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Published:
Allegheny Energy Reports Third Quarter 2009 Results
GREENSBURG, Pa. - (BUSINESS WIRE) - Allegheny Energy, Inc. (NYSE: AYE) today reported financial
results for the third quarter of 2009.
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Consolidated Net Income Attributable to Allegheny Energy, Inc.
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$ millions
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Per share
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Three Months Ended September 30
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2009
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2008
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2009
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2008
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GAAP
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$77.0
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$89.0
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$0.45
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$ 0.52
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Adjusted
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100.1
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91.4
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0.59
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0.54
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Nine Months Ended September 30
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GAAP
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$283.5
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$379.2
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$1.67
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$ 2.23
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Adjusted
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283.9
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304.0
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1.67
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1.79
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Adjusted net income for the third quarter of 2009 excludes $19.3 million
of pre-tax interest expense related to a debt tender offer and net
unrealized pre-tax losses of $18.3 million on economic hedges that do
not qualify for hedge accounting. Adjusted net income for the third
quarter of 2008 excludes $4.0 million of unrealized pre-tax losses on
economic hedges.
Adjusted net income is a non-GAAP financial measure. For information on
the calculation of adjusted net income for all periods, see the attached
reconciliations of non-GAAP financial measures.
"Adjusted earnings grew in the third quarter due to improved results in
our regulated delivery and transmission business," said Paul J. Evanson,
Chairman, President and Chief Executive Officer of Allegheny Energy.
"However, the weak economy and low power prices reduced earnings in our
generation business. We recently completed several financings which
improved our liquidity and financial flexibility, and we continue to
focus on cost control. We believe Allegheny is well-positioned to
benefit from an economic recovery."
Third Quarter Consolidated Results
Adjusted net income for the third quarter of 2009 increased by $8.7
million compared with the same period in 2008. Key factors contributing
to the results include:
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Adjusted operating revenues decreased by $41.6 million, reflecting
reduced generation volume, largely due to weak demand and lower power
prices, as well as planned outages to complete the installation of
scrubbers at the Hatfield's Ferry power plant. Factors benefiting
revenues included higher rates in Pennsylvania, increased cost
recovery in Virginia, hedging activity, increased revenue from
transmission expansion and increased sales to third parties.
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Fuel expense decreased by $111.2 million, primarily due to reduced
generation volume and lower gas prices, partially offset by higher
coal prices.
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Purchased power costs were higher by $26.1 million, primarily due to
increased purchases from third parties to serve Maryland customers.
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Deferred energy expense increased by $4.4 million due to a fuel and
energy cost recovery clause in West Virginia.
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Operations and maintenance costs decreased by $1.1 million.
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Depreciation increased $3.9 million, primarily due to placing some
scrubber equipment in service at the Hatfield's Ferry power plant.
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Adjusted interest expense increased $7.9 million, primarily due to
higher debt balances and lower capitalized interest.
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Adjusted income tax expense increased by $13.9 million due to a higher
effective tax rate and an increase in adjusted pre-tax income.
Adjusted EBITDA for the third quarter of 2009 was $297.0 million, an
increase of $34.4 million compared to the same quarter of the prior
year. EBITDA and adjusted EBITDA are non-GAAP financial measures.
Details on the calculation of EBITDA and adjusted EBITDA, as well as
reconciliations of these financial measures to net income, are attached
to this release.
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Segment Results
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Net Income Attributable to Allegheny Energy, Inc.
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Three Months Ended September 30
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($ millions)
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Increase
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2009
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2008
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(Decrease)
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Generation and Marketing:
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GAAP
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$45.5
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$84.7
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$(39.2)
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Adjusted
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68.6
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87.1
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(18.5)
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Delivery and Services:
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GAAP
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$31.5
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$4.3
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$27.2
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Adjusted
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31.5
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4.3
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27.2
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Adjusted net income for the Generation and Marketing segment in both the
third quarter of 2009 and 2008 excludes net unrealized pre-tax losses
previously discussed, and the 2009 third quarter adjusted results also
exclude expense related to a debt tender offer. There were no
adjustments in the Delivery and Services segment for the third quarter
of either year.
Generation and Marketing:
Adjusted net income for the quarter decreased by $18.5 million compared
to the same period a year earlier. Results were adversely impacted by
lower generation volume and power prices, as well as the scrubber tie-in
work at Hatfield's Ferry and the elimination of an intercompany transfer
payment, partially offset by higher generation rates in Pennsylvania,
the benefit of hedging activity, lower fuel costs and lower income taxes.
Delivery and Services: Net
income for the quarter increased by $27.2 million compared to the same
period a year earlier. Key factors contributing to the improved results
include increased cost recovery in Virginia, the elimination of an
intercompany transfer payment and higher revenues from transmission
expansion. These benefits were partially offset by lower retail
electricity sales and higher income taxes, primarily due to an increase
in pre-tax income.
Nine-Month Consolidated Results
Adjusted net income for the nine months ended September 30, 2009
decreased by $20.1 million compared to the same period in 2008. Adjusted
EBITDA for the nine months ended September 30, 2009 increased by $38.5
million compared to the same period of the prior year. Details on the
calculation of EBITDA and adjusted EBITDA, as well as reconciliations of
these financial measures to net income, are attached to this release.
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Segment Results
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Net Income Attributable to Allegheny Energy, Inc.
