NV Energy Reports Strong Third Quarter Results; Increases Earnings Guidance for 2012

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Nov 02, 2012, 07:00 ET

LAS VEGAS, Nov. 2, 2012 /PRNewswire/ -- NV Energy, Inc. (NYSE: NVE) today announced financial results for the three-and nine-month periods ended September 30, 2012.

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	NV Energy, Inc.
	Consolidated Results
	Periods Ended September 30

	Net Income				EPS
	($ in millions)				(diluted)
	2012		2011		2012		2011
Three Months	$	223.2	$	173.5	$	0.94	$	0.73
Nine Months		304.8		188.7		1.28		0.80

"Our strong third quarter results were largely due to higher earnings from the investment in the Harry Allen Generating Station, increased electricity sales, and lower interest expense," said Michael Yackira, NV Energy president and chief executive officer. "Our investments in generating capacity over the past five years have enabled us to increase Nevada's energy independence while maintaining residential customer rates at about the same level as five years ago. Our cost control efforts remain on track. Operating and maintenance expenses for 2012 to date are virtually unchanged from last year."

The increased electricity sales in the third quarter were primarily due to increased customer usage independent of weather effects, and customer growth. Warmer weather increased earnings by approximately $0.01 per share for the third quarter of 2012 compared to the same period a year ago. Weather was hotter than normal for both quarterly periods, benefiting earnings by about $0.04 per share for the third quarter of 2012, and about $0.03 per share for the same period in 2011, compared to historically normal conditions. For information on cooling and heating degree-days and electricity sales, see the Operating Statistics section of this news release.

In the quarter ended September 30, 2012, NV Energy recorded a $0.02 per share ($5.5 million pre-tax) gain on a previously disclosed asset sale.

Earnings Guidance
NV Energy's last earnings guidance statement, dated July 27, 2012, indicated that the company expected to earn between $1.15 and $1.25 per share for 2012, with the potential for earnings to be at the upper end of that range assuming normal weather in the second half of the year.

Aided in part by warmer-than-normal weather, results for 2012 to date have exceeded the company's expectations, and NV Energy is revising its earnings guidance accordingly. The company now expects to earn between $1.30 and $1.40 per share for calendar year 2012, assuming normal weather in the fourth quarter.

Key factors expected to drive financial results in 2012 are shown in the "Third Quarter 2012: Financial Results" presentation posted on www.nvenergy.com this morning.

Webcast Scheduled for 7 a.m. PDT today, Friday, November 2, 2012
Senior management of NV Energy will review the company's third quarter 2012 financial results and other matters during a conference call and live webcast today, Friday, November 2, at 7 a.m. Pacific Daylight Time.

The webcast will be accessible on the NV Energy website at: www.nvenergy.com. A taped replay will be available on the company's website and by telephone 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 260407.

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 within the meaning of the Private Securities Litigation Reform Act of 1995 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. Forward-looking statements include earnings guidance and estimates or forecasts of operating and financial metrics. These statements reflect current expectations of future conditions and events and as such are subject to a variety of risks, uncertainties and assumptions that could cause actual results to differ materially from current expectations. These risks, uncertainties and assumptions 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, construction risks, including but not limited to those associated with the ON Line project, 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. Further risks, uncertainties and assumptions that may cause actual results to differ from current expectations pertain to weather conditions, customer and sales growth, plant outages, operations and maintenance expense, depreciation and allowance for funds used during construction, interest rates and expense, cash flow and regulatory matters. 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 Annual Reports on Form 10-K for the year ended December 31, 2011, and quarterly reports on Form 10-Q for the periods ended March 31, 2012 and June 30, 2012, 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)
(Unaudited)


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2012		2011		2012		2011

OPERATING REVENUES		$	1,026,488	$	1,017,796	$	2,378,606	$	2,333,710

OPERATING EXPENSES:
	Fuel for power generation		171,316		216,779		400,936		519,920
	Purchased power		205,686		223,348		486,894		518,672
	Gas purchased for resale		5,382		10,137		46,491		87,753
	Deferred energy		(29,036)		(33,620)		(30,285)		(43,678)
	Energy efficiency program costs		32,584		23,047		76,609		23,047
	Other operating expenses		100,108		104,598		307,080		308,119
	Maintenance		19,014		11,369		76,190		73,317
	Depreciation and amortization		94,512		93,737		281,690		266,445
	Taxes other than income		15,682		15,205		44,457		46,134
Total Operating Expenses			615,248		664,600		1,690,062		1,799,729
OPERATING INCOME			411,240		353,196		688,544		533,981

