WGL Energy Reports "Record" Results

WGL Holdings, Inc. reported earnings growth driven by "record" results in its retail energy marketing segment

For the three months ended September 30, 2015, WGL Holdings' retail energy marketing segment reported adjusted EBIT of $13.8 million, an increase of $1.7 million, over adjusted EBIT of $12.1 million for the same quarter of the prior fiscal year. For the fiscal year ended September 30, 2015, the retail energy marketing segment reported adjusted EBIT of $68.5 million, an increase of $57.8 million, over adjusted EBIT of $10.7 million for the same period of the prior fiscal year.

For the three months ended September 30, 2015, the increase in adjusted EBIT resulted primarily from an increase in natural gas margins reflecting favorable gas supply and pricing opportunities in the current period compared to the same period of the prior year.

Improved results for the fiscal year ended September 30, 2015, primarily reflect higher electricity margins due to lower PJM capacity and ancillary charges. In addition, the comparison reflects a recovery from the extreme cost levels experienced in the second quarter of 2014 related to colder than normal weather.

WGL Energy Services saw its customer count decline by 6,500 accounts during the three months ended September 30, 2015. This compares to a net decline of 11,800 customers from March 31, 2015 to June 30, 2015. WGL Energy Services previously disclosed a change in strategy to focus on larger C&I customers which has contributed to the customer count decline

WGL Energy Services was serving 281,800 customers as of September 30, 2015, versus 288,300 as of June 30, 2015 and 318,700 a year ago.

As of September 30, 2015, WGL Energy was serving 143,800 natural gas customers and 138,000 electric customers.

WGL Energy Services electric sales for the three months ending September 30, 2015 were 3,507 GWh, versus 3,021 GWh a year ago

WGL Energy Services natural gas sales for the three months ending September 30, 2015 were 85 million therms, versus 82 million therms a year ago