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Nine Months Ended September 30
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($ millions)
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Increase
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2009
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2008
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(Decrease)
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Generation and Marketing:
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GAAP
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$ 178.2
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$336.7
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$(158.5
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Adjusted
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178.6
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261.5
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(82.9
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Delivery and Services:
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GAAP
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$ 105.3
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$ 42.5
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$ 62.8
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Adjusted
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$ 105.3
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$ 42.5
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$ 62.8
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Adjusted net income for the Generation and Marketing segment for the
nine-month period of 2009 and 2008 excludes net unrealized pre-tax gains
associated with economic hedges that do not qualify for hedge accounting
and the 2009 nine-month results also exclude interest expense related to
the debt tender offer previously discussed. There were no adjustments in
the Delivery and Services segment for the nine-month period of either
year.
Reconciliation of Non-GAAP Financial
Measures
This news release includes presentation of financial information in
accordance with generally accepted accounting principles (GAAP), and
also includes adjusted net income, EBITDA, adjusted EBITDA and other
non-GAAP financial measures as defined in the Securities and Exchange
Commission's Regulation G.
Management believes that presenting these additional financial measures
provide investors with a more complete understanding of the core results
and underlying trends from which to consider past performance and
prospects for the future. These financial measures should not be
considered in isolation or viewed as a substitute for, or superior to,
net income or other data prepared in accordance with GAAP as a measure
of operating performance or liquidity.
Pursuant to the requirements of Regulation G, tables are attached that
reconcile non-GAAP financial measures in this release to the most
directly comparable GAAP measure.
Investor Conference Call
Allegheny Energy will discuss these results in a live Internet broadcast
at 1:00 p.m. Eastern Daylight Time on Thursday, October 29, 2009. To
listen, visit www.alleghenyenergy.com.
Slides to be used in the Webcast presentation will be available at www.alleghenyenergy.com
at approximately 9:30 a.m. Eastern Daylight Time on Thursday, October
29. A taped replay will be available after the live broadcast.
Allegheny Energy
Headquartered in Greensburg, Pa., Allegheny Energy is an investor-owned
electric utility with total annual revenues of over $3 billion and more
than 4,000 employees. The company owns and operates generating
facilities and delivers low-cost, reliable electric service to 1.6
million customers in Pennsylvania, West Virginia, Maryland and Virginia.
For more information, visit the company's Web site at www.alleghenyenergy.com.
Forward-Looking Statements
In addition to historical information, this release may contain a
number of "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. Words such as anticipate,
expect, project, intend, plan, believe, and words and terms of similar
substance used in connection with any discussion of future plans,
actions, or events identify forward-looking statements. These include
statements with respect to: rate regulation and the status of retail
generation service supply competition in states served by Allegheny
Energy's distribution business, Allegheny Power; financing plans; demand
for energy and the cost and availability of raw materials, including
coal; provider-of-last-resort and power supply contracts; results of
litigation; results of operations; internal controls and procedures;
capital expenditures; status and condition of plants and equipment;
capacity purchase commitments; and regulatory matters. Forward-looking
statements involve estimates, expectations and projections and, as a
result, are subject to risks and uncertainties. There can be no
assurance that actual results will not materially differ from
expectations. Actual results have varied materially and unpredictably
from past expectations. Factors that could cause actual results to
differ materially include, among others, the following: plant
performance and unplanned outages; changes in the price of power and
fuel for electric generation; general economic and business conditions;
changes in access to capital markets and actions of rating agencies;
complications or other factors that render it difficult or impossible to
obtain necessary lender consents or regulatory authorizations on a
timely basis; environmental regulations; the results of regulatory
proceedings, including proceedings related to rates; changes in industry
capacity, development and other activities by Allegheny Energy's
competitors; changes in the weather and other natural phenomena; changes
in customer switching behavior and their resulting effects on existing
and future load requirements; changes in the underlying inputs and
assumptions, including market conditions used to estimate the fair
values of commodity contracts; changes in laws and regulations
applicable to Allegheny Energy, its markets or its activities; the loss
of any significant customers or suppliers; dependence on other electric
transmission and gas transportation systems and their constraints or
availability; inflationary and interest rate trends changes in market
rules, including changes to PJM participant rules and tariffs; the
effect of accounting pronouncements issued periodically by
accounting standard-setting bodies and accounting issues facing our
organization; and the continuing effects of global instability,
terrorism and war. Additional risks and uncertainties are identified and
discussed in Allegheny Energy's reports filed with the Securities and
Exchange Commission. These forward-looking statements speak only as of
the date of this document. Allegheny Energy undertakes no obligation to
update its forward-looking statements to reflect events or circumstances
after the date of this release.
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ALLEGHENY ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
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Three Months Ended
September 30,
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Nine Months Ended
September 30,
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(In millions, except per share amounts)
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2009
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2008
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2009
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2008
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Operating revenues
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$793.7
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$849.6
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$2,565.7
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$2,678.1
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Operating expenses:
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Fuel
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188.0
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299.2
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663.8
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794.2
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Purchased power and transmission
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134.2
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108.1
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380.4
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302.7
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Deferred energy costs, net
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(14.3
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(18.7
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(38.9
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(28.1
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Operations and maintenance
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151.2
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152.3
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518.9
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511.0
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Depreciation and amortization
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71.3
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67.4
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207.0
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206.5
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Taxes other than income taxes
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57.4
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54.4
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159.7
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159.7
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Total operating expenses
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587.8
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662.7
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1,890.9
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1,946.0
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Operating income
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205.9
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186.9
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674.8
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732.1
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Other income (expense), net
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1.9
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4.5
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6.1
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15.3
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Interest expense
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85.1
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57.9
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201.5
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175.0
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Income before income taxes
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122.7
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133.5
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479.4
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572.4
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Income tax expense
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45.3
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44.3
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195.1
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192.5
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Net income
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77.4
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89.2
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284.3
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379.9
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Less net income attributable to noncontrolling interest
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(0.4
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(0.2
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(0.8
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(0.7
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Net income attributable to Allegheny Energy, Inc.
