May 1, 2009
NSTAR Revenues, Profits Up
NSTAR, the utility that provides natural gas and electricity to a number of Central Massachusetts Communities, increased both its earnings and its profits in the first quarter of the year.
The utility brought in revenues of $948 million, up 5.8 percent from the same quarter last year, and net income of $61 million, up 3 percent from Q1 2008.
The company said the higher profits were due to a decline in operations and maintenance costs, higher revenues for electric transmission and distribution and a 3 percent increase in gas sales. Those factors were partially offset by increases in depreciation and property taxes and reduced electric sales.
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