Westar Energy Inc., the largest electric utility in Kansas, said Tuesday that its first quarter profits increased 73 percent as income from corporate-owned life insurance offset flat power sales.
For the three months ending March 31, the Topeka-based company said it earned $26.6 million, or 30 cents per share, compared with $15.4 million, or 18 cents per share, during the same quarter a year ago.
Income from retail energy sales increased 2.3 percent to $240 million as wholesale energy income declined 21 percent to $61.6 million as Westar cut back to conserve coal. The company continues to have delivery problems with coal shipments from Wyoming.
Corporate-owned life insurance provided $9.6 million in revenue.
Westar has a coal-fired electric plant in Lawrence.