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Wisconsin Energy reports quarterly net income jumps 12%

MILWAUKEE (WTAQ) - The parent company of We Energies had its net income rise by 12 percent, despite cool weather that kept a lot of us from cranking up our air conditioners.

Wisconsin Energy of Milwaukee reports a net income of $133 million from April through June, up from $119 million the year before.

Stockholders had their earnings rise from 52 cents a share to 58. That's six cents higher than what outside analysts projected.

Wisconsin Energy cites cost controls for its growth in net income. CEO Gale Klappa said it came despite a cool and rainy June which significantly reduced demands for the high electric usage caused by air conditioning.

Large industrial and commercial users paid two percent more for their electricity than a year ago. Smaller business customers paid two percent less, and residential usage fell by almst 4 percent.

(Story courtesy of Wheeler News Service)