Fiscal Note
No fiscal impact.
Title
Directing the City Treasurer to vote shares of MGE stock held by the City of Madison in support of two stockholder resolutions to spur use of renewable energy and reduce carbon-based fuels.
Body
WHEREAS, the City of Madison adopted a Sustainability Plan that specifies a renewable energy goal of 25% renewable electrical energy delivered to MGE customers in the City by 2025 and;
WHEREAS, MGE currently provides 12.2% of its electrical energy from renewable sources and has not defined a plan to achieve the goal of 25% and;
WHEREAS, MGE declined to support the City's proposal to the US Department of Energy to evaluate the efficacy of adding 60 megawatts of new solar-based energy within the City in the next ten years;
WHEREAS, MGE proposed and was granted a rate change by the Public Service Commission of Wisconsin which creates disincentives for customers' use of renewable energy and;
WHEREAS, MGE shareholders have proposed a resolution that MGE commission a report that identifies strategies for MGE to provide 25% of its sales of electricity from renewable energy sources by the year 2025 and;
WHEREAS, the long-term interests of the MGE utility and the City are best served by operating their business in a sustainable manner and;
WHEREAS, the MGE executive performance metrics used to establish executive compensation are based on earnings per share, customer satisfaction ratings and service reliability and;
WHEREAS, there are no metrics related to reducing greenhouse gas pollution, promotion of energy efficiency or reduction of reliance on coal as the primary source of MGE's power;
WHEREAS, MGE shareholders have proposed a resolution that the Executive Board adopt a policy that rewards executive performance for improving the environmental and sustainability of the company's operation which would include reduction of carbon-based fuels and;
NOW, THEREFORE BE IT RESOLVED, that it is consistent with the specific and general goals of the Madison Sustainability Plan to support the two shareholder resolutions and that the Mayor and the City Council direct the City Treasurer to vote the City's shares of MGE Energy in such support.