DPL Inc. Reports Third Quarter Results.DAYTON, Ohio Dayton is a city in southwestern Ohio, United States. It is the county seat and largest city of Montgomery County. As of the 2005 census estimate, the population of Dayton was 158,873. -- DPL (Digital PowerLine) An earlier technology for transmitting a 1 Mbps data signal over electric power lines from Nortel Networks. It was developed in the late 1990s, but later abandoned due to implementation difficulties. See broadband over power lines. Inc. (NYSE NYSE See: New York Stock Exchange :DPL) today announced third quarter results of $0.70 earnings per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) compared to $0.63 earnings per share for the third quarter 2003 (as restated). For the first nine months 2004, DPL reported $1.58 EPS compared to $1.37 EPS for the same period in 2003 (as restated). All EPS numbers are basic EPS before share dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. . "Results for the third quarter keep us on track for the year," stated James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. Mahoney Mahoney could refer to:
v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. these impacts through careful oversight
Oversight may refer to:
Third Quarter 2004 Highlights Revenues: Electric revenues decreased $12.9 million or 4% to $309.7 million in the third quarter of 2004 compared to $322.6 million for the third quarter of 2003 primarily reflecting lower wholesale revenues. Retail revenues increased $1.8 million in the third quarter of 2004 over the same period of the prior year primarily resulting from higher average market rates, partially offset by lower retail sales volume. Wholesale revenues decreased $14.7 million or 29% in the third quarter of 2004 compared to the third quarter of 2003 reflecting lower wholesale sales volume. Net Electric Margin: Net electric margin of $213.1 million in the third quarter of 2004 decreased by $18.0 million from $231.1 million in the third quarter of 2003. As a percentage of total electric revenues, net electric margin decreased by 2.8% to 68.8% from 71.6%. This decline is primarily the result of lower wholesale revenues and increased fuel and purchased power costs. Fuel and Purchased Power: Fuel costs increased by $1.6 million or 2% in the three months ended September September: see month. 30, 2004 compared to the same period in 2003 primarily resulting from higher average fuel costs for retail sales. Purchased power costs increased by $3.5 million or 13% in the third quarter of 2004 compared to the same period in 2003 primarily resulting from a higher volume of purchased power for retail sales and higher average market prices for wholesale sales, partially offset by a lower volume of purchased power for wholesale sales. Operation and Maintenance: Operation and maintenance expense increased $12.3 million or 27% to $58.3 million for the three months ended September 30, 2004 compared to $46.0 million for the same period in 2003 as a result of higher corporate costs and increased electric production expenses. Corporate costs increased primarily from accounting and legal fees of $3.2 million, compensation expense of $2.9 million, Directors' fees of $1.2 million, pension expense of $1.2 million and Sarbanes-Oxley project costs of $0.8 million. Electric production expenses increased $1.4 million for the three months ended September 30, 2004 over the same period in the prior year primarily related to maintenance and repair expenses incurred for scheduled outages and ash disposal. Investment Income: Investment income increased by $29.8 million to $90.4 million in the third quarter of 2004 compared to $60.6 million investment income in the third quarter of 2003. This increase is primarily the result of realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. from the financial asset portfolio. Investment income for the third quarter of 2004 was comprised of $45.8 million from private securities under the cost method, investment income of $44.3 million from the private securities under the equity method, realized gains and income from public securities of $0.2 million and $0.1 million from interest and other investment income. Interest Expense: Interest expense decreased $7.8 million in the third quarter of 2004 compared to the third quarter of 2003 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc lower bond interest expense resulting from the issuance of the $470 million First Mortgage Bonds 5.125% Series due 2013 that have a lower interest rate than the previous debt. Nine Months Ended September 30 - Highlights Revenues: For the nine months ended September 30, 2004, electric revenues increased $3.1 million to $891.7 compared to $888.6 million for the same period of the prior year. Retail revenues increased $14.3 million for the nine months ended September 30, 2004 over the same period of the prior year resulting from higher sales volume and higher average market rates. Wholesale revenues decreased $11.2 million for the nine months ended September 30, 2004 compared to the same period of the prior year resulting from lower wholesale sales volume. Net Electric Margin: For the nine months ended September 30, 2004, net electric margin of $617.9 million decreased by $25.6 million or 4% from $643.5 million for the nine months ended September 30, 2003. As a percentage of total electric revenues, net electric margin decreased by 3.1% to 69.3% from 72.4%. This decline is primarily the result of increased fuel and purchased power costs. Fuel and Purchased Power: Fuel costs increased by $18.7 million or 11% for the nine months ended September 30, 2004 compared to the same period in 2003 primarily resulting from higher average fuel costs for both retail and wholesale sales. Purchased power costs increased by $10.0 million or 14% for the nine months ended September 30, 2004 compared to same period in 2003 primarily resulting from a higher volume of purchased power for retail sales and higher average market prices for wholesale sales. Operation and Maintenance: For the nine months ended September 30, 2004, operation and maintenance expenses increased $31.2 million or 23% to $166.2 million compared to $135.0 million for the same period in 2003 as a result of higher corporate costs and increased electric production costs. Corporate costs increased primarily from accounting and legal fees of $7.6 million, higher insurance