Thu, Aug 1, 9:00 PM (88 days ago)
DPL Inc. and AES Ohio reported improved financial performance for the quarter ended June 30, 2024. DPL's income before income tax was $11.5 million, a significant increase from the prior period loss of $10.6 million. AES Ohio's income before income tax rose to $18.9 million from a loss of $1.9 million in the prior year. Key drivers included higher transmission revenue due to increased investments, an increase in the Distribution Investment Rider (DIR) following the approval of ESP 4, and higher retail margins driven by favorable weather and increased demand. However, these gains were partially offset by higher operation and maintenance expenses, increased taxes, and higher interest expenses due to additional borrowings. Net cash provided by operating activities for DPL was $62.4 million, significantly up from $5.6 million in the prior year. Both DPL and AES Ohio saw increased capital expenditures, primarily for transmission and distribution projects. Financing activities were bolstered by equity contributions from AES, which totaled $130 million for the period. Looking forward, DPL and AES Ohio plan to invest significantly in infrastructure, with an estimated $1.3 billion in capital expenditures over the next three years. The companies are also seeking regulatory approval for a $683 million Smart Grid Phase 2 plan.