NV Energy nearly doubles profit to $322 million in 2012

Helped by a rate increase and lower expenses, NV Energy had a jump in fourth-quarter earnings and nearly doubled its profit in 2012.

The power company, which serves about 90 percent of Nevada’s population, said Friday it earned $17.2 million of net income, or a gain of 7 cents per share, in the three months ending Dec. 31.

That compares to a loss of $25.2 million, or a loss of 11 cents per share, in the same period a year earlier.

The Las Vegas-based utility also reported earning $322 million in profit in 2012, up from $163.4 million in profit in 2011.

Company executives attributed the fourth-quarter earnings jump in part to a rate increase that took effect Jan. 1, 2012. As part of the hike, single-family homes in Southern Nevada were expected to face a 3.5 percent bump in their power bills.

NV Energy had $2.98 billion in operating revenue last year and $2.19 billion in operating expenses. In 2011, it had $2.94 billion in such revenue and $2.33 billion in expenses.

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  1. The PUC needs to be earning its' pay rather than just rubber-stamping rate increases at a time when the costs of power generation are (for well-run utilities should be) declining.

    This might be "business-friendly to NV Energy's top executives, but it is hostile to most Nevada businesses and a rapacious imposition on Nevada consumers.

  2. Bastards!