premiums for Directors and Officers liability insurance Directors and Officers Liability Insurance is insurance payable to the directors and officers of a company to cover damages or defence costs in the event they are sued for wrongful acts while they were with that company. of $4.8 million, pension expense of $3.7 million, Sarbanes-Oxley project costs of $2.3 million, compensation expense of $1.4 million, and Directors' fees of $1.2 million. Electric production expenses increased $6.3 million for the nine months ended September 30, 2004 over the same period in the prior year primarily related to maintenance and repair expenses incurred for scheduled outages and ash disposal. Amortization of Regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. Assets: Amortization of regulatory assets decreased $12.4 million in the third quarter of 2004 and decreased $35.0 million for the nine months ended September 30, 2004 compared to the third quarter of 2003 and the nine months ended September 30, 2003 reflecting the conclusion of the three-year regulatory transition cost recovery period granted by the Public Utilities Commission of Ohio The Public Utilities Commission of Ohio (PUCO) is an agency of Federal State of Ohio that is charged with the regulation of utility service providers such as those of electricity, natural gas, and telecommunications as well as railroad safety and intrastate hazardous in 2000 and ended December December: see month. 31, 2003. Investment Income: For the nine months ended September 30, 2004, investment income increased by $128.0 million to $176.6 million compared to $48.6 million investment income for the nine months ended September 30, 2003. This increase is primarily the result of realized gains from the financial asset portfolio. Investment income for the first nine months of 2004 was comprised of $97.7 million from private securities under the cost method, investment income of $77.4 million from the private securities under the equity method, realized gains and income from public securities of $0.7 million and $0.8 million from interest and other investment income. Interest Expense: For the nine months ended September 30, 2004, interest expense decreased $16.4 million compared to the same period of the prior year primarily relating to interest expense reductions from the refinancing Refinancing An extension and/or increase in amount of existing debt. of selected DPL and DP&L debt. Other Income: Other income (deductions) decreased $43.9 million for the nine months ended September 30, 2004 compared to the nine months ended September 30, 2003 primarily resulting from the $39.7 million release of the insurance claims reserve in 2003 relating to the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of DP&L's business interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. risk insurance policy. Liquidity DPL's cash and temporary cash investments totaled $176.2 million at September 30, 2004 compared to $337.6 million at December 31, 2003. DPL also had $77.2 million in public securities. In the second quarter 2004, DPL paid down $325 million in debt and paid $70.0 million for shareholder litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. settlement purposes. Recently, Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. removed the Rating Watch Negative from ratings of DPL and The Dayton Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and Power and Light Company (DP&L) and assigned as·sign tr.v. as·signed, as·sign·ing, as·signs 1. To set apart for a particular purpose; designate: assigned a day for the inspection. 2. a Positive Rating Outlook. In addition, Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. placed the ratings of DPL and DP&L under review for possible upgrade. Utility-only EPS for the year is expected to be $0.95 to $1.05. Utility-only EPS reflects DPL Inc. net income, less after tax financial asset portfolio income net of fees. Conference Call/Webcast DPL will conduct a webcast conference call with financial analysts Tuesday Tuesday: see week. , November November: see month. 16, at 10:00 a.m. Eastern Time. Interested parties, including investors and the media, can access the webcast conference call real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. on DPL's website at www.dplinc.com in the Company's investor relations Investor relations The process by which the corporation communicates with its investors. section. Please go to the website at least fifteen minutes prior to the start of the event to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software to listen to the webcast. For those who are unable to listen to the live webcast, it will be archived on the DPL Inc. website. About DPL DPL Inc. is a diversified diversified (di·verˑ·s regional energy company. DPL's principal subsidiaries include The Dayton Power & Light Company (DP&L) and DPL Energy. DP&L provides electric services to over 500,000 retail customers in West Central Ohio. DPL Energy markets over 4,400 megawatts of generation capacity throughout the eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . DPL Inc., through its subsidiaries, ranks among the top energy companies in generation efficiency and productivity. Further information on DPL Inc. can be found at www.dplinc.com. Certain statements contained in this release are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Matters presented which relate to events or developments that are expected to occur in the future, including management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters constitute forward-looking statements. Forward-looking statements are based on management's beliefs, assumptions and expectation of the Company's future economic performance, taking into account the information currently available to management. These statements are not statements of historical fact. Such forward-looking statements are subject to risks and uncertainties and investors are cautioned that outcomes and results may vary materially from those projected due to many factors beyond DPL's control. Forward-looking statements speak only as of the date of the document in which they are made. We disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any obligation or undertaking to provide any updates or revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which the forward-looking statement is based. See attached tables. November 15, 2004
DPL Inc.
