Recent third-quarter financial reports from major state power utilities show falling earnings.
And expectations for the future earnings appear to be dimming because of the poor economy.
…Madison-based Alliant Energy Corporation, which also operates in Iowa, reports that its profits for the period ending September 30th dropped from about $120 million a year ago to about $109 million this third quarter. The utility cited clean-up costs associated with flooding that swamped Cedar Rapids earlier this year.
…Milwaukee-based Wisconsin Energy reports that net income dropped from $83 million in the third quarter of last year to $77 million this year. Officials cited a cool summer, reducing demand for air conditioning, and falling consumption by residential and business customers.
…And Minneapolis-based Xcel Energy says its third-quarter earnings dropped from $255 million dollars last year to $223 million this year. The company also missed analysts expectations, and officials warned the recessionary economy will affect future earnings.
Meanwhile, the state utility regulating body is planning public hearings today in Eau Claire and La Crosse on a request by Xcel’s Northern State Power Company to raise electric and natural gas rates to take care of fuel and maintenance cost increases.
This Thursday, Integrys Energy is set to release its third-quarter financial report. Integrys is the parent of Wisconsin Public Service of northeastern Wisconsin and the Upper Peninsula Power Company.
Also coming soon are the third-quarter results for Madison Gas and Electric.
