Attached files
| file | filename |
|---|---|
| 8-K - ENTERGY CORP /DE/ | a00210.htm |
| EX-99.1 - ENTERGY CORP /DE/ | a00210991.htm |
| EX-99.3 - ENTERGY CORP /DE/ | a00210993.htm |
Entergy
639
Loyola Avenue
New
Orleans, LA 70113
News
Release
| Date: |
Feb.
2, 2010
|
|
| For Release: | Immediately | |
|
Contact:
|
Chanel
Lagarde (News Media)
(504)
576-4238
clagar1@entergy.com
|
Michele
Lopiccolo (Investor Relations)
(504)
576-4879
mlopicc@entergy.com
|
Exhibit
99.2
Entergy
Reports Fourth Quarter Earnings
New
Orleans, La. Entergy Corporation (NYSE:ETR) today reported fourth quarter 2009
as-reported earnings of $313.8 million, or $1.64 per share, compared with $170.6
million, or 89 cents per share, for fourth quarter 2008. On an operational
basis, Entergy’s fourth quarter 2009 earnings were $334.9 million, or $1.75 per
share, compared with $190.7 million, or 99 cents per share, in fourth quarter
2008. For the year, Entergy’s as-reported earnings were $1.2 billion, or $6.30
per share, and operational earnings were $1.3 billion, or $6.67 per share. These
results compare with 2008 as-reported earnings of $1.2 billion, or $6.20 per
share, and operational earnings of $1.3 billion, or $6.51 per
share.
|
Consolidated
Earnings – Reconciliation of GAAP to Non-GAAP Measures
|
||||||||
|
Fourth
Quarter and Year-to-Date 2009 vs. 2008
|
||||||||
| (Per share in U.S. $) |
|
|||||||
|
Fourth Quarter
|
Year-to-Date
|
|||||||
|
2009
|
2008
|
Change
|
2009
|
2008
|
Change
|
|||
|
As-Reported
Earnings
|
1.64
|
0.89
|
0.75
|
6.30
|
6.20
|
0.10
|
||
|
Less
Special Items
|
(0.11)
|
(0.10)
|
(0.01)
|
(0.37)
|
(0.31)
|
(0.06)
|
||
|
Operational
Earnings
|
1.75
|
0.99
|
0.76
|
6.67
|
6.51
|
0.16
|
||
*GAAP
refers to United States generally accepted accounting principles.
Operational Earnings Highlights for
Fourth Quarter
2009
|
·
|
Utility,
Parent & Other’s results were higher due to lower income tax expense,
lower non-fuel operation and maintenance expense and higher net
revenue.
|
|
·
|
Entergy
Nuclear’s earnings decreased as a result of higher income tax and non-fuel
operation and maintenance expenses, partially offset by higher net revenue
and other income.
|
|
·
|
Entergy’s
Non-Nuclear Wholesale Assets’ results improved due to lower income tax
expense.
|
“Both our
utility and non-utility nuclear businesses delivered strong operational
performance during a period of extraordinary global economic and financial
uncertainty,” said J. Wayne
Leonard, Entergy’s chairman and chief executive officer. “Looking ahead,
signs of an improving economic environment, our market-based point-of-view,
adherence to our disciplined risk management and the strength of our cash
position provide a foundation that supports our strategic, operational and
financial goals.”
Other
Business Highlights
|
·
|
Entergy
Texas completed storm recovery for Hurricane Ike in November when it
executed $545.9 million of securitization financing. Also, a stipulation
agreement was reached with the Louisiana Public Service Commission staff
in the storm proceedings in
Louisiana.
|
|
·
|
Entergy
Texas made a new rate case filing with the Public Utility Commission of
Texas at the end of December.
|
|
·
|
The
Nuclear Regulatory Commission agreed to extend the expiration date for the
spin-off approval to Aug. 1, 2010.
|
Entergy
will host a teleconference to discuss this release at 10:00 a.m. CT on Tuesday,
Feb. 2, 2010, with access by telephone, 719-457-2080, confirmation code 6584600.
