EX-99.1 2 a09-32370_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Investor Relations Contact
Craig Jackson, Assistant Treasurer
phone (937) 259-7033

 

News Media Contact
phone (937) 224-5940
e-mail communications@dplinc.com

 

DPL Reports 3rd Quarter 2009 Earnings;

Affirms 2009 and 2010 Earnings Guidance

 

DAYTON, Ohio — October 28, 2009 — DPL Inc. (NYSE: DPL) today reported third quarter 2009 earnings of $0.59 per share, compared to $0.42 per share for the same period in 2008.  For the nine months ended September 30, 2009, earnings were $1.58 per share compared to $1.49 for the same period in 2008.  Earnings per share information reported in this press release are based on diluted shares outstanding unless otherwise noted.

 

“Solid operational performance, and continued cost control combined to mitigate the effects of the economy and the unseasonably mild weather of the third quarter,” said Paul Barbas, DPL President and CEO.  “Specifically, generation output increased 23%, resulting in reduced purchased power and higher margin.”

 

Third Quarter 2009 Financial Results

Revenues decreased $7.2 million to $407.3 million for the three months ended September 30, 2009 compared to $414.5 million for the same period in 2008.  This decrease was primarily the result of lower retail sales volume, lower average wholesale market prices, and decreased RTO capacity and other revenues, partially offset by higher average retail rates and increased wholesale volume.

 

Retail revenues increased $3.1 million resulting from the continued recovery of environmental costs and the implementation of the transmission cost recovery rider, offset by an 11% decrease in retail sales driven largely by milder weather and the economic recession. Total cooling degree days were 29% below the same period in 2008 and 34% below normal.

 

Wholesale revenues increased $3.0 million primarily as a result of a 167% increase in wholesale sales volume, partially offset by a 58% decrease in average wholesale market prices.

 

RTO capacity and other revenues decreased $13.3 million compared to the same period in the prior year due largely to a decrease in PJM transmission and congestion revenues of $9.8 million and a decrease in PJM capacity revenue of $3.7 million.

 

1


 

 

 

Three Months Ended September 30

 

$ in millions

 

2009

 

2008

 

Variance

 

Retail

 

$

318.8

 

$

315.7

 

$

3.1

 

Wholesale

 

30.9

 

27.9

 

3.0

 

RTO Revenues

 

21.5

 

31.3

 

(9.8

)

RTO Capacity

 

33.1

 

36.8

 

(3.7

)

Other Revenues

 

3.0

 

2.8

 

0.2

 

Total Revenues

 

$

407.3

 

$

414.5

 

$

(7.2

)

 

For the nine months ended September 30, 2009, revenues decreased 2% to $1,183.5 million from $1,209.4 million for the same period in 2008.

 

Fuel Costs, which include coal (net of gains on sales), gas, oil, and emission allowances, increased $22.2 million for the three months ended September 30, 2009 compared to the same period in 2008 primarily due to a $17.7 million decrease in gains realized from the sale of coal and a 23% increase in generation output due to improved plant performance.

 

 

 

Three Months Ended September 30

 

$ in millions

 

2009

 

2008

 

Variance

 

Coal

 

82.2

 

$

51.7

 

30.5

 

Natural Gas

 

1.9

 

6.5

 

(4.6

)

Oil

 

1.0

 

4.0

 

(3.0

)

Emission Allowances

 

(0.7

)

0.0

 

(0.7

)

Total Fuel Costs

 

$

84.4

 

$

62.2

 

$

22.2

 

 

For the nine months ended September 30, 2009, fuel costs increased $49.2 million, or 26%, to $241.7 million compared to $192.5 million for the same period in 2008.

 

Purchased Power costs decreased $54.8 million for the three months ended September 30, 2009 compared to the same period in 2008.  The decrease in purchased power costs was due primarily to a 70% decrease in purchased power volume, a 59% decrease in average market prices, and lower RTO-related costs of $5.0 million.

