NV Energy Reports Third Quarter Earnings
LAS VEGAS, Nov. 2, 2011 /PRNewswire/ -- NV Energy, Inc. (NYSE: NVE) today announced financial results for the three months and nine months ended September 30, 2011.
NV Energy, Inc.
Periods Ended September 30
($ in millions)
"As expected, the completion of the new Harry Allen combined cycle plant was a key factor affecting our third quarter results," said Michael Yackira, president and chief executive officer of NV Energy, Inc. "Harry Allen concludes our major investments in new efficient generation over the past five years. I am pleased that our continuing efforts to control spending helped mitigate the additional costs of this new plant."
The 2010 amounts in the table above incorporate an $8.0 million (pre-tax) accrual for the September 2010 termination of a long term service agreement(1). In the third quarter of 2011, after reaching a settlement with the vendor, NV Energy reversed the accrued termination costs. The reversal benefitted results for the three and nine months ended September 30, 2011 by $8.0 million (pre-tax).
Results for the nine months ended September 30, 2011 were adversely affected by $8.6 million of pre-tax adjustments in connection with energy efficiency implementation rates as previously disclosed.
Results for both periods ended September 30, 2010 reflect the results of NV Energy's California operations, which were sold effective January 1, 2011. Results for the nine months ended September 30, 2010 also reflect a $7.6 million pre-tax gain on a May 2010 asset sale as previously disclosed.
(1) A revision to the September 30, 2010 SEC Form 10-Q as disclosed in the SEC Form 10-K for the fiscal year ended December 31, 2010.
Webcast Scheduled for 7 a.m. PDT today, Wednesday, November 2, 2011
Senior management of NV Energy will review the company's third quarter 2011 financial results and other matters during a conference call and live webcast today, Wednesday, November 2, at 7 a.m. Pacific Daylight 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, 219843.
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.