NV Energy Reports Financial Results for 2011

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Feb 21, 2012, 07:00 ET

LAS VEGAS, Feb. 21, 2012 /PRNewswire/ -- NV Energy, Inc. (NYSE: NVE) today announced financial results for the three and 12 months ended December 31, 2011.

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	NV Energy, Inc.
	Consolidated Results
	Periods Ended December 31,

		Net Income (Loss)
		($ in millions)				EPS (diluted)
	2011		2010		2011		2010
Three Months	$	(25.2)	$	14.2	$	(0.11)	$	0.06
12 Months	$	163.4	$	227.0	$	0.69	$	0.96

"Important considerations impacting our fourth quarter earnings included completion of the Harry Allen plant, which is now in rates, a number of accounting adjustments, and the timing of power plant outages. For the year 2011, the Harry Allen plant and accounting adjustments were the most significant drivers of earnings," said Michael Yackira, president and chief executive officer of NV Energy, Inc. "Cost control will remain a top priority for our Company this year, as we transition to a period of reduced regulatory risk."

Results for the three months ended December 31, 2011 were adversely affected by regulatory adjustments and reserves totaling $20.9 million (pre-tax), primarily related to a December 2011 rate decision by the Public Utilities Commission of Nevada.

Earnings for the 12 months ended December 31, 2010 benefitted from NV Energy's California operations, which were sold effective January 1, 2011, and a $7.6 million pre-tax gain on a May 2010 asset sale as previously disclosed.

Webcast Scheduled for 7 a.m. PST today, Tuesday, February 21, 2012

Senior management of NV Energy will review the company's 2011 financial results and other matters during a conference call and live webcast today, Tuesday, February 21, at 7 a.m. Pacific Standard Time.

The webcast will be accessible on the NV Energy website at www.nvenergy.com. A taped replay will remain on the company's website for approximately 30 days. To listen to the replay by telephone, call (800) 475-6701. International callers should dial (320) 365-3844. Use the conference call access code 234001.

Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a combined 45,592 square-mile service territory, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada and nearly 40 million tourists annually.

This press release may contain forward-looking statements regarding the future performance of NV Energy, Inc. and its subsidiaries, Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, NV Energy Inc.'s ability to maintain access to the capital markets, NV Energy Inc.'s ability to receive dividends from its subsidiaries, the financial performance of NV Energy Inc.'s subsidiaries, particularly Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, and the discretion of NV Energy Inc.'s Board of Directors with respect to the payment of future dividends based on its periodic review of factors that ordinarily affect dividend policy, such as current and prospective financial condition, earnings and liquidity, prospective business conditions, regulatory factors, and dividend restrictions in NV Energy Inc.'s and its subsidiaries' financing agreements. For Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, these risks and uncertainties include, but are not limited to, future economic conditions both nationally and regionally, changes in the rate of industrial, commercial and residential growth in their service territories, their ability to procure sufficient renewable energy sources in each compliance year to satisfy the Nevada Renewable Energy Portfolio Standard, changes in environmental laws and regulations, their ability to maintain access to the capital markets for general corporate purposes and to finance construction projects, employee workforce factors, unseasonable weather, drought, wildfire and other natural phenomena, explosions, fires, accidents, mechanical breakdowns that may occur while operating and maintaining an electric and natural gas system, their ability to purchase sufficient fuel, natural gas and power to meet their power demands and natural gas demands for Sierra Pacific Power Company d/b/a NV Energy, financial market conditions, and unfavorable rulings in their pending and future regulatory filings. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy are contained in their quarterly reports on Form 10-Q for the quarters ended March 31, 2011, June 30, 2011, and September 30, 2011 and Annual Report on Form 10-K for the year ended December 31, 2010, each filed with the Securities and Exchange Commission. NV Energy Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy undertake no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.