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$77.0
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$89.0
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$283.5
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$379.2
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Earnings per share attributable to Allegheny Energy, Inc.:
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Basic
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$0.45
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$0.53
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$1.67
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$2.25
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Diluted
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$0.45
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$0.52
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$1.67
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$2.23
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Average shares outstanding:
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Basic
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169.6
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168.9
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169.5
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168.2
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Diluted
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170.0
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170.0
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169.9
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170.0
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Dividends per share
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$0.15
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$0.15
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$0.45
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$0.45
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ALLEGHENY ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
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(In millions)
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September 30,
2009
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December 31,
2008
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ASSETS
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Current Assets:
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Cash and cash equivalents
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$278.3
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$362.1
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Accounts receivable:
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Customer
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180.2
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188.3
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Unbilled utility revenue
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87.8
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|
122.7
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Wholesale and other
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59.3
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61.5
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Allowance for uncollectible accounts
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(13.3
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)
|
|
(13.3
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)
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Materials and supplies
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|
|
|
109.8
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115.1
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Fuel
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|
|
218.0
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|
|
128.2
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|
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Deferred income taxes
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|
|
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22.5
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|
|
69.6
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Prepaid taxes
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|
|
|
56.9
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|
|
44.8
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|
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Collateral deposits
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|
|
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24.7
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|
|
33.5
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Derivative assets
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|
|
|
40.4
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|
|
113.1
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|
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Regulatory assets
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|
|
|
153.0
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|
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158.8
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Assets held for sale
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30.4
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|
-
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Other
|
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|
|
124.6
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|
111.3
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|
|
|
|
|
|
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Total current assets
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|
|
|
1,372.6
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|
|
1,495.7
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|
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|
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|
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Property, Plant and Equipment:
|
|
|
|
|
|
|
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Generation
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6,641.1
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6,107.3
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Transmission
|
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1,239.3
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1,171.7
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Distribution
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3,732.4
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3,944.1
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Other
|
|
|
|
461.4
