Vectren Meters Higher Profit

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Evansville-based Vectren Corp. (NYSE: VVC) is reporting 2015 net income of $197.3 million, compared to $166.9 million in 2014. However, Chief Executive Officer Carl Chapman says the first half of 2016 will be challenging as low oil prices are driving up competition for pipeline infrastructure work.

He adds "our utility operation continues to show very strong results, driven largely by our gas infrastructure investment programs and our focus on cost control. Our Energy Services business performed well as evidenced by a strong improvement in operating results this year. Infrastructure Services' distribution operation also contributed nicely for the year as the strong demand for distribution infrastructure replacement continues."

Profit in the fourth quarter also rose. The utility reports net income of $65.2 million, compared to $56.2 million.

Chapman says "overall, we feel very good about our ability to execute on our goals for 2016 and longer term. Our utility operation is well positioned to continue to earn its allowed return given the regulatory environment in both Indiana and Ohio, as well as our commitment to cost management. And the nonutility group is focused on taking advantage of the opportunities that exist in the energy infrastructure and services markets. In particular, we expect that the large number of pipeline projects to be built starting later this year and into 2018 should improve the market dynamics in Infrastructure Services' transmission business."

The company is affirming its guidance laid out in November.

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