Dominion Retail Reports Higher Earnings, Declining Electric Customer Count

Dominion Retail reported higher earnings including noncontrolling interests before interest and taxes of $98 million for the first quarter ending March 31, 2012, versus $66 million in the year-ago quarter.

The increase was driven by stronger than expected margins, which were supported by lower wholesale prices.

Dominion Retail's average electric customer count was 700,000 for the three months ended March 31, 2012, versus 737,000 for the three months ended December 31, 2011 and 775,000 a year ago.

Dominion Retail's average natural gas customer count was 552,000 for the three months ended March 31, 2012, versus 549,000 for the three months ended December 31, 2011 and 561,000 a year ago.

Dominion Retail's average Products and Services customer count was 870,000 for the three months ended March 31, 2012, versus 863,000 for the three months ended December 31, 2011 and 784,000 a year ago.

For the three months ended March 31, 2012, Dominion Retail's average total customer count was 2.122 million, versus an average of 2.150 million for the three months ended December 31, 2011, and 2.121 million a year ago.

Electric volumes for Dominion Retail were 2.993 million MWh for the quarter ending March 31, 2012, versus 3.506 million MWh a year ago.

Dominion Retail gas volumes were 35,614 mmcf for the quarter ending March 31, 2012, versus 43,549 mmcf a year ago.

Operating revenue for Dominion Retail for the quarter ended March 31, 2012 was $531 million.