Texas retail energy provider announces strong second-quarter profits

El Paso Electric recently reported that its second-quarter financial results were comparable to the same period last year when the company was benefiting from growing business.

In its most recent report, the retail energy provider stated it had net income of $30.0 million, or $0.77 per share, compared with $33 million, or $0.78 per share in the same period last year. For the first six months of 2012, EE reported total income of $34.2 million, or 85 cents per share, just under total earnings for the first six months of 2011, which came in at $39.8 million.

“We are pleased that our earnings per share for the second quarter of 2012 is comparable to the strong results we achieved in the same quarter of 2011. We experienced a 2.4 percent increase in retail kWh sales in our local service territory during the second quarter of 2012 due to a 1.5 percent increase in the average number of customers served,” said CEO Tom Shockley.

The company has been performing well thanks to Texas’ deregulated energy market, which has created a competitive environment for energy providers, which are constantly looking to grow their customer base.