MGE Shareholders Approve Forming MGE Energy, Inc.Business Editors MADISON Madison, cities, United States Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--May 14, 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) shareholders approved forming a holding company, MGE Energy, Inc., at today's annual meeting, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. MGE Chairman, President and Chief Executive Officer Gary Wolter. MGE Energy will help finance new electric generating facilities to meet growing customer demand. MGE expects to receive other regulatory approvals this summer and create MGE Energy before the end of this year. Each share of MGE common stock will be exchanged for one share of MGE Energy common stock. "MGE Energy allows us additional flexibility for financing large generation projects while giving customers long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. price stability," Wolter told more than 1,700 shareholders. "We will remain focused on our core gas and electric business. MGE will continue its tradition of providing reliable service for customers and paying dividends to investors," Wolter noted. MGE Vice President, Chief Financial Officer and Secretary Terry Hanson cited the company's financial strengths, including: -- Building a cogeneration plant on the University of Wisconsin-Madison campus. -- Exercising an option to own up to 150 megawatts of new generating capacity from clean-coal plants proposed in Wisconsin. -- Installing automated meter reading equipment. "We plan to invest about $440 million in new and existing facilities over the next 10 years, increasing our assets by more than 80%," Hanson said. MGE's major projects include: -- Building a cogeneration plant on the University of Wisconsin-Madison campus. -- Exercising an option to own up to 150 megawatts of new generating capacity from clean-coal plants proposed in Wisconsin. -- Installing automated meter reading equipment. MGE will receive an award next week from the Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee Partners for Clean Air for its leadership in clean and renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. sources. "We are receiving recognition for our highly effective programs at the downtown Blount Generating Station, our wind and solar energy solar energy, any form of energy radiated by the sun, including light, radio waves, and X rays, although the term usually refers to the visible light of the sun. programs and other efforts to improve air quality," Wolter said. MGE shareholders reelected incumbent directors David Mebane, Regina Millner and Donna Sollenberger. 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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