Rate increase creates more profit for NV Energy
By Eli Segall, Las Vegas Sun
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.
It’s always nice to realize that by paying higher rates for my power I’m able to help the poor, destitute investors on Wall Street. Imagine their suffering if their portfolios didn’t increase in value ahead of the market. And they had to reduce their sponsorship of their Republican political friends.