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|
|
463.4
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|
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Accumulated depreciation
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|
|
(5,048.9
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)
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(4,994.1
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)
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|
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Subtotal
|
|
|
|
7,025.3
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|
|
6,692.4
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Construction work in progress
|
|
|
|
1,447.2
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|
|
1,309.8
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|
|
Property, plant and equipment held for sale, net
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|
|
|
250.1
|
|
|
-
|
|
|
|
|
|
|
|
|
|
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Total property, plant and equipment, net
|
|
|
|
8,722.6
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|
|
8,002.2
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|
|
|
|
|
|
|
|
|
|
Other Noncurrent Assets:
|
|
|
|
|
|
|
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Regulatory assets
|
|
|
|
659.3
|
|
|
687.7
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|
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Goodwill
|
|
|
|
367.3
|
|
|
367.3
|
|
|
Restricted funds - Fort Martin scrubber project
|
|
|
|
-
|
|
|
133.3
|
|
|
Investments in unconsolidated affiliates
|
|
|
|
27.2
|
|
|
28.0
|
|
|
Derivative assets
|
|
|
|
0.7
|
|
|
9.8
|
|
|
Other
|
|
|
|
113.4
|
|
|
87.0
|
|
|
|
|
|
|
|
|
|
|
Total other noncurrent assets
|
|
|
|
1,167.9
|
|
|
1,313.1
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
|
$11,263.1
|
|
|
$10,811.0
|
|
|
|
|
|
|
|
|
|
|
|
ALLEGHENY ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Continued)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
(In millions, except share amounts)
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
Long-term debt due within one year
|
|
$160.7
|
|
|
|
$93.9
|
|
|
Accounts payable
|
|
346.1
|
|
|
|
374.2
|
|
|
Accrued taxes
|
|
69.6
|
|
|
|
119.4
|
|
|
Payable to PJM for FTRs
|
|
80.9
|
|
|
|
110.8
|
|
|
Derivative liabilities
|
|
13.7
|
|
|
|
22.2
|
|
|
Regulatory liabilities
|
|
39.3
|
|
|
|
69.2
|
|
|
Accrued interest
|
|
67.1
|
|
|
|
58.1
|
|
|
Security deposits
|
|
48.8
|
|
|
|
46.2
|
|
|
Liabilities associated with assets held for sale
|
|
9.3
|
|
|
|
-
|
|
|
Other
|
|
116.5
|
|
|
|
109.6
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
952.0
|
|
|
|
1,003.6
|
|
|
|
|
|
|
|
|
|
Long-term Debt, Excluding Amounts Due Within One Year
|
|
4,327.4
|
|
|
|
4,115.9
|
|
|
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
Derivative liabilities
|
|
19.2
|
|
|
|
11.9
|
|
|
Income taxes payable
|
|
84.7
|
|
|
|
75.7
|
|
|
Investment tax credit
|
|
62.8
|
|
|
|
65.8
|
|
|
Deferred income taxes
|
|
1,397.6
|
|
|
|
1,277.4
|
|
|
Regulatory liabilities
|
|
469.8
|
|
|
|
528.9
|
|
|
Pension and other postretirement employee benefit plan liabilities
|
|
559.4
|
|
|
|
578.4
|
|
|
Adverse power purchase commitment
|
|
118.9
|
|
|
|
132.3
|
|
|
Liabilities associated with assets held for sale
|
|
53.1
|
|
|
|
-
|
|
|
Other
|
|
157.2
|
|
|
|
165.4
|
|
|
|
|
|
|
|
|
|
Total deferred credits and other liabilities
|
|
2,922.7
|
|
|
|
2,835.8
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Common stock - $1.25 par value per share, 260 million shares
authorized and 169,571,717 and 169,413,887 shares issued at
September 30, 2009 and December 31, 2008, respectively
|
|
211.9
|
|
|
|
211.8
|
|
|
Other paid-in capital
|
|
1,965.9
|
|
|
|
1,952.5
|
|
|
Retained earnings
|
|
938.9
|
|
|
|
731.6
|
|
|
Treasury stock at cost - 49,493 shares
|
|
(1.8
|
)
|
|
|
(1.8
|
)
|
|
Accumulated other comprehensive loss
|
|
(66.5
|
)
|
|
|
(43.3
|
)
|
|
|
|
|
|
|
|
|
Total Allegheny Energy, Inc. common stockholders' equity
|
|
3,048.4
|
|
|
|
2,850.8
|
|
|
Noncontrolling interest
|
|
12.6
|
|
|
|
4.9
|
|
|
|
|
|
|
|
|
|
Total equity
|
|
3,061.0
|
|
|
|
2,855.7
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Equity
|
|
$11,263.1
|
|
|
|
$10,811.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLEGHENY ENERGY, INC. AND SUBSIDIARIES
SEGMENT STATEMENTS OF INCOME
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2009
|
|
|
Three Months Ended
September 30, 2008
|
|
(In millions)
|
|
|
Delivery
and
Services
|
|
Generation
and
Marketing
|
|
Eliminations
|
|
Total
|
|
|
Delivery
and
Services
|
|
Generation
and
Marketing
|
|
Eliminations
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues
|
|
|
$783.5
|
|
|
$450.0
|
|
|
$(439.8
|
)
|
|
$793.7
|
|
|
|
$692.7
|
|
|
$589.3
|
|
|
$(432.4
|
)
|
|
$849.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
|
-
|
|
|
188.0
|
|
|
-
|
|
|
188.0
|
|
|
|
-
|
|
|
299.2
|
|
|
-
|
|
|
299.2
|
|
|
Purchased power and transmission
|
|
|
545.1
|
|
|
26.8
|
|
|
(437.7
|
)
|
|
134.2
|
|
|
|
512.9
|
|
|
25.7
|
|
|
(430.5
|
)
|
|
108.1
|
|
|
Deferred energy costs, net
|
|
|
(5.0
|
)
|
|
(9.3
|
)
|
|
-
|
|
|
(14.3
|
)
|
|
|
1.5
|
|
|
(20.2
|
)
|
|
-
|
|
|
(18.7
|
)
|
|
Operations and maintenance
|
|
|
85.3
|
|
|
68.0
|
|
|
(2.1
|
)
|
|
151.2
|
|
|
|
83.6
|
|
|
70.6
|
|
|
(1.9
|
)
|
|
152.3
|
|
|
Depreciation and amortization
|
|
|
38.0
|
|
|
33.3
|
|
|
-
|
|
|
71.3
|
|
|
|
39.2
|
|
|
28.2
|
|
|
-
|
|
|
67.4
|
|
|
Taxes other than income taxes
|
|
|
39.4
|
|
|
18.0
|
|
|
-
|
|
|
57.4
|
|
|
|
35.0
|
|
|
19.4
|
|
|
-
|
|
|
54.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
702.8
|
|
|
324.8
|
|
|
(439.8
|
)
|
|
587.8
|
|
|
|
672.2
|
|
|
422.9
|
|
|
(432.4
|
)
|
|
662.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
80.7
|
|
|
125.2
|
|
|
-
|
|
|
205.9
|
|
|
|
20.5
|
|
|
166.4
|
|
|
-
|
|
|
186.9
|
|
|
Other income (expense), net
|
|
|
1.4
|
|
|
0.5
|
|
|
-
|
|
|
1.9
|
|
|
|
3.1
|
|
|
1.6
|
|
|
(0.2
|
)
|
|
4.5
|
|
|
Interest expense
|
|
|
25.9
|
|
|
59.2
|
|
|
-
|
|
|
85.1
|
|
|
|
24.8
|
|
|
33.3
|
|
|
(0.2
|
)
|
|
57.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
56.2
|
|
|
66.5
|
|
|
-
|
|
|
122.7
|
|
|
|
(1.2
|
)
|
|
134.7
|
|
|
-
|
|
|
133.5
|
|
|
Income tax expense (benefit)
|
|
|
24.3
|
|
|
21.0
|
|
|
-
|
|
|
45.3
|
|
|
|
(5.7
|
)
|
|
50.0
|
|
|
-
|
|
|
44.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
31.9
|
|
|
45.5
|
|
|
-
|
|
|
77.4
|
|
|
|
4.5
|
|
|
84.7
|
|
|
-
|
|
|
89.2
|
|
|
Less: net income attributable
to noncontrolling interest
|
|
|
(0.4
|
)
|
|
-
|
|
|
-
|
|
|
(0.4
|
)
|
|
|
(0.2
|
)
|
|
-
|
|
|
-
|
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Allegheny Energy, Inc.