 

 

 

Three Months Ended September 30

 

$ in millions

 

2009

 

2008

 

Variance

 

Purchased Power

 

$

7.0

 

$

56.8

 

$

(49.8

)

RTO Charges

 

25.9

 

29.2

 

(3.3

)

RTO Capacity

 

31.2

 

33.8

 

(2.6

)

Recovery/(Deferral) of RTO Related Charges

 

0.9

 

0.0

 

0.9

 

Total Purchased Power

 

$

65.0

 

$

119.8

 

$

(54.8

)

 

Purchased power costs decreased $100.9 million, or 35%, to $188.0 million for the nine months ended September 30, 2009 compared to the same period in 2008.

 

2


 

Gross margin increased $25.4 million, or 11%, to $257.9 million for the three months ended September 30, 2009 compared to the same period in 2008.  For the nine months ended September 30, 2009, gross margin increased $25.8 million compared to the same period in 2008.

 

Operation and maintenance expense increased $5.6 million for the three months ended September 30, 2009 compared to the same period in 2008.  This increase was primarily the result of higher employee benefit, incentive and pension expenses of $4.5 million, a $1.4 million increase in deferred compensation costs, and a $1.3 million increase in the low-income assistance program funded by the Universal Service Fund (USF) rate rider.  These increases were partially offset by lower operating costs at generation facilities of $4.1 million.

 

For the nine months ended September 30, 2009, operation and maintenance expense increased $25.9 million to $226.3 million compared to the same period in 2008.

 

Depreciation expense for the three months ended September 30, 2009 increased $0.8 million compared to the same period in 2008 primarily as a result of higher asset balances due largely to the completion of the FGD projects in 2008.

 

For the nine months ended September 30, 2009, depreciation costs increased $5.3 million, or 5%, to $107.8 million compared to the same period in 2008.

 

General Taxes decreased $0.5 million for the three months ended September 30, 2009 compared to the same period in 2008 primarily due to lower property tax accruals.

 

For the nine months ended September 30, 2009, general taxes decreased 3%, or $3.2 million, to $89.8 million compared to the same period in 2008.

 

Amortization of Regulatory Assets decreased $0.8 million for the three months ended September 30, 2009 compared to the same period in 2008 primarily due to the 2004 and 2005 storm costs being fully recovered in the third quarter of 2008.

 

For the nine months ended September 30, 2009, amortization of regulatory assets decreased $3.1 million to $4.5 million compared to the same period in 2008.

 

Interest expense for the three months ended September 30, 2009 decreased $2.3 million, or 11%, compared to the same period in 2008.  This decrease was primarily the result of interest savings related to the redemption of DPL’s $175 million 8% Senior Notes in March 2009, partially offset by lower capitalized interest costs of $1.0 million.

 

3


 

For the nine months ended September 30, 2009, interest expense decreased $7.2 million, or 11%, to $60.7 million compared to the same period in 2008.

 

Income Taxes for the three months ended September 30, 2009 increased $1.8 million, or 7%, compared to the same period in 2008, primarily reflecting an increase in pre-tax book income partially offset by a decrease in the effective tax rate.

 

For the nine months ended September 30, 2009, income taxes decreased $1.7 million to $84.2 million compared to the same period in 2008.

 

Liquidity and Cash Flow

DPL’s cash and cash equivalents totaled $62.8 million at September 30, 2009, compared to $62.5 million at December 31, 2008, an increase of $0.3 million.  The increase in cash and cash equivalents was primarily attributed to $292.2 million of cash generated from operating activities, net borrowings from the revolving credit facilities of $115 million, net withdrawals of $6.7 million from restricted funds drawn to fund pollution control capital expenditures and $5 million of cash from the maturity of a short-term investment, partially offset by cash paid to retire $175 million of long-term debt, $134.6 million of capital expenditures, $95.7 million of dividends paid on common stock, and $15.9 million used to repurchase outstanding stock warrants.  At September 30, 2009, DPL had $7.9 million of restricted funds held in trust to fund pollution control capital expenditures.