The call and presentation slides can also be accessed via Entergy’s Web site at
www.entergy.com. A replay of the teleconference will be available through Feb.
9, 2010, by dialing 719-457-0820, confirmation code 6584600. The replay will
also be available on Entergy’s Web site at www.entergy.com.
Utility,
Parent & Other
In fourth
quarter 2009, Utility, Parent & Other’s as-reported earnings were $107.0
million, or 56 cents per share, compared to a loss of $82.6 million, or 38 cents
per share, in fourth quarter 2008. On an operational basis, fourth quarter 2009
earnings were $116.2 million, or 61 cents per share, compared to a loss of $62.5
million, or 33 cents per share, in fourth quarter 2008. Operational earnings for
Utility, Parent & Other in fourth quarter 2009 reflect lower income tax
expense associated with the net effect of annual consolidated income tax
adjustments across the Entergy companies. A favorable tax reserve adjustment
also contributed following issuance by the Louisiana Department of Revenue of a
private letter ruling related to securitization of Katrina and Rita storm costs.
In addition, the absence of regulatory charges associated with rate proceedings
at Entergy Arkansas in 2008 was the primary driver of lower non-fuel operation
and maintenance expense, as well as a contributor to the lower income tax
expense compared to fourth quarter 2008. Also contributing to the earnings
improvement versus the same quarter last year was higher net
revenue.
Residential
sales in fourth quarter 2009, on a weather-adjusted basis, increased 4.6 percent
compared to fourth quarter 2008. Commercial and governmental sales, on a
weather-adjusted basis, increased 3.0 percent year over year. Industrial sales
in the fourth quarter increased 7.1 percent compared to the same quarter of
2008.
Residential,
commercial and industrial classes reflected sales growth as a result of
increasing economic activity in Entergy’s service territory. The improvement in
industrial sales in fourth quarter 2009 was driven by the large industrial
customer group, particularly in chemicals and refining. Small and mid-sized
industrial customers are slowly showing signs of recovery from the recession,
but their usage continued to be negatively affected in the current quarter.
Also, a portion of the quarter-over-quarter increase in sales for all customer
classes was the result of the absence of outages for the September 2008
hurricanes, most notably in the industrial segment. Industrial customers are
typically billed at the beginning of the month, and as such these outages for
hurricanes Gustav and Ike were reflected in October sales. Near normal weather
versus warmer-than-normal weather in fourth quarter 2008 also provided a modest
increase in sales volume.
For the
year 2009, Utility, Parent and Other earned $561.4 million, or $2.88 per share,
on an as-reported earnings basis, compared to $422.0 million, or $2.22 per
share, in 2008. Operational earnings in 2009 were $588.4 million, or $3.02 per
share, compared to $477.4 million, or $2.43 per share, in 2008. The increase in
operational earnings in 2009 was driven by higher Utility net revenue with the
absence of hurricanes Gustav and Ike in 2008 contributing. Another factor in the
improved results at Utility, Parent & Other was lower operation and
maintenance expense, due primarily to the absence of Entergy Arkansas regulatory
charges noted above. Also contributing to the earnings improvement was a lower
overall effective tax rate for Utility, Parent & Other in 2009 versus 2008.
Partially offsetting these items was an increase in depreciation and
amortization expense in the current year due to increased plant in
service.
