VVelarionINTELLIGENCE
Sign inStart free trial
Start free trial
Utilities

MGE Energy Executive Compensation (FY25)

MGEE · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Jeffrey Keebler
Latest say-on-pay support
=
May 19, 2026
Chief executive pay ratio
◇
To the median employee
Velarion Intel, $5,000/year: one seat · one year · every company we cover, with dashboards, peer screens and board-ready briefs.
See every company’s exec pay — free for 3 days, no cardSee the plan and pricing

The MGE Energy brief, $500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $500 for the board report; $900 for both.
Get the executive briefGet the board briefNo account needed.
Data as of November 5, 2026Latest filing (8-K): May 22, 2026
13 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
MGE Energy brief$500Get the executive brief
Velarion Intel, one year, every company
266 figures on this page: 256 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Jeffrey Keebler: $2,126,131 → $3,613,508 (70.0% higher)
Say-on-pay support: 94.8% → 94.5% (0.3 points lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is MGE Energy's chief executive and what were they paid?
Jeffrey Keebler was paid $3,613,508 in total compensation as Chairman of the Board, President, and Chief Executive Officer for fiscal 2025. Keebler's total was 70.0% higher than the $2,126,131 reported for fiscal 2024.
What was MGE Energy's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 94.5% of votes cast for or against in favor at the meeting held May 19, 2026.
Which companies are in MGE Energy's peer group?
The disclosed peer group names ALLETE, Inc., Avista Corporation, Chesapeake Utilities Corporation, Genie Energy Ltd. and IDACORP, Inc., among others.
What is MGE Energy's chief executive pay ratio?
The company reported a chief executive pay ratio of 25.5:1 for fiscal 2025, against median employee compensation of $141,512.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Keebler
Chairman, President and Chief Executive Officer (PEO)
◇◇◇——◇◇◇
Cari Anne Renlund
Vice President, General Counsel and Secretary
◇◇◇———◇◇
Jared Bushek
Vice President Finance, Chief Information Officer and Treasurer (PFO)
◇◇◇——◇◇◇
Lynn Hobbie
Executive Vice President Marketing Communications
◇◇◇———◇◇
Tamara Johnson
Vice President Accounting and Controller
◇◇◇——◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Keebler
Chairman, President and Chief Executive Officer (PEO)
◇—◇—◇◇◇◇
Lynn Hobbie
Former Executive Vice President
◇—◇—◇◇◇◇
Cari Renlund
Vice President General Counsel and Secretary
◇—◇—◇—◇◇
Jared Bushek
Vice President Chief Financial Officer and Treasurer (PFO)
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Keebler
Chairman, President and Chief Executive
◇—◇—◇◇◇◇
Jared Bushek
Vice President Chief Financial Officer
◇—◇—◇◇◇◇
Cari Renlund
Vice President General Counsel
◇—◇—◇—◇◇
Lynn Hobbie
Former Executive Vice President
◇—◇—◇—◇◇
James Lorenz
Vice President Energy Operations
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Keebler
Chairman of the Board, President, and Chief Executive Officer
◇—◇—◇◇◇◇
Jared Bushek
Vice President – Chief Financial Officer and Treasurer
◇—◇—◇◇◇◇
Cari Anne Renlund
Vice President, General Counsel and Secretary
◇—◇—◇—◇◇
James Lorenz
Vice President – Energy Operations
◇—◇—◇◇◇◇
Lynn Hobbie
Former Executive Vice President
Departed during or after this year
◇—◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Cari Anne RenlundPSU◇◇◇—◇—◇
Cari Anne RenlundRSU◇——◇——◇
James J. LorenzPSU◇◇◇—◇—◇
James J. LorenzRSU◇——◇——◇
Jared J. BushekPSU◇◇◇—◇—◇
Jared J. BushekRSU◇——◇——◇
Jeffrey M. KeeblerRSU◇——◇——◇
Jeffrey M. KeeblerPSU◇◇◇—◇—◇
Lynn K. HobbiePSU◇◇◇—◇—◇
Lynn K. HobbieRSU◇——◇——◇
Fiscal 2022 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Jeffrey KeeblerPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Jared BushekPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Cari RenlundPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Lynn HobbiePSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
James LorenzPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Jared Bushek
Vice President – Chief Financial Officer and Treasurer · Terms as announced by the company
Equity acceleration on change in control◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
James L. Possin
Lead independent director
◇◇————◇
Patricia K. Ackerman
◇◇————◇
Marcia M. Anderson
◇◇————◇
Angela S. Rieger
◇◇————◇
James G. Berbee
◇◇————◇
Londa J. Dewey
◇◇————◇
Noble L. Wray
◇◇————◇
Gary J. Wolter
◇◇————◇
Daniel J. Kelly
◇◇————◇
Jared J. Bushek, James J. Lorenz, Cari Anne Renlund, Lynn K. Hobbie and Jeffrey M. Keebler served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • ALLETE, Inc. ALE
  • Avista Corporation AVA
  • Chesapeake Utilities Corporation CPK
  • Genie Energy Ltd. GNE
  • IDACORP, Inc. IDA
  • Northwest Natural Holding Company NWN
  • NorthWestern Energy Group, Inc. NWE
  • Ormat Technologies Inc. ORA
  • Otter Tail Corporation OTTR
  • Sunnova Energy International, Inc. NOVA
  • Unitil Corporation UTL

