937 | +129,652 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Jared Bushek | PSU | 2025-03-03 | 1,434 | 2,867 | — | 5,734 | $316,631 |
| Jared Bushek | RSU | 2025-03-03 | — | — | 2,867 | — | 265,685 |
| Lynn Hobbie | PSU | 2025-03-03 | 528 | 1,056 | — | 2,112 | 116,625 |
| Lynn Hobbie | RSU | 2025-03-03 | — | — | 1,056 | — | 97,860 |
| Jeffrey Keebler | RSU | 2025-03-03 | — | — | 6,907 | — | 640,072 |
| Jeffrey Keebler | PSU | 2025-03-03 | 3,454 | 6,907 | — | 13,814 | 762,809 |
| James Lorenz | PSU | 2025-03-03 | 540 | 1,079 | — | 2,158 | 119,165 |
| James Lorenz | RSU | 2025-03-03 | — | — | 1,079 | — | 99,991 |
| Cari Renlund | RSU | 2025-03-03 | — | — | 1,345 | — | 124,641 |
| Cari Renlund | PSU | 2025-03-03 | 673 | 1,345 | — | 2,690 | 148,542 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Jared Bushek | $265,685 | $316,631 | $0 | 54.4% |
| Lynn Hobbie | 97,860 | 116,625 | 0 | 54.4% |
| Jeffrey Keebler | 640,072 | 762,809 | 0 | 54.4% |
| James Lorenz | 99,991 | 119,165 | 0 | 54.4% |
| Cari Renlund | 124,641 | 148,542 | 0 | 54.4% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Jared Bushek | RSU | 1,854 | — | $145,391 |
| James Lorenz | RSU | 1,079 | — | 84,615 |
| Jeffrey Keebler | PSU | 10,361 | — | 812,510 |
| Jeffrey Keebler | PSU | 7,743 | — | 607,206 |
| Jeffrey Keebler | RSU | 6,907 | — | 541,647 |
| Jeffrey Keebler | RSU | 5,162 | — | 404,804 |
| Jared Bushek | PSU | 4,301 | — | 337,284 |
| Jared Bushek | RSU | 2,867 | — | 224,830 |
| Jared Bushek | PSU | 2,781 | — | 218,086 |
| Cari Renlund | PSU | 2,274 | — | 178,327 |
| Lynn Hobbie | PSU | 2,157 | — | 169,152 |
| Cari Renlund | PSU | 2,018 | — | 158,252 |
| James Lorenz | PSU | 1,619 | — | 126,962 |
| Lynn Hobbie | PSU | 1,584 | — | 124,217 |
| Cari Renlund | RSU | 1,516 | — | 118,885 |
| James Lorenz | PSU | 1,458 | — | 114,336 |
| Lynn Hobbie | RSU | 1,438 | — | 112,768 |
| Cari Renlund | RSU | 1,345 | — | 105,475 |
| Lynn Hobbie | RSU | 1,056 | — | 82,812 |
| James Lorenz | RSU | 972 | — | 76,224 |
The executive compensation program is designed to compensate NEOs fairly based on marketplace assessments and to achieve a balance of short-term and long-term incentives for maintaining and improving Company performance and shareholder value. The program links a significant portion of compensation to defined performance standards to align executive interests with those of shareholders and customers.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | FW Cook |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| James L. PossinIndependent · Lead Independent Director · Audit | $109,655 | $85,000 | — | — | — | $194,655 |
| Patricia K. AckermanIndependent · Audit (Chair) | 97,845 | 85,000 | — | — | — | 182,845 |
| Marcia M. AndersonIndependent | 97,500 | 85,000 | — | — | — | 182,500 |
| Angela S. RiegerIndependent · Human Resources and Compensation · Corporate Governance | 85,000 | 85,000 | — | — | — | 170,000 |
| Londa J. DeweyIndependent · Human Resources and Compensation · Corporate Governance · Executive | 85,000 | 85,000 | — | — | — | 170,000 |
| Noble L. WrayIndependent · Audit | 85,000 | 85,000 | — | — | — | 170,000 |
| Gary J. WolterNot independent | 85,000 | 85,000 | — | — | — | 170,000 |
| Daniel J. KellyIndependent · Audit | 85,000 | 85,000 | — | — | — | 170,000 |
| James G. BerbeeIndependent · Human Resources and Compensation · Corporate Governance | 85,000 | 85,000 | — | — | — | 170,000 |
| Jeffrey M. KeeblerEmployee director · Board Chair | — | — | — | — | — | 0 |
| Jared J. BushekEmployee director | — | — | — | — | — | 0 |
| James J. LorenzEmployee director | — | — | — | — | — | 0 |
| Cari Anne RenlundEmployee director | — | — | — | — | — | 0 |
| Lynn K. HobbieEmployee director · Departed during FY | — | — | — | — | — | 0 |
| Annual cash retainer | $85,000 |
|---|---|
| Annual equity retainer | $85,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 15,000 / 12,500 / 10,000 |