FINANCIAL DATA
(Unaudited)
(in millions, except per share amounts)
Three Months Ended
September 30,
-------------------
2004 2003
---------- --------
Earnings Per Share of Common Stock - Basic: $0.70 $0.63
Earnings Per Share of Common Stock - Diluted: $0.69 $0.63
Earnings $83.7 $76.1
Average Number of Common Stocks Outstanding:
Basic 120.1 119.9
Diluted 121.4 121.4
Nine Months Ended
September 30,
-------------------
2004 2003
---------- --------
Earnings Per Share of Common Stock - Basic: $1.58 $1.37
Earnings Per Share of Common Stock - Diluted: $1.56 $1.35
Earnings $189.8 $164.0
Average Number of Common Stocks Outstanding:
Basic 120.1 119.8
Diluted 121.4 121.7
Twelve Months Ended
September 30,
-------------------
2004 2003
---------- --------
Earnings Per Share of Common Stock - Basic: $1.45 $1.59
Earnings Per Share of Common Stock - Diluted: $1.44 $1.57
Earnings $174.3 $190.5
Average Number of Common Stocks Outstanding:
Basic 120.1 119.7
Diluted 121.4 121.7
DPL Inc.
CONSOLIDATED STATEMENT OF RESULTS OF OPERATIONS
Three Months Nine Months Twelve Months
Ended Ended Ended
$ in Millions September 30, September 30, September 30,
Except Per Share --------------- --------------- -------------------
Amounts 2004 2003 2004 2003 2004 2003
----------------------------------------------------------------------
Revenues
Electric revenues $309.7 $322.6 $891.7 $888.6 $1,184.1 $1,170.8
Other revenues,
net of fuel costs 2.5 2.7 7.7 7.8 9.9 10.3
------- ------- ------- ------- --------- ---------
Total revenues 312.2 325.3 899.4 896.4 1,194.0 1,181.1
------- ------- ------- ------- --------- ---------
Operating Expenses
Fuel 66.7 65.1 192.0 173.3 253.3 227.4
Purchased power 29.9 26.4 81.8 71.8 97.9 83.6
Operation and
maintenance 58.3 46.0 166.2 135.0 231.0 179.6
Depreciation and
amortization 35.4 35.8 104.4 105.5 137.8 137.3
General taxes 26.7 28.2 79.5 82.9 105.5 111.8
Amortization of
regulatory
assets, net 0.1 12.5 0.3 35.3 14.0 47.0
------- ------- ------- ------- --------- ---------
Total
operating
expenses 217.1 214.0 624.2 603.8 839.5 786.7
------- ------- ------- ------- --------- ---------
Operating Income 95.1 111.3 275.2 292.6 354.5 394.4
Investment Income
(Loss) 90.4 60.6 176.6 48.6 203.8 34.8
Other Income
(Deductions) (4.5) (3.8) (15.6) 28.3 (94.9) 25.0
------- ------- ------- ------- --------- ---------
Income Before
Interest Charges 181.0 168.1 436.2 369.5 463.4 454.2
Interest expense 38.4 46.2 120.1 136.5 165.3 182.1
------- ------- ------- ------- --------- ---------
Income Before
Income Taxes
and Cumulative
Effect of
Accounting Change 142.6 121.9 316.1 233.0 298.1 272.1
Income tax expense 58.9 45.8 126.3 86.0 123.8 98.6
------- ------- ------- ------- --------- ---------
Income Before
Cumulative Effect
of Accounting
Change 83.7 76.1 189.8 147.0 174.3 173.5
Extraordinary
item, net of tax - - - - - -
Cumulative effect
of accounting
change, net of tax - - - 17.0 - 17.0
------- ------- ------- ------- --------- ---------
Net Income $83.7 $76.1 $189.8 $164.0 $174.3 $190.5
======= ======= ======= ======= ========= =========
Average Number of
Common Shares
Outstanding
(millions)
Basic 120.1 119.9 120.1 119.8 120.1 119.7
Diluted 121.4 121.4 121.4 121.7 121.4 121.7
Earnings Per Share
- Basic
Income Before
Non-recurring
Items $0.70 $0.63 $1.58 $1.23 $1.45 $1.45
Net Income $0.70 $0.63 $1.58 $1.37 $1.45 $1.59
Earnings Per Share
- Diluted
Income Before
Non-recurring
Items $0.69 $0.63 $1.56 $1.21 $1.44 $1.43
Net Income $0.69 $0.63 $1.56 $1.35 $1.44 $1.57
Dividends Paid Per
Share $- $0.235 $0.240 $0.705 $0.940 $0.940
Book Value Per
Share $9.03 $7.73 $9.03 $7.73 $9.03 $7.73
----------------------------------------------------------------------
These interim statements are unaudited.