Entergy
Nuclear
Entergy
Nuclear earned $169.5 million, or 89 cents per share, on an as-reported basis in
fourth quarter 2009, compared to as-reported earnings of $226.6 million, or
$1.14 per share, in fourth quarter 2008. On an operational basis, fourth quarter
2009 Entergy Nuclear earnings were $181.5 million, or 95 cents per share, versus
$226.6 million, or $1.18 per share, in the last quarter of 2008. Entergy
Nuclear’s operational earnings decreased as a result of higher income tax
expense in the current quarter due primarily to the net effect of the annual
consolidated tax adjustments. Also contributing to the lower results was higher
operation and maintenance expense during the quarter due to the absence of
refueling outages in the quarter and associated deferral of costs. Partially
offsetting these items was higher net revenue as a result of higher generation
due to 32 fewer refueling outage days in the current quarter and increased
pricing. Higher other income associated with decommissioning trusts also
provided an offset to decreased earnings. A smaller impairment recognized on
Entergy Nuclear’s decommissioning trust funds in the current period contributed
to higher other income, as well as higher earnings realized on decommissioning
trust investments in 2009.
For the
year 2009, Entergy Nuclear earned $631.0 million, or $3.22 per share, on an
as-reported basis and $675.0 million, or $3.45 per share, on an operational
basis. This compares to as-reported earnings of $797.3 million, or $3.97 per
share, and operational earnings of $797.3 million, or $4.07 per share, at
Entergy Nuclear in 2008. The decline in Entergy Nuclear’s operational earnings
in 2009 was due primarily to a higher effective income tax rate as well as an
increase in operation and maintenance expense. Impairments on Entergy Nuclear’s
decommissioning trust funds in 2009 exceeded amounts recognized in 2008, and
were partially offset by higher realized earnings on decommissioning trust
investments, also reflected in other income.
Non-Nuclear
Wholesale Assets
Entergy’s
Non-Nuclear Wholesale Assets business earned $37.2 million, or 19 cents per
share, on both as-reported and operational bases in fourth quarter 2009 compared
to $26.5 million, or 13 cents per share, on an as-reported basis, and $26.5
million, or 14 cents per share, on an operational basis, a year ago. Income tax
benefits were the primary drivers in both quarters. The current quarter reflects
a tax benefit recognized on a capital loss associated with the sale of stock of
a merchant fossil generation subsidiary to a third party. In the fourth quarter
2008, a closing agreement was reached with the Internal Revenue Service allowing
a capital loss. As a result, a provision for tax uncertainties that existed on
this item was reversed.
For the
year 2009, Entergy’s Non-Nuclear Wholesale Assets business earned $38.7 million,
or 20 cents per share, compared to earnings of $1.3 million, or one cent per
share, in 2008. As-reported and operational results were the same in both
periods. The earnings increase in 2009 was driven by a decrease in income tax
expense due to the fourth quarter 2009 benefit noted above, plus a second
quarter decrease in valuation allowance on loss carryovers. Quarterly income tax
effects in 2008 were largely offsetting.
Outlook
Entergy
is affirming 2010 earnings guidance in the range of $6.15 to $6.95 per share on
an as-reported basis, assuming a business as usual operation for the full year.
Operational earnings per share guidance ranges from $6.40 to $7.20 per share and
excludes $(0.25) per share of projected dis-synergies associated with the
spin-off of Entergy’s non-utility nuclear business and plans to enter into a
nuclear services joint venture. Guidance for 2010 does not incorporate a special
item for expenses anticipated in connection with outside services provided to
pursue the spin-off. The level of these charges in 2010 will vary depending upon
resolution of the spin-off.
Business
Separation
The
announced spin-off of Entergy’s non-utility nuclear business will establish a
new independent, publicly traded company, Enexus Energy Corporation. In
addition, Entergy and Enexus intend to enter into a nuclear services joint
venture, with equal ownership, with the joint venture being named EquaGen LLC.
The state regulatory decisions and financing continue as the critical path items
in finalizing the spin-off transaction. The transactions are subject to various
approvals. Final terms of the transactions and spin-off completion are subject
to the approval of the Entergy Board of Directors.
