Increased electric infrastructure investments in Illinois helped boost Ameren’s first-quarter profits by 12.4%.

The St. Louis-based utility reported net income of $108 million ($0.45/share) compared to $96 million ($0.40/share) last year. The earnings-per-share results were 7-10 cents higher than analyst estimates.

Revenue was $1.56 billion compared with $1.59 billion a year earlier.

Ameren said it benefited from increased electric delivery and transmission infrastructure investments and from an order by the Illinois Commerce Commission approving recovery of additional costs, which added 4 cents to earnings.

The regulatory climate in Missouri was less favorable, reflecting a reduction in allowable cost recovery for vegetation management, infrastructure investment costs and certain storm costs. The state also reduced return on equity to 9.53% from 9.8%.

Even so, Ameren held firm on its estimated full-year diluted earnings per share of $2.45 to $2.65.

Weather, Integrys Merger Costs Bruise Wisconsin Energy Q1 Earnings

Wisconsin Energy said first-quarter profit fell 6%, citing a warmer winter than a year ago and the costs related to its proposed acquisition of Integrys Energy.

The company reported net income of $195.8 million ($0.86/share) compared with $207.6 million ($0.91/share) in the first quarter of 2014. Revenues fell 18% to $1.39 billion. The company said 2014 revenues were higher due to the polar vortex and higher spot market prices for natural gas.

The Federal Energy Regulatory Commission and the Michigan Public Service Commission have already approved the Integrys deal. The Wisconsin Public Service Commission last month indicated it will likely approve the deal, to the chagrin of industrial and consumer groups that want Wisconsin Energy to promise specific rate savings to customers as a result of the $9.1 billion merger. Regulators in Illinois and Minnesota have yet to sign off on the deal.

Nuke Charge Slams Xcel Energy’s Q1 Profit

Xcel Energy’s first-quarter net income fell 41% from a year earlier on a milder winter and a $129 million pre-tax loss related to a 2013 upgrade of its Monticello nuclear plant.

The Minneapolis-based company reported a profit of $152 million ($0.30/share) compared with $261.2 million ($0.52/share) in the first quarter of 2014.

Profits took a 16 cents-per-share hit due to the loss stemming from the Monticello project. In 2013, Northern States Power-Minnesota completed a project to uprate the Monticello nuclear facility to 671 MW from 600 MW, at a cost of $748 million.

That was more than a 2008 estimate of $320 million. The Minnesota Public Utilities Commission completed a prudence review in March, determining that $333 million of the costs must be recovered over the life of the project.

Revenues of $2.96 billion were down 7.5% from the same quarter last year, largely on milder winter weather that reduced consumption.

Xcel reaffirmed full-year earnings per share of $2 to $2.15.

— Chris O’Malley