-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, ZtKHR/yMF6JsiPU3pvAwB2d5VCKqOrOV8MQS2Rtwhf9sW2d93m0NVD9Mxgc3qSdw 75JWJ73PS8Op/OXuhtmC0Q== 0000061339-94-000011.txt : 19940817 0000061339-94-000011.hdr.sgml : 19940817 ACCESSION NUMBER: 0000061339-94-000011 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940630 FILED AS OF DATE: 19940811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MADISON GAS & ELECTRIC CO CENTRAL INDEX KEY: 0000061339 STANDARD INDUSTRIAL CLASSIFICATION: 4931 IRS NUMBER: 390444025 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-01125 FILM NUMBER: 94542868 BUSINESS ADDRESS: STREET 1: 133 S BLAIR ST STREET 2: PO BOX 1231 CITY: MADISON STATE: WI ZIP: 53701 BUSINESS PHONE: 6082527923 MAIL ADDRESS: STREET 1: POST OFFICE BOX 1231 CITY: MADISON STATE: WI ZIP: 53701-1231 10-Q 1 _________________________________________________________________ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1994 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ____________ Commission File Number 0-1125 MADISON GAS AND ELECTRIC COMPANY (Exact name of registrant as specified in its charter) WISCONSIN 39-0444025 (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 133 South Blair Street Post Office Box 1231 Madison, Wisconsin 53701-1231 (Address of principal executive offices) (ZIP Code) (608) 252-7923 (Registrant's telephone number, including area code) Common Stock outstanding at August 11, 1994: 10,719,812 shares Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ] PART 1. FINANCIAL INFORMATION Item 1. Financial Statements MADISON GAS AND ELECTRIC COMPANY AND SUBSIDIARIES Consolidated Statements of Income and Retained Income (Thousands of Dollars, Except Per-Share Amounts) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, 1994 1993 1994 1993 STATEMENTS OF INCOME Operating Revenues (Note 4): Electric . . . . . . . . . . . . . . $36,434 $35,106 $ 71,696 $ 69,877 Gas . . . . . . . . . . . . . . . . 13,938 15,199 60,809 53,379 Total Operating Revenues . . . . . 50,372 50,305 132,505 123,256 Operating Expenses: Fuel for electric generation . . . . 7,561 5,452 14,239 11,750 Purchased power . . . . . . . . . . 2,130 2,875 3,796 4,893 Natural gas purchased . . . . . . . 8,372 9,418 39,550 33,978 Other operations . . . . . . . . . . 14,628 13,493 29,140 27,669 Maintenance . . . . . . . . . . . . 3,727 3,465 6,462 6,801 Depreciation and amortization . . . 5,606 5,446 11,208 10,753 Other general taxes . . . . . . . . 2,104 2,002 4,419 4,128 Income tax items . . . . . . . . . . 1,376 1,816 7,169 6,225 Total Operating Expenses . . . . . 45,504 43,967 115,983 106,197 Net Operating Income . . . . . . . . 4,868 6,338 16,522 17,059 AFUDC - equity funds . . . . . . . . 21 14 55 27 Other income, net . . . . . . . . . . 545 508 1,096 1,020 Income before interest expense . . . 5,434 6,860 17,673 18,106 Interest Expense: Interest on long-term debt . . . . . 2,632 2,847 5,252 5,832 Other interest . . . . . . . . . . . 32 40 145 141 AFUDC - borrowed funds . . . . . . . (12) (10) (31) (18) Net Interest Expense . . . . . . . 2,652 2,877 5,366 5,955 Net Income . . . . . . . . . . . . . 2,782 3,983 12,307 12,151 Preferred stock dividends . . . . . . 120 124 239 248 Earnings on common stock . . . . . . $ 2,662 $ 3,859 $ 12,068 $ 11,903 Earnings per share of common stock (Note 3) . . . . . . . . . . . $0.25 $0.36 $1.13 $1.11 STATEMENTS OF RETAINED INCOME Balance at beginning of period . . . $77,285 $71,556 $72,865 $68,380 Earnings on common stock . . . . . . 2,662 3,859 12,068 11,903 Cash dividends on common stock (Note 3) . . . . . . . . . . . . . . (4,983) (4,867) (9,969) (9,735) Balance at end of period . . . . . . $74,964 $70,548 $74,964 $70,548 The accompanying notes are an integral part of the above statements.