 

Construction additions were $100.7 million and $168.1 million during the nine month periods ended September 30, 2009 and 2008, respectively, and are expected to be approximately $161 million in 2009.  Construction additions in 2009 are expected to be financed with a combination of cash on hand, short-term financing and cash flows from operations.  Capital projects are subject to continuing review and are revised in light of changes in financial and economic conditions, load forecasts, legislative and regulatory developments and changing environmental standards, among other factors.  For the period 2009 through 2011, DPL is projecting to spend an estimated $540 million on capital projects. This does not include projected capital costs associated with the AMI/Smart Grid plan which is pending PUCO approval.

 

2009 — 2010 Earnings Guidance

DPL has affirmed its 2009 earnings guidance of $2.00 to $2.20 per share and its 2010 earnings guidance of $2.35 to $2.60 per share.  The Company will discuss its 2009 and 2010 earnings guidance during its third quarter conference call and webcast.

 

Common Stock Warrant Exercise; DPL Board Approves Limited Stock Repurchase Program

On October 26, 2009, a common stock warrant holder exercised 3.5 million warrants.  As a result of this exercise, DPL issued 3.5 million shares of common stock from treasury and in turn received $73.5 million in cash.

 

4


 

On October 28, 2009 the DPL Board of Directors approved a Stock Repurchase Program under which DPL may use proceeds it receives from the exercise of warrants to repurchase common stock from time to time in the open market, through private transactions or otherwise. The Program will run through June 30, 2012, which is three months after the end of the warrant exercise period.

 

Conference Call and Webcast

At 9:30 a.m. Eastern on Thursday, October 29, DPL will host a conference call and Webcast to review third quarter 2009 financial results and discuss its earnings guidance.  The conference call will be available in listen-only mode for investors, media and the public by dialing 888.679.8035 for domestic participants or 617.213.4848 for international callers.  The access code is 30833453.  Please dial into the call at least 15 minutes prior to the start of the call to register.

 

The Webcast can be accessed real-time at www.dplinc.com.  Interested parties are encouraged to visit the Web site at least 15 minutes prior to the start of the Webcast to register.  The Webcast will be available for replay on the DPL Web site in the investor relations section following the conference call.

 

5


 

About DPL

DPL Inc. (NYSE:DPL) is a regional energy company.  DPL was named one of Forbes’ “100 Most Trustworthy Companies” in 2009.

 

DPL’s principal subsidiaries include The Dayton Power and Light Company (DP&L); DPL Energy, LLC (DPLE); and DPL Energy Resources, Inc. (DPLER).  DP&L, a regulated electric utility, provides service to over 500,000 retail customers in West Central Ohio; DPLE engages in the operation of merchant peaking generation facilities; and DPLER is a competitive retail electric supplier in Ohio, selling to major industrial and commercial customers. DPL, through its subsidiaries, owns and operates approximately 3,700 megawatts of generation capacity, of which 2,800 megawatts are low cost coal-fired units and 900 megawatts are natural gas and diesel peaking units.  Further information can be found at www.dplinc.com.

 

Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Matters discussed in this press release that relate to events or developments that are expected to occur in the future, including management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters constitute forward-looking statements.  Forward-looking statements are based on management’s beliefs, assumptions and expectations of future economic performance, taking into account the information currently available to management.  These statements are not statements of historical fact and are typically identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” and similar expressions.  Such forward-looking statements are subject to risks and uncertainties, and investors are cautioned that outcomes and results may vary materially from those projected due to various factors beyond our control, including but not limited to: abnormal or severe weather and catastrophic weather-related damage; unusual maintenance or repair requirements; changes in fuel costs and purchased power, coal, environmental emissions, natural gas, oil, and other commodity prices; volatility and changes in markets for electricity and other energy-related commodities; performance of our suppliers and other counterparties; increased competition and deregulation in the electric utility industry; increased competition in the retail generation market; changes in interest rates; state, federal and foreign legislative and regulatory initiatives that affect cost and investment recovery, emission levels and regulations, rate structures or tax laws; changes in federal and/or state environmental laws and regulations to which DPL and its subsidiaries are subject; the development and operation of Regional Transmission Organizations (RTOs), including PJM Interconnection, L.L.C. (PJM) to which DPL’s operating subsidiary (DP&L) has given control of its transmission functions; changes in our purchasing processes, pricing, delays, employee, contractor, and supplier performance and availability; significant delays associated with large construction projects; growth in our service territory and changes in demand and demographic patterns; changes in accounting rules and the effect of accounting pronouncements issued periodically by accounting standard-setting bodies; financial market conditions, including impacts the current financial crisis may have on our business and financial condition; the outcomes of litigation and regulatory investigations, proceedings or inquiries; general economic conditions; and the risks and other factors discussed in DPL’s and DP&L’s filings with the Securities and Exchange Commission.