DPL Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS
Nine Months Twelve Months
Ended Ended
September 30, September 30,
--------------- ---------------
$ in Millions 2004 2003 2004 2003
----------------------------------------------------------------------
Operating Activities:
Net income $189.8 $164.0 $174.3 $190.5
Adjustments:
Depreciation and amortization 104.4 105.5 137.8 137.3
Amortization of regulatory assets,
net 0.3 35.3 14.0 47.0
Deferred income taxes 20.0 50.5 (12.3) 36.4
Captive insurance provision 4.0 (46.6) 3.8 (45.6)
Shareholder litigation settlement (70.0) - (3.4) -
Investment (income) loss (174.9) (22.1) (200.5) (26.0)
Income from interest rate hedges - (21.2) - -
Cumulative effect of accounting
change, net of tax - (17.0) - (17.0)
Changes in working capital (2.3) (1.3) 49.3 41.3
Trust assets 8.2 28.0 29.3 26.9
Trust obligations 1.1 (28.9) (17.0) (28.0)
Other (4.6) 2.5 2.4 -
------- ------- ------- -------
Net Cash Provided by Operating
Activities 76.0 248.7 177.7 362.8
Investing Activities:
Capital expenditures (66.7) (90.4) (97.3) (127.0)
Settlement of interest rate hedges - 51.4 - 51.4
Purchases of fixed income and equity
securities (189.3) (122.2) (231.1) (187.3)
Sales of fixed income and equity
securities 383.0 199.4 482.5 267.2
------- ------- ------- -------
Net Cash Provided by (Used for)
Investing Activities 127.0 38.2 154.1 4.3
Financing Activities:
Dividends paid on common stock (28.7) (84.1) (56.7) (112.0)
Issuance of preferred securities,
net of issue costs - - - -
Retirement of long-term debt (510.4) (8.4) (973.9) (8.0)
Issuance of long-term debt, net of
issue costs 174.7 465.1 174.7 465.1
Issuance of short-term debt, net - - - (45.1)
Purchase of treasury stock - - - -
------- ------- ------- -------
Net Cash Provided by (Used for)
Financing Activities (364.4) 372.6 (855.9) 300.0
Cash and Temporary Cash Investments
Net change (161.4) 659.5 (524.1) 667.1
Balance at beginning of period 337.6 40.8 700.3 33.2
------- ------- ------- -------
Balance at end of period $176.2 $700.3 $176.2 $700.3
======= ======= ======= =======
Cash Paid During the Period for:
Interest and trust preferred
distributions $140.3 $154.8 $169.5 $174.9
Income taxes $73.8 $11.6 $77.4 $38.9
----------------------------------------------------------------------
These interim statements are unaudited.
DPL Inc.