| Stock ownership guideline | $3 |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $815,000 |
| Equity awards (grant-date value) | $765,000 |
| All other compensation | $0 |
| Total cost of the board | $1,580,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies MGE ENERGY INC names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including MGE ENERGY INC.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | IDACORP, Inc. | 2025 | Lisa Grow | $1,050,000 | $2,942,308 | $0 | $1,785,001 | $7,529,892 |
| 2 | Otter Tail Corporation | 2025 | Charles MacFarlane | 867,578 | 3,149,276 | 0 | 1,471,194 | 6,792,688 |
| 3 | Sunnova Energy International, Inc. | 2023 | William Berger | 620,833 | 489,645 | 4,000,000 | 734,468 | 5,865,040 |
| 4 | NorthWestern Energy Group, Inc. | 2025 | Brian Bird | 921,263 | 2,700,022 | 0 | 743,400 | 5,016,745 |
| 5 | Avista Corporation | 2025 | Heather Rosentrater | 786,845 | 2,653,743 | 0 | 897,732 | 4,773,308 |
| 6 | Chesapeake Utilities Corporation | 2025 | Jeffry Householder | 872,385 | 2,420,566 | 0 | 1,097,863 | 4,531,322 |
| 7 | ALLETE, Inc. | 2024 | Bethany Owen | 871,175 | 1,378,138 | 0 | 1,329,692 | 3,720,063 |
| 8 | Northwest Natural Holding Company | 2025 | Justin Palfreyman | 812,500 | 1,726,208 | — | 726,406 | 3,695,467 |
| 9 | Ormat Technologies Inc. | 2025 | Doron Blachar | 641,062 | 2,000,000 | 0 | 816,000 | 3,618,005 |
| 10 | MGE ENERGY INC | 2025 | Jeffrey Keebler | 795,833 | 1,402,881 | 0 | 865,920 | 3,613,508 |
| 11 | Unitil Corporation | 2025 | Thomas Meissner Jr. | 744,066 | 751,842 | 0 | 662,591 | 3,189,116 |
| 12 | Genie Energy Ltd. | 2025 | Michael Stein | 450,000 | 0 | 0 | 0 | 1,371,250 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| MGE ENERGY INC | not disclosed | PSU 50 · RSU 50 | not disclosed | FW Cook |
| ALLETE, Inc. | 153.2% | PSU 75 · RSU 25 | Yes — Relative TSR | Pearl Meyer |
| Avista Corporation | 114% | not disclosed | No | Meridian Compensation Partners |
| Chesapeake Utilities Corporation | not disclosed | PSU 100 | not disclosed | FW Cook |
| Genie Energy Ltd. | not disclosed | Restricted Stock 100 | not disclosed | not disclosed |
| IDACORP, Inc. | 170% | PSU 67 · RSU 33 | Yes — TSR | Pay Governance |
| Northwest Natural Holding Company | 138.8% | PSU 65 · RSU 35 | No | Pay Governance |
| NorthWestern Energy Group, Inc. | 80% | PSU 70 · RSU 30 | Yes — TSR relative to peer group | Willis Towers Watson (WTW) |
| Ormat Technologies Inc. | 97% | PSU 60 · RSU 40 | Yes — Relative TSR | F.W. Cook & Co. |
| Otter Tail Corporation | not disclosed | not disclosed | Yes — Three-Year TSR performance relative to peer group | WTW |
| Sunnova Energy International, Inc. | 126% | Options 100 | not disclosed | Pearl Meyer |
| Unitil Corporation | 137% | PSU 50 · RSU 50 | No | Willis Towers |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Jeffrey Keebler | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Summary Compensation Table”. As printed: 3,613,508. Filing ↗machine: r4 · c9 · span 1077549–1077558 |
| 2 | Section 01, Jared Bushek | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Summary Compensation Table”. As printed: 1,464,884. Filing ↗machine: r7 · c9 · span 1090079–1090088 |
| 3 | Section 01, Cari Renlund | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Summary Compensation Table”. As printed: 1,059,923. Filing ↗machine: r10 · c9 · span 1102757–1102766 |
| 4 | Section 01, James Lorenz | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Summary Compensation Table”. As printed: 987,203. Filing ↗machine: r16 · c9 · span 1127754–1127761 |
| 5 | Section 01, Lynn Hobbie | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Summary Compensation Table”. As printed: 910,888. Filing ↗machine: r13 · c9 · span 1115265–1115272 |
| 6 | Section 03, Jared Bushek PSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1183377–1183384 |
| 7 | Section 03, Jared Bushek RSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1188113–1188120 |
