Reporting

While reporting improved quarter-over-quarter earnings and a growing rate base in its utilities, Wisconsin Energy CEO Gale Klappa noted the anticipated start-up date for a second coal-fired generation plant at its Oak Creek facility won’t be commercial until near the end of this year.

Irving, TX-based super major ExxonMobil Corp. delivered the goods on Thursday, reporting that its 2Q2010 net profits jumped 85% and production was up by 8% from the year-ago period. Excluding one-time charges, ExxonMobil earned $7.56 billion ($1.60/share), compared with $3.95 billion (85 cents) in 2Q2009.

El Paso Corp. turned its recent losses on their head in 1Q2010, reporting Thursday that it had net profits of $388 million (54 cents/share) versus a loss of $969 million (minus $1.41) in the year-ago period.

El Paso Corp. turned its recent losses on their head in 1Q2010, reporting Thursday that it had net profits of $388 million (54 cents/share) versus a loss of $969 million (minus $1.41) in the year-ago period.

San Diego-based Sempra Energy has promoted Debra Reed to a newly created executive vice president position at the holding company, reporting to Sempra CEO Donald Felsinger. Reed, 53, president and CEO of utilities San Diego Gas and Electric Co. (SDG&E) and Southern California Gas Co. (SoCalGas) since 2006, joined SoCalGas in 1978 as an energy systems engineer. From 1984 to 2006 she served in a series of positions at the utilities, including vice president of human resources and vice president of administrative services for SoCalGas; president of SoCalGas operations for residential, small-commercial and industrial customers; and CFO of SDG&E and SoCalGas. Also promoted were Jessie Knight Jr., who becomes CEO of SDG&E; Michael Niggli will be COO at the combination utility; Michael Allman will be the CEO of SoCalGas; Anne Smith will be COO of the gas utility; Jeffrey Martin will be CEO of Sempra Generation; and Steven Davis will become the holding company’s vice president of investor relations.

Sen. Charles Schumer (D-NY) said he is drafting legislation that would require the reporting of over-the-counter (OTC) derivative trades — including energy transactions — to a central trade repository, making it easier for regulators to keep closer tabs on the market.

Most cash market points went back to reporting gains Thursday after mixed action during Wednesday. The strength in cash averages occurred despite the bearish fact that the market had to digest its fifth straight triple-digit natural gas storage report (see related story).

Southern California Gas did not extend a high-linepack OFO beyond Wednesday.

Reporting strong first-quarter results from its multi-state utility operations, Xcel Energy is basking in an era of “constructive regulation,” said CFO Ben Fowke, who reported increased first-quarter-over-quarter earnings Thursday during a conference call with financial analysts. Xcel had “solid” results, Fowke said, despite experiencing an overall revenue drop in the first quarter of more than $300 million, compared to the same period in 2008.