NV Energy sees strong jump in 3rd-quarter profits

NV Energy had a strong jump in third-quarter profits as it spent less on fuel and power but had a bump in sales.

The Las Vegas-based electric company said Friday it earned $223.2 million of net income, or 94 cents per share, for the three months ending Sept. 30. That compares to $173.5 million of profit, or 73 cents per share, in the same period last year.

The company lowered its operating expenses by 7 percent last quarter to $615 million. It spent $171 million on fuel for power generation, down from $217 million a year ago, and paid $206 million for purchased power, compared to $223 million last year.

NV Energy also had 9.5 million megawatt-hours of electric sales last quarter, up 3 percent from a year earlier, though its volume of gas sales slipped by 1.5 percent.

Altogether, operating revenue rose to $1.026 billion from $1.018 billion.

NV Energy serves 2.4 million Nevada residents, or about 90 percent of the state’s population.

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  1. how much of this was from wind farm, solar? savings? Would there be a rate decrease coming?
    No, and NO. and NO. don;t ask?

  2. A bump in sales is great, but heaven forbid the community conserves, tries to be 'green', then NV power wants rate increases. Lucky us.

    All this sun in southern NV and we get excuses instead of solar power. Why aren't elected officials making the wheels turn and encouraging solar power to make energy less expensive for southern Nevadans.

  3. How about Nevada Giving Homeowners a Bid Fat Solar Credit for Installing Solar, or possibly doing like Berkeley, CA where you install a Solar Grid at No Upfront Charge, then the county places a 20 year low tax Solar payment against your Property Tax Bill and thereby lowers you Electric Bill Immediately with equal payment spread out among the property owners over the next 20 years - locking in your Power Bill.