Higher net income for 2013 was driven primarily by higher prices, partially offset by a 2 percent decline in retail electric sales due to mild summer weather, reduced demand by industrial customers, and higher O&M costs for the company's distribution system and generating plants.
Lower net income for the fourth quarter 2013 was driven primarily by higher O&M expenses due in large part to the timing of expenses at the company's generating plants, distribution system and for general and administrative costs. These higher expenses were partially offset by higher prices and electric sales as a result of cooler weather and increased demand from industrial customers.
The company affirmed 2014 earnings guidance of
The Board of Directors today declared a quarterly dividend of
Conference Call and Additional Company Information
Members of the media are invited to listen to the conference call and then contact Gina Penzig with any follow-up questions.
This earnings announcement, a package of detailed fourth quarter and year-end 2013 financial information, the company's annual report on Form 10-K for the period ended
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