MGE Files Rate Changes.Business Editors MADISON, Wis.--(BUSINESS WIRE)--May 1, 2002 Madison Gas and Electric Co. (MGE Mge Mycoplasma Genitalium MGE Minneapolis Grain Exchange MGE Madison Gas and Electric Company MGE Mobile Genetic Elements MGE Maintenance Ground Equipment MGE Microstation Graphics Environment MGE Modern Gun Effectiveness Model MGE Modular Gis Environment ) (Nasdaq: MDSN) today filed an application with the Public Service Commission of Wisconsin to increase natural gas and electric rates to offset rising fuel costs, electric transmission improvements and rising health care costs. The electric request covers ongoing investments to reliably meet customers' growing energy use. The request also covers rising electric fuel costs. Both the natural gas and electric rate requests include costs to complete the new automated meter reading (AMR (1) (Adaptive Multi-Rate) A variable rate speech codec selected by the 3GPP for the 3G evolution of the GSM cellphone system (WCDMA). Using the Algebraic CELP (ACELP) compression technology, AMR provides toll quality sound at transmission rates from 4.75 to 12. ) project, system upgrades and for health care. The company is seeking an overall increase of 6.49% in electric rates and 6.39% in natural gas rates. The average residential electric customer will see a $3.76 increase in their monthly bill. A typical natural gas bill will increase $2.91 per month. MGE electric bills have mirrored the Consumer Price Index (CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I ) since 1990, while gas bills have remained below the CPI. Since 1986, the demand for electricity has risen steadily. Customers are using 16% more electricity per home and 51% per business. Nearly 95% of MGE's customers have air-conditioning now compared to 36% just 15 years ago. Today, businesses require more reliable power to run large computers and machinery. While power demands have increased significantly during this period, no new electric transmission lines or major power plants have been built in Wisconsin. "We are committed to the challenge of keeping pace with customer growth and rising electric use," said Jeff Newman The name Jeff Newman is shared by the following people:
Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index gives MGE a high credit rating for gas and electric companies. This rating allowed the company to refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. several bonds that will provide a direct customer savings of more than $800,000 annually for 20 years. The PSCW PSCW Public Service Commission of Wisconsin PSCW Politieke Sociale en Culturele Wetenschappen (Political, Social, and Cultural Sciences) is expected to issue an order on MGE's request by the end of the year. MGE is a public utility that generates and distributes electricity to more than 128,000 customers in Dane County. The company also transports and distributes natural gas to nearly 123,000 customers in seven south-central and western Wisconsin counties. MGE has served the Madison area since 1896. |
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