This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wisconsin Energy's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Turning now to the economy. Wisconsin’s unemployment rate at 6.8% in March, remains well below the national average. And as I mentioned, electric sales to our large commercial and industrial customers rose by 3% in the first quarter of 2012. The sector is showing particular strength in the past quarter include iron ore mining, heavy equipment manufacturing, and for the first time since the recession, the producers of rubber and plastic products.

We’re also seeing a rebound in new customer connections. Compared to the low level of activity during the recession, electric customer connections were up 29% and connections of new natural gas customers rose by 33% over the 12-months ended March.

On the construction front, we have two major projects underway, the 50-megawatt biomass plant in Northern Wisconsin and the air quality control upgrade at the original Oak Creek units. We’re making excellent progress on the biomass plant in Northern Wisconsin. We’ve already topped out the structural steel for the boiler and the steel structure for the turbine and fuel storage buildings are now 90% complete. Construction of the cooling tower is underway as well as excavation work for the auxiliary boiler.

As I’ve noted before, the biomass plant will help us diversify our portfolio of renewable energy. We’ll be able to dispatch the unit in the efficient technology that will produce steam for the operating paper mill of the site will clearly enhance the economics of the project. Our investment of the biomass plant is expected to total between $245 million and $255 million excluding allowance for funds used during construction. We’re on schedule and on budget and meet the completion date by the end of 2013.

Of course, the biomass project and Glacier Hills Wind Park that we completed late last year are key components that will help us meet Wisconsin’s renewable portfolio standard for the year 2015. To refresh your memory, the standard calls for an increase in the amount of electricity delivered from renewable sources from 5% in 2010 to 10% in 2015 at a statewide level.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs