Wisconsin Energy sees rise in electricity demand

An article from BizTimes Daily:

Wisconsin Energy Corp. today reported second quarter net income of $88.7 million, or 75 cents per share, up from $63.7 million, or 54 cents per share, in the same period a year ago.

The Milwaukee-based parent company of We Energies reported quarterly operating revenues of $890 million, up from $835.7 million a year earlier.
Wisconsin Energy's second quarter performance was helped by a return to more normal weather and additional income from the company's Power the Future plan. Reported income from the Power the Future assets increased by 11 cents a share, driven by a $1.2 billion investment in the new Oak Creek generating unit. The unit began commercial service in February 2010.

Residential electricity use rose by 1.7 percent from the second quarter a year ago. Consumption of electricity by large commercial and industrial customers grew by 14.3 percent, while use of electricity by small commercial and industrial customers increased by 4.7 percent.

"We're clearly seeing growth in the region, and over the past three months, stronger economic activity has been evident across virtually every sector of our customer base," said Gale Klappa, Wisconsin Energy's chairman, president and chief executive officer. "Our Power the Future investments - adding modern, efficient capacity to our generating fleet - are providing real benefits to our customers and our stockholders. Our revised earnings guidance for 2010 is in the range of $3.70 to $3.75 a share from continuing operations.”