|
NV Energy, Inc. (NV Energy) has reported operating revenues of $3.58 billion for the year-end 2009, compared with the operating revenues of $3.52 billion in the previous year-end. It has also reported a net income of $182.9 million, or $0.78 per share, for the year-end 2009, compared with the net income of $208.9 million, or $0.89 per share, in the previous year-end.
The decrease in 2009 fiscal year earnings as compared with 2008 was primarily due to costs related to the Higgins Generating Station and the Clark Peaking Units not included in rates prior to July 1, 2009.
The increased earnings in the fourth quarter 2009, compared with 2008 was primarily due to higher general rates as a result of the general rate case effective July 1, 2009 at our southern Nevada utility, partially offset by severance costs.
"We are satisfied with the results we achieved this year when considering the economic conditions we faced," Michael Yackira, president and chief executive officer of NV Energy, said. "Much of the year over year decline is attributable to expenses related to investment in new generating facilities, which are now accounted for in rates, partially offset by cost discipline throughout the company."
|
|
* Indicates Mandatory
|
|
|