April 25, 2012
Unitil Increases Profit, Despite Warm Winter
The warmest winter in 118 years of record keeping drove down revenues for New Hampshire-based Unitil Corp., but the utility still managed to grow its earnings from $8.7 million to $9 million, it reported this morning.
Unitil, which serves parts of North Central Massachusetts, said the increase in profit reflects the phase-in of new rates and decoupling revenues from recently completed rate cases, as well as a growth in new customers.
Sales of gas and electricity fell among its commercial and residential customers. Gas revenues fell 11.3 percent, while electricity sales fell 4.8 percent.
The company estimated that the warm winter negatively impacted earnings by $1.6 million.
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