The company reported first quarter of 2008 revenues of $406.8 million, $36.5 million higher than first quarter 2007 revenues of $370.3 million.
Retail sales increased $15.2 million, or 6%, due primarily to increased recovery in rates of fuel and purchased power costs and higher customer demand due to normal growth in the retail customer base and colder weather. Wholesale sales increased $18.4 million, or 22%, due principally to sales made pursuant to a long-term wholesale sale agreement entered into in April 2007.
Bill Moore, president and CEO of Westar Energy, said: Earnings in the first quarter of 2008 were consistent with our expectations. We expected earnings in the quarter apart from the tax benefit to be down compared to last year, largely because of capital investments we have made to serve customers that are not yet reflected in our prices.
