Providence (RI) Energy Corp. blamed a warm winter and a sharpdrop in oil prices for diminished earnings for the year ended Sept.30. Net income declined to $6.4 million, or $1.09 per share, from$7.8 million, or $1.35 per share, in fiscal 1997. However,operating revenue from the company’s non-regulated business grewmore than five-fold to $33 million.

“We expect our non-regulated businesses to show substantialimprovement this year and will account for 20 percent ofProvEnergy’s net income within five years. Our strategy is toprovide targeted customers in New England with all of their energyneeds, including electricity when it becomes feasible.

To become a full-service, energy company ProvEnergy is buildingan oil-distribution business. “Unlike the rest of the country, halfof New England homes heat with oil,” Dodge said. “This is a $2.4billion market serviced by some 2,600 generally small, family ownedcompanies. We believe the oil-distribution market is ripe forconsolidation and will help us target attractive segments to offera full menu of energy products and services.”

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