**United States****SECURITIES AND EXCHANGE COMMISSION****Washington, D.C. 20549**

**FORM 10-Q**

	[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

*For the quarterly period ended:***June 30, 2005**

[   ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

*For the transition period from _______________ to _______________*

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) have been subject to suchfiling requirements for the past 90 days: Yes [X]  No [  ]

Indicate by check mark whether the registrants are an accelerated filer (as defined in Rule 12b-2 of theExchange Act):

MGE Energy, Inc. Yes [X]  No [  ]          Madison Gas and Electric Company Yes [  ]  No [X]

**Table of Contents**

PART I. FINANCIAL INFORMATION.

Filing Format

Forward-Looking Statements

Where to Find More Information

Definitions, Abbreviations, and Acronyms Used in the Text and Notes of this Report

Item 1. Financial Statements.

MGE Energy, Inc.

Condensed Consolidated Statements of Income (unaudited)

Condensed Consolidated Statements of Cash Flows (unaudited)

Condensed Consolidated Balance Sheets (unaudited)

Madison Gas and Electric Company

Condensed Consolidated Statements of Income (unaudited)

Condensed Consolidated Statements of Cash Flows (unaudited)

Condensed Consolidated Balance Sheets (unaudited)

MGE Energy, Inc., and Madison Gas and Electric Company

Notes to Condensed Consolidated Financial Statements (unaudited)

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Item 4. Controls and Procedures.

PART II. OTHER INFORMATION.

Item 1. Legal Proceedings.

Item 4. Submission of Matters to a Vote of Security Holders.

Item 6. Exhibits.

Signatures - MGE Energy, Inc.

Signatures - Madison Gas and Electric Company

**PART I. FINANCIAL INFORMATION.**

**Filing Format**

This combined Form 10-Q is being filed separately by MGE Energy, Inc. (MGE Energy) and Madison Gas andElectric Company (MGE). MGE is a wholly owned subsidiary of MGE Energy and represents a substantialportion of its assets, liabilities, revenues, expenses, and operations. Thus, all information contained in this reportrelates to, and is filed by, MGE Energy. Information that is specifically identified in this report as relating solelyto MGE Energy, such as its financial statements and information relating to its nonregulated business, does notrelate to, and is not filed by, MGE. MGE makes no representation as to that information. The terms "we" and"our" as used in this report refer to MGE Energy and its consolidated subsidiaries, unless otherwise indicated.

**Forward-Looking Statements**

This report, and other documents filed by MGE Energy and MGE with the Securities and Exchange Commission(SEC) from time to time, contain forward-looking statements that reflect management's current assumptions andestimates regarding future performance and economic conditions--especially as they relate to future loadgrowth, revenues, expenses, capital expenditures, financial resources, regulatory matters, and the scope andexpense associated with future environmental regulation. These forward-looking statements are made pursuantto the provisions of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "expect,""anticipate," "estimate," "could," "should," "intend," and other similar words generally identify forward-lookingstatements. Both MGE Energy and MGE caution investors that these forward-looking statements are subject toknown and unknown risks and uncertainties that may cause actual results to differ materially from thoseprojected, expressed, or implied. Some of those risks and uncertainties include:

-	Weather, which enters into the calculation of MGE's rates for service and which affects the demand forelectricity and gas and the projected and actual need for electric generation capacity to serve customers.

-	Economic and market conditions in MGE's service territory, which affect demand for electricity and gasand, consequently, our revenues and expenses as well as capital investment requirements to extend,improve, or reinforce the existing electricity and gas distribution systems.

-	Magnitude and timing of capital expenditures, which affect capital needs, financing costs, and operatingexpenses.

-	Regulatory environment in which we operate, which can affect the way in which we do business as well asthe accounting treatment of expenses that we incur and our ability to continue carrying specified assets andliabilities on our books.

-	Environmental regulation, which can affect the way in which we operate, our operating expenses, and ourcapital expenditures.

-	Availability and cost of power supplies, which affect operating expenses and capital expenditure decisionswith respect to sources of new generation.

Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as ofthe date of this report. MGE Energy and MGE undertake no obligation to publicly release any revision to theseforward-looking statements to reflect events or circumstances after the date of this report.

**Where to Find More Information**

The public may read and copy any reports or other information that MGE Energy and MGE file with the SEC atthe SEC's public reference room at 100 F Street, NE, Washington, D.C. 20549. The public may obtaininformation on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Thesedocuments are also available to the public from commercial document retrieval services, the Web sitemaintained by the SEC at http://www.sec.gov, MGE Energy's Web site at http://www.mgeenergy.com, andMGE's Web site at http://www.mge.com. Copies may be obtained from our Web sites free of charge.Information contained on MGE Energy's and MGE's Web sites shall not be deemed incorporated into, or to be apart of, this report.****

**Definitions, Abbreviations, and Acronyms Used in the Text and Notes of this Report**

**Item 1. Financial Statements.**

**MGE Energy, Inc.**

Condensed Consolidated Statements of Income (unaudited)

*(In thousands, except per-share amounts)*