|
|
|
$31.5
|
|
|
$45.5
|
|
|
$-
|
|
|
$77.0
|
|
|
|
$4.3
|
|
|
$84.7
|
|
|
$-
|
|
|
$89.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2009
|
|
|
Nine Months Ended
September 30, 2008
|
|
|
|
|
|
|
|
|
|
(In millions)
|
|
|
Delivery
and
Services
|
|
Generation
and
Marketing
|
|
Eliminations
|
|
Total
|
|
|
Delivery
and
Services
|
|
Generation
and
Marketing
|
|
Eliminations
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues
|
|
|
$2,417.6
|
|
|
$1,531.5
|
|
|
$(1,383.4
|
)
|
|
$2,565.7
|
|
|
|
$2,139.6
|
|
|
$1,842.0
|
|
|
$(1,303.5
|
)
|
|
$2,678.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
|
|
-
|
|
|
663.8
|
|
|
-
|
|
|
663.8
|
|
|
|
-
|
|
|
794.2
|
|
|
-
|
|
|
794.2
|
|
|
Purchased power and transmission
|
|
|
1,671.2
|
|
|
86.8
|
|
|
(1,377.6
|
)
|
|
380.4
|
|
|
|
1,522.5
|
|
|
77.7
|
|
|
(1,297.5
|
)
|
|
302.7
|
|
|
Deferred energy costs, net
|
|
|
(5.9
|
)
|
|
(33.0
|
)
|
|
-
|
|
|
(38.9
|
)
|
|
|
7.8
|
|
|
(35.9
|
)
|
|
-
|
|
|
(28.1
|
)
|
|
Operations and maintenance
|
|
|
263.1
|
|
|
261.6
|
|
|
(5.8
|
)
|
|
518.9
|
|
|
|
267.4
|
|
|
249.6
|
|
|
(6.0
|
)
|
|
511.0
|
|
|
Depreciation and amortization
|
|
|
116.4
|
|
|
90.6
|
|
|
-
|
|
|
207.0
|
|
|
|
122.6
|
|
|
83.9
|
|
|
-
|
|
|
206.5
|
|
|
Taxes other than income taxes
|
|
|
113.1
|
|
|
46.6
|
|
|
-
|
|
|
159.7
|
|
|
|
105.5
|
|
|
54.2
|
|
|
-
|
|
|
159.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
2,157.9
|
|
|
1,116.4
|
|
|
(1,383.4
|
)
|
|
1,890.9
|
|
|
|
2,025.8
|
|
|
1,223.7
|
|
|
(1,303.5
|
)
|
|
1,946.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
259.7
|
|
|
415.1
|
|
|
-
|
|
|
674.8
|
|
|
|
113.8
|
|
|
618.3
|
|
|
-
|
|
|
732.1
|
|
|
Other income (expense), net
|
|
|
4.0
|
|
|
2.1
|
|
|
-
|
|
|
6.1
|
|
|
|
10.1
|
|
|
7.6
|
|
|
(2.4
|
)
|
|
15.3
|
|
|
Interest expense
|
|
|
78.6
|
|
|
122.9
|
|
|
-
|
|
|
201.5
|
|
|
|
70.7
|
|
|
106.7
|
|
|
(2.4
|
)
|
|
175.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
185.1
|
|
|
294.3
|
|
|
-
|
|
|
479.4
|
|
|
|
53.2
|
|
|
519.2
|
|
|
-
|
|
|
572.4
|
|
|
Income tax expense
|
|
|
79.0
|
|
|
116.1
|
|
|
-
|
|
|
195.1
|
|
|
|
10.0
|
|
|
182.5
|
|
|
-
|
|
|
192.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
106.1
|
|
|
178.2
|
|
|
-
|
|
|
284.3
|
|
|
|
43.2
|
|
|
336.7
|
|
|
-
|
|
|
379.9
|
|
|
Less: net income attributable to noncontrolling interest
|
|
|
(0.8
|
)
|
|
-
|
|
|
-
|
|
|
(0.8
|
)
|
|
|
(0.7
|
)
|
|
-
|
|
|
-
|
|
|
(0.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to
Allegheny Energy, Inc.
|
|
|
$105.3
|
|
|
$178.2
|
|
|
$-
|
|
|
$283.5
|
|
|
|
$42.5
|
|
|
$336.7
|
|
|
$-
|
|
|
$379.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
CONSOLIDATED DATA FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009
AND 2008
(in millions, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30, 2009
|
|
|
|
INCOME BEFORE
INCOME TAXES
|
|
|
|
NET INCOME
ATTRIBUTABLE
TO ALLEGHENY
ENERGY, INC.
|
|
|
|
DILUTED
EARNINGS
PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income - GAAP Basis
|
|
|
|
$122.7
|
|
|
|
$77.0
|
|
|
|
$0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized loss associated with economic hedges1
|
|
|
|
18.3
|
|
|
|
11.2
|
|
|
|
|
|
Expense associated with Allegheny Energy Supply's purchase of
outstanding notes2
|
|
|
|
19.3
|
|
|
|
11.9
|
|
|
|
|
|
Adjusted Income
|
|
|
|
$160.3
|
|
|
|
$100.1
|
|
|
|
$0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to Allegheny Energy, Inc. - GAAP basis
|
|
|
|
|
|
|
|
$77.0
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
85.1
|
|
|
|
|
|
Income tax expense
|
|
|
|
|
|
|
|
45.3
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
71.3
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
278.7
|
|
|
|
|
|
Net unrealized loss associated with economic hedges1
|
|
|
|
|
|
|
|
18.3
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
$297.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THREE MONTHS ENDED SEPTEMBER 30, 2008
|
INCOME BEFORE
INCOME TAXES
|
|
|
|
NET INCOME
ATTRIBUTABLE TO
ALLEGHENY
ENERGY, INC.
