Madison Gas and Electric Company (MGEE, Financial) filed Quarterly Report for the period ended 2010-09-30.
Madison Gas And Electric Company has a market cap of $943.2 million; its shares were traded at around $40.98 with a P/E ratio of 18 and P/S ratio of 1.8. The dividend yield of Madison Gas And Electric Company stocks is 3.6%. Madison Gas And Electric Company had an annual average earning growth of 1% over the past 10 years.MGEE is in the portfolios of Mario Gabelli of GAMCO Investors, Jim Simons of Renaissance Technologies LLC.
Smart Grid Investment Grant: MGE has been approved by the U.S. Department of Energy (DOE) under the federal stimulus program for a $5.5 million grant for smart grid projects. The DOE grant requires MGE to match the grant funding, bringing the total cost of the proposed projects to more than $11 million. The proposed projects will install technologies to boost efficiency, enhance service and improve reliability for customers. The stimulus grant will help fund the following projects: advanced metering infrastructure, plug-in hybrid electric vehicles support, and distribution management. In the third quarter, MGE entered into agreements to purchase $2.5 million in smart grid related products. As of September 30, 2010, MGE has spent $0.1 million related to these projects.
In December 2009, the PSCW authorized MGE to increase 2010 rates for retail electric customers by 3.3% or $11.9 million, while gas rates decreased 0.74% or $1.5 million. The increase in retail electric rates is driven by costs for MGE's share of the Elm Road Units and transmission reliability enhancements. In May 2009, MGE implemented a credit of $0.00204 per kWh, due to a decrease in actual electric fuel costs. During the three months ended September 30, 2009, $1.6 million had been credited to electric customers.
For both the three months ended September 30, 2010 and 2009, interest expense, net at the nonregulated energy operations segment was $0.7 million. Interest expense at the nonregulated energy segment for both the three months ended September 30, 2010 and 2009, includes interest expense incurred on $50 million of borrowings at MGE Power West Campus, which were long-term and fixed rate during both periods, and $50 million of borrowings at MGE Power Elm Road, which were long-term and fixed rate during 2010.
All other interest expense, net for the three months ended September 30, 2010, was less than $0.1 million. All other interest income, net for the three months ended September 30, 2009, was $0.7 million. Interest expense for the three months ended September 30, 2010, represents less than $0.1 million in interest expense on short-term debt. Interest income for the three months ended September 30, 2009, represents $0.8 million in interdepartmental interest income from MGE Power Elm Road, partially offset by $0.1 million in interest expense on short-term debt. The interdepartmental interest income is eliminated upon consolidation.
For the three months ended September 30, 2009, MGE Energy (through its wholly owned subsidiary MGE Power) had earned $1.9 million and $1.3 million, net of tax, for its interest in MGE Power West Campus and MGE Power Elm Road, respectively. Additionally, MGE Energy had earned $0.4 million, net of tax, for its interest in MGE Transco for the three months ended September 30, 2009. These amounts are recorded as noncontrolling interest expense, net of tax, on MGE's consolidated statement of income.
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Madison Gas And Electric Company has a market cap of $943.2 million; its shares were traded at around $40.98 with a P/E ratio of 18 and P/S ratio of 1.8. The dividend yield of Madison Gas And Electric Company stocks is 3.6%. Madison Gas And Electric Company had an annual average earning growth of 1% over the past 10 years.MGEE is in the portfolios of Mario Gabelli of GAMCO Investors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
For the three months ended September 30, 2010, MGE Energy's earnings were $19.9 million or $0.86 per share compared to $12.7 million or $0.55 per share for the same period in the prior year. MGE's earnings for the three months ended September 30, 2010, were $15.0 million compared to $8.8 million for the same period in the prior year. For the nine months ended September 30, 2010, MGE Energy's earnings were $45.7 million or $1.98 per share compared to $37.6 million or $1.63 per share for the same period in the prior year. MGE's earnings for the nine months ended September 30, 2010, were $30.9 million compared to $26.3 million for the same period in the prior year.Smart Grid Investment Grant: MGE has been approved by the U.S. Department of Energy (DOE) under the federal stimulus program for a $5.5 million grant for smart grid projects. The DOE grant requires MGE to match the grant funding, bringing the total cost of the proposed projects to more than $11 million. The proposed projects will install technologies to boost efficiency, enhance service and improve reliability for customers. The stimulus grant will help fund the following projects: advanced metering infrastructure, plug-in hybrid electric vehicles support, and distribution management. In the third quarter, MGE entered into agreements to purchase $2.5 million in smart grid related products. As of September 30, 2010, MGE has spent $0.1 million related to these projects.
In December 2009, the PSCW authorized MGE to increase 2010 rates for retail electric customers by 3.3% or $11.9 million, while gas rates decreased 0.74% or $1.5 million. The increase in retail electric rates is driven by costs for MGE's share of the Elm Road Units and transmission reliability enhancements. In May 2009, MGE implemented a credit of $0.00204 per kWh, due to a decrease in actual electric fuel costs. During the three months ended September 30, 2009, $1.6 million had been credited to electric customers.
For both the three months ended September 30, 2010 and 2009, interest expense, net at the nonregulated energy operations segment was $0.7 million. Interest expense at the nonregulated energy segment for both the three months ended September 30, 2010 and 2009, includes interest expense incurred on $50 million of borrowings at MGE Power West Campus, which were long-term and fixed rate during both periods, and $50 million of borrowings at MGE Power Elm Road, which were long-term and fixed rate during 2010.
All other interest expense, net for the three months ended September 30, 2010, was less than $0.1 million. All other interest income, net for the three months ended September 30, 2009, was $0.7 million. Interest expense for the three months ended September 30, 2010, represents less than $0.1 million in interest expense on short-term debt. Interest income for the three months ended September 30, 2009, represents $0.8 million in interdepartmental interest income from MGE Power Elm Road, partially offset by $0.1 million in interest expense on short-term debt. The interdepartmental interest income is eliminated upon consolidation.
For the three months ended September 30, 2009, MGE Energy (through its wholly owned subsidiary MGE Power) had earned $1.9 million and $1.3 million, net of tax, for its interest in MGE Power West Campus and MGE Power Elm Road, respectively. Additionally, MGE Energy had earned $0.4 million, net of tax, for its interest in MGE Transco for the three months ended September 30, 2009. These amounts are recorded as noncontrolling interest expense, net of tax, on MGE's consolidated statement of income.
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