Madison Gas and Electric Co. to Purchase Prairie du Chien Gas System from Wisconsin Electric/Wisconsin Gas.Business Editors PRAIRIE prairie Level or rolling grassland, especially that found in central North America. Decreasing amounts of rainfall, from 40 in. (100 cm) at the forested eastern edge to less than 12 in. DU CHIEN, WIS.--(BUSINESS WIRE)--June 21, 2001 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 ) and Wisconsin Electric/Wisconsin Gas (WE-WG) announced today that MGE has agreed to purchase the Prairie du Chien area natural gas system from WE-WG for approximately $2.4 million. The purchase includes facilities in the city of Prairie du Chien, the villages of Eastman and Wauzeka, and the towns of Bridgeport, Eastman, Prairie du Chien and Wauzeka, all located in west central Wisconsin Central Wisconsin is a colloquial term for a region of Wisconsin. This region generally coincides with the Wausau-Rhinelander Television Market. Counties in Central Wisconsin
"Adding this territory to our existing area operations In maritime usage, operations conducted in a geographical area and not related to the protection of a specific force. makes financial sense for customers and shareholders," said Gary Wolter, MGE president and chief executive officer. "This transaction will allow both companies to optimize their current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. and resources and improve service to their customers." MGE will continue a system enhancement project started last year by WE-WG, and will retain all employees who are part of the operations in Crawford County. Another part of the transaction includes establishing a definitive gas service boundary agreement between the two companies within Dane County. The agreement will allow the companies to better plan facilities as Dane County is expected to remain one of the fastest-growing counties in the state. The new boundary lines do not involve transfer of any customers and are located primarily through undeveloped land north of the Madison city limits. "We are pleased to be able to enter into this agreement because we believe it benefits the customers of both companies," said Richard Grigg, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of WE-WG. "The agreement will help both companies better focus resources to serve the people of Dane County, which is one of the fastest growing areas of the state." The sale is subject to satisfactory completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. investigation, usual closing conditions and requires Public Service Commission of Wisconsin approval. The transaction is expected to close in the fourth quarter of 2001. MGE began serving gas to city of Madison more than 100 years ago, providing street lighting to the Capitol Square. The gas utility operations of WE-WG are the predecessor companies of businesses that have served the gas-energy needs of customers in the state of Wisconsin for almost 150 years. MGE is a public utility that generates, transmits and distributes electricity to 126,000 customers in Dane County. The company also transports and distributes natural gas to 114,000 customers in seven south-central and western Wisconsin counties. MGE has served the Madison area since 1896. Visit MGE at www.mge.com. |
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