Jim (cont'd):   

It's Wisconsin Energy Corp. (WEC)...

The good news...

The company's board announced a 25% dividend hike. That will bring its annual payout to $1.35 per share, for roughly 3.3% yield. There are better yields in the sector, but this one is not half bad.

How about the bad news?...

On Friday, WEC said it was not immune to the recession, and that it expects electricity sales to its large commercial and industrial customers to decline by 6% in 2009, while sales to its smaller commercial and industrial customers to decline by 2.5%...

Hey come on, this is a utility... that's not what we want to hear...

On the other hand, the company completed its big $2.4 billion capital expenditure plan to upgrade its infrastructure in Wisconsin and Michigan, building natural gas and coal fired plants.

I like the dividend raise... clearly an example of the company trying to take advantage of the tough market to try to attract investors... but I'm a bit worried over the company's comments about reduced demand for electricity, because I've always taken this once the bank... so I want to hear from the CEO of WEC, Gale Klappa, to check out how things are going...

Mr. Klappa, welcome to Mad Money...

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Jim's comments AFTER the interview:     Guys, most dividends in utilities don't grow like this... If you want a growth utility, it's Wisconsin Energy Corp. (WEC)...