|
|
|
|
DILUTED
EARNINGS
PER SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Income:
|
|
|
|
|
|
|
|
|
|
|
Income - GAAP Basis
|
$133.5
|
|
|
|
$89.0
|
|
|
|
$0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
Net unrealized loss associated with economic hedges1
|
4.0
|
|
|
|
2.4
|
|
|
|
|
|
Adjusted Income
|
$137.5
|
|
|
|
$91.4
|
|
|
|
$0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to Allegheny Energy, Inc. - GAAP basis
|
|
|
|
|
$89.0
|
|
|
|
|
|
Interest expense
|
|
|
|
|
57.9
|
|
|
|
|
|
Income tax expense
|
|
|
|
|
44.3
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
67.4
|
|
|
|
|
|
EBITDA
|
|
|
|
|
258.6
|
|
|
|
|
|
Net unrealized loss associated with economic hedges1
|
|
|
|
|
4.0
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
$262.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Reconciliation of Non-GAAP Financial
Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
SEGMENT DATA FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009 AND
2008
(in millions)
(unaudited)
|
|
|
|
|
|
|
|
|
|
DELIVERY AND SERVICES
|
|
GENERATION AND MARKETING
|
|
|
|
|
|
|
|
THREE MONTHS ENDED
SEPTEMBER 30, 2009
|
|
INCOME
BEFORE
INCOME TAXES
|
|
NET INCOME
ATTRIBUTABLE
TO ALLEGHENY
ENERGY, INC.
|
|
INCOME BEFORE
INCOME TAXES
|
|
NET INCOME
ATTRIBUTABLE
TO ALLEGHENY
ENERGY, INC.
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Income:
|
|
|
|
|
|
|
|
|
|
Income - GAAP Basis
|
|
$56.2
|
|
$31.5
|
|
$66.5
|
|
$45.5
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Net unrealized loss associated with economic hedges1
|
|
--
|
|
--
|
|
18.3
|
|
11.2
|
|
Expense associated with Allegheny Energy Supply's purchase of
outstanding notes2
|
|
--
|
|
--
|
|
19.3
|
|
11.9
|
|
Adjusted Income
|
|
$56.2
|
|
$31.5
|
|
$104.1
|
|
$68.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELIVERY AND SERVICES
|
|
GENERATION AND MARKETING
|
|
|
|
|
|
|
|
THREE MONTHS ENDED
SEPTEMBER 30, 2008
|
|
INCOME
BEFORE
INCOME TAXES
|
|
NET INCOME
ATTRIBUTABLE
TO ALLEGHENY
ENERGY, INC.
|
|
INCOME BEFORE
INCOME TAXES
|
|
NET INCOME
ATTRIBUTABLE
TO ALLEGHENY
ENERGY, INC.
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Income:
|
|
|
|
|
|
|
|
|
|
Income - GAAP Basis
|
|
($1.2
|
)
|
|
$4.3
|
|
$134.7
|
|
$84.7
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Net unrealized loss associated with economic hedges1
|
|
--
|
|
|
--
|
|
4.0
|
|
2.4
|
|
Adjusted Income
|
|
($1.2
|
)
|
|
$4.3
|
|
$138.7
|
|
$87.1
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Reconciliation of Non-GAAP Financial
Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
CONSOLIDATED DATA FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009
AND 2008
(in millions, except per share data)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30, 2009
|
|
|
|
INCOME BEFORE
INCOME TAXES
|
|
|
|
NET INCOME
ATTRIBUTABLE TO
ALLEGHENY
ENERGY, INC.
|
|
|
|
DILUTED
EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income - GAAP Basis
|
|
|
|
$479.4
|
|
|
|
|
$283.5
|
|
|
|
|
$1.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain associated with economic hedges1
|
|
|
|
(18.7
|
)
|
|
|
|
(11.5
|
)
|
|
|
|
|
|
Expense associated with Allegheny Energy Supply's purchase of
outstanding notes2
|
|
|
|
19.3
|
|
|
|
|
11.9
|
|
|
|
|
|
|
Adjusted Income
|
|
|
|
$480.0
|
|
|
|
|
$283.9
|
|
|
|
|
$1.67
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to Allegheny Energy, Inc. - GAAP basis
|
|
|
|
|
|
|
|
$283.5
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
201.5
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
|
|
|
|
195.1
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
207.0
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
887.1
|
|
|
|
|
|
|
Net unrealized gain associated with economic hedges1
|
|
|
|
|
|
|
|
(18.7
|
)
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
$868.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30, 2008
|
|
|
|
INCOME BEFORE
INCOME TAXES
|
|
|
|
NET INCOME
ATTRIBUTABLE TO
ALLEGHENY
ENERGY, INC.
|
|
|
|
DILUTED
EARNINGS PER
SHARE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income - GAAP Basis
|
|
|
|
$572.4
|
|
|
|
|
$379.2
|
|
|
|
|
$2.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain associated with economic hedges1
|
|
|
|
(123.3
|
)
|
|
|
|
(75.2
|
)
|
|
|
|
|
|
Adjusted Income
|
|
|
|
$449.1
|
|
|
|
|
$304.0
|
|
|
|
|
$1.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to Allegheny Energy, Inc. - GAAP basis
|
|
|
|
|
|
|
|
$379.2
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
|
175.0
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
|
|
|
|
192.5
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
|
206.5
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
953.2
|
|
|
|
|
|
|
Net unrealized gain associated with economic hedges1
|
|
|
|
|
|
|
|
(123.3
|
)
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
$829.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Reconciliation of Non-GAAP Financial
Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
SEGMENT DATA FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND
2008
(in millions)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELIVERY AND SERVICES
|
|
|
|
GENERATION AND MARKETING
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30, 2009
|
|
|
|
INCOME BEFORE
INCOME TAXES
|
|
|
|
NET INCOME
ATTRIBUTABLE
TO ALLEGHENY
ENERGY, INC.