NV ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands, Except Share Amounts)

		Three Months Ended					Year Ended
		December 31,					December 31,
		2011			2010		2011		2010

OPERATING REVENUES		$	609,597		$	655,011	$	2,943,307	$	3,280,222

OPERATING EXPENSES:
	Fuel for power generation		160,665			170,970		680,585		821,484
	Purchased power		115,202			126,343		633,874		648,881
	Gas purchased for resale		37,402			36,166		125,155		137,702
	Deferred energy		(39,655)			6,553		(83,333)		113,107
	Energy efficiency program costs		20,489			-		43,537		-
	Other operating expenses		102,997			93,486		411,115		414,241
	Maintenance		29,990			18,852		103,307		104,567
	Depreciation and amortization		91,492			83,992		357,937		333,059
	Taxes other than income		14,331			15,214		60,465		62,746
Total Operating Expenses			532,913			551,576		2,332,642		2,635,787
OPERATING INCOME			76,684			103,435		610,665		644,435

OTHER INCOME (EXPENSE):
	Interest expense (net of AFUDC-debt: ($1,653), $6,006, $8,718 and
	$23,355)		(89,992)			(91,385)		(328,710)		(333,010)
	Interest income (expense) on regulatory items		(4,181)			(3,764)		(16,321)		(12,517)
	AFUDC-equity		(1,981)			7,197		10,873		28,112
	Other income		7,822			6,317		22,764		36,841
	Other expense		(25,324)			(6,075)		(48,924)		(23,113)
Total Other Income (Expense)			(113,656)			(87,710)		(360,318)		(303,687)
Income (Loss) Before Income Tax Expense			(36,972)			15,725		250,347		340,748

Income tax expense (benefit)			(11,724)			1,512		86,915		113,764

NET INCOME (LOSS)				(25,248)		14,213		163,432		226,984

Other comprehensive income (loss):
Change in compensation retirement benefits liability and amortization
	(Net of taxes $1,504, $268, $202 and $217)		(2,775)			(497)		(357)		(403)
Change in market value of risk management assets and liabilities
	(Net of taxes $369 in 2011)	$	(686)		$	-	$	(686)	$	-
OTHER COMPREHENSIVE INCOME (LOSS)			(3,461)			(497)		(1,043)		(403)

COMPREHENSIVE INCOME (LOSS)		$	(28,709)		$	13,716	$	162,389	$	226,581

Amount per share basic and diluted
	Net income (loss) per share - basic		(0.11)			0.06		0.69		0.97
	Net income (loss) per share - diluted		(0.11)			0.06		0.69		0.96

Weighted Average Shares of Common Stock Outstanding - basic			235,999,750			235,217,903		235,847,596		235,048,347
Weighted Average Shares of Common Stock Outstanding - diluted			238,365,115			236,767,210		237,767,071		236,294,812
Dividends Declared Per Share of Common Stock			0.13			0.12		0.49		0.45


NV ENERGY, INC.
CONSOLIDATED OPERATING STATISTICS AND FINANCIAL HIGHLIGHTS
(unaudited)


ELECTRIC SALES - MWh's
(in thousands)
			Three Months Ended December 31,			Year Ended December 31,
					Change from			Change from
			2011	2010	Prior Year	2011	2010	Prior Year

	Residential		2,060	2,142	(3.8)%	10,754	11,149	(3.5)%
	Commercial		1,733	1,741	(0.5)%	7,205	7,357	(2.1)%
	Industrial		2,538	2,511	1.1%	10,218	10,217	-
		TOTAL RETAIL	6,331	6,394	(1.0)%	28,177	28,723	(1.9)%


ELECTRIC SALES - MWh's (EXCLUDING CALIFORNIA)*
(in thousands)
			Three Months Ended December 31,				Year Ended December 31,
					Change	Average			Change	Average
					From	Change in			From	Change in
			2011	2010	Prior Year	Customers	2011	2010	Prior Year	Customers

	Residential		2,060	2,071	(0.5)%	0.9%	10,754	10,872	(1.1)%	0.9%
	Commercial		1,733	1,703	1.8%	0.7%	7,205	7,201	0.1%	0.6%
	Industrial		2,538	2,481	2.3%	(2.4)%	10,218	10,101	1.2%	(1.9)%
		TOTA RETAIL	6,331	6,255	1.2%	0.9%	28,177	28,174	-	0.9%

		* Represents results for 2011 and 2010 excluding amounts related to the California operations which were sold on January 1, 2011.

