United Illuminating parent UIL Holdings Corp. reported lower third-quarter net income due to a $10.5 million write-off related to the state’s trimming of its rate hike this summer.
Consolidated net income was $5.1 million, down from $15.7 million during the same quarter a year ago, UIL reported.
The Orange electric utility, which had originally sought a $91-million hike in its distribution rate — a 34 percent hike —ended up instead with a $46 million increase after the state’s Public Utilities Regulatory Authority ruled Aug. 14.
UIL had previously said it would take a one-time write off between $15 million and $18 million.
Excluding the regulatory disallowance, net income was $15.6 million, down $100,000 from the third quarter of 2012, which reflected a settlement regarding power procurement incentives.
UIL also reaffirmed its consolidated full-year guidance of between $1.93 and $2.08 per diluted share.
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