Las Vegas Sun NewsNV Energy nearly doubles profit to $322 million in 2012
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22 February 2013
8:15 a.m.
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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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.
Good for them. Now they can stop with the rate increases every time you turn around.
How about some rate reduction?
If they doubled their profits it seems they committed fraud in requesting a rate increase! They should be required to reduce the rates to pay back the increase.
I think the PUC needs some brighter members if they are giving rate increases that simply increase the companies profits. Lets turn NVE into a COOP that is customer owned! Watch how fast the rates drop when you pay what it actually costs to deliver the service!
Bastards!
It is ridiculous that so many residents are unemployed and struggling to keep their power on and food on their tables and this company that has a monopoly on the power in Nevada has the nerve to increase the rates to this degree that their profits have doubled and we have no option to switch to a different power company.