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WGES Reports Higher Earnings, Customer Count Down Marginally Versus March 31

August 3, 2011
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WGL Holdings' retail energy marketing segment reported higher operating earnings of $7.8 million for the quarter ending June 30, 2011, versus $6.0 million a year ago.

The increase in operating earnings for the quarter was driven by higher natural gas margins related to favorable timing on the recognition of margins compared to the prior year as well as customer growth, and also increased sales of higher margin products.

Also contributing to improved operating earnings were slightly higher electric margins reflecting higher sales volumes associated with customer growth as well as favorable weather and pricing conditions in June 2011, partially offset by the favorable effect in the prior year of a true-up with the electric grid operator.

Partially offsetting the benefits of increased margins were higher operating expenses due to higher marketing and salary expenses.

Washington Gas Energy Services' customer count stood at 356,000 as of June 30, 2011, down marginally from 357,100 as of March 31, 2011, but up 18% versus the year-ago's 302,600.

WGES' electric customer count grew to 183,900 as of June 30 2011, slightly higher than the 183,700 as of March 31, 2011, and up 30% versus the 141,700 as of a year ago.

WGES recorded a decrease in natural gas customers versus March 31, 2011, with 172,100 gas customers as of June 30, 2011, versus 173,400 as of March 31, 2011. The year-ago gas customer count was 160,900.

Electric volumes at WGES for the quarter ending June 30, 2011 were 2,687 GWh, versus 2,358 GWh a year ago. Gas volumes at WGES were 91.3 million therms for the quarter, versus 87.2 million therms a year ago.

GAAP earnings for the retail energy marketing segment were $8.4 million for the quarter, versus $20.7 million a year ago. GAAP results reflect unrealized mark-to-market gains or losses attributable to certain wholesale energy supply and retail sales contracts.

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