Citizens Energy reports steady quarterly results; updates on Lebanon water project, lead-line replacements and Deep Rock tunnel

Citizens Energy Group executives told the board May 28 that the company remains broadly on track financially for fiscal 2025 and provided operational updates on major capital programs.

Why it matters: The trust is advancing multi-year, capital-intensive projects that affect regional water supply, wastewater control, and customer service; project timing, funding sources and contract negotiations shape future rates and service reliability.

Financial snapshot

- Combined net income for the quarter was reported at just over $84,000,000, roughly comparable to the $85,000,000 recorded a year earlier. Gas and wastewater units contributed approximately $59,000,000 of the combined net income for the quarter, according to the controller's presentation.

- The company reported no material or unexpected financial results in the quarter; Deloitte completed a review of the second-quarter financial statements and reported no difficulties or disagreements with management during the review process.

Operational and capital updates

- Lebanon regional water program: Executives said the Lebanon water program is progressing on budget and on schedule. The board materials and presenters described plans to expand system capacity; the finances for the Lebanon project are expected to be funded with non-recourse…