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 19, 2026=◇◇◇
2024May 20, 2025=◇◇◇
2023May 21, 2024=◇◇◇
2022May 16, 2023=◇◇◇
2021May 17, 2022=◇◇◇
2020May 18, 2021=◇◇◇
2019May 19, 2020=◇◇◇
2018May 14, 2019=◇◇◇
2017May 15, 2018=◇◇◇
2016May 16, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Jeffrey Keebler (Chairman of the Board, President, and Chief Executive Officer), FY2025 total compensation $3,613,508 (base salary $795,833) [exec_comp, SEC accession 0001161728-26-000005, filed 2026-04-02]

See a complete sample report

Answered within 24 hours, every figure cited to its SEC filing. This is a one-off report: no refunds.

Email me this page as a cited PDF — sent in 2 minutes
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.
Tell me when MGE Energy files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

What this page does not include

Everything above is a fact MGE Energy disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where MGE Energy sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $500
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Inquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for Peer Group Review
Whether MGE Energy's disclosed peer group is defensible, who names MGE Energy back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
266 figures on this page: 256 cited to the filing that reported them, 10 calculated from figures it prints.
256 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001193125-26-235741
  3. 0001161728-26-000005
    2025 Grants of Plan-Based Awards Table · 2025 Summary Compensation Table · Nonemployee Director Compensation · Outstanding Equity Awards at December 31, 2025
  4. 0000950170-25-076153
  5. 0000950170-24-063785
  6. 0000950170-23-023047
  7. 0000950170-23-010451
  8. 0000950170-22-010319
  9. 0001161728-21-000041
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001161728-20-000068
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001161728-19-000019
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001161728-18-000023
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001161728-17-000012
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “MGE Energy executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/MGEE (accessed 2026).
Short form: data: Velarion

The MGE Energy brief, $500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $500 for the board report; $900 for both.
Get the executive briefGet the board briefNo account needed.
13 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about MGE Energy and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

Utilities rankings

Chief executive pay — UtilitiesCEO pay ratio — UtilitiesSay-on-pay support — Utilities

Peers MGE Energy discloses

The companies named in MGEE's own disclosed peer group.

ALLETE, Inc.Avista CorporationChesapeake Utilities CorporationGenie Energy Ltd.IDACORP, Inc.Northwest Natural Holding CompanyNorthWestern Energy Group, Inc.Ormat Technologies Inc.Otter Tail CorporationSunnova Energy International, Inc.Unitil Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  All companies · The Pay Desk · Methodology · Terms · Privacy