Westar Energy Inc – Latest Company News

Vestas receives wind turbines order from RES Americas

03 Jan 2008

Wind energy firm RES Americas, a subsidiary of UK-based Renewable Energy Systems, is developing and constructing the Central Plains wind farm and has placed the order for the 33 wind turbines.

The company claims to be developing more than 1,000MW of wind power capacity in North America. The wind power plant will be owned and operated by Westar Energy, the largest electric utility in Kansas, and forms part of Westar’s wind energy program.

Jens Soby, president of Vestas Americas, said: “Kansas has clearly demonstrated its commitment to wind power as a clean, reliable and local form of power generation. We have very positive expectations for the future for wind power in Kansas, and it is a great pleasure for us to partner with RES Americas and Westar Energy and in this way participate in the development of the state’s wind resources.”
The order also comprises a five-year service and maintenance agreement. Delivery and commissioning of the 33 wind turbines is scheduled for the second half of 2008.

Westar Energy incentive return request declined

02 Jan 2008

Westar said that the commission declined to approve its request for a 1% incentive return. Kansas law allows for an incentive up to 2% for investments in renewable energy.

The order also indicated that in the future, wind generation could be subject to undefined operating standards and potential financial penalties that have not been imposed on other forms of generation.
Bill Moore, Westar Energy’s president and CEO, said: “We are concerned that the KCC’s decision introduces uncertainty as to how wind investments might be regulated in the future, increasing their risk and inhibiting such development. Because deadlines are so tight to secure some of the state’s most attractive wind sites for our customers, we will move forward with 295MW despite the increased risks.”

Westar Energy Q3 earnings improved

06 Nov 2007

The company reported earnings of $153.9 million, or $1.71 per share for the nine months ended September 30, 2007, compared with $151.5 million, or $1.73 per share, for the same period in 2006. The lower year-to-date per share results were due to an increase in the number of shares outstanding from equity issuances made in 2007.

Westar reported revenues of $548.5 million for the third quarter 2007, $32.5 million higher than revenues of $515.9 million for the same period in 2006. Retail sales were up $7.7 million due primarily to warmer weather this year. Wholesale sales increased $13.3 million due primarily to a wholesale sales agreement entered into in April 2007.

The company reported the other income and expense was $2.4 million of expense compared with $1.2 million of income for the same period in 2006. The change between periods is due primarily to reduced income from corporate-owned life insurance.