NV Energy slips to a fourth quarter loss

By Las Vegas Sun Staff (contact)

Wednesday, Feb. 11, 2009 | 8:47 a.m.

NV Energy Inc. of Las Vegas today reported a fourth quarter loss of $2.1 million or 1 cent per share, which is a reversal from a profit in the year-ago quarter of $3.7 million or 2 cents per share.

Its stock was off slightly this morning on the news, falling 2.6 percent, or 27 cents, to $10.24 per share.

“While we are never satisfied with a loss as experienced in the recent fourth quarter, the majority of the expense dollars responsible for that decline were associated with two significant new power plant facilities added at our company," Chief Executive Officer Michael Yackira said in a statement. "These included the $400 million, 600-megawatt peaking plant built at our Clark Generating Station and the acquisition of the $510 million, 598-megawatt Walter Higgins Generating Station.

"Although these assets are now serving our customers, they are not presently in rates but are part of the General Rate Case currently before the Public Utilities Commission of Nevada. We expect that the cost of service and rate base associated with these investments will be included in our new rates that will be effective later this year."

Despite the economic slowdown in Nevada, the utility said the average number of residential, commercial and industrial electric customers in Southern Nevada increased by 0.8 percent, 2.6 percent and 3.8 percent, respectively, in 2008.