Utility Operations Drive Vectren Profit
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.