OTHER INCOME (EXPENSE):
	Interest expense
	(net of AFUDC-debt: $1,976, $1,326, $5,479 and $10,371)		(73,667)		(80,496)		(226,162)		(238,718)
	Interest income (expense) on regulatory items		(2,024)		(1,282)		(6,203)		(3,549)
	AFUDC-equity		2,415		1,690		6,666		12,854
	Other income		8,827		1,611		19,312		6,351
	Other expense		(4,209)		(9,857)		(11,909)		(23,600)
Total Other Income (Expense)			(68,658)		(88,334)		(218,296)		(246,662)
Income Before Income Tax Expense			342,582		264,862		470,248		287,319

Income tax expense			119,412		91,400		165,466		98,639

NET INCOME			223,170		173,462		304,782		188,680

Other comprehensive income (loss):
Change in compensation retirement benefits liability and amortization
(Net of taxes $(74), $(293), $(246) and $(1,302))			155		544		464		2,417
Change in market value of risk management assets and liabilities
(Net of taxes $91, $0, $355 and $0)			(193)		-		(668)		-

OTHER COMPREHENSIVE INCOME (LOSS)			(38)		544		(204)		2,417

COMPREHENSIVE INCOME		$	223,132	$	174,006	$	304,578	$	191,097

Amount per share basic and diluted
	Net income per share - basic	$	0.95	$	0.74	$	1.29	$	0.80
	Net income per share - diluted	$	0.94	$	0.73	$	1.28	$	0.80
Weighted Average Shares of Common Stock Outstanding - basic			235,961,402		235,990,373		235,986,874		235,796,321
Weighted Average Shares of Common Stock Outstanding - diluted			238,121,732		237,901,330		237,850,530		237,320,796
Dividends Declared Per Share of Common Stock		$	0.17	$	0.12	$	0.47	$	0.36

NV ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Share Amounts)
(Unaudited)

			September 30,		December 31,
			2012		2011
ASSETS

Current Assets:
	Cash and cash equivalents		$	207,903	$	145,944
	Accounts receivable less allowance for uncollectible accounts:
		2012 - $9,750; 2011 - $8,150		511,107		355,091
	Materials, supplies and fuel, at average cost			147,984		129,663
	Current income taxes receivable			-		82
	Deferred income taxes			165,015		104,958
	Other current assets			47,172		36,782
Total Current Assets				1,079,181		772,520

Utility Property:
	Plant in service			12,074,285		11,923,717
	Construction work-in-progress			658,494		487,427
		Total		12,732,779		12,411,144
	Less accumulated provision for depreciation			3,351,132		3,184,071
		Total Utility Property, Net		9,381,647		9,227,073

Investments and other property, net				58,666		57,021

Deferred Charges and Other Assets:
	Deferred energy			90,244		102,525
	Regulatory assets			1,121,185		1,186,127
	Regulatory asset for pension plans			207,137		215,656
	Other deferred charges and assets			77,999		74,206
Total Deferred Charges and Other Assets				1,496,565		1,578,514


TOTAL ASSETS			$	12,016,059	$	11,635,128


		(Continued)

NV ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Share Amounts)
(Unaudited)

		September 30,		December 31,
LIABILITIES AND SHAREHOLDERS' EQUITY		2012		2011

Current Liabilities:
	Current maturities of long-term debt	$	258,024	$	139,985
	Accounts payable		322,940		312,990
	Accrued expenses		101,199		128,144
	Deferred energy		214,181		245,164
	Other current liabilities		68,172		65,572
Total Current Liabilities			964,516		891,855

Long-term debt			4,766,563		5,008,931

Commitments and Contingencies

Deferred Credits and Other Liabilities:
	Deferred income taxes		1,546,998		1,306,510
	Deferred investment tax credit		14,109		16,140
	Accrued retirement benefits		79,405		92,351
	Regulatory liabilities		541,823		486,259
	Other deferred credits and liabilities		507,417		427,003
Total Deferred Credits and Other Liabilities			2,689,752		2,328,263

Shareholders' Equity:
	Common stock, $1.00 par value; 350 million shares authorized; 235,999,750 issued
	for 2012 and 2011; 235,747,750 and 235,999,750 outstanding for 2012 and 2011, respectively		236,000		236,000
	Treasury stock, at cost, 252,000 shares and 0 shares for 2012 and 2011, respectively		(4,509)		-
	Other paid-in capital		2,713,736		2,713,736
	Retained earnings		658,139		464,277
	Accumulated other comprehensive loss		(8,138)		(7,934)
Total Shareholders' Equity			3,595,228		3,406,079