| 8 | Section 03, Lynn Hobbie PSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1211143–1211150 |
| 9 | Section 03, Lynn Hobbie RSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1215879–1215885 |
| 10 | Section 03, Jeffrey Keebler RSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1174215–1174222 |
| 11 | Section 03, Jeffrey Keebler PSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1169479–1169486 |
| 12 | Section 03, James Lorenz PSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1225024–1225031 |
| 13 | Section 03, James Lorenz RSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1229760–1229766 |
| 14 | Section 03, Cari Renlund RSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1201998–1202005 |
| 15 | Section 03, Cari Renlund PSU | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “2025 Grants of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: span 1197262–1197269 |
| 16 | Section 08, James L. Possin | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 194,655. Filing ↗machine: span 755541–755783 |
| 17 | Section 08, Patricia K. Ackerman | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 182,845. Filing ↗machine: span 747623–747865 |
| 18 | Section 08, Marcia M. Anderson | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 182,500. Filing ↗machine: span 749209–749451 |
| 19 | Section 08, Angela S. Rieger | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: span 757125–757367 |
| 20 | Section 08, Londa J. Dewey | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: span 752374–752616 |
| 21 | Section 08, Noble L. Wray | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: span 760288–760530 |
| 22 | Section 08, Gary J. Wolter | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: span 758707–758949 |
| 23 | Section 08, Daniel J. Kelly | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: span 753957–754199 |
| 24 | Section 08, James G. Berbee | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 170,000. Filing ↗machine: span 750792–751034 |
| 25 | Section 08, Jeffrey M. Keebler | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 26 | Section 08, Jared J. Bushek | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 27 | Section 08, James J. Lorenz | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 28 | Section 08, Cari Anne Renlund | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 29 | Section 08, Lynn K. Hobbie | DEF 14A | 2026-04-02 | 0001161728-26-000005 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 30 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 31 | Section 03b vehicle mix (computed) | Computed | — | — | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 32 | Section 09b board cost (computed) | Computed | — | — | Cash 815,000 + equity 765,000 + all other 0 = 1,580,000, summed across the director compensation table rows.machine: formula: Σ = 1,580,000 |
| 33 | IDACORP, Inc., Section 10b CEO total | DEF 14A | 2026-04-02 | 0001057877-26-000091 | CEO total compensation as printed in IDACORP, Inc.'s own proxy. As printed: 7,529,892. Filing ↗machine: t35 · r2 · c9 · span 715958–715967 |
| 34 | Otter Tail Corporation, Section 10b CEO total | DEF 14A | 2026-03-02 | 0001466593-26-000023 | CEO total compensation as printed in Otter Tail Corporation's own proxy. As printed: 6,792,688. Filing ↗machine: r3 · c24 · span 879904–879913 |
| 35 | Sunnova Energy International, Inc., Section 10b CEO total | DEF 14A | 2024-04-04 | 0001772695-24-000049 | CEO total compensation as printed in Sunnova Energy International, Inc.'s own proxy. As printed: 5,865,040. Filing ↗machine: span 634076–634085 |
| 36 | NorthWestern Energy Group, Inc., Section 10b CEO total | DEF 14A | 2026-03-12 | 0001993004-26-000018 | CEO total compensation as printed in NorthWestern Energy Group, Inc.'s own proxy. As printed: 5,016,745. Filing ↗machine: t153 · r3 · c19 · span 752129–752138 |
