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November 27, 2009

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Increased fuel costs result in third quarter loss

Wednesday, Nov. 8, 2000 | 11:09 a.m.

The parent company of Nevada Power Co. today reported a loss of $19.5 million or 25 cents per share for the third quarter.

Reno-based Sierra Pacific Resources Inc., attributed the loss to nearly $300 million of unanticipated fuel and purchased power price increases for the quarter. The company is recovering some of those costs through a $48 million rate increase approved by the Public Utilities Commission of Nevada in July.

The quarterly losses were based on revenues of $887.1 million. In the same quarter a year earlier, the company reported net income of $64.7 million, 93 cents per share, on revenue of $478.8 million.

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