GAS SALES - Dth

(in thousands)

Three Months Ended December 31,

Year Ended December 31,

Change from

2011

2010

Prior Year

2011

2010

Prior Year

TOTAL RETAIL

5,188

4,631

12.0%

15,781

14,739

7.1%

ELECTRIC SOURCES - MWh's
(in thousands)
		Three Months Ended December 31,			Year Ended December 31,
				Change from			Change from
		2011	2010	Prior Year	2011	2010	Prior Year
	Generated	5,011	4,833	3.7%	19,488	20,526	(5.1)%
	Purchased	1,864	2,007	(7.1)%	10,945	9,861	11.0%
	TOTAL	6,875	6,840	0.5%	30,433	30,387	0.2%


DEGREE DAYS

	Three Months Ended December 31,				Year Ended December 31,
			Change from				Change from
	2011	2010	Prior Year	Normal	2011	2010	Prior Year	Normal
SOUTH
Heating	909	725	25.4%	856	2,040	1,895	7.7%	1,991
Cooling	211	230	(8.3)%	185	3,540	3,648	(3.0)%	3,540

NORTH
Heating	1,911	1,795	6.5%	1,934	5,112	4,868	5.0%	4,960
Cooling	4	18	(77.8)%	4	964	922	4.6%	864

CAPITAL STRUCTURE
(dollars in thousands)
		December 31, 2011			December 31, 2010

	Current maturities of long-term debt	$	139,985	1.6%	$	355,929	4.1%
	Long-term debt		5,008,931	58.6%		4,924,109	57.1%
	Total debt	$	5,148,916	60.2%	$	5,280,038	61.2%
	Total shareholders' equity		3,406,079	39.8%		3,350,818	38.8%
	Total capitalization (including current maturities of long-term debt)	$	8,554,995	100.0%	$	8,630,856	100.0%

AVAILABLE LIQUIDITY AS OF DECEMBER 31, 2011
(dollars in millions)
		NVE		NPC		SPPC
	Cash and Cash Equivalents	$	20.1	$	65.9	$	55.2
	Balance available on Revolving Credit Facilities		N/A		578.8		237.5
		$	20.1	$	644.7	$	292.7


NEVADA POWER COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)


		Three Months Ended				Year Ended
		December 31,				December 31,
		2011		2010		2011		2010

OPERATING REVENUES		$	391,513	$	416,233	$	2,054,393	$	2,252,377

OPERATING EXPENSES:
	Fuel for power generation		119,697		119,137		498,487		588,419
	Purchased power		77,519		92,963		477,226		505,239
	Deferred energy		(15,026)		13,124		(16,300)		94,843
	Energy efficiency program costs		16,841		-		37,292		-
	Other operating expenses		65,087		56,762		260,127		260,535
	Maintenance		19,198		12,814		64,320		71,759
	Depreciation and amortization		65,393		56,922		252,191		226,252
	Taxes other than income		9,045		9,061		37,254		37,918
Total Operating Expenses			357,754		360,783		1,610,597		1,784,965
OPERATING INCOME			33,759		55,450		443,796		467,412

OTHER INCOME (EXPENSE):
	Interest expense (net of AFUDC-debt: ($2,192), $5,680, $6,770
	and $21,443)		(58,917)		(52,871)		(221,953)		(214,367)
	Interest income (expense) on regulatory items		(2,661)		(1,204)		(8,572)		(3,169)
	AFUDC-equity		(2,681)		6,674		8,298		25,229
	Other income		5,476		6,457		14,774		15,541
	Other expense		(17,785)		(3,608)		(33,020)		(12,946)
Total Other Income (Expense)			(76,568)		(44,552)		(240,473)		(189,712)
Income (Loss) Before Income Tax Expense			(42,809)		10,898		203,323		277,700

Income tax expense (benefit)			(13,744)		1,341		70,737		91,757

NET INCOME (LOSS)			(29,065)		9,557		132,586		185,943

Other comprehensive income (loss):
Change in compensation retirement benefits liability and amortization
	(Net of taxes $683, $232, $129 and $205)		(1,270)		(430)		(241)		(380)

