| Madison Gas and Electric | |
| Products: | electricity, natural gas, green energy options |
| Revenue: | [1] |
| Num Employees: | 731 [2] |
| Website: | www.mge.com |
Madison Gas and Electric Company (MGE) is the primary subsidiary of MGE Energy, Inc. (Nasdaq: MGEE). As a regulated utility, it primarily serves the Madison, Wisconsin metropolitan area with electricity, gas and green energy options.
The company's roots in the Madison area date back more than 150 years to its predecessor company, the Madison Gas Light and Coke Co., which was founded in 1855. The Madison Electric Light and Power Co. began delivering electric service in 1888. At the time, Madison had a population of 13,000.
In 1892, the Four Lakes Light and Power Co. bought Madison Electric Light and Power Co. and operated as Madison's electricity provider for the next four years.
In 1896, the Four Lakes Light and Power Company and the Madison City Gas Light and Coke Co. combined and incorporated to become Madison Gas and Electric Co.
The Madison Gas and Electric Company Powerhouse was built in 1902. In 1915, it was remodeled at a cost of $150,000. The building was designated a landmark by the Madison Landmarks Commission in 2002. The main offices of MGE are located in a complex surrounding the former Chicago and North Western Railway station in Madison.
In 2001, the company formed a holding company named MGE Energy, Inc. and Madison Gas and Electric Co. became its main subsidiary.
In 2021, Morgan Stanley described MGE as one of the four American electric utilities with both "the best exposure to renewables growth" and with a large proportion of transmission in their asset base, putting them in a position to benefit from US Department of Energy proposals to ease development and increase incentives for transmission projects.[3]
In 2021, MGE proposed lowering the minimum monthly bill for residential customers from $19 per month to $15 per month, and raising rates to cover the new lower minimum charge, stating that it would reward customers who used less electricity.[4] The average residential customer will pay about $4.10 more per month for electricity in 2022, which is slightly less than the impact of the original 5.9% rate hike MGE requested.[5]
The company owns, operates and manages electric generating facilities and electric distribution facilities. The utility serves 149,000 electric customers, including the city of Madison and some suburban communities in Dane County.
Owned generating facilities:[6]
The company also has long-term electric purchase power agreements.
The company purchases natural gas and owns distribution facilities to serve its customers. The utility serves 154,000 natural gas customers throughout the city of Madison, some suburban communities in Dane County and six other Wisconsin counties.
MGE has a green energy program called Green Power Tomorrow. Customers have the option of purchasing renewable energy for their home and/or business.