Electricity Prices Rise for Madison Gas and Electric Co. Customers Amid Higher Fuel Costs

Madison Gas and Electric Co. customers will face higher electricity prices for the remainder of the year due to a 2.4% surcharge approved by the state Public Service Commission. This increase will add approximately $1.15 to the average residential customer's monthly bill of $47.50. The surcharge is in effect from August 28 to December 31 and aims to offset the utility company's higher fuel costs resulting from outages at the Columbia power plant.

Key Takeaways:

• A 2.4% surcharge was approved by the state Public Service Commission to cover Madison Gas and Electric Co.'s higher fuel costs.
• The surcharge will add $1.15 to the average residential customer's monthly bill of $47.50.
• The increase will be in effect from August 28 to December 31.
• The surcharge is intended to address the utility company's higher fuel costs due to outages at the Columbia power plant.
• Metropolitan Life Insurance Co. acquired General American Life Insurance Co. and its subsidiaries in a $1.2 billion deal, resolving the insurer's liquidity crisis.
• The average rate on 30-year fixed-rate mortgages decreased to 7.80% from 7.93% last week, according to Freddie Mac.
• 15-year mortgages averaged 7.43%, down from 7.53% last week.
• Youth unemployment in July was at its lowest level in 30 years, with a rate of 10.1% for Americans ages 16 to 24.
• Cisco Systems acquired Cerent and Monterey Networks for $7.4 billion, entering direct competition with Lucent Technologies, Nortel Networks, and Alcatel.
• Burger King Corp. canceled the rights of an Israeli company to operate a franchise in the West Bank and ordered the removal of its brand from the site immediately.

Statistics:

• 2.4% surcharge approved by the state Public Service Commission
• $1.15 added to the average residential customer's monthly bill of $47.50
• 10.1% youth unemployment rate for Americans ages 16 to 24
• 7.80% average rate on 30-year fixed-rate mortgages
• 7.43% average rate on 15-year mortgages
• $1.2 billion deal for the acquisition of General American Life Insurance Co.
• $7.4 billion acquisition price of Cerent and Monterey Networks by Cisco Systems

Sources:

• "Surcharge OK'd to offset higher fuel costs." Milwaukee Journal Sentinel
• "Metropolitan Life to Acquire General American Insurance." Reuters
• "Freddie Mac Reports Week's Mortgage Rates." Freddie Mac
• "Youth unemployment rate lowest in 30 years." Bureau of Labor Statistics
• "Cisco to Buy Two Fiber-Optic Companies." Wall Street Journal
• "Burger King cancels Israeli franchise." AP News