Consolidated Edison reported second-quarter net income of $219 million ($0.75/share), compared with $212 million ($0.73/share) a year ago.

The company said results reflected changes in the rate plans of its utility subsidiaries, including growth in its gas delivery service related to oil-to-gas conversions, and lower operations and maintenance expenses, offset in part by higher interest expenses.

Adjusted earnings, excluding a gain on the sale of solar electric production projects, leasing transactions and the mark-to-market effects of the competitive energy businesses, were $228 million ($0.78/share) in 2015 compared with $189 million ($0.65/share) in 2014.

“Con Edison’s operating and financial performance continues to be strong,” CEO John McAvoy said. “We are embarking on a new era of energy delivery and customer choice. We are proposing new demonstration projects that will showcase energy efficiency tools, demand response and the usage information customers need to make choices, promoting solar power, energy storage and other distributed energy resources.”

Operations and maintenance expenses for Con Ed of New York were lower, reflecting lower electric operating costs and lower costs for support and protection of underground facilities to accommodate municipal projects. (See related story, NYPSC Accepts 7 REV Demos, Rejects 5.)

— William Opalka

Duke Q2 Earnings Drop; 2015 Still on Track

Duke Energy reported lower-than-expected second-quarter earnings Aug. 6, but the company said it remains on track to meet its 2015 goals.

Although adjusted earnings dropped to 95 cents/share from $1.11 for last year’s second quarter, Duke reaffirmed its 2015 adjusted diluted earnings guidance range of $4.55 to $4.75 per share.

The company reported $5.59 billion in revenue for the quarter, significantly below Wall Street estimates of $5.85 billion and the $5.71 billion it generated last year.

The Charlotte, N.C.-based company said results were affected by continued weakness in its international business — particularly Brazil — and the timing of operations and maintenance expenses at its regulated utilities.

Duke’s international business income was $52 million for the quarter, down 64% from the second quarter of 2014. A $1.5 billion stock buyback in connection with its $2.8 billion sale of 11 power plants in April to Dynegy helped offset international results.

“We met our customers’ energy needs … during extended periods of warmer-than-normal temperatures, particularly in the Southeast,” Duke CEO Lynn Good said in a press release. “Equally important, we continued to follow through on the growth initiatives that will provide long-term benefits for our customers.”

In a call with investors, Good said Duke has made “significant progress” in its coal ash removal efforts. The company announced in June it would shut down 12 coal ash basins in North Carolina in addition to 12 basins it already announced plans to close.

— Tom Kleckner

Dominion Meets Expectations

Dominion Resources met expectations with second-quarter earnings of 73 cents/share, near the top of its guidance of 65 to 75 cents.

Dominion posted earnings of $413 million, compared with earnings of $159 million for the same period in 2014. Revenue of $2.75 billion missed Zacks Investment Research’s estimate of $2.93 billion, however.

The Richmond, Va.-based company said earnings were up because a planned refueling outage at Millstone Power Station did not occur and because of higher revenues from growth projects. “All of the major projects in our infrastructure growth plan continue to move forward on time and on budget,” CEO Thomas Farrell said.

Dominion affirmed its 2015 operating earnings guidance of $3.50 to 3.85 a share.

— Tom Kleckner

Wholesale Business Drags Down Entergy Earnings

Entergy’s second-quarter profit tumbled 21% on declines in its wholesale commodities unit.

Net income of $148.8 million ($0.83/share) fell below analyst expectations of $1.14/share and the $189.4 million ($1.15/share) in the second quarter of last year.

Revenue for the New Orleans-based power provider fell 9%, to $2.71 billion.

Most pronounced was a $121 million drop in revenue for the wholesale commodities business. Power sales declined due to lower wholesale energy and capacity prices.

Revenue from Entergy’s utility segment of $1.5 billion was flat: it compares to $1.4 billion in the same quarter last year.

CEO Leo Denault told analysts that Entergy is ramping up for additional transmission projects that will meet rising industrial demand, including the $187 million Lake Charles project in Louisiana expected to be in service in 2018. (See MISO Board to Review Entergy Lake Charles Project Following Stakeholder Pushback.)

Despite the sour quarter, Denault said the company is on track to meet its earnings guidance for the year of $5.10 to $5.90 per share.

— Chris O’Malley