MGE Energy

1. Political Risk: The political environment can influence decisions affecting the regulation of the energy industry, commodity prices and other business risk factors.

2. Regulatory Risk: The company must comply with various regulations at both the state and federal levels, including safety regulations, environmental regulations, and product labeling that may impact costs and operations.

3. Operational Risk: The operations of the company may be subject to risks from operational issues such as managerial capabilities, staffing, weakness in operational processes, natural disasters and other disasters that can affect the operation of the business.

4. Market Risk: Changes in energy markets, including prices, competition, and consumer demand can influence the profitability of the company.

5. Financial Risk: Changes in interest rates or changes in credit availability may affect the company's ability to secure funds to maintain operations and expand.

6. Technology Risk: Adopting new technology or making upgrades of capital investments in technology can involve large sums of capital and be subject to losses or financial strain if the technology project fails or fails to achieve desired results.