COMPREHENSIVE INCOME (LOSS)		$	(30,335)	$	9,127	$	132,345	$	185,563


NEVADA POWER COMPANY
OPERATING STATISTICS AND FINANCIAL HIGHLIGHTS
(unaudited)


ELECTRIC SALES - MWh's
(in thousands)
			Three Months Ended December 31,				Year Ended December 31,
					Change	Average			Change	Average
					from	Change in			from	Change in
			2011	2010	Prior Year	Customers	2011	2010	Prior Year	Customers

	Residential		1,502	1,522	(1.3)%	1.1%	8,523	8,684	(1.9)%	1.1%
	Commercial		1,046	1,018	2.8%	0.4%	4,353	4,340	0.3%	0.4%
	Industrial		1,860	1,848	0.6%	(2.4)%	7,653	7,618	0.5%	(1.9)%
		TOTAL RETAIL	4,408	4,388	0.5%	1.0%	20,529	20,642	(0.5)%	1.0%

ELECTRIC SOURCES - MWh's
(in thousands)
		Three Months Ended December 31,			Year Ended December 31,
				Change from			Change from
		2011	2010	Prior Year	2011	2010	Prior Year
	Generated	3,896	3,537	10.1%	15,034	15,405	(2.4)%
	Purchased	756	1,140	(33.7)%	6,577	6,351	3.6%
	TOTAL	4,652	4,677	(0.5)%	21,611	21,756	(0.7)%

CAPITAL STRUCTURE
(dollars in thousands)
		December 31, 2011			December 31, 2010

	Current maturities of long-term debt	$	139,985	2.2%	$	355,929	5.6%
	Long-term debt		3,319,605	52.6%		3,221,833	50.8%
	Total debt	$	3,459,590	54.8%	$	3,577,762	56.4%
	Total shareholder's equity		2,848,977	45.2%		2,761,632	43.6%
	Total capitalization (including current maturities of long-term debt)	$	6,308,567	100.0%	$	6,339,394	100.0%


SIERRA PACIFIC POWER COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)


		Three Months Ended				Year Ended
		December 31,				December 31,
		2011		2010		2011		2010
OPERATING REVENUES:
	Electric	$	170,955	$	187,542	$	716,417	$	836,879
	Gas		47,125		51,232		172,482		190,943
Total Operating Revenues			218,080		238,774		888,899		1,027,822

OPERATING EXPENSES:
	Fuel for power generation		40,968		51,833		182,098		233,065
	Purchased power		37,683		33,380		156,648		143,642
	Gas purchased for resale		37,402		36,166		125,155		137,702
	Deferral of energy - electric - net		(19,521)		(8,714)		(65,445)		8,475
	Deferral of energy - gas - net		(5,108)		2,143		(1,588)		9,789
	Energy efficiency program costs		3,648		-		6,245		-
	Other operating expenses		35,864		35,575		146,699		149,946
	Maintenance		10,792		6,038		38,987		32,808
	Depreciation and amortization		26,099		27,070		105,746		106,807
	Taxes other than income		5,246		6,099		22,921		24,593
Total Operating Expenses			173,073		189,590		717,466		846,827
OPERATING INCOME			45,007		49,184		171,433		180,995

OTHER INCOME (EXPENSE):
	Interest expense (net of AFUDC-debt: $539, $326, $1,948
	and $1,912)		(16,854)		(17,373)		(67,435)		(68,514)
	Interest income (expense) on regulatory items		(1,520)		(2,560)		(7,749)		(9,348)
	AFUDC-equity		700		523		2,575		2,883
	Other income		2,206		2,472		6,883		16,748
	Other expense		(7,221)		(2,430)		(14,624)		(9,985)
Total Other Income (Expense)			(22,689)		(19,368)		(80,350)		(68,216)
Income Before Income Tax Expense			22,318		29,816		91,083		112,779

Income tax expense			7,856		10,338		31,197		40,404

NET INCOME			14,462		19,478		59,886		72,375

Other comprehensive income (loss):
Change in compensation retirement benefits liability and amortization
	(Net of taxes $556, $130, ($645) and $116)		(995)		(242)		1,236		(215)