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	12,016,059	$	11,635,128


(Concluded)

NV ENERGY, INC.
FREE CASH FLOW AND CONSOLIDATED OPERATING STATISTICS
(Unaudited)

FREE CASH FLOW
(dollars in thousands)
							Nine Months Ended September 30,
															Change from
							2012				2011				Prior Year

Free Cash Flow*							$	256,404			$	(2,836)			N/A

		*	Free cash flow is a non-GAAP financial measure as defined by the SEC. See the "Non-GAAP Financial Measures" section for additional information and GAAP reconciliation.
ELECTRIC SALES - MWh's
(in thousands)
				Three Months Ended September 30,										Nine Months Ended September 30,
										Change in Average Customers
						Change from Prior Year
				2012	2011									2012		2011	Change from Prior Year		Change in Average Customers

Residential				4,419	4,323	2.2			%	1.2			%	9,356		8,694	7.6	%	1.3	%
Commercial				2,223	2,141	3.8			%	0.8			%	5,713		5,472	4.4	%	0.3	%
Industrial				2,831	2,712	4.4			%	(0.4)			%	7,841		7,680	2.1	%	(1.7)	%
	TOTAL RETAIL			9,473	9,176	3.2			%	1.1			%	22,910		21,846	4.9	%	1.1	%

GAS SALES - Dth
(in thousands)
		Three Months Ended September 30,				Nine Months Ended September 30,

		2012	2011	Change from Prior Year		2012	2011	Change from Prior Year

Residential		642	638	0.6	%	5,613	6,318	(11.2)	%
Commercial		374	389	(3.9)	%	2,939	3,228	(9.0)	%
Industrial		153	160	(4.4)	%	876	1,047	(16.3)	%
	TOTAL RETAIL	1,169	1,187	(1.5)	%	9,428	10,593	(11.0)	%

ELECTRIC SOURCES - MWh's
(in thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,

	2012	2011	Change from Prior Year		2012	2011	Change from Prior Year
Generated	6,617	6,180	7.1	%	16,093	14,477	11.2	%
Purchased	3,363	3,577	(6.0)	%	8,446	9,081	(7.0)	%
TOTAL	9,980	9,757	2.3	%	24,539	23,558	4.2	%

DEGREE DAYS

		Three Months Ended September 30,							Nine Months Ended September 30,
					% Change From							% Change From
		2012	2011	Normal*	Prior Year		Normal		2012	2011	Normal*	Prior Year		Normal
SOUTH
	Heating	-	-	-	N/A		N/A		986	1,131	1,112	(12.8)	%	(11.3)	%
	Cooling	2,313	2,312	2,209	-	%	4.7	%	3,771	3,329	3,390	13.3	%	11.2	%

NORTH
	Heating	1	3	69	(66.7)	%	(98.6)	%	2,677	3,201	3,012	(16.4)	%	(11.1)	%
	Cooling	1,020	848	699	20.3	%	45.9	%	1,255	960	878	30.7	%	42.9	%

*	Normal = 20-year average

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


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2012		2011		2012		2011

OPERATING REVENUES		$	802,334	$	798,914	$	1,751,165	$	1,662,880

OPERATING EXPENSES:
	Fuel for power generation		123,992		162,976		285,799		378,790
	Purchased power		171,687		181,733		388,494		399,707
	Deferred energy		(22,685)		(10,354)		(15,461)		(1,274)
	Energy efficiency program costs		28,492		20,451		65,466		20,451
	Other operating expenses		65,372		68,004		200,484		195,040
	Maintenance		12,533		3,460		52,594		45,122
	Depreciation and amortization		66,975		67,212		201,096		186,798
	Taxes other than income		9,743		9,105		26,793		28,209
Total Operating Expenses			456,109		502,587		1,205,265		1,252,843
OPERATING INCOME			346,225		296,327		545,900		410,037

OTHER INCOME (EXPENSE):
	Interest expense
	(net of AFUDC-debt: $1,528, $842, $4,021 and $8,962)		(51,784)		(55,267)		(158,791)		(163,036)
	Interest income (expense) on regulatory items		(1,623)		(82)		(5,488)		679
	AFUDC-equity		1,833		1,026		4,823		10,979
	Other income		7,096		594		14,197		2,708
	Other expense		(2,823)		(7,324)		(7,162)		(15,235)
Total Other Expense			(47,301)		(61,053)		(152,421)		(163,905)
Income Before Income Tax Expense			298,924		235,274		393,479		246,132

