clarinews@clarinet.com (02/02/90)
SPOKANE, Wash. (UPI) -- Washington Water Power Co. reported Thursday fourth-quarter net income of $16.6 million, or 74 cents per share, down from $17.3 million or 78 cents in the same period of 1988. Quarterly revenue was $162 million, up from $140 million in 1988. For 1989, net income was $60.3 million, or $2.70 per share, up from $56.6 million or $2.54. Revenue was $589 million, up from $542 million. Chairman Paul Redmond blamed the quarterly decline on regulatory orders in Idaho and Washington reducing the utility's natural gas rates. The Washington order is being appealed. Earnings by non-utility subsidiaries and wholesale electricity sales accounted for the higher earnings for the year, he said. In 1989 the utility added 3,000 electrical and natural gas customers in its service area of eastern Washington and northern Idaho, Water Power said.