$22M in earnings reported by utility

BERLIN, Conn. – Northeast Utilities, which runs New England’s largest energy delivery system, reported Thursday that it earned $22.2 million in the second quarter as it made progress in divesting its competitive energy businesses.

The earnings were 14 cents per share for the three months ending June 30, compared with a loss of $27.7 million, or 21 cents per share, during the same quarter last year. Analysts surveyed by Thomson Financial expected earnings of 17 cents per share.

Berlin-based NU announced last year that it would divest itself of its competitive businesses and focus on its regulated transmission, distribution and generation operations.

The company said last week that its divestiture was nearly complete following an agreement to sell 15 power generating plants in Connecticut and Massachusetts for $1.3 billion to Short Hills, N.J.-based Energy Capital Partners.

NU said it expects the deal to close by the end of the year and plans to use the proceeds to invest in its regulated businesses, retire debt and pay taxes related to the sale.