Second quarter earnings up for APCo, Dominion
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Staff reports
Published: July 31, 2008
Two electric companies that service the Lynchburg region reported second quarter 2008 earnings on Thursday, greatly surpassing their earnings from the same quarter the previous year.
American Electric Power — parent company of Appalachian Power — reported second quarter earnings of $281 million, or 70 cents per share. That compares to a net income of $180 million in the second quarter of 2007.
The increase resulted from improvements in wholesale electric and off-system sales, as well as regulatory rate increases in some markets, including the east.
Dominion, based in Richmond, reported earnings of $298 million, or 51 cents per share, in the second quarter, compared to a loss of $530 million in the same period of 2007.
Appalachian Power provides electrical service in Lynchburg city and surrounding areas, including much of Bedford County.
Dominion Virginia Power services parts of Campbell and Appomattox counties.
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