 

Forward-looking statements speak only as of the date of the document in which they are made.  We disclaim any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based.

 

The information contained herein is submitted for general information and not in connection with any sale or offer for sale of, or solicitation of any offer to buy, any securities.

 

6


 

DPL Inc.

CONDENSED CONSOLIDATED STATEMENTS OF RESULTS OF OPERATIONS

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

$ in millions except per share amounts

 

2009

 

2008

 

2009

 

2008

 

 

 

(unaudited)

 

(unaudited)

 

Revenues

 

$

407.3

 

$

414.5

 

$

1,183.5

 

$

1,209.4

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

Fuel

 

84.4

 

62.2

 

241.7

 

192.5

 

Purchased power

 

65.0

 

119.8

 

188.0

 

288.9

 

 

 

 

 

 

 

 

 

 

 

Total cost of revenues

 

149.4

 

182.0

 

429.7

 

481.4

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

257.9

 

232.5

 

753.8

 

728.0

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Operation and maintenance

 

73.8

 

68.2

 

226.3

 

200.4

 

Depreciation and amortization

 

36.1

 

35.3

 

107.8

 

102.5

 

General taxes

 

30.2

 

30.7

 

89.8

 

93.0

 

Amortization of regulatory assets

 

1.3

 

2.1

 

4.5

 

7.6

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

141.4

 

136.3

 

428.4

 

403.5

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

116.5

 

96.2

 

325.4

 

324.5

 

 

 

 

 

 

 

 

 

 

 

Other income / (expense), net:

 

 

 

 

 

 

 

 

 

Investment income

 

0.1

 

0.5

 

0.7

 

3.1

 

Interest expense

 

(19.6

)

(21.9

)

(60.7

)

(67.9

)

Other income / (deductions)

 

(0.9

)

(0.4

)

(2.0

)

(0.9

)

Total other income / (expense), net

 

(20.4

)

(21.8

)

(62.0

)

(65.7

)

 

 

 

 

 

 

 

 

 

 

Earnings before income tax

 

96.1

 

74.4

 

263.4

 

258.8

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

28.2

 

26.4

 

84.2

 

85.9

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

67.9

 

$

48.0

 

$

179.2

 

$

172.9

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares outstanding (millions):

 

 

 

 

 

 

 

 

 

Basic

 

112.4

 

109.9

 

112.2

 

109.6

 

Diluted

 

114.4

 

115.0

 

113.4

 

116.2

 

 

 

 

 

 

 

 

 

 

 

Earnings per share of common stock:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.60

 

$

0.44

 

$

1.60

 

$

1.58

 

Diluted

 

$

0.59

 

$

0.42

 

$

1.58

 

$

1.49

 

 

 

 

 

 

 

 

 

 

 

Dividends paid per share of common stock

 

$

0.285

 

$

0.275

 

$

0.855

 

$

0.825

 

 

7


 

DPL Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

 

 

Nine Months Ended

 

 

 

September 30,

 

$ in millions

 

2009

 

2008

 

 

 

(unaudited)

 

Cash flows from operating activities:

 

 

 

 

 

Net income

 

$

179.2

 

$

172.9

 

 

 

 

 

 

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

107.8

 

102.5

 

Amortization of regulatory assets

 

4.5

 

7.6

 

Deferred income taxes

 

203.5

 

32.7

 

Changes in certain assets and liabilities

 

(205.4

)

(73.1

)

Other

 

2.6

 

(0.1

)

Net cash provided by operating activities

 

292.2

 

242.5

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Capital expenditures

 

(134.6

)

(173.8

)

Proceeds from sale of property

 

1.2

 

—

 

Purchase of short-term investments

 

—

 

(9.9

)

Proceeds from maturity of short-term investment

 

5.0

 

—

 

Net cash used for investing activities

 

(128.4

)

(183.7

)

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Exercise of stock options

 

1.3

 

1.7

 

Tax impact related to exercise of stock options

 

0.1

 

0.3

 

Repurchase of warrants

 

(15.9

)

—

 

Retirement of long-term debt

 

(175.0

)

(100.0

)

Withdrawals of restricted funds held in trust, net

 

6.7

 

20.5

 

Repurchase of pollution control bonds

 

—

 

(90.0

)

Withdrawals from revolving credit facility

 

260.0

 

105.0

 

Repayment of borrowings from revolving credit facility

 

(145.0

)

(15.0

)

Dividends paid on common stock

 

(95.7

)

(89.9

)

Net cash used for financing activities

 

(163.5

)

(167.4

)

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

Net change

 

0.3

 

(108.6

)

Balance at beginning of period

 

62.5

 

134.9

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

62.8

 

$

26.3

 

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

 

Interest paid, net of amounts capitalized

 

$

67.1

 

$

71.6

 

Income taxes (refunded) / paid, net

 

$

(4.8

)

$

112.7

 

Non-cash financing and investing activities:

 

 

 

 

 

Accruals for capital expenditures

 

$

9.3

 

$

43.3

 

 

8


 

DPL Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

At

 

At

 

 

 

September 30,

 

December 31,

 

$ in millions

 

2009

 

2008

 

 

 

(unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

62.8

 

$

62.5

 

Restricted funds held in trust

 

7.9

 

14.5

 

Accounts receivable, less provision for uncollectible accounts of $1.1 and $1.1, respectively

 

292.0

 

259.9

 

Inventories, at average cost

 

128.0

 

105.1

 

Prepaid income taxes

 

33.0

 

—

 

Taxes applicable to subsequent years

 

14.2

 

58.0

 

Other prepayments and current assets

 

22.9

 

26.7

 

Total current assets

 

560.8

 

526.7

 

 

 

 

 

 

 

Property, plant and equipment:

 

 

 

 

 

Property, plant and equipment

 

5,170.5

 

5,073.4

 

Less: Accumulated depreciation and amortization

 

(2,432.1

)

(2,350.6

)

 

 

2,738.4

 

2,722.8

 

Construction work in process

 

142.0

 

153.6

 

Total net property

 

2,880.4

 

2,876.4

 

 

 

 

 

 

 

Other noncurrent assets:

 

 

 

 

 

Deferred recoverable income taxes

 

80.7

 

81.2

 

Other regulatory assets

 

178.0

 

152.5

 

Total regulatory assets

 

258.7

 

233.7

 

Other deferred assets

 

42.9

 

38.3

 

Total other noncurrent assets

 

301.6

 

272.0

 

 

 

 

 

 

 

Total Assets

 

$

3,742.8

 

$

3,675.1

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Current portion - long-term debt

 

$

0.7

 

$

175.7

 

Accounts payable

 

71.0

 

178.3

 

Accrued taxes

 

67.2

 

130.4

 

Accrued interest

 

18.8

 

25.0

 

Revolving Credit borrowings

 

115.0

 

—

 

Customer security deposits

 

19.4

 

19.8

 

Other current liabilities

 

26.2

 

14.7

 

Total current liabilities

 

318.3

 

543.9

 

 

 

 

 

 

 

Noncurrent liabilities:

 

 

 

 

 

Long-term debt

 

1,375.8

 

1,376.1

 

Deferred taxes

 

637.0

 

433.7

 

Regulatory liabilities

 

125.3

 

121.9

 

Pension and retiree benefits

 

97.8

 

94.7

 

Unamortized investment tax credit

 

35.9

 

38.0

 

Insurance and claims costs

 

15.1

 

17.6

 

Other deferred credits

 

58.6

 

50.7

 

Total noncurrent liabilities

 

2,345.5

 

