Brief: Quarterly, annual earnings increase

For all of 1998, the utility earned $85.9 million or $1.68 per share, up from $82 million or $1.65 in 1997. Annual revenue of $877.6 million increased from $799.1 million in 1997.

The company attributed the annual increase in earnings to growth in customers. Revenues and earnings were up despite a 10 percent decrease in sales in the company's second quarter due to cooler weather.

Nevada Power is merging with Sierra Pacific Resources of Reno.

Nevada Power also said a challenge to its power purchasing procedures could result in a regulatory ruling adverse to the utility. This could require a write off of up to $10 million or 13 cents per share.

archive