Lant, right, with President/COO Carl Meyer

POUGHKEEPSIE - Though the 2007 financial report shows an increase in revenues for CH Energy Group, Inc, officials declared a one percent decrease in shareholder earnings, mainly due to increased customer conservation and a weakening economy and financial market.

President, Chairman of the Board and CEO Steven Lant told shareholders at their annual meeting at corporate headquarters in Poughkeepsie Tuesday that earnings decreased from $2.73 per share in 2006 to $2.70 in 2007, but said they should not be worried because the company “is going stronger than ever” and has “many great investments in the works for the future.”

The 2007 Financial and Statistical Report showed a $9 million revenue increase from 2006, but Lant said that figure can be misleading.

“We don’t make any money from the supply of our energy, we just cover the costs.  So what one hand is collecting from the customers, the other hand is giving to suppliers, so there really are no earning attached to the supply of either gas or electricity for us.”

Lant said that although they are not in the business of making money on energy supply, they have to yield some revenue for the shareholders to keep them investing in CH Energy Group.

Lant boasted to shareholders that in 2007 over $80 million in investments were made towards infrastructure improvements; $29 million was the cumulative investment for alternative energy since 2004, customer satisfaction increased by two percent, improvements in electric service reliability were evident, and an application for a revised energy efficiency plan was submitted to the state, and is pending approval.

The new energy program, called SavingsCentral, includes rebate programs for usage of high-efficiency appliances, and assistance to low-income customers and expert advice to commercial customers in accessing programs through the New York State Energy Research & Development Authority. 

The filing also includes a revenue decoupling mechanism that would break a link between sales and revenues, and asks for possible incentives for providing benefits for its customers.

The program is currently awaiting approval from the state Public Service Commission, and is would be ready to go three months after approval, according to Lant.