UIL Holdings Corporation (NYSE: UIL) today reported consolidated net income of $47.1 million, or $0.92 per diluted share for the first quarter of 2012, compared to $52 million or $1.02 per diluted share for the same period of 2011.
“The extremely warm weather in the first quarter of 2012 had a significant impact on the earnings from the gas companies. Heating degree days were 20% below normal for the first quarter 2012 and 23% below the first quarter 2011,” said James P. Torgerson, UIL’s president and chief executive officer. “A full revenue decoupling mechanism is in place for electric distribution, so the weather did not have an impact on its earnings,” Torgerson added.
“We will continue to focus our efforts on controlling costs, converting customers to natural gas heating and executing on our capital expenditure program,” concluded Torgerson.
Electric distribution, CTA & otherEarnings from the electric distribution business for the first quarter in 2012 were $14.2 million, or $0.28 per diluted share, compared to $10.7 million, or $0.21 per diluted share, for the same period in 2011. The increase in earnings was primarily attributable to increased income from the investment in GenConn, described below. Pre-tax earnings from the equity investment in GenConn were $4.5 million, compared to pre-tax earnings of $2.1 million for the same period in 2011. Both GenConn plants are now operating in the ISO-NE markets. GenConn Devon became operational in the summer of 2010 and GenConn Middletown became operational in June of 2011. Electric transmission Earnings from the electric transmission business for the first quarter in 2012 were $7.4 million, or $0.15 per diluted share, compared to $7.7 million, or $0.15 per diluted share, for the same period in 2011. The decrease in earnings was primarily attributable to a decrease in the allowance for funds used during construction partially offset by income earned on an increase in rate base.
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