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SouthStar Parent AGL Reports "Favorable" Retail Margins, Results Lifted By Expansion
AGL Resources said that its first quarter 2015 earnings were lifted by improvement in its retail energy marketing segment.
For AGL's retail segment, which includes SouthStar Energy Services as well as its warranty/service contract business, reported first quarter 2015 EBIT of $87 million, up from $80 million a year ago, "mainly from higher margin related to expanded markets and favorable retail margins in Georgia."
AGL executives cited, "strong performance from our expanded markets in improved Georgia retail margins," for the retail segment's results.
During the first quarter of 2015, the retail operations segment recovered $8 million of mark-to-market hedge losses and $3 million of lower-of-cost-or-market (LOCOM) adjustments that were recorded during 2014. The remaining $5 million of hedge losses that were recorded in 2014 are expected to be recovered by the end of the year
SouthStar's average retail supply customer count for the first quarter of 2015 was 637,000. AGL does not report average SouthStar customer count for the three months ended December 31, 2014, but rather, provided an average for the 12-months ending December 31, 2014, which was 628,000. Average customer count for the quarter ending September 30, 2014 had been 619,000.
SouthStar's market share in Georgia has decreased slightly to 30%, versus 31% a year ago, "primarily as a result of a highly competitive marketing environment, which we expect will continue for the foreseeable future," AGL said.
"In 2015, we will continue efforts in our retail operations segment to enter into targeted markets and expand our energy customers and service contracts. We anticipate this expansion will provide growth opportunities in future years," AGL said.
SouthStar Energy Services volumes were for the quarter ending March 31, 2015 as follows (in Bcf):
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April 29, 2015
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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
Georgia Firm 19
Illinois 8
Other (includes FL, MD, NY, OH) 4
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