COMPREHENSIVE INCOME		$	13,467	$	19,236	$	61,122	$	72,160


SIERRA PACIFIC POWER COMPANY
OPERATING STATISTICS AND FINANCIAL HIGHLIGHTS
(unaudited)


ELECTRIC SALES - MWh's
(in thousands)
			Three Months Ended December 31,			Year Ended December 31,
					Change from			Change from
			2011	2010	Prior Year	2011	2010	Prior Year

	Residential		558	620	(10.0)%	2,231	2,465	(9.5)%
	Commercial		687	723	(5.0)%	2,852	3,017	(5.5)%
	Industrial		678	663	2.3%	2,565	2,599	(1.3)%
		TOTAL RETAIL	1,923	2,006	(4.1)%	7,648	8,081	(5.4)%


ELECTRIC SALES - MWh's (EXCLUDING CALIFORNIA)*
(in thousands)
			Three Months Ended December 31,				Year Ended December 31,
					Change	Average			Change	Average
					From	Change in			From	Change in
			2011	2010	Prior Year	Customers	2011	2010	Prior Year	Customers

	Residential		558	549	1.6%	0.6%	2,231	2,188	2.0%	0.4%
	Commercial		687	685	0.3%	1.4%	2,852	2,861	(0.3)%	0.9%
	Industrial		678	633	7.1%	(1.8)%	2,565	2,483	3.3%	(1.8)%
		TOTAL RETAIL	1,923	1,867	3.0%	0.7%	7,648	7,532	1.5%	0.4%

		* Represents results for 2011 and 2010 excluding amounts related to the California operations which were sold on January 1, 2011.

GAS SALES - Dth

(in thousands)

Three Months Ended December 31,

Year Ended December 31,

Change from

2011

2010

Prior Year

2011

2010

Prior Year

TOTAL RETAIL

5,188

4,631

12.0%

15,781

14,739

7.1%

ELECTRIC SOURCES - MWh's
(in thousands)
		Three Months Ended December 31,			Year Ended December 31,
				Change from			Change from
		2011	2010	Prior Year	2011	2010	Prior Year
	Generated	1,115	1,296	(14.0)%	4,454	5,121	(13.0)%
	Purchased	1,108	867	27.8%	4,368	3,510	24.4%
	TOTAL	2,223	2,163	2.8%	8,822	8,631	2.2%

CAPITAL STRUCTURE
(dollars in thousands)
		December 31, 2011			December 31, 2010

	Long-term debt	$	1,179,326	54.8%	$	1,195,775	55.1%
	Total shareholder's equity		974,542	45.2%		973,420	44.9%
	Total capitalization	$	2,153,868	100.0%	$	2,169,195	100.0%

Gross margin is presented by Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy in order to provide information that management believes aids the reader in determining how profitable the electric and gas business is at the most fundamental level. Gross margin, which is a "non-GAAP financial measure" as defined in accordance with SEC rules, provides a measure of income available to support the other operating expenses of the business and is utilized by management in its analysis of its business.

Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy believe presenting gross margin allows the reader to assess the impact of regulatory treatment and their overall regulatory environment on a consistent basis. Gross margin, as a percentage of revenue, is primarily impacted by the fluctuations in electric and natural gas supply costs versus the fixed rates collected from customers. While these fluctuating costs impact gross margin as a percentage of revenue, they only impact gross margin amounts if the costs cannot be passed through to customers. Gross margin, which Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy calculate as operating revenues less energy costs and energy efficiency program costs, provides a measure of income available to support the other operating expenses. Gross margin changes are based primarily on general base rate adjustments (which are required to be filed by statute every three years). Reconciliations between GAAP operating income and gross margin are provided in tables herein. These non-GAAP measures should not be considered as substitutes for the GAAP measures.


