The company has reported total retail sales of electricity decreased by 8.4% compared to the first quarter of 2008. Consumption of electricity by residential customers declined by 3.5% – driven by milder winter weather. Electricity use by large commercial and industrial customers was decreased by 17.8% compared with the year-ago quarter, while usage by small commercial and industrial customers declined by 2.3%.
The increase in earnings this quarter was largely driven by a reduction in our cost of fuel and purchased power, said Gale Klappa, Wisconsin Energy’s chairman, president and chief executive officer. On April 27, we filed a request with the Public Service Commission of Wisconsin to reduce retail prices for our electric customers in Wisconsin, in light of the significant drop we’ve seen in the cost of fuel, particularly natural gas and diesel, he added.
Overall, the company is weathering the economic downturn well with solid expense control and continuing modest growth in new customers. And I’m pleased that the latest data compiled by the U.S. Department of Energy show that our retail electric rates are significantly below the national average, Klappa said.
