RGS Energy posts loss for 2013

LOUISVILLE – RGS Energy (Nasdaq: FGSE) reported on Tuesday a net loss of $11.3 million, or 38 cents per share, in 2013, despite increasing annual revenue to $101.3 million, a 9 percent increase compared with $92.9 million in 2012.

The Louisville-based provider of turnkey solar solutions for residential, commercial and utility customers, said during the fourth quarter that ended Dec. 31, that it completed its largest installation to date, a 4.2 megawatt solar-electric system in Massachusetts.

During the quarter, revenue improved to $29.9 million, up 12 percent from $26.8 million during the same quarter a year ago. Its net loss of $2.5 million for the quarter improved from a net loss of $3.8 for the same quarter a year ago.

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Platte River must prepare for the retirement of 431 megawatts (MW) of dispatchable, coal-fired generation by the end of the decade and address more frequent extreme weather events that can bring dark calms (periods when there is no sun or wind).

The company said the improvement was achieved despite harsh weather, which negatively impacted the company’s anticipated installations in both commercial and residential markets.