For information, contact: Peter Taglia, 608-217-8219; Mitch Brey, 920-323-9585
RePower Madison has released The Coal Truth report to help inform Madison Gas & Electric’s shareholders and the Madison community about MGE’s reliance on polluting and expensive coal power. The Coal Truth report is based on public documents and statements from MGE and other experts regarding MGE’s deep commitment to coal. The Madison Gas & Electric annual shareholder meeting takes place on Tuesday, May 19, 2015 at 11:00 A.M at the Madison Marriott West.
The Coal Truth shows that MGE has obligated our community to coal dependency for 70% of our electricity for the foreseeable future. MGE’s investments from two coal plants that it co-owns, Columbia and Elm Road, continue to incur more expense due to cost overruns and costs of reducing coal’s pollution. MGE has the highest commitment to coal, and the highest rates, of any Wisconsin utility.
Unless MGE comes clean on their coal dependence and reverses course, the Madison community will be saddled with rising costs and long-term financial liability for decades. Just last week the Public Service Commission allowed $100 million in more spending to shift the Oak Creek plant, co-owned by We Energies and MGE, to a different type of coal. The PSC even allowed MGE and We Energies to earn a special 12.7% annual return on their new coal cost overruns.
Report author Peter Taglia said “The Coal Truth shows that MGE’s costly coal commitment has cast a cloud over the cleaner energy future that Madison wants while exposing shareholders and ratepayers to huge financial and regulatory risks.”
Mitch Brey of RePower Madison added, “Breaking MGE’s coal addiction needs to be a central subject of the Community Energy Conversations. In order for the community and shareholders to be happy, MGE executives need to address this problem.”