Entergy
Corporation is an integrated energy company engaged primarily in electric power
production and retail distribution operations. Entergy owns and operates power
plants with approximately 30,000 megawatts of electric generating capacity, and
it is the second-largest nuclear generator in the United States. Entergy
delivers electricity to 2.7 million utility customers in Arkansas, Louisiana,
Mississippi and Texas. Entergy has annual revenues of more than $10 billion and
approximately 15,000 employees.
Additional
information regarding Entergy’s quarterly results of operations, regulatory
proceedings, planned spin-off of its non-utility nuclear business and other
operations is available in Entergy’s investor news release dated Feb. 2, 2010, a
copy of which has been filed today with the Securities and Exchange Commission
on Form 8-K and is available on Entergy’s investor relations Web site at www.entergy.com/investor_relations.
-30-
In
this news release, and from time to time, Entergy Corporation makes certain
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Except to the extent required by the
federal securities laws, Entergy undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events, or otherwise.
Forward-looking
statements involve a number of risks and uncertainties. There are
factors that could cause actual results to differ materially from those
expressed or implied in the forward-looking statements, including (a) those
factors discussed in (i) Entergy’s Form 10-K for the year ended December 31,
2008, (ii) Entergy’s Form 10-Q for the quarters ended March 31, June 30 and
September 30, 2009, and (iii) Entergy’s other reports and filings made under the
Securities Exchange Act of 1934, (b) the uncertainties associated with efforts
to remediate the effects of Hurricanes Gustav and Ike and the January 2009
Arkansas ice storm and recovery of costs associated with restoration, and (c)
the following transactional factors (in addition to others described elsewhere
in this news release and in subsequent securities filings): (i) risks inherent
in the contemplated spin-off, joint venture and related transactions (including
the level of debt to be incurred by Enexus Energy Corporation and the terms and
costs related thereto), (ii) legislative and regulatory actions, and (iii)
conditions of the capital markets during the periods covered by the
forward-looking statements. Entergy cannot provide any assurances
that the spin-off or any of the proposed transactions related thereto will be
completed, nor can it give assurances as to the terms on which such transactions
will be consummated. The transaction is subject to certain conditions
precedent, including regulatory approvals and the final approval by the Board of
Directors of Entergy.
Appendix
A provides a reconciliation of GAAP as-reported earnings to non-GAAP operational
