MGE Seeks Electric and Gas Rate Freeze
MGE Seeks Electric and Gas Rate Freeze
MADISON, Wis.--(BUSINESS WIRE)-- Madison Gas and Electric (MGE) filed a request with the Public Service Commission of Wisconsin (PSCW) today to freeze both natural gas and electric base rates for all customers through at least Dec. 31, 2014.
Last month MGE announced it achieved a $6.2 million savings in fuel-related expenses in 2012 and that customers would benefit from these savings. Coupled with an aggressive cost-containment program, the lower fuel expenses allow the company to maintain the same electric rates for another year. Natural gas rates also will remain unchanged for next year.
Assuming the same annual energy usage, a combined gas and electric residential customer is paying about 10% less in energy costs today than they were four years ago.
Since 2009, the Consumer Price Index has risen an average of 2.2% per year. Since 2009 and extending through the rate freeze, MGE electric rates will have risen an average of 1.9% per year.
"While there are clear signs of recovery, the economy is still fragile," said Chairman, President and Chief Executive Officer Gary Wolter. "The company believes it can best contribute to the economic recovery by providing rate stability to its customers," Wolter added.
Despite the fact that gas and electric rates will not increase, the company will continue making investments that improve reliability and significantly reduce emissions.
About MGE
MGE generates and distributes electricity to 140,000 customers in Dane County, Wis., and purchases and distributes natural gas to 145,000 customers in seven south-central and western Wisconsin counties. MGE's parent company is MGE Energy, Inc. (NAS: MGEE) . The company's roots in the Madison area date back more than 150 years.
MGE Energy, Inc.
Steve Kraus, 608-252-7907
Manager - Media Relations
skraus@mge.com
KEYWORDS: United States North America Wisconsin
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