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Vectren Corporation's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Then Jerry Benkert, Executive Vice President and CFO, will provide details on the 2012 outlook for our Utility and Nonutility businesses, and will finish with a few summary remarks. Following Jerry’s comments, we will be happy to take your questions. Also joining us on today’s call is Ron Christian, Executive Vice President and Chief Legal and External Affairs Officer.

With that, I’ll turn it over to Carl.

Carl Chapman

Thanks, Robert. I would also like to welcome everyone to today’s call. As always, we appreciate you joining us.

Looking at slide three, I’ll briefly go over our highlights for the year. Overall, we are very pleased with our 2011 results and our earnings growth for the year. Our Utility operations performed very well again this year, supported by the approval of our $28.6 million electric base rate case, which we implemented in early May. While we did not receive authorization and the rate order to proceed with full electric decoupling, we were later granted approvals to expand our efficiency programs for all of our electric customers with the opportunity for lost margin recovery resulting from the implementation of these programs.

On the gas side, we received approval to continue our Indiana natural gas efficiency programs and our decoupling mechanisms for the next four years. And finally, legislation passed in both Indiana and Ohio that is supportive of infrastructure modernization programs. In Indiana, SB251 provides for the recovery of 80% of capital and O&M expenditures associated with federally mandated requirements outside of base rate filings, with the remaining 20% deferred for recovery until next rate case.

In Ohio, the legislation only applies the capital expenditures, but is much broader in terms of the types of capital expenditures that are covered. On February 3, we initiated a filing under this HB95 for about $25 million of our 2012 Ohio gas expenditures seeking deferral authority for post in-service depreciation, ongoing deferral of carrying costs and property taxes until a future rate case filing.

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