Income tax expense			103,754		80,666		137,328		84,481

NET INCOME			195,170		154,608		256,151		161,651

Other comprehensive income:
Change in compensation retirement benefits liability and amortization
(Net of taxes $(33), $(41), $(103) and $(554))			65		75		192		1,028

COMPREHENSIVE INCOME		$	195,235	$	154,683	$	256,343	$	162,679

NEVADA POWER COMPANY
CONSOLIDATED OPERATING STATISTICS
(Unaudited)

ELECTRIC SALES - MWh's
(in thousands)
		Three Months Ended September 30,						Nine Months Ended September 30,


		2012	2011	Change from Prior Year		Change in Average Customers		2012	2011	Change from Prior Year		Change in Average Customers

Residential		3,752	3,711	1.1	%	1.2	%	7,619	7,021	8.5	%	1.4	%
Commercial		1,374	1,319	4.2	%	0.9	%	3,480	3,307	5.2	%	0.5	%
Industrial		2,145	2,070	3.6	%	(0.7)	%	5,836	5,793	0.7	%	(2.0)	%
	TOTAL RETAIL	7,271	7,100	2.4	%	1.2	%	16,935	16,121	5.0	%	1.3	%

ELECTRIC SOURCES - MWh's
(in thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,

	2012	2011	Change from Prior Year		2012	2011	Change from Prior Year
Generated	5,105	4,879	4.6	%	12,264	11,138	10.1	%
Purchased	2,392	2,520	(5.1)	%	5,415	5,821	(7.0)	%
TOTAL	7,497	7,399	1.3	%	17,679	16,959	4.2	%

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


		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2012		2011		2012		2011
OPERATING REVENUES:
	Electric	$	212,073	$	202,263	$	549,886	$	545,462
	Gas		12,077		16,615		77,543		125,357
Total Operating Revenues			224,150		218,878		627,429		670,819

OPERATING EXPENSES:
	Fuel for power generation		47,324		53,803		115,137		141,130
	Purchased power		33,999		41,615		98,400		118,965
	Gas purchased for resale		5,382		10,137		46,491		87,753
	Deferral of energy - electric - net		(5,498)		(22,095)		(13,854)		(45,924)
	Deferral of energy - gas - net		(853)		(1,171)		(970)		3,520
	Energy efficiency program costs		4,092		2,596		11,143		2,596
	Other operating expenses		34,128		35,933		104,214		110,836
	Maintenance		6,481		7,909		23,596		28,195
	Depreciation and amortization		27,537		26,525		80,594		79,647
	Taxes other than income		5,894		6,052		17,382		17,675
Total Operating Expenses			158,486		161,304		482,133		544,393
OPERATING INCOME			65,664		57,574		145,296		126,426

OTHER INCOME (EXPENSE):
	Interest expense
	(net of AFUDC-debt: $448, $484, $1,458 and $1,409)		(15,298)		(16,861)		(47,650)		(50,581)
	Interest expense on regulatory items		(401)		(1,200)		(715)		(4,228)
	AFUDC-equity		582		664		1,843		1,875
	Other income		1,399		810		4,181		2,676
	Other expense		(998)		(2,255)		(3,609)		(7,403)
Total Other Income (Expense)			(14,716)		(18,842)		(45,950)		(57,661)
Income Before Income Tax Expense			50,948		38,732		99,346		68,765

Income tax expense			16,521		13,396		33,596		23,341

NET INCOME			34,427		25,336		65,750		45,424

Other comprehensive income:
Change in compensation retirement benefits liability and amortization
(Net of taxes $(22), $(150), $(68) and $(1,201))			42		279		127		2,230

COMPREHENSIVE INCOME		$	34,469	$	25,615	$	65,877	$	47,654

SIERRA PACIFIC POWER COMPANY
CONSOLIDATED OPERATING STATISTICS
(Unaudited)

ELECTRIC SALES - MWh's
(in thousands)
		Three Months Ended September 30,						Nine Months Ended September 30,


		2012	2011	Change from Prior Year		Change in Average Customers		2012	2011	Change from Prior Year		Change in Average Customers

