October 18, 2024
BANGOR DAILY NEWS (BANGOR, MAINE

Bangor Hydro posts second-quarter loss

BANGOR — Bangor Hydro-Electric Co. has announced unaudited quarterly earnings figures, reporting a loss of 19 cents a share for the quarter ended June 30. During the same period in 1996, the utility earned 32 cents per common share.

The decline in second-quarter earnings compared to 1996 is attributable largely to the fact that Maine Yankee nuclear power plant, in which Bangor Hydro has a 7 percent ownership interest, has been shut down since early December 1996. While the plant remains shut down, Bangor Hydro incurs approximately $1 million a month in replacement power costs.

The company reported a loss for the six months ended June 30, 1997, of 14 cents per common share, compared to earnings of 83 cents per common share for the same period in 1996. Earnings for the twelve months ended June 30, 1997, were 36 cents per common share, compared to earnings of $1.09 for the 12 months ended June 30, 1996.


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