Revenues

Continuing economic sluggishness weighed down TransCanada Corp.’s power revenues, resulting in net income of C$345 million (C50 cents/share) for 3Q2009, an 11.6% decline compared with C$390 million (C67 cents/share) in 3Q2008, the Calgary-based company said Wednesday.

Six coastal states will share nearly half a billion dollars from offshore oil and natural gas revenues in fiscal years (FY) 2009 and 2010 to help restore and protect coastal wetlands, wildlife habitat and marine areas, Interior Secretary Ken Salazar said Monday.

Despite rate case approvals providing more than $100 million in additional revenues last year, Minneapolis-based Xcel Energy Wednesday reported 2007 earnings that were essentially flat compared to 2006, and it will be focusing on general rate cases for its utility operations in Minnesota and Colorado this year. For ongoing operations diluted earnings were up compared to 2006 ($1.43/share vs. $1.30/share) and beat the guidance range for the year.

Despite sagging revenues in 1Q2007, Dynegy Inc. last week reported that net income swung from a 1Q2006 loss of $4 million, or a loss of $0.01 per diluted share, to a gain of $14 million, or $0.03 per diluted share for the first quarter 2007. The first quarter profit, which marked the company’s first profitable period in the last five quarters, was attributed to the strong performance from its power generation portfolio and to higher power prices.

Bolstered by cost recovery and higher revenues in its electric and natural gas transmission operations, PG&E Corp. Wednesday reported sharply higher third-quarter earnings, up 56% from results for the same period in 2005. Net income for the third quarter was $393 million ($1.09/share) compared with $252 million (63 cents/share) in the third quarter last year. As a result, the utility holding company increased its earnings guidance for 2006 by 5 cents/share to the range of $2.45-$2.55.

Colorado revenues from oil and gas drilling this year are projected to be about $342 million, 19% more than last year’s record-setting $287 million, according to the Colorado Department of Local Affairs. And the state is continuing to set records for oil and gas drilling activity, according to statistics compiled by the Colorado Oil and Gas Conservation Commission.

Despite revenues jumping by nearly half a billion dollars, PG&E Corp. Wednesday reported that earnings in the first quarter were essentially flat compared to the same period last year. On a nonGAAP accounting basis, first quarter earnings were $214 million, or 60 cents/ share, compared to $218 million, or 56 cents/share, for the same period in 2005. Total revenue was $3.1 billion, compared to $2.66 billion in the first quarter a year earlier.

Dallas-based Atmos Energy Corp. has joined 52 other gas/electric utilities on the Fortune 500 ranking of the largest companies. Atmos enters the list at No. 430 based on revenues of $4.9 billion.

Dallas-based Atmos Energy Corp. has joined 52 other gas/electric utilities on the Fortune 500 ranking of the largest companies. Atmos enters the list at No. 430 based on revenues of $4.9 billion.