EXHIBIT 23.2
 
                       CONSENT OF INDEPENDENT ACCOUNTANTS
 
  We hereby consent to the incorporation by reference in this Registration
Statement on Form S-3 of our report dated February 11, 1994, on our audit of
the financial statements of Madison Gas and Electric Company included in the
Company's Current Report on Form 8-K dated February 11, 1994. We also consent
to the reference to our Firm under the caption "Experts."
 
                                          /s/ Coopers & Lybrand
 
Milwaukee, Wisconsin 
February 25, 1994