WGL Energy Services Parent Reports Improved U.S. Retail Electric Marketing EBITDA

October 30, 2019

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Reporting by Paul Ring • ring@energychoicematters.com

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In reporting earnings this morning, AltaGas Ltd. said that Normalized EBITDA for its Power segment for the third quarter, excluding the impact of asset sales, was lifted by improved results in its U.S. retail electric marketing business (WGL Energy Services)

AltaGas said that its retail power business saw higher volumes and improved margins, the latter resulting from capacity price changes in PJM which took effect on June 1, 2019

During the third quarter of 2019, WGL Energy's retail electric business saw, "favorable pricing on electricity purchases received by WGL retail energy marketing when compared to the same period of 2018," the company said

Overall, excluding the impact of asset sales, AltaGas's Power segment saw a year-over-year improvement of C$16 million in Normalized EBITDA, with the retail marketing gains partially offset by an outage at AltaGas's Blythe plant

WGL Energy retail electricity sales volumes were 3,723 GWh for the third quarter of 2019, versus 3,000 GWh a year ago. The increase in volume was primarily due to an increase in customers served by the business, the company said

WGL Energy retail natural gas sales volumes were 6,476 Mmcf for the third quarter of 2019, versus 8,155 Mmcf a year ago. The decrease in volume was primarily due to fewer customers in the third quarter of 2019 compared to the same period of 2018.

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