2,132.7

 

 

 

 

 

 

 

Redeemable preferred stock of subsidiary

 

22.9

 

22.9

 

 

 

 

 

 

 

Common shareholders’ equity:

 

 

 

 

 

Common stock, at par value of $0.01 per share

 

1.2

 

1.2

 

Warrants

 

19.0

 

31.0

 

Common stock held by employee plans

 

(19.5

)

(27.6

)

Accumulated other comprehensive loss

 

(41.6

)

(44.6

)

Retained earnings

 

1,097.0

 

1,015.6

 

Total common shareholders’ equity

 

1,056.1

 

975.6

 

 

 

 

 

 

 

Total Liabilities and Shareholders’ Equity

 

$

3,742.8

 

$

3,675.1

 

 

9


 

DPL Inc.

OPERATING STATISTICS

(unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2009

 

2008

 

2009

 

2008

 

 

 

 

 

 

 

 

 

 

 

Electric Sales (millions of kWh):

 

 

 

 

 

 

 

 

 

Residential

 

1,237

 

1,375

 

3,862

 

4,144

 

Commercial

 

961

 

1,055

 

2,799

 

3,001

 

Industrial

 

909

 

1,099

 

2,522

 

3,062

 

Other retail

 

353

 

380

 

1,049

 

1,096

 

Total retail

 

3,460

 

3,909

 

10,232

 

11,303

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

915

 

343

 

2,039

 

1,762

 

 

 

 

 

 

 

 

 

 

 

Total electric sales

 

4,375

 

4,252

 

12,271

 

13,065

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues ($ in thousands):

 

 

 

 

 

 

 

 

 

Residential

 

$

143,668

 

$

139,759

 

$

419,528

 

$

409,349

 

Commercial

 

86,491

 

84,402

 

249,133

 

249,073

 

Industrial

 

61,218

 

64,039

 

172,094

 

182,246

 

Other retail

 

25,324

 

25,121

 

74,290

 

72,973

 

Other miscellaneous revenues

 

2,135

 

2,444

 

6,248

 

7,193

 

Total retail

 

318,836

 

315,765

 

921,293

 

920,834

 

 

 

 

 

 

 

 

 

 

 

Wholesale

 

30,951

 

27,820

 

81,534

 

124,745

 

 

 

 

 

 

 

 

 

 

 

RTO revenues

 

54,547

 

68,101

 

171,578

 

155,123

 

 

 

 

 

 

 

 

 

 

 

Other revenues

 

3,025

 

2,810

 

9,118

 

8,709

 

 

 

 

 

 

 

 

 

 

 

Total operating revenues

 

$

407,359

 

$

414,496

 

$

1,183,523

 

$

1,209,411

 

 

 

 

 

 

 

 

 

 

 

Other Statistics:

 

 

 

 

 

 

 

 

 

Average price per kWh - retail (cents)

 

9.15

 

8.02

 

8.94

 

8.08

 

Fuel cost per net kWh generated (cents)

 

2.30

 

2.47

 

2.41

 

2.24

 

Fuel cost per net kWh generated (cents)-includes allowance / coal sales and derivative gains

 

1.92

 

1.72

 

1.98

 

1.64

 

Electric customers at end of period

 

513,677

 

513,903

 

513,677

 

513,903

 

Average kWh use per residential customer

 

2,716

 

3,017

 

8,464

 

9,072

 

Peak demand - maximum one-hour use (mw)

 

2,726

 

3,027

 

2,909

 

3,027

 

Total generation (millions of kWh)

 

4,428

 

3,613

 

12,212

 

11,754

 

 

 

 

 

 

 

 

 

 

 

Degree Days

 

 

 

 

 

 

 

 

 

Heating

 

75

 

19

 

3,521

 

3,663

 

Cooling

 

424

 

598

 

731

 

839

 

 

Inquiries concerning this report should be directed to:

 

Craig Jackson

Assistant Treasurer

Telephone (937) 259-7033

 

The information contained herein is submitted for general information

and not in connection with any sale or offer for sale of,

or solicitation of any offer to buy, any securities.

 

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