Citizens Energy Group said profit nearly tripled, to $90.1 million, on higher operating revenue in the fiscal year ending Sept. 30. The utility rang up operating revenue of $836.4 million, up about 8 percent from a year earlier.
Citizens attributed higher revenue chiefly to rate increases for water and wastewater that went into effect in 2016. It attributed higher operating expenses partially to an increase in depreciable assets and increased payments on property taxes.
The increased expenses were partially offset by a decrease in expenses resulting from in-sourcing operation and maintenance of the wastewater system.
The company supplies water, sewer, steam and chilled water services to 400,000 customers in central Indiana.