Green Mountain Power Announces Q1 Financial ResultsMay 07, 2001 by Jeff Shepard
Green Mountain Power Corp. (Colchester, VT) announced consolidated earnings of $0.51 per share of common stock, diluted, for the first quarter of 2001, compared with earnings of $0.63 per share for the same period in 2000. Earnings for the first quarter of 2000 were $0.20 per share higher than they otherwise would have been due to power cost accounting to comply with a past regulatory order.
Retail operating revenues increased by $2.4 million or 4.8 percent for the quarter, reflecting the 3.42 percent retail rate increase approved by the Vermont Public Service Board. Retail sales of electricity increased by 0.1 percent from the prior year with increased sales to small commercial and industrial customers being substantially offset by a decline in sales to residential and large industrial customers.
“We are very pleased with the first quarter results," said Christopher Dutton, CEO. “The Vermont Public Service Board's January 23, 2001 order approved a 3.42 percent rate increase, intended to raise an additional $6.1 million in annual revenues. The order gives us an excellent opportunity to earn our allowed rate of return on equity of 11.25 percent in 2001, and the first quarter results were right in line with our expectations."