C Three Group
Several companies have broken peak-demand records in the middle of a recession that keeps on going: Dominion Virginia Power, Ameren Illinois, OPPD, AEP-PSO, National Grid, Northern States Power, virtually everyone in ERCOT, and Alberta’s system operator companies have all surpassed previous levels. And the heat wave is not over.
Earnings released are coming out for the second quarter, which ended June 30. By June, the hot weather had much of North America in its grip and the earning releases are proof. Duke, Southern Co., AEP, Entergy, Empire District, Wisconsin Energy and Xcel Energy have thus far announced higher revenues and earnings, at least in part because of big increases in cooling degree-days. As earnings releases roll in, we expect the trend to continue. Unless something radical happens to the weather between now and the end of September, third-quarter numbers also should be up significantly.