Energy East reports drop in earnings

PORTLAND – Energy East Corp., which serves about 3 million customers throughout upstate New York and New England, reported its second-quarter financial results. Earnings per basic share for the second quarter 2008 were 10 cents compared to 12 cents per share earned in the second quarter 2007, according to a company press release.

For the 12 months ended June 30, 2008, earnings per basic share were $1.56 compared with $1.68 per share for the 12 months ended June 30, 2007.

Earnings per basic share for the second quarter of 2008 were 2 cents lower than second-quarter 2007 earnings of 12 cents a share. Results for the quarter included a charge of two cents a share resulting from provisions of Central Maine Power Co.’s new rate plan, which was approved by the Maine Public Utilities Commission in June. As part of this rate plan, CMP was required to write off $5.2 million in previously deferred costs, including $4.1 million in storm costs.