Las Vegas Sun

November 14, 2009

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Utility power costs soar $70 million-plus

Thursday, July 13, 2000 | 10:47 a.m.

The stock of Sierra Pacific Resources fell 5.44 percent this morning after the parent company of Nevada Power Co. and Sierra Pacific Power Co. said second quarter fuel and purchased power costs will likely exceed budgeted expenses by an estimated $70 million to $80 million.

Sierra Pacific stock traded this morning at $14.11, down 83 cents. Blaming "an unprecedented and extremely volatile energy market," the company said fuel and purchased power expenses will likely have a negative impact on second quarter earnings and an ongoing negative earnings impact for the remainder of the year.

Sierra Pacific noted it's in settlement talks with the state for rate relief. "The company cannot predict the outcome of such discussions," Sierra Pacific said.

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