Residential		667	612	9.0	%	1.0	%	1,737	1,673	3.8	%	0.7	%
Commercial		849	822	3.3	%	0.7	%	2,233	2,165	3.1	%	(0.2)	%
Industrial		686	642	6.9	%	4.4	%	2,005	1,887	6.3	%	2.8	%
	TOTAL RETAIL	2,202	2,076	6.1	%	0.9	%	5,975	5,725	4.4	%	0.6	%

GAS SALES - Dth
(in thousands)
		Three Months Ended September 30,				Nine Months Ended September 30,

		2012	2011	Change from Prior Year		2012	2011	Change from Prior Year

Residential		642	638	0.6	%	5,613	6,318	(11.2)	%
Commercial		374	389	(3.9)	%	2,939	3,228	(9.0)	%
Industrial		153	160	(4.4)	%	876	1,047	(16.3)	%
	TOTAL RETAIL	1,169	1,187	(1.5)	%	9,428	10,593	(11.0)	%

ELECTRIC SOURCES - MWh's
(in thousands)
	Three Months Ended September 30,				Nine Months Ended September 30,

	2012	2011	Change from Prior Year		2012	2011	Change from Prior Year
Generated	1,512	1,301	16.2	%	3,829	3,339	14.7	%
Purchased	971	1,057	(8.1)	%	3,031	3,260	(7.0)	%
TOTAL	2,483	2,358	5.3	%	6,860	6,599	4.0	%

Non-GAAP Financial Measures

Free Cash Flow

"Free cash flow" meets the definition of a non-GAAP financial measure. NV Energy, Inc. defines free cash flow as net cash from operating activities less additions to utility plant (excluding AFUDC-equity). Since free cash flow is not a measure of liquidity calculated in accordance with GAAP, it should be considered in addition to, but not as a substitute for, the GAAP measure net cash from operating activities.

NV Energy, Inc. considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated from operations after capital expenditures that may be available for increasing its common stock dividend payout ratio, strengthening its capital structure, and considering new investment opportunities.

NV Energy, Inc.'s definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. The table below provides a reconciliation between GAAP net cash from operating activities and non-GAAP free cash flow (dollars in thousands).

	Nine Months Ended September 30,

	2012		2011		Change from Prior Year

Net Cash from Operating Activities	$	644,194	$	467,034	37.9	%

Less Additions to Utility Plant (Excluding AFUDC-Equity)		(387,790)		(469,870)	(17.5)	%

Free Cash Flow	$	256,404	$	(2,836)	N/A

Gross Margin

NV Energy, Inc. presents gross margin in order to aid the reader in determining how profitable the utilities' electric and gas businesses are 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.

NV Energy, Inc. believes presenting gross margin allows the reader to assess the impact of the utilities' 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 regulated utility electric and natural gas supply costs versus the fixed rates collected from utility 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 utility customers. Gross margin, which NV Energy, Inc. calculates as operating revenues less energy and energy efficiency program costs, provides a measure of income available to support the other operating expenses of the utilities. Gross margin changes are based primarily on the utilities' general base rate adjustments (which are required to be filed by statute every three years). These non-GAAP measures should not be considered as substitutes for the GAAP measures. Reconciliations between GAAP operating income and gross margin are provided in the table below (dollars in thousands).

		Three Months Ended September 30,					Nine Months Ended September 30,

		2012		2011		Change from Prior Year	2012		2011		Change from Prior Year
Operating Revenues:		$	1,026,488	$	1,017,796	0.9 %	$	2,378,606	$	2,333,710	1.9 %

Energy Costs:
	Fuel for power generation		171,316		216,779	(21.0)%		400,936		519,920	(22.9)%
	Purchased power		205,686		223,348	(7.9)%		486,894		518,672	(6.1)%
	Gas purchased for resale		5,382		10,137	(46.9)%		46,491		87,753	(47.0)%
	Deferred energy		(29,036)		(33,620)	(13.6)%		(30,285)		(43,678)	(30.7)%
Energy efficiency program costs			32,584		23,047	41.4 %		76,609		23,047	232.4 %
Total Costs		$	385,932	$	439,691	(12.2)%	$	980,645	$	1,105,714	(11.3)%

Gross Margin		$	640,556	$	578,105	10.8 %	$	1,397,961	$	1,227,996	13.8 %

Other operating expenses			100,108		104,598			307,080		308,119
Maintenance			19,014		11,369			76,190		73,317
Depreciation and amortization			94,512		93,737			281,690		266,445
Taxes other than income			15,682		15,205			44,457		46,134

Operating Income		$	411,240	$	353,196	16.4 %	$	688,544	$	533,981	28.9 %

SOURCE NV Energy, Inc.

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