Posted by Dennis Herrick on February 06, 2010 at 23:11:10:
My 2010 predictions: There won't be much for Bob Schoenberger and his executive team at Unitil in their Easter baskets this year. The Massachusetts Legislature is going to pass the Muni bill in a squeaker. The class action suit against the company is going to heat up this spring. And Unitil's next few rate requests are going to get rejected by the Mass DPU. They won't be able to charge Mass customers ro repair ice storm damage. Shareholders will be taking a hit. Their stock will be going south and it's going to take the company with it. Good riddens!
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Friday, February 5, 2010
Unitil's earnings drop because of ice storm
From the Worcester Telegram and Gazette.
HAMPTON, N.H. — Unitil Corp. posted lower earnings of $1.2 million in the fourth quarter, compared to earnings of $3.2 million a year earlier, because of expenses related to a 2008 ice storm in New England and a regulatory matter.
The company today reported earnings per share of 11 cents in the fourth quarter ended Dec. 31, down from 53 cents per share at the same time a year earlier
For the full year 2009, the company reported earnings of $9.9 million, or $1.03 per share, compared to earnings of $9.6 million, or $1.65 per share in 2008. Unitil sold nearly 5 million shares of common stock between December 2008 and June 2009.
Unitil is the parent company of Fitchburg Gas and Electric Light Co., a utility that provides service in north Central Massachusetts.
Unitil said it recorded about $3 million in professional fees related to regulatory and legal matters in 2009 that were related to the 2008 ice storm that left some customers without electricity for days. The company said it also recorded a charge to refund $4.9 million to Fitchburg Gas and Electric Light customers, as required by regulators.
Comments:
If you think communities now 'served' by Unitil should have the option to replace Unitil with a municipal utility, please sign the petition.
Unitil's rates are sky-high: in 2009, 500 kWh per month cost from Unitil $102, NStar $97, National Grid $82 and the average municipal utility $70.
With 'competition' from new municipal utilities, perhaps Unitil will lower its rates and improve service.
Please sign the munipetition as over 1,800 Massachusetts residents have already done.
Patrick Mehr
Massachusetts Alliance for Municipal Electric Choice
www.massmunichoice.org
Posted by Patrick Mehr