Dominion Retail Sees Marginal Customer Churn in Q1, Earnings Lower on Mark-to-Market Impacts

Dominion Retail reported a marginal decline in its average customer count for the three months ending March 31, 2013 versus the average customer count for the three months ending December 31, 2012.

For the three months ended March 31, 2013, Dominion Retail's average total customer count was 2.126 million, versus an average of 2.131 million for the three months ended December 31, 2012, and up from 2.121 million a year ago.

Dominion Retail's average electric customer count was 674,000 for the three months ended March 31, 2013, versus 695,000 for the three months ended December 31, 2012, and 700,000 a year ago.

Dominion Retail's average natural gas customer count was 555,000 for the three months ended March 31, 2013, versus 550,000 for the three months ended December 31, 2012, and 552,000 a year ago.

Dominion Retail's average Products and Services customer count was 898,000 for the three months ended March 31, 2013, versus 885,000 for the three months ended December 31, 2012, and 870,000 a year ago.

Electric volumes for Dominion Retail were 3.649 million MWh for the quarter ending March 31, 2013, versus 2.993 million MWh a year ago.

Dominion Retail gas volumes were 41,716 mmcf for the quarter ending March 31, 2013, versus 35,614 mmcf a year ago.

Dominion Retail reported earnings including noncontrolling interests before interest and taxes of $44 million for the three months ended March 31, 2013, versus $98 million a year ago.

Though executives said Dominion Retail continues to face a competitive environment, most of the year-over-year decline was attributed to the absence of mark-to-market gains recorded in the year-ago quarter.

Operating revenue for Dominion Retail for the quarter ended March 31, 2013 was $483 million