MADISON GAS AND ELECTRIC COMPANY AND SUBSIDIARIES Consolidated Balance Sheets (Thousands of Dollars) (Unaudited)
June 30, Dec. 31, 1994 1993 ASSETS Utility plant, at original cost: In service - Electric . . . . . . . . . . . . . . $472,948 $466,984 - Gas . . . . . . . . . . . . . . . . . 161,911 158,458 Gross plant in service . . . . . . . . . . . . . . 634,859 625,442 Less accumulated provision for depreciation . . . (313,571) (302,904) Net plant in service . . . . . . . . . . . . . . 321,288 322,538 Construction work in progress . . . . . . . . . . 10,189 12,251 Nuclear decommissioning fund (Note 2) . . . . . . 26,756 25,499 Nuclear fuel, net . . . . . . . . . . . . . . . . 6,863 8,305 Total Utility Plant . . . . . . . . . . . . . . 365,096 368,593 Other property and investments . . . . . . . . . . 8,368 9,822 Current Assets Cash . . . . . . . . . . . . . . . . . . . . . . . 2,823 1,391 Deposits for jointly owned electric power production facilities . . . . . . . . . . . . . . 2,554 2,787 Accounts receivable, less reserves of $1,072 and $973, respectively (Note 9) . . . . . . . . . 21,490 10,593 Unbilled revenue . . . . . . . . . . . . . . . . . 6,237 11,458 Materials and supplies, at average cost . . . . . . 6,823 7,254 Fossil fuel, at average cost . . . . . . . . . . . 3,303 3,333 Stored natural gas, at average cost . . . . . . . . 4,769 10,562 Prepaid taxes . . . . . . . . . . . . . . . . . . . 5,653 5,693 Other prepayments . . . . . . . . . . . . . . . . . 963 1,126 Total Current Assets . . . . . . . . . . . . . . 54,615 54,197 Deferred charges . . . . . . . . . . . . . . . . . 32,897 32,752 Total Assets . . . . . . . . . . . . . . . . . . $460,976 $465,364 CAPITALIZATION AND LIABILITIES Capitalization (see statement) . . . . . . . . . . 317,618 310,791 Current Liabilities Preferred stock sinking fund requirements . . . . . 100 100 Interim loans - commercial paper outstanding (Note 9) . . . . . . . . . . . . . . 14,000 23,500 Accounts payable . . . . . . . . . . . . . . . . . 14,775 17,890 Accrued taxes . . . . . . . . . . . . . . . . . . . 2,178 2,056 Accrued interest . . . . . . . . . . . . . . . . . 2,807 2,810 Other . . . . . . . . . . . . . . . . . . . . . . . 6,044 5,998 Total Current Liabilities . . . . . . . . . . . 39,904 52,354 Other Credits Accumulated deferred income taxes . . . . . . . . . 55,235 54,167 Regulatory liability (Note 7) . . . . . . . . . . . 25,107 25,264 Investment tax credit - deferred . . . . . . . . . 13,394 13,781 Other . . . . . . . . . . . . . . . . . . . . . . . 9,718 9,007 Total Other Credits . . . . . . . . . . . . . . 103,454 102,219 Commitments and Contingencies (Note 5) . . . . . . - - Total Capitalization and Liabilities . . . . . . $460,976 $465,364 The accompanying notes are an integral part of the above balance sheets. /TABLE MADISON GAS AND ELECTRIC COMPANY AND SUBSIDIARIES Consolidated Statements of Capitalization (Thousands of Dollars) (Unaudited)
