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PPL Supply Earnings Higher
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October 29, 2010
PPL's Supply unit reported
higher earnings from ongoing operations of $260 million in the third quarter, versus
$124 million a year ago, on higher realized prices for its Eastern baseload generation.
The Supply business is benefiting from hedges that were entered into at very attractive prices in the past, executives said during an earnings call.
Reported earnings for the Supply segment were $153 million for the quarter, versus a reported loss of $31 million a year ago.
Domestic retail sales by PPL EnergyPlus, including POLR sales at PPL and competitive retail sales, were lower 2,260 GWh for the quarter, versus 9,603 GWh a year ago.
Operating revenues from unregulated retail electric and gas sales were higher for the quarter at $116 million, versus $34 million a year ago.
Regarding customer migration at PPL Electric Utilities, COO William Spence said
that incremental shopping will depend on how far the forward prices continue to fall.
Spence noted that, since PPL executed the contracts for default service next year,
which went down by about a penny per kilowatt-
"So I think the headroom is continuing to grow somewhat. So I would expect that shopping would continue to be active in 2011. But there is also the factor that those that would likely want to shop may have already taken the opportunity and those that either are not interested or it's a distraction for them or whatever, probably will continue not to shop," Spence said.
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