AltaGas Reports "Strong Performance" From Retail Business

AltaGas Ltd. reported "strong performance" from its Retail business (WGL Energy) for the quarter ending June 30, 2022 (second quarter of 2022)

"The Retail business generated $16 million [all $ Canadian] of normalized EBITDA in the second quarter of 2022 compared to $10 million in the second quarter of 2021, which included stronger optimization margins, favourable timing of gas swap impacts, and lower than budgeted gas costs, which was partially offset by higher PJM costs. Some of this strong performance is expected to be reduced in future quarters as a portion of the outperformance is timing related," AltaGas said

AltaGas specifically reported higher gas margins from WGL's retail marketing business for the 2022 quarter, partially offset by lower power margins from the retail business

In the second quarter of 2022, U.S. retail gas sales volumes were 10,469 Mmcf, compared to 9,887 Mmcf in the same quarter of 2021. The increase was primarily due to higher wholesale sales compared to the same quarter of 2021.

In the second quarter of 2022, U.S. retail electricity sales volumes were 3,123 GWh in the second quarter of 2022, compared to 3,201 GWh in the same quarter of 2021. The decrease was primarily due to a decrease in customers, primarily residential accounts, served by the supplier compared to the same quarter of 2021