Great Plains Energy reports higher quarterly profit
08/08/2013 5:34 PM
08/08/2013 5:36 PM
Great Plains Energy on Thursday reported a boost in second quarter earnings to $63.2 million compared to $57.7 million for the same period last year.
Earnings were boosted by an increase in rates and a decline in interest expense, but warmer weather in the period prevented a better financial performance.
Retail electric sales were down 6.2 percent in the second quarter compared to the same period in 2012. An unplanned outage at the Wolf Creek nuclear plant near Burlington, Kan., cost the company $4 million.
Great Plains, which is the parent of Kansas City Power Light, said tight cost management also helped and it is becoming more optimistic about the economy.
“We continue to see signs of improvement and believe the economy in our service territory is strengthening,” Terry Bassham, the company’s chief executive, said in a statement.
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