Duke, Williams among energy producers expecting profit declines
US electricity producers such as Duke Energy Corp and Williams Cos say first-quarter profit fell as a mild winter hurt demand and dimmed prospects for an industry already hurt by Enron's collapse in December.
One of the warmest US winters in a century reduced the need for electric heat, and the slow growth of the economy kept industrial use in check, energy executives and investors said.
Natural gas fell to a six-month low in January and Western US power prices fell from record highs a year ago.
The declines came as investors increased their scrutiny of energy finances, after power and natural gas trader Enron filed for bankruptcy.
Shares of utilities and energy traders fell.
Companies shed assets, sold stock and reduced spending to restore credit ratings and investor confidence.
