Las Vegas Sun NewsUtilities report profits up; gas rate increase sought
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8 May 2012
1:50 p.m.
Las Vegas-based utility companies Southwest Gas Corp. and NV Energy are reporting higher first-quarter profits.
Southwest Gas, which serves customers in Arizona, California and Nevada, last week said it earned $78.9 million, or $1.70 per share, on operating revenue of $657.7 million.
That’s up from a profit of $68.6 million, $1.48 per share, on operating revenue of $628.4 million in the first quarter of 2011.
The company attributed part of the improvement to higher rates in Arizona and said that in Nevada, it’s seeking an annual rate increase that would boost revenue $27 million.
Separately, NV Energy on Tuesday said that its profits are so strong that it’s boosting its quarterly dividend to shareholders from 13 cents per share to 17 cents per share.
The company earned $12.2 million, or 5 cents per share, in the most recent quarter. That’s up from $2.3 million or 1 cent in the year-ago quarter.
Gross margin — operating revenue less energy and conservation costs — of $338 million was up from $308.9 million.
“Earnings increased despite mild weather, largely due to higher income associated with our investment in the Harry Allen generating station,” CEO Michael Yackira said in a statement. “The dividend increase we announced today demonstrates our confidence that NV Energy is entering a period of more stable earnings and sustained free cash flow.”
A $700 million expansion of the Harry Allen natural gas-fired electric generating station 25 miles north of Las Vegas was added to the local power grid last year. The plant serves 375,000 homes. Its costs are now included in higher rates paid by customers.
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Greedy little piggies.
I see trees of green, red roses too
I see them bloom, for me and you
And I think to myself
What a wonderful world
I see skies of blue, and clouds of white
The bright blessed day, dark sacred night
And I think to myself
What a wonderful world
The colors of the rainbow, so pretty in the sky
Are also on the faces, of people going by
I see friends shaking hands, sayin', "How do you do?"
They're really sayin', "I love you"
I hear babies cryin', I watch them grow
They'll learn much more, than I'll ever know
And I think to myself
What a wonderful world
Yes, I think to myself
What a wonderful world
Oh yeah
NV Energy builds a new power plant and gets a rate increase to cover the cost.
Now the ratepayers are paying for the new power plant and the savings from not having to purchase the electricity is given to investors in the form of an over 30% increase in dividends.
How is it that NV Energy crys poor at the PUC hearings then hands out a 30% increase in dividends? Nice to see Governor Sandavol was looking out for the investors, instead of constituents, when making his appointments to the PUC. How much in campaign contributions from NV Energy to Sandavol receive? I'm paying an 11% increase in my electricity rates so investors can get a 30% increase in dividends. Nice.
Very well written Lynn Johnson. I am wondering that very same thing.
Gasoline prices up...check.
Food prices up...check.
Water rates up...check.
Electricity rates up...check.
Now, natural gas rates up...check.
Increase in pay? Forget it.
Hey Bob Realist...
Here's one for you. It heats your water and cools your house. It's from the old Servel Company, known for refrigerators that ran and ran and ran from the late 50s. Still used in some areas, but have gone to an Italian outfit.. Robur .here's a link
http://www.roburcorp.com/products/search...
One problem you may face is somebody who could install it. It acts on absorption, chilling a fluid by heating one end and getting the other end cool. That's why they include the water heating piece.
google "gas-fired air conditioners" for more info
Bob,
you'll need to put RESIDENTIAL in type of building and COOLING in function. They are in drop down menus on the left and POOF you'll see what you are looking for maybe...
Bob,
here's a bunch of solar A/C units that look like winners for Las vegas. I'm surprised there arne't more available locally with all the sun. The problem with the low humidity in the desert is low air mass takes a while to cooll. If the sun is doing the work, the payback should be realistic, so to speak.
https://www.google.com/search?q=solar+ai...
Nat Gas at all time lows. Mass Electric lowering customers rates because of it and these guys want more. F'in criminals
Bob,
most of these gas fired units are probably not what you want.
Take a look at solar powered mini-split heat pumps. They can get their power from electricity from the sun - about a ton of A/C (12,000 BTU/hr) for 4 of the panels, roughly $1000 after rebates. A well-performing home with a 1500 sq, ft. to be conditioned would require 2and a half tons and 10 panels ($2500 in solar) but the efficiencies of mini-splits is quite high with SEER ratings up to 26.
https://www.google.com/search?q=solar+an...
And the mini-splits offer a really quiet operation and allow you to have different settings in different areas. And they are not expensive to purchase or install. By doing a thorough energy audit and performance package first, you may get by with a slightly smaller installation.
One of the troubles with going with a gas-fired A/C unit is the noise, the unusual item that for re-sale could become a liability.
Here's a quick peek into mini-split or 'ductless' heat pumps and their reputation.
http://www.examiner.com/article/why-the-...