As Coal Prices Go Up, Allegheny Energy’s Profits Go Down, an Industrial Info News Alert
Researched by Industrial Info Resources (Sugar Land, Texas) — Allegheny Energy (NYSE:AYE) (Greensburg, Pennsylvania), one of the major power suppliers to Virginia, West Virginia, Pennsylvania and Maryland, announced third quarter 2008 profits on November 3. The company’s net income fell sharply from 3Q07, moving from $115 million in 2007 to $89 million this year. The company pointed to increased coal prices as having a significant effect on expenses. Industrial Info, as part of its North American Industrial Database, is currently tracking $790 million of projects belonging to Allegheny. Many of the larger projects involve the addition of emissions-control equipment.
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SOURCE: Industrial Info Resources