Utility Operations Drive Vectren Profit

Posted: Updated:
EVANSVILLE -

Evansville-based Vectren Corp. (NYSE: VVC) is reporting first quarter net income of $55.4 million, up from $48.3 million during the same period the previous year. The utility says the earnings were slightly offset by losses in its infrastructure services and energy services divisions.

Vectren's Utility Group, which comprises its gas and electric utilities, is reporting total earnings of $65.9 million for the quarter. Vectren's gas utility services operating segment saw an earnings increase of $7.5 million, while its electric utility services operating segment decreased by $2.9 million.

"Our first quarter results for the Utility Group are on track, considering first quarter weather that was significantly warmer this year compared to normal," said Carl Chapman, chief executive officer of Vectren. "Our Utility Group results reflect the on-going investment in our gas infrastructure programs in both Indiana and Ohio. And, while not yet impacting earnings, we continue to work diligently on our electric grid modernization and generation diversification plans that will set the stage for additional growth."

Vectren's Nonutility Group, which is comprised of the infrastructure services and energy services operations, is reporting a loss of $10.5 million for the quarter. You can view the full Vectren earnings report by clicking here.

Vectren is currently awaiting a ruling by the Indiana Utility Regulatory Commission regarding its proposed seven-year, $514 million plan for system improvements. The plan, if approved, would create annual fixed rate increases adding up to more than $13 per month by 2024.

  • Perspectives

    • The Power of Partnerships

      You can't go it alone in tech. All technology companies, regardless of their segment, live in an ecosystem comprised of organisms of varying complexity. More mature companies in established categories can function at the top of the food chain, consuming smaller companies through acquisition, but startups are seldom if ever in a position to gain dominance through acquisition. It’s vital for the success of a startup to be able to play well with others...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Liberty Mutual Plans 400 New Carmel Jobs

      Boston-based Liberty Mutual Group Inc. is planning to add up to 400 Carmel jobs as part of a $14 million expansion plan. The insurance company has a global presence and currently employs 1,430 in central Indiana. The Indiana Economic Development Corp. says the new jobs, expected to be created by 2021, will pay more than the state and Hamilton County average wages. Plans call for Liberty Mutual to lease...

    • Alliance Française Moves HQ to Carmel

      The Indianapolis chapter of the Alliance Française has relocated its headquarters to Carmel. The organization says the new located, at Pedcor Square in Carmel City Center, is a strategic location due to a large number of its members residing in the Hamilton County city. 

    • Opioid Withdrawal Treatment Lands FDA Clearance

      The U.S. Food and Drug Administration has given clearance for a medical device developed in Indiana to help treat symptoms of opioid withdrawal. The device, known as the NSS-2 BRIDGE, was created by Innovative Health Solutions Inc. in Versailles.

    • LCI Industries Adds RV Vet to Board

      A well-known figure on the northern Indiana recreational vehicle scene is joining the Elkhart-based LCI Industries (NYSE: LCII) board. Grand Design Recreational Vehicle Co. co-founder Ron Fenech, who previously held executive positions with Thor Industries Inc. (NYSE: THO) and Keystone RV Co., will also serve on the LCI board's corporate governance and nominating committee.

    • Coal Loading Facility Planned For Princeton

      A subsidiary of Denver-based Hallador Energy Co. (Nasdaq: HNRG) has announced plans to construct a new truck-to-rail coal loading facility near Princeton. Sunrise Coal LLC in Terre Haute says the facility, known as the Princeton Loop, is expected to be complete in the spring of 2018.