UIL Holdings Corp.’s first-quarter profit more than tripled due to gas-utility acquisitions and the impact of its fully operational GenConn Devon gas-fired electric generation plant in Milford.
The parent of United Illuminating Co., the state’s No. 2 electric utility, earned $52 million, or $1.02 a share, in the three months ended March 31, up from $16.1 million, or 53 cents a share, earned the same quarter last year.
First-quarter revenues climbed to $561.1 million vs. $220.3 million last year.
Last November, UIL paid $1.3 billion cash to buy The Southern Connecticut Gas Co. and Connecticut Natural Gas Corp. — both in Connecticut — and The Berkshire Gas Co. in Massachusetts from the Spanish energy giant Iberdrola SA.
“It was the first full quarter of earnings from the gas businesses, GenConn Devon was fully operational and we had higher earnings from transmission due to a higher rate base,” said UIL CEO James P. Torgerson. “We have identified the savings that we had projected from the acquisition of the gas companies and we are on track to integrate the processes and initiatives needed to have the savings realized in 2012.”
