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February 24, 2011  

Flash: Direct Energy Loses 90,000 Residential Customers in Second Half of 2010

Direct Energy's residential energy supply customer count decreased to 2.855 million as of December 31, 2010 versus 2.945 million as of June 30, 2010, and 3.075 million as of December 31, 2009, parent Centrica said in reporting earnings this morning. The net loss of 90,000 residential supply customers compares to a net loss of 130,000 residential customers during the first half of 2010. Direct Energy said that it now has over 100,000 residential supply customers in Pennsylvania and Maryland, versus 50,000 customers (all in Pennsylvania) as of June 30, 2010. Direct Energy posted a 54 percent increase in operating profit for the full year 2010 from US$235 million to $362 million. Additional details on Direct's results on Friday.

Flash: Integrys Energy Services Adjusted Earnings Higher

Adjusted earnings for Integrys Energy Services increased to $6.9 million for the fourth quarter of 2010, from $2.7 million for the fourth quarter of 2009, Integrys Energy Group said in reporting earnings after the market close yesterday. Results were driven by a $9.2 million decrease in operating expense, due to a decrease in employee payroll and benefit expenses, primarily related to the reduction in the size of Integrys Energy Services as a result of the prior strategy change. A $3 million benefit also resulted from a change in the effective tax rate. An $8.8 million quarter-over-quarter decrease in realized margins partially offset these gains, largely due to the absence of wholesale margins from its exited wholesale businesses. Integrys Energy Services posted a net $3.8 million increase in realized retail margins, however, primarily due to increased marketing efforts and a change in pricing methodology and customer mix in the retail electric markets that Integrys Energy Services is continuing to operate in as part of its revised strategy. Additional details on Integrys Energy Services' results on Friday.

DPUC Files Annual Report on Supplier Licensing

The Connecticut DPUC filed in Docket No. 11-01-07 its 2010 annual report to the General Assembly on Licensing Electric Suppliers. During the 2010 annual period, it took the Department an average of 69 days to process supplier applications and an average of 55 days to process aggregator registrations (which were temporarily suspended in August). From January 1, 2010 through December 31, 2010, the Department received 7 applications for electric supplier licenses and 12 applications for aggregator registrations. During the 2010 year, 8 supplier licenses were approved, which included one applicant from the prior year; and 13 aggregator registrations were approved, which included one applicant from the prior year.


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