NV Energy, Inc.
Consolidated Gross Margin
(dollars in thousands)

		Three Months Ended December 31,					Year Ended December 31,
						Change from					Change from
		2011		2010		Prior Year %	2011		2010		Prior Year %
Operating Revenues:		$	609,597	$	655,011	(6.9)%	$	2,943,307	$	3,280,222	(10.3)%

Energy Costs:
	Fuel for power generation		160,665		170,970	(6.0)%		680,585		821,484	(17.2)%
	Purchased power		115,202		126,343	(8.8)%		633,874		648,881	(2.3)%
	Gas purchased for resale		37,402		36,166	3.4%		125,155		137,702	(9.1)%
	Deferred energy		(39,655)		6,553	(705.1)%		(83,333)		113,107	(173.7)%
Energy efficiency program costs			20,489		-	N/A		43,537		-	N/A
			294,103		340,032			1,399,818		1,721,174

Gross Margin		$	315,494	$	314,979	0.2%	$	1,543,489	$	1,559,048	(1.0)%

Other operating expenses			102,997		93,486			411,115		414,241
Maintenance			29,990		18,852			103,307		104,567
Depreciation and amortization			91,492		83,992			357,937		333,059
Taxes other than income			14,331		15,214			60,465		62,746

Operating Income		$	76,684	$	103,435	(25.9)%	$	610,665	$	644,435	(5.2)%


Nevada Power Company
Gross Margin
(dollars in thousands)

		Three Months Ended December 31,					Year Ended December 31,
						Change from					Change from
		2011		2010		Prior Year %	2011		2010		Prior Year %
Operating Revenues:		$	391,513	$	416,233	(5.9)%	$	2,054,393	$	2,252,377	(8.8)%

Energy Costs:
	Fuel for power generation		119,697		119,137	0.5%		498,487		588,419	(15.3)%
	Purchased power		77,519		92,963	(16.6)%		477,226		505,239	(5.5)%
	Deferred energy		(15,026)		13,124	(214.5)%		(16,300)		94,843	(117.2)%
Energy efficiency program costs			16,841		-	N/A		37,292		-	N/A
			199,031		225,224			996,705		1,188,501

Gross Margin		$	192,482	$	191,009	0.8%	$	1,057,688	$	1,063,876	(0.6)%

Other operating expenses			65,087		56,762			260,127		260,535
Maintenance			19,198		12,814			64,320		71,759
Depreciation and amortization			65,393		56,922			252,191		226,252
Taxes other than income			9,045		9,061			37,254		37,918

Operating Income		$	33,759	$	55,450	(39.1)%	$	443,796	$	467,412	(5.1)%


Sierra Pacific Power Company
Gross Margin
(dollars in thousands)

		Three Months Ended December 31,					Year Ended December 31,
						Change from					Change from
		2011		2010		Prior Year %	2011		2010		Prior Year %
Operating Revenues:
	Electric	$	170,955	$	187,542	(8.8)%	$	716,417	$	836,879	(14.4)%
	Gas		47,125		51,232	(8.0)%		172,482		190,943	(9.7)%
			218,080		238,774	(8.7)%		888,899		1,027,822	(13.5)%

Energy Costs:
	Fuel for power generation		40,968		51,833	(21.0)%		182,098		233,065	(21.9)%
	Purchased power		37,683		33,380	12.9%		156,648		143,642	9.1%
	Gas purchased for resale		37,402		36,166	3.4%		125,155		137,702	(9.1)%
	Deferral of energy - electric - net		(19,521)		(8,714)	124.0%		(65,445)		8,475	(872.2)%
	Deferral of energy - gas - net		(5,108)		2,143	(338.4)%		(1,588)		9,789	(116.2)%
Energy efficiency program costs			3,648		-	N/A		6,245		-	N/A
		$	95,072	$	114,808	(17.2)%	$	403,113	$	532,673	(24.3)%

Gross Margin by Segment:
	Electric		108,177		111,043	(2.6)%		436,871		451,697	(3.3)%
	Gas		14,831		12,923	14.8%		48,915		43,452	12.6%
Gross Margin		$	123,008	$	123,966	(0.8)%	$	485,786	$	495,149	(1.9)%

Other operating expenses			35,864		35,575			146,699		149,946
Maintenance			10,792		6,038			38,987		32,808
Depreciation and amortization			26,099		27,070			105,746		106,807
Taxes other than income			5,246		6,099			22,921		24,593

Operating Income		$	45,007	$	49,184	(8.5)%	$	171,433	$	180,995	(5.3)%

SOURCE NV Energy, Inc.

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