NV Energy Second Quarter Results Benefit From Warmer Weather; Earnings Guidance Affirmed

LAS VEGAS, July 27, 2012 /PRNewswire/ -- NV Energy, Inc. (NYSE: NVE) today announced financial results for the three- and six-month periods ended June 30, 2012.

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NV Energy, Inc.

Consolidated Results

Periods Ended June 30

Net Income


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Six Months





"Our improved results in the second quarter were largely due to unusually warm weather, higher earnings associated with our investment in the Harry Allen Generating Station, and settlement proceeds," said Michael Yackira, NV Energy president and chief executive officer.  "Operating and maintenance expenses were virtually unchanged, reflecting the continued success of our cost control efforts.  We have made investments over the past five years to reduce Nevada's dependence on purchased power.  This investment strategy has resulted in residential customer rates that are about the same as they were five years ago."

The warmer weather increased results for the second quarter of 2012 by an estimated $0.11 per share compared to the second quarter of 2011 and by approximately $0.07 per share compared to historically normal conditions.  Mild weather in the second quarter of 2011 had adversely affected earnings by about $0.04 per share compared with historically normal conditions. Cooling degree-days in southern Nevada in the second quarter of 2012 were 44 percent greater than the same period in 2011, and 23 percent greater than normal.

As previously disclosed, adjustments associated with a May 2011 regulatory decision reduced results for the second quarter of 2011 by $0.03 per share ($8.6 million pre-tax).

Earnings Guidance

As announced on May 8, 2012, NV Energy expects to earn between $1.15 and $1.25 per share for the year 2012.  For the first half of 2012, earnings were $0.34 per share.

"Results for the first half of the year exceeded our expectations," Yackira said.  "With summer still underway and third quarter weather a key variable for full-year results, we are making no changes to our earnings guidance range for 2012 at present.  However, assuming normal weather in the second half of the year, there is the potential for annual earnings to be at the upper end of the range."

Key factors expected to drive financial results in 2012 and beyond are shown in the "Second Quarter 2012: Financial Results" presentation posted on www.nvenergy.com this morning.  Management's earnings expectations assume actual weather for the first half of 2012, normal weather for the remainder of the year, and other drivers listed in the presentation.  The estimated impact of weather on earnings is based on assumed relationships between cooling and heating degree-days and demand, with normal conditions based on 20-year averages.

Webcast Scheduled for 7 a.m. PDT today, Friday, July 27, 2012

Senior management of NV Energy will review the company's second quarter 2012 financial results and other matters during a conference call and live webcast today, Friday, July 27, 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 be available on the company's website and by telephone 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, 252400.

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.