| 37 | Avista Corporation, Section 10b CEO total | DEF 14A | 2026-04-01 | 0001193125-26-138034 | CEO total compensation as printed in Avista Corporation's own proxy. As printed: 4,773,308. Filing ↗machine: span 842223–842232 |
| 38 | Chesapeake Utilities Corporation, Section 10b CEO total | DEF 14A | 2026-03-25 | 0001628280-26-020945 | CEO total compensation as printed in Chesapeake Utilities Corporation's own proxy. As printed: 4,531,322. Filing ↗machine: span 694783–694792 |
| 39 | ALLETE, Inc., Section 10b CEO total | DEF 14A | 2025-03-31 | 0000066756-25-000043 | CEO total compensation as printed in ALLETE, Inc.'s own proxy. As printed: 3,720,063. Filing ↗machine: r6 · c24 · span 830444–830454 |
| 40 | Northwest Natural Holding Company, Section 10b CEO total | DEF 14A | 2026-04-17 | 0001193125-26-161075 | CEO total compensation as printed in Northwest Natural Holding Company's own proxy. As printed: 3,695,467. Filing ↗ |
| 41 | Ormat Technologies Inc., Section 10b CEO total | DEF 14A | 2026-04-21 | 0001193125-26-166752 | CEO total compensation as printed in Ormat Technologies Inc.'s own proxy. As printed: 3,618,005. Filing ↗machine: r5 · c14 · span 1948476–1948485 |
| 42 | MGE ENERGY INC (subject), Section 10b CEO total | DEF 14A | 2026-04-02 | 0001161728-26-000005 | CEO total compensation as printed in MGE ENERGY INC's own proxy. As printed: 3,613,508. Filing ↗machine: r4 · c9 · span 1077549–1077558 |
| 43 | Unitil Corporation, Section 10b CEO total | DEF 14A | 2026-03-27 | 0001193125-26-128263 | CEO total compensation as printed in Unitil Corporation's own proxy. As printed: 3,189,116. Filing ↗machine: t214 · span 819224–819233 |
| 44 | Genie Energy Ltd., Section 10b CEO total | DEF 14A | 2026-05-01 | 0001437749-26-014295 | CEO total compensation as printed in Genie Energy Ltd.'s own proxy. As printed: 1,371,250. Filing ↗machine: r1 · c23 · span 385903–385912 |
| 45 | Section 10a, NorthWestern Energy Group, Inc. reciprocity | DEF 14A | — | 0001993004-26-000018 | NorthWestern Energy Group, Inc.'s most recent proxy was read; its disclosed peer group does not include MGE ENERGY INC. Filing ↗ |
| 46 | Section 10a, Sunnova Energy International, Inc. reciprocity | DEF 14A | — | 0001772695-24-000049 | Sunnova Energy International, Inc.'s most recent proxy was read; its disclosed peer group does not include MGE ENERGY INC. Filing ↗ |
| 47 | Section 10a, Unitil Corporation reciprocity | DEF 14A | — | 0001193125-26-128263 | Unitil Corporation's most recent proxy was read; its disclosed peer group does not include MGE ENERGY INC. Filing ↗ |
| 48 | Section 10a, IDACORP, Inc. reciprocity | DEF 14A | — | 0001057877-26-000091 | IDACORP, Inc.'s most recent proxy was read; its disclosed peer group does not include MGE ENERGY INC. Filing ↗ |
| 49 | Section 10a, ALLETE, Inc. reciprocity | DEF 14A | — | 0000066756-25-000043 | ALLETE, Inc.'s most recent proxy was read; its disclosed peer group does not include MGE ENERGY INC. Filing ↗ |
| 50 | Section 10a, Avista Corporation reciprocity | DEF 14A | — | 0001193125-26-138034 | Avista Corporation's most recent proxy was read; its disclosed peer group does not include MGE ENERGY INC. Filing ↗ |
| 51 | Section 10a, Chesapeake Utilities Corporation reciprocity | DEF 14A | — | 0001628280-26-020945 | Chesapeake Utilities Corporation's most recent proxy was read; its disclosed peer group does not include MGE ENERGY INC. Filing ↗ |
| 52 | Section 10a, Northwest Natural Holding Company reciprocity | DEF 14A | — | 0001193125-26-161075 | Northwest Natural Holding Company's most recent proxy was read; its disclosed peer group does not include MGE ENERGY INC. Filing ↗ |
| 53 | Section 10a, Otter Tail Corporation reciprocity | DEF 14A | — | 0001466593-26-000023 | Otter Tail Corporation's most recent proxy was read; its disclosed peer group does not include MGE ENERGY INC. Filing ↗ |
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