|
|
|
|
INCOME BEFORE
INCOME TAXES
|
|
|
|
NET INCOME
ATTRIBUTABLE
TO ALLEGHENY
ENERGY, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income - GAAP Basis
|
|
|
|
$185.1
|
|
|
|
$105.3
|
|
|
|
$294.3
|
|
|
|
$178.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain associated with economic hedges1
|
|
|
|
--
|
|
|
|
--
|
|
|
|
(18.7)
|
|
|
|
(11.5)
|
|
Expense associated with Allegheny Energy Supply's purchase of
outstanding notes2
|
|
|
|
--
|
|
|
|
--
|
|
|
|
19.3
|
|
|
|
11.9
|
|
Adjusted Income
|
|
|
|
$185.1
|
|
|
|
$105.3
|
|
|
|
$294.9
|
|
|
|
$178.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DELIVERY AND SERVICES
|
|
|
|
GENERATION AND MARKETING
|
|
|
|
|
|
|
|
|
|
|
NINE MONTHS ENDED SEPTEMBER 30, 2008
|
|
|
|
INCOME
BEFORE
INCOME TAXES
|
|
|
|
NET INCOME
ATTRIBUTABLE
TO ALLEGHENY
ENERGY, INC.
|
|
|
|
INCOME BEFORE
INCOME TAXES
|
|
|
|
NET INCOME
ATTRIBUTABLE
TO ALLEGHENY
ENERGY, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income - GAAP Basis
|
|
|
|
$53.2
|
|
|
|
$42.5
|
|
|
|
$519.2
|
|
|
|
|
$336.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized gain associated with economic hedges1
|
|
|
|
--
|
|
|
|
--
|
|
|
|
(123.3
|
)
|
|
|
|
(75.2
|
)
|
|
Adjusted Income
|
|
|
|
$53.2
|
|
|
|
$42.5
|
|
|
|
$395.9
|
|
|
|
|
$261.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Reconciliation of Non-GAAP Financial
Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
|
(in millions)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED OPERATING REVENUE
|
|
|
|
THREE MONTHS ENDED
SEPT 30, 2009
|
|
|
|
THREE MONTHS ENDED
SEPT 30, 2008
|
|
Operating revenue:
|
|
|
|
|
|
|
|
|
|
As reported
|
|
|
|
$793.7
|
|
|
|
$849.6
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized loss associated with economic hedges1
|
|
|
|
18.3
|
|
|
|
4.0
|
|
As Adjusted
|
|
|
|
$812.0
|
|
|
|
$853.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED INTEREST EXPENSE
|
|
|
|
THREE MONTHS
ENDED SEPT 30, 2009
|
|
|
|
THREE MONTHS
ENDED SEPT 30, 2008
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
As reported
|
|
|
|
|
$85.1
|
|
|
|
|
$57.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense associated with Allegheny Energy Supply's purchase of
outstanding notes2
|
|
|
|
|
(19.3
|
)
|
|
|
|
--
|
|
As Adjusted
|
|
|
|
|
$65.8
|
|
|
|
|
$57.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED INCOME TAXES
|
|
|
|
THREE MONTHS
ENDED SEPT 30, 2009
|
|
|
|
THREE MONTHS
ENDED SEPT 30, 2008
|
|
Income taxes:
|
|
|
|
|
|
|
|
|
|
As reported
|
|
|
|
$45.3
|
|
|
|
$44.3
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes related to net unrealized loss associated with economic
hedges1
|
|
|
|
7.1
|
|
|
|
1.6
|
|
Expense associated with Allegheny Energy Supply's purchase of
outstanding notes2
|
|
|
|
7.4
|
|
|
|
--
|
|
As Adjusted
|
|
|
|
$59.8
|
|
|
|
$45.9
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Reconciliation of Non-GAAP Financial
Measures
|
|
|
|
|
|
|
|
|
|
|
Notes to Reconciliation of Non-GAAP Financial Measures:
(1) Adjustments relating to certain unrealized gains/(losses)
included in GAAP operating revenues:
|
|
|
|
|
THREE MONTHS
ENDED SEPT 30, 2009
|
|
|
|
THREE MONTHS
ENDED SEPT 30, 2008
|
|
Financial transmission rights
|
|
|
|
($6.2
|
)
|
|
|
|
($106.6
|
)
|
|
Power hedges
|
|
|
|
(5.3
|
)
|
|
|
|
81.1
|
|
|
Hedging strategy relating to a natural gas transportation contract
|
|
|
|
(6.8
|
)
|
|
|
|
21.5
|
|
|
Total adjustments
|
|
|
|
($18.3
|
)
|
|
|
|
($4.0
|
)
|
|
|
|
|
|
NINE MONTHS
ENDED SEPT 30, 2009
|
|
|
|
NINE MONTHS
ENDED SEPT 30, 2008
|
|
Financial transmission rights
|
|
|
|
$21.3
|
|
|
|
|
$90.0
|
|
Power hedges
|
|
|
|
(13.8
|
)
|
|
|
|
24.9
|
|
Hedging strategy relating to a natural gas transportation contract
|
|
|
|
11.2
|
|
|
|
|
8.4
|
|
Total Adjustments
|
|
|
|
$18.7
|
|
|
|
|
$123.3
|
|
|
|
|
|
|
|
|
|
|
(2) In September, 2009, Allegheny Energy Supply purchased its
outstanding 7.80% Notes due 2011 and its 8.25% Notes due 2012 in the
aggregate principal amount of $244.3 million, pursuant to a cash tender
offer. The costs associated with this purchase in the amount of $19.3
million were charged to interest expense in the GAAP basis consolidated
statement of income.
