04:06 AM EDT, 05/07/2026 (MT Newswires) -- MGE Energy (MGEE) said late Wednesday it has begun an underwritten public offering of $250 million common shares, including about $75 million of shares to be sold directly by the company and roughly $175 million to be sold through forward sale agreements.

The company said it plans to grant underwriters a 30-day option to purchase up to an additional $37.5 million of shares.

MGE Energy said it expects to enter into forward sale agreements with affiliates of Morgan Stanley (MS), Bank of America (BAC) and JPMorgan Chase (JPM).

Settlement is expected within about 20 months, it added.

The company said proceeds will be used for general corporate purposes, including debt repayment, capital spending, refinancing activities and investments in subsidiaries.