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WGL Holdings' Retail Marketer Posts Earnings Growth, Customer Count Decline on Strategy Change
The quarter ending June 30, 2015 marked the fourth consecutive quarter of "strong improvement" in adjusted EBIT over prior year results at WGL Holdings' retail energy marketing segment
WGL Holdings' retail energy marketing segment reported adjusted EBIT of $18.7 million for the quarter ending June 30, 2015, an increase of $13.7 million, over adjusted EBIT of $5.0 million for the same quarter of the prior fiscal year.
The increase in adjusted EBIT resulted from an increase in both electricity and natural gas margins.
Electricity margins increased due to lower capacity charges from the regional power grid operator (PJM) associated with fixed-price retail contracts. In addition, sales volumes were higher based on warmer weather and recent large commercial customer growth at lower unit margins. These positive benefits were slightly offset by increased PJM capacity costs implemented June 2015, which impact the timing of margin recognition for fixed-price retail contracts.
The improvement in natural gas margins reflects lower natural gas purchase costs and favorable gas supply and pricing opportunities in the current period compared to the same period of the prior fiscal year.
The retail energy marketing segment continued its previously reported strategy (click here) of focusing on large commercial and government accounts where longer term strategic relationships can provide additional value.
The focus on large C&I customers resulted in a further decline in WGL Energy Services' customer count during the quarter
WGL Energy Services was serving 288,300 customers as of June 30, 2015, versus 300,100 customers as of March 31, 2015 and 330,900 as of June 30, 2014.
The net decline of 11,800 customers since March 31, 2015 compares to a net decline of about 10,000 customers from December 31, 2014 to March 31, 2015
As June 30, 2015, WGL Energy Services was serving 141,200 electric customers and 147,100 natural gas customers
WGL Energy Services electric sales for the three months ending June 30, 2015 were 2,893 GWh, versus 2,790 GWh a year ago
WGL Energy Services natural gas sales for the three months ending June 30, 2015 were 112 million therms, versus 116 million therms a year ago
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August 7, 2015
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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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