NEW HAVEN, Conn.(BUSINESS WIRE)Dec. 19, 2000UIL Holdings Corporation today affirmed its estimate for 2001 earnings at $4.05-$4.25 per share. In addition, at its regularly scheduled meeting yesterday, UIL Holdings Corporation’s Board of Directors approved the capital and expense budgets for 2001.
“The outlook for 2001 earnings remain strong and the budget approved yesterday results in earnings per share at the high end of our earnings estimate range, despite the continuing outage at the Seabrook nuclear power plant,” said UIL Holdings Chairman, President and Chief Executive Officer Nathaniel D. Woodson. “This can be attributed to the growth in our non-regulated businesses and good cost management efforts at all of the business units” he said.
The cost of the Seabrook outage extension is now estimated to be about $.65 per share, of which about 30% will be booked in 2001 and the remaining 70% recorded in 2000.
“While we expect to be able to offset the lost earnings in 2001 with other measures, the impact of the outage extension on 2000 earnings is simply too large to be entirely offset with compensating actions,” reported Robert L. Fiscus, UIL Holdings Vice Chairman and Chief Financial Officer. “Therefore, we are revising our previously disclosed earnings estimate for 2000 from $4.25-$4.35 per share to $4.05-$4.15 per share,” he said.
The outage at the Seabrook plant (17.5% owned by The United Illuminating Company) operated by an affiliate of Northeast Utilities began as a four-week regularly scheduled refueling outage on October 21. Problems with a back-up diesel generator have extended the plant’s return to service until about the end of January 2001.
UIL Holdings Corporation is the holding company for The United Illuminating Company (UI) and United Resources Inc. (URI). UI is a New Haven-based regional distribution utility that provides electricity and energy-related services to more than 314,000 customers in municipalities in the Greater New Haven and Greater Bridgeport areas. URI is the umbrella for UIL Holdings’ non-regulated business units, including Xcelecom, Inc., American Payment Systems, United Capital and United Bridgeport Energy. UIL Holdings World Wide Web address is https://uil.com and the company is traded on the New York Stock Exchange under the symbol UIL.