NV Energy, Inc. (NYSE: NVE) today reported consolidated net income of $18.4 million, or 8 cents per share, for the quarter ended June 30, 2009, compared with consolidated net income of $36.1 million, or 15 cents per share, for the same period in 2008.
The decrease in earnings in the second quarter 2009 compared with the same period in 2008 was the result of higher other operating and maintenance expenses, depreciation, and interest expenses primarily related to power plant investments.
NV Energy’s two utilities contributed gross margin of $325.9 million in the second quarter 2009, $21.6 million higher than the second quarter 2008. The increase in consolidated gross margin was primarily due to a general rate increase in the company’s northern Nevada service territory effective July 1, 2008, as well as increased residential customer usage due to warmer weather and modest customer growth.
The average number of residential, commercial and industrial electric customers in southern Nevada increased by 0.4 percent, 0.8 percent and 2.8 percent, respectively, in the six months ended June 30, 2009, compared with the same period in 2008. In northern Nevada, the average number of residential customers declined 0.1 percent while commercial and industrial electric customers increased by 1.5 percent and 2.6 percent, respectively, for the six months ended June 30, 2009, compared with the same period in 2008. (Click here for the full news release)