Pittsburgh-based electric utility Allegheny Energy has reported net income of $115 million for the third quarter ended September 30, 2007, compared with adjusted net income of $94 million for the same period in 2006.
Operating revenues increased by $30 million compared to the third quarter of 2006, reflecting higher market prices, higher generation rates in Pennsylvania and increased retail sales, partially offset by lower generation output. EBITDA for the third quarter of 2007 was $308.6 million, an increase of $22.3 million compared to the same quarter of the prior year.
For the nine months ended September 30, 2007, the company reported net income of $301.8 million, compared with adjusted net income of $246 million in the prior-year period.
Chairman, president and CEO Paul Evanson said: Our solid financial performance continued in the third quarter. Favorable market prices, higher generation rates and increased retail sales were key drivers of our strong results. Having achieved an investment-grade credit rating, we’ve reinstated the common stock dividend, our first payout to shareholders in more than five years.