NV Energy's 4th-Quarter Profit Surges

By: AP Email
By: AP Email

RENO, Nev. (AP) - NV Energy Inc. says its annual profit nearly doubled in 2012 thanks to a rate increase and hot summer weather.

The Las Vegas-based utility on Friday reported earnings of $17.2 million over the quarter ending Dec. 31, compared with a loss of $25.2 million in the same period in 2011.

For 2012, the power company reported net income of $322 million, up from $163.4 million the previous year.

For shareholders, earnings equated to $1.35 per share for the year, compared with 69 cents per share in 2011.

The company attributes the increases mostly to its southern Nevada operations, where customers faced a $158.6 million rate increase a year ago and an unusually hot summer increased electricity demand.

The utility serves 2.4 million Nevadans.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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