earnings.
|
Appendix
A: Consolidated Earnings – Reconciliation of GAAP to Non-GAAP
Measures
|
||||||
|
Fourth
Quarter and Year-to-Date 2009 vs. 2008
|
||||||
|
(Per
share in U.S. $)
|
||||||
|
Fourth Quarter
|
Year-to-Date
|
|||||
|
2009
|
2008
|
Change
|
2009
|
2008
|
Change
|
|
|
As-Reported
|
||||||
|
Utility,
Parent & Other
|
0.56
|
(0.38)
|
0.94
|
2.88
|
2.22
|
0.66
|
|
Entergy
Nuclear
|
0.89
|
1.14
|
(0.25)
|
3.22
|
3.97
|
(0.75)
|
|
Non-Nuclear
Wholesale Assets
|
0.19
|
0.13
|
0.06
|
0.20
|
0.01
|
0.19
|
|
Consolidated
As-Reported Earnings
|
1.64
|
0.89
|
0.75
|
6.30
|
6.20
|
0.10
|
|
Less
Special Items
|
||||||
|
Utility,
Parent & Other
|
(0.05)
|
(0.05)
|
-
|
(0.14)
|
(0.21)
|
0.07
|
|
Entergy
Nuclear
|
(0.06)
|
(0.04)
|
(0.02)
|
(0.23)
|
(0.10)
|
(0.13)
|
|
Non-Nuclear
Wholesale Assets
|
-
|
(0.01)
|
0.01
|
-
|
-
|
-
|
|
Consolidated
Special Items
|
(0.11)
|
(0.10)
|
(0.01)
|
(0.37)
|
(0.31)
|
(0.06)
|
|
Operational
|
||||||
|
Utility,
Parent & Other
|
0.61
|
(0.33)
|
0.94
|
3.02
|
2.43
|
0.59
|
|
Entergy
Nuclear
|
0.95
|
1.18
|
(0.23)
|
3.45
|
4.07
|
(0.62)
|
|
Non-Nuclear
Wholesale Assets
|
0.19
|
0.14
|
0.05
|
0.20
|
0.01
|
0.19
|
|
Consolidated
Operational Earnings
|
1.75
|
0.99
|
0.76
|
6.67
|
6.51
|
0.16
|
|
Entergy
Corporation
|
||||||||||||
|
Consolidated
Income Statement
|
||||||||||||
|
Three
Months Ended December 31
|
||||||||||||
|
(in
thousands)
|
||||||||||||
|
2009
|
2008
|
%
Inc/(Dec)
|
||||||||||
|
(unaudited)
|
||||||||||||
|
Operating
Revenues:
|
||||||||||||
|
Electric
|
$ | 1,739,193 | $ | 2,293,710 | (24.2 | ) | ||||||
|
Natural
gas
|
45,298 | 56,495 | (19.8 | ) | ||||||||
|
Competitive
businesses
|
714,163 | 650,662 | 9.8 | |||||||||
|
Total
|
2,498,654 | 3,000,867 | (16.7 | ) | ||||||||
|
Operating
Expenses:
|
||||||||||||
|
Operation
and maintenance:
|
||||||||||||
|
Fuel,
fuel-related expenses, and gas purchased for resale
|
382,139 | 1,040,267 | (63.3 | ) | ||||||||
|
Purchased
power
|
360,721 | 358,232 | 0.7 | |||||||||
|
Nuclear
refueling outage expenses
|
62,856 | 56,582 | 11.1 | |||||||||
|
Other
operation and maintenance
|
729,348 | 784,196 | (7.0 | ) | ||||||||
|
Decommissioning
|
50,945 | 49,082 | 3.8 | |||||||||
|
Taxes
other than income taxes
|
118,211 | 121,620 | (2.8 | ) | ||||||||
|
Depreciation
and amortization
|
283,592 | 274,243 | 3.4 | |||||||||
|
Other
regulatory charges (credits) – net
|
7,643 | (40,088 | ) | (119.1 | ) | |||||||
|
Total
|
1,995,455 | 2,644,134 | (24.5 | ) | ||||||||
|
Operating
Income
|
503,199 | 356,733 | 41.1 | |||||||||
|
Other
Income (Deductions):
|
||||||||||||
|
Allowance
for equity funds used during construction
|
12,046 | 15,740 | (23.5 | ) | ||||||||
|
Interest
and dividend income
|
66,651 | 54,599 | 22.1 | |||||||||
|
Other
than temporary impairment losses
|
(703 | ) | (14,463 | ) | (95.1 | ) | ||||||
|
Equity
in earnings of unconsolidated equity affiliates
