Third Quarter Operating Results
Total revenues for the third quarter of 2012 were $450 million compared with $439 million for the third quarter of 2011, an increase of $11 million, or 3%.
Retail revenues were $422 million for the third quarter of 2012 compared to $406 million for the third quarter of 2011. The increase of $16 million, or 4%, consisted of the following (in millions):
|Changes in the PCAM for 2011||$||11|
|Independent Spent Fuel Storage Installation tax credits provided to customers in 2011||4|
|Increase in volume and price for energy delivered to direct access customers||3|
|Changes in volume of energy sold to retail customers||(4||)|
|Average retail price of energy declined 1%||(4||)|
|The aggregate impact of several items, including decoupling mechanism, supplemental tariffs and other||6|
Residential energy deliveries increased 2%, while energy deliveries to industrial and commercial customers were comparable to the third quarter of 2011. For 2012, there was an increase in the number of industrial and commercial customers electing to purchase their energy requirements from an approved electricity service supplier. Due to this shift, retail revenues attributable to commercial and industrial customers declined in the third quarter of 2012 relative to same period of 2011.