By Atlanta Business Chronicle

AGL Resources Inc.â¿¿s profit fell about $6 million in the second quarter.

The Atlanta-based energy company had net income of $14 million and earnings of 17 cents a share, compared with net income of $20 million and earnings of 26 cents a share for the second quarter of 2009.

The profit drop was due to lower results in the wholesale business related to natural gas prices and their effects on storage and transportation hedges and weather impacts on the retail business during the quarter.

Second-quarter revenue fell about 5 percent to $377 million.

⿿During the second quarter, we achieved a number of important milestones that should strengthen our future performance, including the approval of a rate increase and new rate design for our Chattanooga Gas franchise, significant progress in creating the first cavern at our Golden Triangle Storage project in Texas, and filing a permit application to expand our existing natural gas storage facility in Louisiana,⿝ said John W. Somerhalder II, chairman, president and CEO of AGL Resources, in an earnings release. ⿿In addition, on July 1, we completed the sale of AGL Networks, our telecommunications business, which was a non-core asset for us.⿝

AGL Resources (NYSE: AGL), the parent of Atlanta Gas Light, has more than 2.3 million customers in six states. It also owns Houston-based Sequent Energy Management and markets natural gas to consumers in Georgia under the Georgia Natural Gas brand.

Copyright 2010 American City Business Journals
Copyright 2010