NV Energy earnings up in 4Q
NV Energy reported fourth quarter earnings of $4.2 million on Monday, up from a $2.1 million loss in the same period last year.
Meanwhile, the company said it earned $182.9 million in 2009, or 78 cents per share, down from $208.9 million, or 89 cents per share, earned in 2008.
The year-to-year decrease was caused by costs of generating stations not included in the company’s rates until July 2009. The fourth quarter increase was attributed to higher general rates in the Southern Nevada, which were offset by severance costs.
“We are satisfied with the results we achieved this year when considering the economic conditions we faced,” said Michael Yackira, president and chief executive officer of NV Energy, in a statement. “Much of the year over year decline is attributable to expenses related to investment in new generating facilities, which are now accounted for in rates, partially offset by cost discipline throughout the company.”