UIL Holdings Corporation (NYSE: UIL) today reported consolidated net income of $15.7 million, or $0.31 per diluted share for the third quarter of 2012, compared to $12.2 million or $0.24 per diluted share for the same period in 2011. For the first nine months of 2012, UIL’s consolidated net income was $74.8 million, or $1.46 per diluted share, compared to $78.4 million, or $1.54 per diluted share for the same period in 2011.
“We continue our focus on short-term operations and maintenance cost controls at all our companies to mitigate the earnings impact of the record warm weather experienced earlier in 2012,” said James P. Torgerson, UIL’s president and chief executive officer. “We are executing on our growth strategy of converting businesses and households to natural gas heat, and we are presently 55% ahead of our 2011 levels. As of the end of October, we have converted 8,919 customers, compared to 5,740 customers for the same period in 2011, and we are on track to meet our 2012 goal of 10,200 conversions.”
“In addition, we are pleased with the draft comprehensive energy strategy that was recently issued by Governor Dannel Malloy and the Department of Energy and Environmental Protection,” added Torgerson. “UIL has been a constant advocate for policies that reflect a strategic vision for the energy industry in Connecticut. The draft of the strategy includes the goal of making natural gas, a lower-cost option, available to more than 250,000 additional residential customers and potentially up to 75% of businesses in Connecticut in the next seven years. In addition to expanding the use of natural gas, the draft also includes recommendations promoting increased energy efficiency, both of which will provide significant opportunities for our company and help the State of Connecticut in terms of job creation and economic growth.”
“Lastly, over the past week, we have been dealing with the impact of Hurricane Sandy,” added Torgerson. “The storm caused extensive damage to the electric system in UI’s service territory with approximately 250,000 customer outages. As of this morning, approximately 97% of our customers have power. Our employees and contractors have done a stellar job, working around the clock, on restoration efforts.”