Net income from Puget Energy’s regulated electric and gas utility subsidiary, Puget Sound Energy (PSE), was $80.9 million, or $0.62 per share, for the first quarter of 2008, compared to $78.8 million, or $0.67 per share, for the same period of 2007.
Higher retail electric and natural gas energy sales volumes driven by cooler than normal temperatures in the Pacific Northwest favorably impacted PSE’s revenue and energy margins for the first quarter of 2008. Offsetting increased energy sales and margins were higher utility operating, maintenance and depreciation expenses.
Stephen Reynolds, chairman, president and CEO of Puget Energy, said: Our core utility business had strong sales in the first quarter thanks to colder than usual weather and continued growth in the region. We were able to take advantage of a more than 20% increase in our contributions from our wind and thermal assets while decreasing our more expensive power purchases by almost 7% to help meet the needs of our customers.
