Friday, Feb. 18, 2011 | 8:47 a.m.
NV Energy today reported a higher fourth quarter profit even as revenue fell amid anemic economic conditions.
The Las Vegas-based electric utility said it earned $14.2 million or 6 cents per share, up from $4.2 million or 2 cents in 2009's fourth quarter.
Operating revenue of $655 million in the 2010 quarter was down from $773 million. Fuel costs for power generation fell as well, to $171 million from $197 million; while purchased power costs grew slightly to about $126 million.
The full-year profit of $227 million was up from $183 million. The company benefited from a rate increase in Southern Nevada and what it called a continued focus on controlling spending.
"We are pleased with our 2010 earnings especially in light of the slower growth in Nevada," CEO Michael Yackira said in a statement.
The company's Southern Nevada customer count of 835,000 at the end of 2010 was up 0.4 percent from about 827,000 at the end of both 2008 and 2009. Despite the modest growth, the recession continued to affect NV Energy sales by limiting construction and development activity in the Las Vegas area.
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