June 30, Dec. 31, 1994 1993 Common Shareholders' Equity Common stock - par value $8 per share: Authorized 28,000,000 shares Outstanding 10,719,812 shares . . . . . . . . . . $ 85,758 $ 85,758 Amount received in excess of par value . . . . . . 26,372 26,372 Retained income . . . . . . . . . . . . . . . . . . 74,964 72,865 Total Common Shareholders' Equity . . . . . . . 187,094 184,995 Redeemable Preferred Stock (cumulative, $25 par value, authorized 1,199,000 shares) Series E, 8.70%, 220,000 shares outstanding, less current sinking fund requirements of $100 . . . . . 5,400 5,400 First Mortgage Bonds 5.45% - 1996 series . . . . . . . . . . . . . . . 7,920 8,000 7 3/4% - 2001 series . . . . . . . . . . . . . . . 11,478 11,482 6 1/2% - 2006 series (Pollution Control Revenue Bonds, principal amount $8,780, less construction fund of $1,583 and $1,556, respectively) . . . . 7,197 7,224 8.50% - 2022 series . . . . . . . . . . . . . . . 40,000 40,000 6.75% - 2027A series (Industrial Development Revenue Bonds, principal amount $28,000, less construction fund of $12,600 and $17,426, respectively) . . . . . . . . . . . . . . . . . . 15,400 10,574 6.70% - 2027B series (Industrial Development Revenue Bonds) . . . . . . . . . . . . . . . . . 19,300 19,300 7.70% - 2028 series . . . . . . . . . . . . . . . 25,000 25,000 First Mortgage Bonds Outstanding . . . . . . . . 126,295 121,580 Unamortized discount and premium on bonds (net) . . (1,171) (1,184) Total First Mortgage Bonds . . . . . . . . . . . 125,124 120,396 Total Capitalization . . . . . . . . . . . . . . $317,618 $310,791 The accompanying notes are an integral part of the above statements. /TABLE MADISON GAS AND ELECTRIC COMPANY AND SUBSIDIARIES Consolidated Statements of Cash Flows (Thousands of Dollars) (Unaudited)
Three Months Ended Six Months Ended June 30, June 30, 1994 1993 1994 1993 Operating Activities Net income . . . . . . . . . . . . . $ 2,782 $ 3,983 $12,307 $12,151 Items not affecting working capital: Depreciation and amortization . . . 5,606 5,446 11,208 10,753 Deferred income taxes . . . . . . . 360 645 911 1,741 Amortization of nuclear fuel . . . . 467 506 1,095 1,080 Amortization of investment tax credits . . . . . . . . . . . . . . (196) (200) (387) (400) AFUDC - equity funds . . . . . . . . (21) (14) (55) (27) Other . . . . . . . . . . . . . . . 250 (358) 237 (227) Net Funds Provided from Operations . 9,248 10,008 25,316 25,071 Changes in working capital, excluding cash, sinking funds, maturities, and interim loans: (Increase)/decrease in current assets (3,310) 2,298 1,014 10,036 Decrease in current liabilities . . (6,935) (9,347) (2,950) (5,196) Other noncurrent items (net) . . . . (2,565) (3,726) 2,816 (3,755) Cash (Used) for/Provided by Operating Activities . . . . . . . (3,562) (767) 26,196 26,156 Financing Activities Cash dividends on common and preferred stock . . . . . . . . . . (5,103) (4,991) (10,208) (9,983) Sale of First Mortgage Bonds . . . . - - - 25,000 Maturities/redemptions of First Mortgage Bonds . . . . . . . . - - - (25,000) Other increases/(decreases) in First Mortgage Bonds . . . . . . . . (74) 2 (71) (146) Decrease in bond - construction funds 1,365 2,109 4,799 2,848 Increase (decrease) in interim loans 14,000 5,500 (9,500) (9,500) Cash Provided by/(Used) for Financing Activities . . . . . . . 10,188 2,620 (14,980) (16,781) Investing Activities Additions to utility plant and nuclear fuel . . . . . . . . . . . . (4,822) (4,104) (8,496) (8,554) AFUDC - borrowed funds . . . . . . . (12) (10) (31) (18) Increase in decommissioning fund . . (731) (752) (1,257) (1,431) Cash Used for Investing Activities . (5,565) (4,866) (9,784) (10,003) Changes in Cash (Note 6) . . . . . . 1,061 (3,013) 1,432 (628) Cash at beginning of period . . . . . 1,762 4,415 1,391 2,030 Cash at end of period . . . . . . . . $2,823 $1,402 $2,823 $1,402 The accompanying notes are an integral part of the above statements.
