Wisconsin Energy earnings up on high winter demand

Milwaukee-based Wisconsin Energy Corp. today reported first quarter net income of $207.6 million, or 91 cents per share, up from $176.6 million, or 76 cents per share, in the first quarter of 2013.

Revenue was $1.7 billion, up from $1.3 billion in the same period a year ago.

The increases were attributed to severe winter weather, which drove record demand for natural gas in the early part of the year. The previous record for natural gas delivered during a quarter, set in 2008, was broken by 11 percent.

“Our gas and electric delivery networks and our generating fleet – including our newest units at Oak Creek and Port Washington – performed exceptionally well during the harshest weather conditions we’ve seen in more than 30 years,” said Gale Klappa, chairman and chief executive officer. “The investments we’ve made in modern, efficient infrastructure made a real difference for our customers this winter.”

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