Cold weather heats up Wisconsin Energy profits

Customers who turned up their thermostats during the cold temperatures in the first quarter provided a boost to Milwaukee-based Wisconsin Energy Corp., which today reported net income from continuing operations of $176.6 million, or 76 cents a share for the first quarter, up 4.5 percent from net income from continuing operations of $172.1 million or 74 cents a share for the first quarter of 2012.

First quarter 2013 revenues were $1.28 billion up from $1.19 billion in the first quarter of 2012.  
Residential use of electricity rose by 5.2 percent over last year’s first quarter. 

Consumption of electricity by small commercial and industrial customers grew by 1.3 percent. Electricity use by large commercial and industrial customers was down 3.9 percent.

“We performed well – operationally and financially – in the first quarter.  The year is off to a solid start, and overall, we’re very pleased with our results,” said Gale Klappa, chairman, president and chief executive officer.

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