MADISON GAS AND ELECTRIC COMPANY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) June 30, 1994 The consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of Company management, all adjustments (consisting of only normal recurring adjustments) necessary to fairly present results have been made. It is suggested that these consolidated financial statements be read in conjunction with the financial statements and the notes thereto set forth on pages 17 through 26 of the Company's 1993 Annual Report to Shareholders as incorporated in the Company's 1993 Annual Report on Form 10-K. 1. Summary of Significant Accounting Policies The accounting and financial policies relative to the following items have been described in the "Notes to Consolidated Financial Statements" in the Company's 1993 Annual Report to Shareholders and have been omitted herein because they have not changed materially through the date of this report. a. Basis of consolidation b. Revenue recognition c. Utility plant d. Nuclear fuel e. Joint plant ownership f. Depreciation g. Income taxes h. Pension plans i. Postretirement benefits other than pensions j. Postemployment benefits other than pensions and health care k. Fair value of financial investments l. Capitalization matters: common stock; redeemable preferred stock; First Mortgage Bonds, notes payable to banks, commercial paper, and lines of credit m. Segments of business 2. Nuclear Decommissioning In July 1994, the Public Service Commission of Wisconsin (PSCW) issued a generic order covering all utilities in the state that have nuclear generation. This order standardizes certain assumptions to be used in determining nuclear decommissioning liabilities. The order mandates that specific inflation assumptions be determined for the labor, burial, energy, and other components of a site-specific study. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued) The Company's share of decommissioning costs for Kewaunee are estimated to be $65 million in current dollars based upon a site-specific study performed in 1992 using immediate dismantlement as the method of decommissioning. As of June 30, 1994, the accumulated provision for depreciation included accumulated provisions for decommissioning totalling $27 million. Physical decommissioning is expected to occur during the period 2014 to 2021, with additional expenditures being incurred during the period 2022 to 2050 related to the storage of spent nuclear fuel at the site. The Company's share of future year costs of decommissioning are estimated to be expended between the years 2014 to 2050 is $339.2 million. The Company is currently addressing the changes in future decommissioning costs as a part of its current rate filing. 3. Per-Share Amounts Earnings per share of common stock computed on the basis of the weighted average of the daily number of shares outstanding for the three-months and for the six-months ended June 30, 1994, were 10,719,812; and for the three-months and six-months ended June 30, 1993, were 10,697,218 shares, respectively. Dividends declared and paid per share of common stock for the periods ended June 30, 1994 and 1993, were, respectively: for the three months, $0.465 and $0.455; for the six months, $0.93 and $0.91. 4. Rate Matters In April 1994, the Company announced its intention to reduce electric rates for the test period beginning January 1, 1995, by approximately $5.8 million and freeze natural gas rates for the same time period. The proposed changes would remain in effect through December 31, 1996. Hearings will take place on the Company's recent rate filing in September of this year. A decision is expected sometime in late December. 5. Commitments and Contingencies ANR Pipeline Company (ANR) and Northern Natural Gas Company (NNG) have both entered into settlements with their gas suppliers concerning take- or-pay provisions of gas supply contracts that are being canceled. Remaining charges applicable to the Company for take-or-pay to ANR are $75,000 including interest. This is being paid to ANR as a fixed charge through July 1, 1995. Also, a volumetric surcharge is being paid to both ANR and NNG. ANR's surcharge is applied through April 1998; NNG's is effective through May 1996. The PSCW has approved procedures whereby the Company is allowed to recover both fixed and volumetric take-or-pay charges in rates. