Archive for Wednesday, September 23, 2009

Cool summer means not-so-hot earnings for Westar

September 23, 2009

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— Low summer temperatures cooled projected earnings for Westar Energy, the company announced Wednesday.

The state’s largest electric utility revised downward its full-year 2009 earnings guidance to a range of $1.35 to $1.45 per share from a previous guidance of $1.65 to $1.80 per share.

The reasons for the downward revision were the coolest third quarter since 1967 and lower energy marketing margins, the Topeka-based company said.

The depressed energy market has been caused by wholesale energy prices hitting their lowest levels in a decade, Westar officials said.

In response, Westar said it notified 21 employees in energy trading that their positions are either being eliminated or they are being reassigned.

Westar has a total work force of nearly 2,400 employees. The company provides service to approximately 684,000 customers in Kansas.

Comments

leeroy_johnson 5 years, 10 months ago

Sorry for the lost jobs. And the negative comment comes: Looking forward to another great rate increase westar. You are the gift that keeps on giving.

Socratic 5 years, 10 months ago

I look forward to the day that consumers will be able to earn money by selling their excess home generated wind and solar power back to the grid.

LogicMan 5 years, 10 months ago

"look forward to the day that consumers will be able to earn money by selling their excess home generated wind and solar power back to the grid."

You can do that now, it just won't be cost effective for you.

Store the excess power and use it yourself instead.

notigers4me 5 years, 10 months ago

It seems it is always about money. I am certain that they will charge the rest of us more because they have not experienced as much profit as they thought. Please keep in mind they are still very profitable.

mr_right_wing 5 years, 10 months ago

What have you got to say about that Al Gore?!

I just hope we see a return of 'global warming' for the winter months this year!

jonas_opines 5 years, 10 months ago

Cry me a river. Wonder how much their losses compare with the fraud and embezzlement cases from a bit back.

Jay_lo 5 years, 10 months ago

Guess they'll be applying for a rate increase to cover the cost of 21 slips of pink paper

mizzou_jayhawk 5 years, 10 months ago

Now if only we could replace Westar with a non-profit electric cooperative, then we wouldn't have a public utility (which has an obvious monopoly) complaining about lost shareholder earnings. The bottom line is they still made a profit and are in the black. Their profit should be reinvested back into upgrading infrastructure and other assets.

alchemist 5 years, 10 months ago

They overcharge as it is...can't wait to see what the next bill will be. They still made a profit, and they are a monopoly as we don't have another option in the area. What a crock.

gccs14r 5 years, 10 months ago

MRW apparently missed the heat wave in the PNW. Just because it was cool here doesn't mean it was cool everywhere.

average 5 years, 10 months ago

@gccs14r -

Or in most of Europe and nothern-hemisphere Asia this summer. Strangely enough, it was one of the warmest summers on record in the northern hemisphere, despite a cool one in the middle of N.America.

The term is 'global warming'. For MRW's sake, the globe extends slightly beyond a 500-mile radius of Topeka.

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