Virginia Electric & Power Company's profits fell $7.4 million, Potomac Electric Power's earnings increased $5.6 million and Baltimore Gas & Electric's net climbed $3.8 million, the three local utilities reported yesterday.
All three companies reported their revenues for the year increased significantly because of higher utility rates and fuel cost increases which are automatically added to monthly bills.
Vepco blamed its declining earnings on the continuing shutdown of three of its nuclear power plants, which forced the company to purchase large amounts of power from other utilities.
The Virginia utility's quarterly earnings fell to $42.9 million (32 cents a share) from $45.3 million (39 cents), despite an increase in revenues to $468.3 million from $339 million.
For the year, Vepco's net income was $196.5 million (1.63) down from $203.9 million ($1.88). Income for the year climbed to $1.7 billion from $1.46 billion.
The company said its profits were held down by the refusal of state regulators to let the company raise electric rates. Earnings per share dropped dramatically because the company issued 6 million new shares to build new facilities.
In contrast, Pepco reported its earnings for the quarter increased to $19.6 million (38 cents) from $16.5 million (33 cents).
The quarterly gain gave Pepco annual earnings of $84.4 million ($1.73) up from $78.8 million ($1.70). Revenues for the year climbed to $749.3 million from $714.7 million.
Baltimore Gas reported its annual earnings increased to $126.3 million ($3.40) from $122.5 million ($3.38).
The company did not report quarterly results but said December net income fell to $6.6 million (15 cents) from $9.4 million (25 cents). Revenue for the month climbed from $90.3 million to $90.5 million.