The earnings exclude the impact of a one-time, $74 million reduction in income taxes in 2006 related to the sale of generating plants formerly owned by The Connecticut Light and Power company (CL&P), Northeast Utilities’s (NU)largest subsidiary.
NU earned $173.8 million ($1.12 per share) in the first nine months of 2007, compared with $49.6 million ($0.32 per share) in the first nine months of 2006, excluding the one-time, $74 million tax reduction.
Nine-month 2006 results include losses of $73.7 million at NU’s competitive energy businesses, primarily related to charges at NU’s former retail energy marketing business, which was sold in June 2006.
Charles Shivery, chairman and CEO, said: Our focus on our regulated utilities continues to provide significant benefits to customers in the form of a more reliable New England energy infrastructure and lower congestion costs and to investors in the form of more predictable earnings and dividend growth.
