MGE Energy Executive Compensation (FY25)
MGEE · Executive and director compensation, fiscal 2025 only
The MGE Energy brief, $1,500
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 $1,200 for the board report; $2,400 for both.
Data as of September 7, 2026Latest filing (8-K): May 22, 2026
11 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
$1,500Get the executive brief
187 figures on this page: 177 cited to the filing that reported them, 10 calculated from figures it prints. See the citations
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.
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 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
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
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Cari Anne Renlund | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Cari Anne Renlund | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| James J. Lorenz | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| James J. Lorenz | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Jared J. Bushek | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Jared J. Bushek | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Jeffrey M. Keebler | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Jeffrey M. Keebler | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Lynn K. Hobbie | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Lynn K. Hobbie | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
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
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Jeffrey Keebler | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Jared Bushek | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Cari Renlund | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| James Lorenz | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Lynn Hobbie | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
James L. Possin Lead independent director | ◇ | ◇ | — | — | — | — | ◇ |
Patricia K. Ackerman | ◇ | ◇ | — | — | — | — | ◇ |
Marcia M. Anderson | ◇ | ◇ | — | — | — | — | ◇ |
Gary J. Wolter | ◇ | ◇ | — | — | — | — | ◇ |
Noble L. Wray | ◇ | ◇ | — | — | — | — | ◇ |
Londa J. Dewey | ◇ | ◇ | — | — | — | — | ◇ |
James G. Berbee | ◇ | ◇ | — | — | — | — | ◇ |
Daniel J. Kelly | ◇ | ◇ | — | — | — | — | ◇ |
Angela S. Rieger | ◇ | ◇ | — | — | — | — | ◇ |
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.
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 | ◇ |
| Board chair premium | ◇ |
| 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.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | May 19, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | May 20, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | May 21, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | May 16, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | May 17, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 18, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | May 19, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | May 14, 2019 | = | ◇ | ◇ | ◇ |
| 2017 | May 15, 2018 | = | ◇ | ◇ | ◇ |
| 2016 | May 16, 2017 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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 — $1,500Written 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 — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable 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 IntelligenceAdviser 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 accessMultiple 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 IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
187 figures on this page: 177 cited to the filing that reported them, 10 calculated from figures it prints.
177 cited to the filing
10 calculated from the filing
Documents cited
- 0001193125-26-235741
- 0001161728-26-0000052025 Grants of Plan-Based Awards Table · 2025 Summary Compensation Table · Nonemployee Director Compensation · Outstanding Equity Awards at December 31, 2025
- 0000950170-25-076153
- 0000950170-24-063785
- 0000950170-23-023047
- 0000950170-22-010319
- 0001161728-21-000041Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001161728-20-000068Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001161728-19-000019Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001161728-18-000023Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001161728-17-000012Item 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, FY2025.” https://intel.velarion.ai/comp/MGEE (accessed 2026).
Short form: data: Velarion
The MGE Energy brief, $1,500
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 $1,200 for the board report; $2,400 for both.
11 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
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Peers MGE Energy discloses
The companies named in MGEE's own disclosed peer group.
Terms on this page
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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}
}