The Milford parent of United Illuminating Corp. said Wednesday fourth-quarter earnings dropped 24 percent but full 2009 profits rose.
UIL Holdings Corp. posted net income for the three months ended Dec. 31 of $6.7 million, or 22 cents a share, down from $8.7 million, or 35 cents a share, the same quarter a year earlier.
For the year, UIL earned a net $54.3 million, or $1.94 a share, up from 2008 profits of $48.1 million, or $1.92 a share.
“2009 was a challenging year, but we successfully achieved year-over-year earnings growth by controlling our operating costs,” said President and CEO James P. Torgerson. “In addition, the decoupling of distribution revenues from electricity sales provided us with revenue stability in 2009.”
Full-year revenues dropped to $896.6 million in 2009 from $948.7 million in 2008.
Torgerson said the utility is on course to start up in June its GenConn Energy generating plant in Milford’s Devon section, a 50-50 joint venture with NRG Energy Inc.
Meantime, work is underway on a second peaking generating plant in Middletown, on the site of NRG’s River Road generating station. The new plant, unrelated to the Kleen Energy facility that exploded on Feb. 7, is due to come on line in June 2011, a UIL spokeswoman said.
UI delivers electricity primarily to the southern half of Connecticut, with Connecticut Light & Power serving the rest.