|
(7,350 | ) | (9,641 | ) | (23.8 | ) | ||||||
|
Miscellaneous
- net
|
(12,133 | ) | (9,328 | ) | 30.1 | |||||||
|
Total
|
58,511 | 36,907 | 58.5 | |||||||||
|
Interest
and Other Charges:
|
||||||||||||
|
Interest
on long-term debt
|
137,462 | 129,106 | 6.5 | |||||||||
|
Other
interest - net
|
13,557 | 39,493 | (65.7 | ) | ||||||||
|
Allowance
for borrowed funds used during construction
|
(6,688 | ) | (9,274 | ) | (27.9 | ) | ||||||
|
Total
|
144,331 | 159,325 | (9.4 | ) | ||||||||
|
Income
Before Income Taxes
|
417,379 | 234,315 | 78.1 | |||||||||
|
Income
Taxes
|
98,639 | 58,744 | 67.9 | |||||||||
|
Consolidated
Net Income
|
318,740 | 175,571 | 81.5 | |||||||||
|
Preferred
Dividend Requirements of Subsidiaries
|
4,965 | 4,997 | - | |||||||||
|
Net
Income Attributable to Entergy Corporation
|
$ | 313,775 | $ | 170,574 | 84.0 | |||||||
|
Earnings
Per Average Common Share
|
||||||||||||
|
Basic
|
$ | 1.66 | $ | 0.90 | 84.4 | |||||||
|
Diluted
|
$ | 1.64 | $ | 0.89 | 84.3 | |||||||
|
Average
Number of Common Shares Outstanding - Basic
|
188,996,969 | 189,379,904 | ||||||||||
|
Average
Number of Common Shares Outstanding - Diluted
|
191,255,405 | 198,257,675 | ||||||||||
|
Entergy
Corporation
|
||||||||||||
|
Consolidated
Income Statement
|
||||||||||||
|
Twelve
Months Ended December 31
|
||||||||||||
|
(in
thousands)
|
||||||||||||
|
2009
|
2008
|
%
Inc/(Dec)
|
||||||||||
|
(unaudited)
|
||||||||||||
|
Operating
Revenues:
|
||||||||||||
|
Electric
|
$ | 7,880,016 | $ | 10,073,160 | (21.8 | ) | ||||||
|
Natural
gas
|
172,213 | 241,856 | (28.8 | ) | ||||||||
|
Competitive
businesses
|
2,693,421 | 2,778,740 | (3.1 | ) | ||||||||
|
Total
|
10,745,650 | 13,093,756 | (17.9 | ) | ||||||||
|
Operating
Expenses:
|
||||||||||||
|
Operation
and maintenance:
|
||||||||||||
|
Fuel,
fuel-related expenses, and gas purchased for resale
|
2,309,831 | 3,577,764 | (35.4 | ) | ||||||||
|
Purchased
power
|
1,395,203 | 2,491,200 | (44.0 | ) | ||||||||
|
Nuclear
refueling outage expenses
|
241,310 | 221,759 | 8.8 | |||||||||
|
Other
operation and maintenance
|
2,750,810 | 2,742,762 | 0.3 | |||||||||
|
Decommissioning
|
199,063 | 189,409 | 5.1 | |||||||||
|
Taxes
other than income taxes
|
503,859 | 496,952 | 1.4 | |||||||||
|
Depreciation
and amortization
|
1,082,775 | 1,030,860 | 5.0 | |||||||||
|
Other
regulatory charges (credits) – net
|
(21,727 | ) | 59,883 | (136.3 | ) | |||||||
|
Total
|
8,461,124 | 10,810,589 | (21.7 | ) | ||||||||
|
Operating
Income
|
2,284,526 | 2,283,167 | 0.1 | |||||||||
|
Other
Income (Deductions):
|
||||||||||||
|
Allowance
for equity funds used during construction
|
59,545 | 44,523 | 33.7 | |||||||||
|
Interest
and dividend income
|
236,628 | 197,872 | 19.6 | |||||||||
|
Other
than temporary impairment losses
|
(86,069 | ) | (49,656 | ) | 73.3 | |||||||
|
Equity
in loss of unconsolidated equity affiliates
