MGE ENERGY INC

Bu siness. MGE Energy operates in the following business segments: Regulated electric utility operations generating, purchasing, and distributing electricity through MGE. Regulated gas utility operations purchasing and distributing natural gas through MGE. Nonregulated energy operations owning and leasing electric generating capacity that assists MGE through MGE Energy's wholly owned subsidiaries MGE Power Elm Road and MGE Power West Campus. Transmission investments representing our investment in American Transmission Company LLC, a company engaged in the business of providing electric transmission services primarily in Wisconsin, and our investment in ATC Holdco LLC, a company created to facilitate out-of-state electric transmission development and investments. All other investing in companies and property that relate to the regulated operations and financing the regulated operations, through its wholly owned subsidiaries CWDC, MAGAEL, and North Mendota, and Corporate functions. See Footnote 22 to the Notes to Consolidated Financial Statements in Part II, Item 8 of this Report for more information regarding MGE Energy's business segments. MGE's utility operations represent a majority of the assets, liabilities, revenues, expenses, and operations of MGE Energy.