CONSOLIDATED BALANCE SHEET
September 30, December 31,
$ in Millions 2004 2003
----------------------------------------------------------------------
Assets
Property $4,478.0 $4,420.8
Accumulated depreciation and amortization (1,936.9) (1,846.9)
------------- ------------
Net property 2,541.1 2,573.9
Current assets
Cash and temporary cash investments 176.2 337.6
Accounts receivable, less provision for
uncollectible accounts of $1.1 and $6.0 150.9 176.0
Inventories, at average cost 65.1 52.1
Prepaid taxes 11.6 46.4
Other 32.0 60.1
------------- ------------
Total current assets 435.8 672.2
Other assets
Financial assets 955.9 984.9
Income taxes recoverable through future
revenues 42.6 43.3
Other regulatory assets 38.6 36.1
Other 120.0 134.3
------------- ------------
Total other assets 1,157.1 1,198.6
------------- ------------
Total Assets $4,134.0 $4,444.7
============= ============
Capitalization and Liabilities
Capitalization
Common shareholders' equity
Common stock $1.3 $1.3
Other paid-in capital, net of treasury stock 12.5 12.0
Warrants 50.0 50.0
Common stock held by employee plans (83.5) (84.4)
Accumulated other comprehensive income 49.3 57.7
Earnings reinvested in the business 1,055.8 865.7
------------- ------------
Total common shareholders' equity 1,085.4 902.3
Preferred stock 23.0 23.0
Long-term debt
First mortgage bonds 572.7 573.0
Other long-term obligations 1,544.3 1,381.7
------------- ------------
Total long-term debt 2,117.0 1,954.7
------------- ------------
Total capitalization 3,225.4 2,880.0
Current Liabilities
Current portion - long-term debt 13.1 511.1
Accounts payable 83.5 95.6
Shareholder litigation - 70.0
Accrued taxes 138.6 148.7
Accrued interest 25.5 50.1
Other 17.5 51.8
------------- ------------
Total current liabilities 278.2 927.3
Deferred Credits and Other
Deferred taxes 360.6 374.0
Unamortized investment tax credit 50.0 52.2
Insurance and claims costs 30.0 26.0
Other 189.8 185.2
------------- ------------
Total deferred credits and other 630.4 637.4
------------- ------------
Total Capitalization and Liabilities $4,134.0 $4,444.7
============= ============
----------------------------------------------------------------------
These interim statements are unaudited.
DPL Inc.
OPERATING STATISTICS
Three Months Nine Months Twelve Months
Ended Ended Ended
September 30, September 30, September 30,
----------------- ----------------- --------------------
2004 2003 2004 2003 2004 2003
----------------------------------------------------------------------
Electric Sales
(millions of
kWh):
Residential 1,301 1,356 3,922 3,851 5,142 5,129
Commercial 1,016 1,016 2,856 2,804 3,751 3,705
Industrial 1,161 1,140 3,338 3,281 4,387 4,337
Other Retail 365 355 1,055 1,042 1,422 1,390
-------- -------- -------- -------- ---------- ---------
Total
Retail 3,843 3,867 11,171 10,978 14,702 14,561
Wholesale 957 1,390 2,978 3,400 4,414 4,509
-------- -------- -------- -------- ---------- ---------
Total 4,800 5,257 14,149 14,378 19,116 19,070
Electric Revenues
(thousands of
dollars):
Residential 117,277 120,972 341,856 335,192 448,903 446,545
Commercial 70,042 68,779 199,978 197,643 266,402 264,085
Industrial 60,153 57,888 169,128 167,906 223,183 221,835
Other Retail 25,340 23,326 72,818 68,712 97,584 92,054
-------- -------- -------- -------- ---------- ---------
Total
Retail 272,812 270,965 783,780 769,453 1,036,072 1,024,519
Wholesale 36,851 51,619 107,901 119,096 148,055 146,290
-------- -------- -------- -------- ---------- ---------
Total 309,663 322,584 891,681 888,549 1,184,127 1,170,809
Other Statistics:
Average
price per
kWh -
retail
(cents) 6.97 6.92 6.90 6.92 6.94 6.92
Fuel cost
per net kWh
generated
(cents) 1.55 1.38 1.51 1.33 1.46 1.30
Electric
customers
- end of
period 507,669 505,462 507,669 505,462 507,669 505,462
Average kWh
use per
residential
customer 2,881 3,018 8,680 8,568 11,389 11,418
Peak demand
- maximum
one-hour
use (mw) 2,896 2,981 2,896 2,981 2,896 2,981
Degree Days
Heating 73 98 3,506 3,865 5,431 6,115
Cooling 487 532 767 680 774 713
----------------------------------------------------------------------
Inquiries concerning this report should be directed to:
Arthur Meyer
Vice President
Telephone (937) 259-7208
The information contained herein is submitted for general information
and not in connection with any sale or offer for sale of, or
solicitation of any offer to buy, any securities.
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