NStar merger, cold temps spike NU's net up 130%
Contributed photo
Northeast Utilities' linemen at work.
New England power conglomerate Northeast Utilities says its first-quarter net profit more than doubled from what it saw in the final quarter before its merger with Boston utility NStar.
NU, which splits headquarters between Hartford and Boston, said Wednesday it earned $228.1 million, or 72 cents per share, in the first quarter, compared to $99.3 million, or 56 cents per share, in the first quarter 2012.
The increase mostly came from the inclusion of earnings from NStar Electric and NStar Gas, which were not included in the first quarter 2012 earnings because the $5 billion merger between the two companies wasn't completed until April 10, 2012.
Even without the NStar earnings, NU performed favorably in the quarter. Its Berlin electric utility Connecticut Light & Power earned $83.6 million in the first quarter, an increase of 59 percent because of higher transmission earnings and more retail sales.
Meantime, NU said its New Hampshire and western Massachusetts electric subsidiaries also posted earnings gains above 30 percent.
NU's Berlin gas utility Yankee Gas also saw an increase from its year-earlier first-quarter net of $14.7 million, driven largely by colder weather this past winter.
NU said combined earnings from its two natural gas units – Yankee and NStar Gas – were $43.3 million in the first quarter.
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