NV Energy Reports Financial Results for 2011
LAS VEGAS, Feb. 21, 2012 /PRNewswire/ -- NV Energy, Inc. (NYSE: NVE) today announced financial results for the three and 12 months ended December 31, 2011.
NV Energy, Inc.
Periods Ended December 31,
Net Income (Loss)
($ in millions)
"Important considerations impacting our fourth quarter earnings included completion of the Harry Allen plant, which is now in rates, a number of accounting adjustments, and the timing of power plant outages. For the year 2011, the Harry Allen plant and accounting adjustments were the most significant drivers of earnings," said Michael Yackira, president and chief executive officer of NV Energy, Inc. "Cost control will remain a top priority for our Company this year, as we transition to a period of reduced regulatory risk."
Results for the three months ended December 31, 2011 were adversely affected by regulatory adjustments and reserves totaling $20.9 million (pre-tax), primarily related to a December 2011 rate decision by the Public Utilities Commission of Nevada.
Earnings for the 12 months ended December 31, 2010 benefitted from NV Energy's California operations, which were sold effective January 1, 2011, and a $7.6 million pre-tax gain on a May 2010 asset sale as previously disclosed.
Webcast Scheduled for 7 a.m. PST today, Tuesday, February 21, 2012
Senior management of NV Energy will review the company's 2011 financial results and other matters during a conference call and live webcast today, Tuesday, February 21, at 7 a.m. Pacific Standard Time.
The webcast will be accessible on the NV Energy website at www.nvenergy.com. A taped replay will remain on the company's website for approximately 30 days. To listen to the replay by telephone, call (800) 475-6701. International callers should dial (320) 365-3844. Use the conference call access code 234001.
Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a combined 45,592 square-mile service territory, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada and nearly 40 million tourists annually.