The late ticker: Dominion sees rise

Dominion Resources, the US utility that bought East Midlands Electricity this year reported that first-quarter profits rose 10 per cent over last year despite the mild winter weather, which reduced sales in its main business in Virginia.

East Midlands Electricity made up most of the shortfall, contributing $49.8m, about 29 per cent of earnings.

"The fact that our consolidated earnings are up for the quarter despite the abnormally mild winter weather experienced by Virginia Power illustrates the strength and success of our diversification programme," said chief executive Thomas Capps.

The company said East Midlands will probably make less of a contribution during the remainder of the year as its customers use less electricity in summer.

The reverse is true for Virginia Power in the US, however, whose customers make heavy use of air conditioners over the summer months.