AltaGas Reports "Strong Performance" From WGL Retail Business, Higher Margins

AltaGas Reports "Strong Performance" From WGL Retail Business, Higher Margins

March 11, 2024

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Reporting by Paul Ring • ring@energychoicematters.com

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AltaGas reported "strong performance" from WGL's retail business, in announcing fourth quarter and full-year earnings

"Strong contributions from WGL’s retail business" led to a $43 million increase in contribution by the Retail business to Normalized EBITDA for the quarter ending December 31, 2023, when compared to the year-ago contribution

Higher gas and electric margins and lower O&M in the Retail marketing business during the fourth quarter of 2023 drove the favorable result

For the year 2023, WGL's retail business saw higher electric margins but lower gas margins

In the fourth quarter of 2023, the Retail marketing business's U.S. retail gas sales volumes were 16,863 Mmcf, compared to 18,064 Mmcf in the same quarter of 2022. The decrease was primarily due to a decrease in commercial customers served by the business and warmer weather in the fourth quarter of 2023 compared to the same quarter of 2022.

In the fourth quarter of 2023, the Retail marketing business's U.S. retail electricity sales volumes were 3,518 GWh compared to 3,328 GWh in the same quarter of 2022. The increase was primarily due to an increase in commercial customers served by the business, partially offset by warmer weather in the fourth quarter of 2023 compared to the same quarter of 2022.

For the year ended December 31, 2023, the Retail marketing business's U.S. retail gas sales volumes were 56,438 Mmcf, compared to 59,302 Mmcf in the same period in 2022. The decrease was primarily due to significantly warmer weather in the year ended December 31, 2023 compared to 2022.

For the year ended December 31, 2023, the Retail marketing business's U.S. retail electricity sales volumes were 14,339 GWh compared to 13,217 GWh in the same period in 2022. The slight increase was primarily due to an increase in commercial customers served by the business.

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