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued) 6. Supplemental Cash Flow Information Cash payments for interest (net of amounts capitalized) and income taxes for the periods ended June 30 were as follows (in thousands of dollars): Three Six Months Ended Months Ended 1994 1993 1994 1993 Interest (net of amounts capitalized) $3,781 $3,887 $5,332 $5,679 Income taxes paid $5,376 $5,426 $6,001 $6,253 7. Regulatory Liability Effective January 1, 1993, the Company adopted Statement of Financial Accounting Standard (SFAS) No. 109, "Accounting for Income Taxes." The cumulative effect of implementation on net earnings for the six months ended June 30, 1993, was insignificant. As a result of applying the provisions of SFAS No. 109, the Company has recorded, at June 30, 1994, a regulatory liability of $25,107,000, which represents the probable future cash flow associated with deferred taxes previously collected from ratepayers. 8. Accounting Policies Effective January 1, 1994, the Company adopted SFAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities," which addresses the accounting and reporting for investments in equity securities that have readily determinable fair values and for all investments in debt securities. The adoption of SFAS No. 115 did not have a material effect on the financial position of the Company. 9. Accounts Receivable On June 30, 1994, the Company bought back $15 million of its accounts receivable from a wholly owned subsidiary of The First National Bank of Chicago. The Company sold $15 million of its accounts receivable in December 1990. The Company issued short-term debt for the buyback of its receivables. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations LIQUIDITY AND CAPITAL RESOURCES The Company's internally generated funds were greater than the funds used for construction and nuclear fuel expenditures during all of the periods ended June 30, 1994. It is anticipated that 1994 construction and nuclear fuel expenditures will be $20 million. The Company also expects to expend and capitalize about $3 million on conservation programs. The Company expects to meet these requirements with internally generated funds and construction fund draw-downs. Bank lines of credit available to the Company are currently $22 million. The Company's capitalization ratios were as follows: June 30, 1994 December 31, 1993 Common Shareholders' Equity . . . . 56.4% 55.3% Redeemable Preferred Stock* . . . 1.7 1.7 Long-term Debt . . . . . . . . . . 37.7 36.0 Short-term Debt . . . . . . . . . . 4.2 7.0 *Includes current maturities and current sinking fund requirements. The Company's bonds are currently rated Aa2 by Moody's Investors Service, Inc., and AA by Standard & Poor's Corporation. The Company's dealer-issued commercial paper carries the highest ratings assigned by Moody's and Standard & Poor's. RESULTS OF OPERATIONS Electric Revenues The warmer-than-normal weather experienced in this year's second quarter, when compared against the cooler-than-normal weather experienced during last year's second quarter, contributed to increased electric sales, as shown in the table below. As a result, electric revenues for this year's second quarter, when compared to the second quarter of 1993, increased approximately 4 percent. Electric revenues increased approximately 3 percent for the first half of 1994 when compared to the same time period a year ago. Changes in electric retail sales (MWH), as compared to the same periods the previous year, were as follows: For the periods ended June 30 Retail Electric Sales Three Months Increase in MWH Sales . . . . . . . . . . . 37,422 Percentage Change . . . . . . . . . . . . . 7% Six Months Increase in MWH Sales . . . . . . . . . . . 53,219 Percentage Change . . . . . . . . . . . . . 5% MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) Gas Revenues For the six months ended June 30, 1994, gas revenues increased about 14 percent compared to the same 1993 period. The increase in gas revenues for the six months ended June 30, 1994, can be mostly attributed to the extremely cold first quarter. For the three-months ended June 30, 1994, gas revenues decreased about 8 percent as compared to the same period last year. The decrease in gas revenues for the three-months ended June 30, 1994, is due to a warmer second quarter and recording more transport. The following table illustrates heating degree days (as measured by the number of degrees the mean daily temperature is below 65 degrees Fahrenheit) as compared to normal and the same periods the previous year. For the periods ended June 30 1994 Normal 1993 Three Months 781 875 903 Six Months 4,791 4,507 4,488 Electric Fuel and Natural Gas Costs Fuel costs increased for the three-month and six-month periods ended June 30, 1994, versus the same periods in 1993, due mainly to increased demand. Fuel used for electric generation increased approximately 39 percent and 21 percent for the three- and six-month periods, respectively. However, purchased power costs for the same time periods decreased significantly when compared to last year. As a result of lower fuel costs, MGE used more of its generating units to meet power demands. This resulted in a decrease of purchased energy. The unseasonably warm June caused power demands to increase significantly. During June, the Company set a record for peak demand on June 17 at 551 megawatts for one hour. The old record of 541 megawatts for one hour was set in August of 1993. Purchased gas costs decreased 11 percent for the three-month period ended June 30, 1994, when compared to the same 1993 period. The decrease is attributed to the 12 percent decrease in the volume of gas purchased. Purchased gas costs are 16 percent higher for the first half of 1994 versus 1993 due mainly to higher volumes of purchased gas to meet increased demand. Other Items Interest on long-term debt decreased approximately 8 percent and 10 percent for the three- and six-month periods ended June 30, 1994, as compared to the same periods for 1993. This is attributable in part to the Company's refinancing of several of its First Mortgage bond issues at lower interest rates and the call for redemption of its 8 percent, 1999 Series, First Mortgage bonds. PART I. OTHER INFORMATION Item 4 Results of Votes of Security Holders The Company's Annual Meeting of Shareholders was held on May 9, 1994, in Middleton, Wisconsin. Proxies for the meeting were solicited pursuant to Regulation 14A of the Securities Exchange Act. The election of nominees for directors of Class II to hold office until 1997 were voted upon by shareholders at the meeting. The table below briefly describes the results of the shareholders' votes. Voter results of extending Class II Directors' term until 1997: Withhold For Authority Robert M. Bolz 8,988,514 106,775 Phillip C. Stark 9,000,426 94,863 H. Lee Swanson 9,007,421 87,868 Frank C. Vondrasek 9,001,551 93,738 Item 6 (a) Exhibits Exh. No. Description of Document 4 Indenture of Mortgage and Deed of Trust between the Company and Firstar Trust Company, as Trustee (and supplements) reference was provided in the Company's 1993 Annual Report on Form 10-K (Commission File No. 0-1125). Item 6 (b) Reports on Form 8-K No reports on Form 8-K were filed during the quarter for which this report is filed. Item 12 Ratio of Earnings to Fixed Charges Six Months Ended June 30, 1994 Earnings Income before interest expense $17,673 Add: Income tax items 7,169 Income tax on other income 260 Amortization of debt discount, premium expense 87 Allowance for funds used during construction - borrowed funds 31 Interest on rentals 320 Total Earnings $25,540 Fixed Charges: Interest on long-term debt $5,252 Other interest 145 Amortization of debt discount premium expense 87 Interest on rentals 320 Total Fixed Charges $ 5,804 Ratio of Earnings to Fixed Charges 4.40x S I G N A T U R E S Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MADISON GAS AND ELECTRIC COMPANY (Registrant) Date: August 11, 1994 /s/ David C. Mebane David C. Mebane Chairman, President and Chief Executive Officer (Duly Authorized Officer) Date: August 11, 1994 /s/ Joseph T. Krzos Joseph T. Krzos Vice President - Finance (Chief Financial and Accounting Officer) -----END PRIVACY-ENHANCED MESSAGE-----