Las Vegas Sun NewsNV Energy sees strong jump in 3rd-quarter profits
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2 November 2012
9:03 a.m.
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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NV Energy serves 2.4 million Nevadans, so $223.2 million quarterly profit works out to $93 for every man, woman, and child. The average household size in Nevada is 2.65, so the quarterly profit per household is $246.45; divide by three to get the monthly profit per household which is $82.15. In other words $82.15 of your monthly electric bill represents NV Energy's profit.
Didn't they just say they didn't make enough over the summer?
They need to raise the rates even higher so everyone has an even chance to compete. Primarily raise the green power financing, renewable energy program, and energy efficiency charges so Harry Reid's green energy enterprises can comfortably compete. "Because it's the right thing to do"
So we were overcharge 223 million on our electric bills... I still contend that Power Utilities should be a separate kind of company that operates much like a non-profit COOP. Rather than a regular corporation with a profit motive. Utilities are here to provide energy, something we can not choose to do without and something where inflating the actual cost with profits only hurts businesses and residential customers by inflating the real cost of energy and adds to the price of everything manufactured and purchased.
I know some may think that competition would fix that, but you still have the issue of paying a profit on top of the actual cost of the energy being provided.. just via more companies.
We will need to restructure our energy companies in the future anyway to deal with coming energy issues that are not being adequately addressed and built out now!
I remember where I lived before we had a COOP.. whenever they had a savings resulting from operations... we would get a credit on our energy bills rather than a rate increase by a greedy corp!
Housing costs have dropped 66% since Harry took over the Senate in 2007. You complainers have nothing but extra cash, pony up. They're just asking everyone to pay a little bit more. If you don't like it quit paying your bill like you all did in 2008 with your credit cards, mortgages and car payments. FOREWARD See how easy that is folks.
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?
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.
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.