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We hereby consent to the incorporation by reference in this Registration Statement on FormĀ S3 (File No. 333-103659) of our report dated March 11, 2005, relating to the financial statements, financial statement schedule, management's assessment of the effectiveness of internal control over financial reporting and the effectiveness of internal control over financial reporting, which appears in MGE Energy Inc.'s Annual Report on Form 10 K for the year ended DecemberĀ 31, 2004. We also consent to the references to us under the headings "Experts" and "Selected Financial Data" in such Registration Statement.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
March 11, 2005