Northeast Utilities said its second quarter profits fell 25 percent, mainly on higher power costs and a recent charge levied by federal regulators.
NU netted $127.4 million, or 40 cents per diluted share, for the quarter ended June 30, down from $171 million, or 54 cents, a year ago.
The dip came despite higher operating revenues, which grew 2.4 percent, to $1.68 billion.
NU’s second quarter power costs increased by nearly $136 million. NU also took an after-tax charge of $32.1 million related to a recent order from the Federal Energy Regulatory Commission. In June, FERC changed its methodology for determining the rate of return on equity for utilities.