MGE Energy's earnings jumped 40 percent in the first quarter of 2013 compared to the same period last year.

The parent company of Madison Gas & Electric said colder temperatures this winter helped fuel the increase.

MGE had net income of $22.6 million, or 98 cents a share, on revenues of $167.2 million for the three months that ended March 31. That's up from net income of $16 million, or 69 cents a share, on revenues of $149.3 million for the 2012 first quarter.

Natural gas sales were 27 percent higher than a year ago as customers used more heat, MGE said. In March, for example, the average temperature was 26.9 degrees, compared to 50.4 degrees in March 2012, the utility said. The normal average temperature in March is 35.3 degrees.

Business reporter for the Wisconsin State Journal

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(3) comments

River
River

But year after year they ask for an increase. It's ridiculous. Luckily, the freeze should help customers in the short-term.

In Medias Res
In Medias Res

I had to pay more during this cold winter for gas to heat my house, but I'm hoping to get that back in the form of increased stock dividends. If you can afford to buy some, MGEE is a good stock to own, especially if you live in their service area and have no choice but to do business with them.

RatKiller
RatKiller

These folks use union labor. I guess that didn't slow down their bottom line much, did it?

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