|
(7,793 | ) | (11,684 | ) | (33.3 | ) | ||||||
|
Miscellaneous
- net
|
(32,603 | ) | (11,768 | ) | 177.0 | |||||||
|
Total
|
169,708 | 169,287 | 0.2 | |||||||||
|
Interest
and Other Charges:
|
||||||||||||
|
Interest
on long-term debt
|
520,716 | 500,898 | 4.0 | |||||||||
|
Other
interest - net
|
82,963 | 133,290 | (37.8 | ) | ||||||||
|
Allowance
for borrowed funds used during construction
|
(33,235 | ) | (25,267 | ) | 31.5 | |||||||
|
Total
|
570,444 | 608,921 | (6.3 | ) | ||||||||
|
Income
Before Income Taxes
|
1,883,790 | 1,843,533 | 2.2 | |||||||||
|
Income
Taxes
|
632,740 | 602,998 | 4.9 | |||||||||
|
Consolidated
Net Income
|
1,251,050 | 1,240,535 | 0.8 | |||||||||
|
Preferred
Dividend Requirements of Subsidiaries
|
19,958 | 19,969 | (0.1 | ) | ||||||||
|
Net
Income Attributable to Entergy Corporation
|
$ | 1,231,092 | $ | 1,220,566 | 0.9 | |||||||
|
Earnings
Per Average Common Share
|
||||||||||||
|
Basic
|
$ | 6.39 | $ | 6.39 | 0.0 | |||||||
|
Diluted
|
$ | 6.30 | $ | 6.20 | 1.6 | |||||||
|
Average
Number of Common Shares Outstanding - Basic
|
192,772,032 | 190,925,613 | ||||||||||
|
Average
Number of Common Shares Outstanding - Diluted
|
195,838,068 | 201,011,588 | ||||||||||
|
Entergy
Corporation
|
||||||||||
|
Utility
Electric Energy Sales & Customers
|
||||||||||
|
Three
Months Ended December 31
|
||||||||||
|
2009
|
2008
|
%
Change
|
%
Weather-Adjusted
|
|||||||
|
(Millions
of KWh)
|
||||||||||
|
Electric
Energy Sales:
|
||||||||||
|
Residential
|
7,421
|
6,992
|
6.1
|
4.6
|
||||||
|
Commercial
|
6,635
|
6,418
|
3.4
|
2.8
|
||||||
|
Governmental
|
605
|
574
|
5.4
|
5.0
|
||||||
|
Industrial
|
9,235
|
8,626
|
7.1
|
7.1
|
||||||
|
Total
to Ultimate Customers
|
23,896
|
22,610
|
5.7
|
5.0
|
||||||
|
Wholesale
|
998
|
1,240
|
(19.5)
|
|||||||
|
Total
Sales
|
24,894
|
23,850
|
4.4
|
|||||||
|
Twelve
Months Ended December 31
|
||||||||||
|
2009
|
2008
|
%
Change
|
%
Weather-Adjusted
|
|||||||
|
(Millions
of KWh)
|
||||||||||
|
Electric
Energy Sales:
|
||||||||||
|
Residential
|
33,626
|
33,047
|
1.8
|
1.5
|
||||||
|
Commercial
|
27,476
|
27,340
|
0.5
|
0.5
|
||||||
|
Governmental
|
2,408
|
2,379
|
1.2
|
0.9
|
||||||
|
Industrial
|
35,638
|
37,843
|
(5.8)
|
(5.8)
|
||||||
|
Total
to Ultimate Customers
|
99,148
|
100,609
|
(1.5)
|
(1.5)
|
||||||
|
Wholesale
|
4,862
|
5,401
|
(10.0)
|
|||||||
|
Total
Sales
|
104,010
|
106,010
|
(1.9)
|
|||||||
|
December
31
|
||||||||||
|
2009
|
2008
|
%
Change
|
||||||||
|
Electric
Customers (End of period):
|
||||||||||
|
Residential
|
2,331,433
|
2,304,324
|
1.2
|
|||||||
|
Commercial
|
330,908
|
326,758
|
1.3
|
|||||||
|
Governmental
|
16,017
|
15,394
|
4.0
|
|||||||
|
Industrial
|
40,757
|
42,148
|
(3.3)
|
|||||||
|
Total
Ultimate Customers
|
2,719,115
|
2,688,624
|
1.1
|
|||||||
| Wholesale | 25 | 31 | (19.4) | |||||||
|
Total
Customers
|
2,719,140
|
2,688,655
|
1.1
|
|||||||