|
|
|
|
|
ALLEGHENY ENERGY, INC. AND SUBSIDIARIES
|
|
OPERATING STATISTICS
|
|
(unaudited)
|
|
Three Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
2008
|
|
|
|
Change
|
|
DELIVERY AND SERVICES:
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail electricity sales (thousand MWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
3,837
|
|
|
|
|
3,986
|
|
|
|
|
-3.7
|
%
|
|
Commercial
|
|
|
2,903
|
|
|
|
|
2,894
|
|
|
|
|
0.3
|
%
|
|
Industrial and other
|
|
|
3,537
|
|
|
|
|
3,869
|
|
|
|
|
-8.6
|
%
|
|
Total
|
|
|
10,277
|
|
|
|
|
10,749
|
|
|
|
|
-4.4
|
%
|
|
Usage per customer (KWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
2,808
|
|
|
|
|
2,928
|
|
|
|
|
-4.1
|
%
|
|
Commercial
|
|
|
15,585
|
|
|
|
|
15,669
|
|
|
|
|
-0.5
|
%
|
|
Industrial
|
|
|
128,509
|
|
|
|
|
142,160
|
|
|
|
|
-9.6
|
%
|
|
GENERATION AND MARKETING:
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation (thousand MWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
Supercritical coal
|
|
|
5,791
|
|
|
|
|
10,115
|
|
|
|
|
-42.7
|
%
|
|
Other coal
|
|
|
377
|
|
|
|
|
1,191
|
|
|
|
|
-68.3
|
%
|
|
Gas
|
|
|
331
|
|
|
|
|
137
|
|
|
|
|
141.6
|
%
|
|
Hydro and other
|
|
|
509
|
|
|
|
|
461
|
|
|
|
|
10.4
|
%
|
|
Total
|
|
|
7,008
|
|
|
|
|
11,904
|
|
|
|
|
-41.1
|
%
|
|
Net capacity factor:
|
|
|
|
|
|
|
|
|
|
|
|
|
Supercritical coal
|
|
|
44
|
%
|
|
|
|
77
|
%
|
|
|
|
-33
|
%
|
|
All coal
|
|
|
38
|
%
|
|
|
|
70
|
%
|
|
|
|
-32
|
%
|
|
Equivalent availability factor:
|
|
|
|
|
|
|
|
|
|
|
|
|
Supercritical coal
|
|
|
89
|
%
|
|
|
|
90
|
%
|
|
|
|
-1
|
%
|
|
All coal
|
|
|
89
|
%
|
|
|
|
89
|
%
|
|
|
|
--
|
|
|
DEGREE DAYS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating
|
|
|
54
|
|
|
|
|
37
|
|
|
|
|
45.9
|
%
|
|
Cooling
|
|
|
549
|
|
|
|
|
537
|
|
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLEGHENY ENERGY, INC. AND SUBSIDIARIES
|
|
OPERATING STATISTICS
|
|
(unaudited)
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
|
2008
|
|
|
Change
|
|
DELIVERY AND SERVICES:
|
|
|
|
|
|
|
|
|
|
|
Retail electricity sales (thousand MWh):
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
12,609
|
|
|
|
12,639
|
|
|
|
-0.2
|
%
|
|
Commercial
|
|
|
8,450
|
|
|
|
8,378
|
|
|
|
0.9
|
%
|
|
Industrial and other
|
|
|
10,473
|
|
|
|
12,006
|
|
|
|
-12.8
|
%
|
|
Total
|
|
|
31,532
|
|
|
|
33,023
|
|
|
|
-4.5
|
%
|
|
Usage per customer (KWh):
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
9,227
|
|
|
|
9,285
|
|
|
|
-0.6
|
%
|
|
Commercial
|
|
|
45,446
|
|
|
|
45,508
|
|
|
|
-0.1
|
%
|
|
Industrial
|
|
|
381,793
|
|
|
|
442,296
|
|
|
|
-13.7
|
%
|
|
GENERATION AND MARKETING:
|
|
|
|
|
|
|
|
|
|
|
Generation (thousand MWh):
|
|
|
|
|
|
|
|
|
|
|
Supercritical coal
|
|
|
22,231
|
|
|
|
29,303
|
|
|
|
-24.1
|
%
|
|
Other coal
|
|
|
1,308
|
|
|
|
3,959
|
|
|
|
-67.0
|
%
|
|
Gas
|
|
|
507
|
|
|
|
275
|
|
|
|
84.4
|
%
|
|
Hydro and other
|
|
|
1,371
|
|
|
|
1,512
|
|
|
|
-9.3
|
%
|
|
Total
|
|
|
25,417
|
|
|
|
35,049
|
|
|
|
-27.5
|
%
|
|
Net capacity factor:
|
|
|
|
|
|
|
|
|
|
|
Supercritical coal
|
|
|
56
|
%
|
|
|
74
|
%
|
|
|
-18
|
%
|
|
All coal
|
|
|
48
|
%
|
|
|
68
|
%
|
|
|
-20
|
%
|
|
Equivalent availability factor:
|
|
|
|
|
|
|
|
|
|
|
Supercritical coal
|
|
|
81
|
%
|
|
|
86
|
%
|
|
|
-5
|
%
|
|
All coal
|
|
|
82
|
%
|
|
|
85
|
%
|
|
|
-3
|
%
|
|
DEGREE DAYS:
|
|
|
|
|
|
|
|
|
|
|
Heating
|
|
|
3,343
|
|
|
|
3,292
|
|
|
|
1.5
|
%
|
|
Cooling
|
|
|
813
|
|
|
|
767
|
|
|
|
6.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Allegheny Energy, Inc.
Media contact:
David Neurohr
Director,
External Communications
Phone: 724-838-6020
Media Hotline:
1-888-233-3583
E-mail: dneuroh@alleghenyenergy.com
OR
Investor
contact:
Max Kuniansky
Executive Director, Investor
Relations
and Corporate Communications
Phone: 724-838-6895
E-mail:
mkunian@alleghenyenergy.com
Copyright © 2009, Business Wire, Inc., All rights reserved. Copyright © 2009, NewsBlaze, Daily NewsTags: Business wire, maryl and , pennsylvania, virginia, westvirginia, Utilities
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