News Releases

NV Energy Second Quarter Results Benefit From Warmer Weather; Earnings Guidance Affirmed

Jul 27, 2012
4:00am

LAS VEGAS, July 27, 2012 /PRNewswire/ -- NV Energy, Inc. (NYSE: NVE) today announced financial results for the three- and six-month periods ended June 30, 2012.

(Logo: http://photos.prnewswire.com/prnh/20100825/LA55163LOGO)

	NV Energy, Inc.
	Consolidated Results
	Periods Ended June 30

	Net Income				EPS
	($ in millions)				(diluted)
	2012		2011		2012		2011
Three Months	$	69.4	$	12.9	$	0.29	$	0.05
Six Months		81.6		15.2		0.34		0.06

"Our improved results in the second quarter were largely due to unusually warm weather, higher earnings associated with our investment in the Harry Allen Generating Station, and settlement proceeds," said Michael Yackira, NV Energy president and chief executive officer. "Operating and maintenance expenses were virtually unchanged, reflecting the continued success of our cost control efforts. We have made investments over the past five years to reduce Nevada's dependence on purchased power. This investment strategy has resulted in residential customer rates that are about the same as they were five years ago."

The warmer weather increased results for the second quarter of 2012 by an estimated $0.11 per share compared to the second quarter of 2011 and by approximately $0.07 per share compared to historically normal conditions. Mild weather in the second quarter of 2011 had adversely affected earnings by about $0.04 per share compared with historically normal conditions. Cooling degree-days in southern Nevada in the second quarter of 2012 were 44 percent greater than the same period in 2011, and 23 percent greater than normal.

As previously disclosed, adjustments associated with a May 2011 regulatory decision reduced results for the second quarter of 2011 by $0.03 per share ($8.6 million pre-tax).

Earnings Guidance

As announced on May 8, 2012, NV Energy expects to earn between $1.15 and $1.25 per share for the year 2012. For the first half of 2012, earnings were $0.34 per share.

"Results for the first half of the year exceeded our expectations," Yackira said. "With summer still underway and third quarter weather a key variable for full-year results, we are making no changes to our earnings guidance range for 2012 at present. However, assuming normal weather in the second half of the year, there is the potential for annual earnings to be at the upper end of the range."

Key factors expected to drive financial results in 2012 and beyond are shown in the "Second Quarter 2012: Financial Results" presentation posted on www.nvenergy.com this morning. Management's earnings expectations assume actual weather for the first half of 2012, normal weather for the remainder of the year, and other drivers listed in the presentation. The estimated impact of weather on earnings is based on assumed relationships between cooling and heating degree-days and demand, with normal conditions based on 20-year averages.

Webcast Scheduled for 7 a.m. PDT today, Friday, July 27, 2012

Senior management of NV Energy will review the company's second quarter 2012 financial results and other matters during a conference call and live webcast today, Friday, July 27, at 7 a.m. Pacific Daylight Time.

The webcast will be accessible on the NV Energy website at: www.nvenergy.com.

A taped replay will be available on the company's website and by telephone for approximately 30 days. To listen to the replay by telephone, call (800) 475-6701. International callers should dial (320) 365-3844. Use the conference call access code, 252400.

Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a combined 45,592 square-mile service territory, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada and nearly 40 million tourists annually.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the future performance of NV Energy, Inc. and its subsidiaries, Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy. Forward-looking statements include earnings guidance and estimates or forecasts of operating and financial metrics. These statements reflect current expectations of future conditions and events and as such are subject to a variety of risks, uncertainties and assumptions that could cause actual results to differ materially from current expectations. These risks, uncertainties and assumptions include, but are not limited to, NV Energy Inc.'s ability to maintain access to the capital markets, NV Energy Inc.'s ability to receive dividends from its subsidiaries, the financial performance of NV Energy Inc.'s subsidiaries, particularly Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, and the discretion of NV Energy Inc.'s Board of Directors with respect to the payment of future dividends based on its periodic review of factors that ordinarily affect dividend policy, such as current and prospective financial condition, earnings and liquidity, prospective business conditions, regulatory factors, and dividend restrictions in NV Energy Inc.'s and its subsidiaries' financing agreements. For Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, these risks and uncertainties include, but are not limited to, future economic conditions both nationally and regionally, changes in the rate of industrial, commercial and residential growth in their service territories, their ability to procure sufficient renewable energy sources in each compliance year to satisfy the Nevada Renewable Energy Portfolio Standard, changes in environmental laws and regulations, construction risks, including but not limited to those associated with the ON Line project, their ability to maintain access to the capital markets for general corporate purposes and to finance construction projects, employee workforce factors, unseasonable weather, drought, wildfire and other natural phenomena, explosions, fires, accidents, mechanical breakdowns that may occur while operating and maintaining an electric and natural gas system, their ability to purchase sufficient fuel, natural gas and power to meet their power demands and natural gas demands for Sierra Pacific Power Company d/b/a NV Energy, financial market conditions, and unfavorable rulings in their pending and future regulatory filings. Further risks, uncertainties and assumptions that may cause actual results to differ from current expectations pertain to weather conditions, customer and sales growth, plant outages, operations and maintenance expense, depreciation and allowance for funds used during construction, interest rates and expense, cash flow and regulatory matters. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy are contained in their Annual Reports on Form 10-K for the year ended December 31, 2011, and quarterly reports on Form 10-Q for the period ended March 31, 2012, each filed with the Securities and Exchange Commission. NV Energy Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy undertake no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

NV ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011

OPERATING REVENUES		$	740,698	$	674,931	$	1,352,118	$	1,315,914

OPERATING EXPENSES:
	Fuel for power generation		112,585		156,803		229,620		303,141
	Purchased power		164,092		160,308		281,208		295,324
	Gas purchased for resale		9,492		24,984		41,109		77,616
	Deferred energy		10,490		(8,106)		(1,249)		(10,058)
	Energy efficiency program costs		24,600		-		44,025		-
	Other operating expenses		103,371		97,547		206,972		203,521
	Maintenance		24,650		32,186		57,176		61,948
	Depreciation and amortization		96,316		89,606		187,178		172,708
	Taxes other than income		14,266		14,684		28,775		30,929
Total Operating Expenses			559,862		568,012		1,074,814		1,135,129
OPERATING INCOME			180,836		106,919		277,304		180,785

OTHER INCOME (EXPENSE):
	Interest expense
	(net of AFUDC-debt: $1,908, $2,835, $3,503 and $9,045)		(74,564)		(80,879)		(152,495)		(158,222)
	Interest income (expense) on regulatory items		(1,977)		(1,379)		(4,179)		(2,267)
	AFUDC-equity		2,319		3,522		4,251		11,164
	Other income		6,291		1,756		10,485		4,740
	Other expense		(4,640)		(9,087)		(7,700)		(13,743)
Total Other Income (Expense)			(72,571)		(86,067)		(149,638)		(158,328)
Income Before Income Tax Expense			108,265		20,852		127,666		22,457

Income tax expense			38,826		7,964		46,054		7,239

NET INCOME			69,439		12,888		81,612		15,218

Other comprehensive income (loss):
Change in compensation retirement benefits liability and amortization
(Net of taxes $(83), $(394), $(172) and $(1,009))			154		731		309		1,873
Change in market value of risk management assets and liabilities
(Net of taxes $123, $0, $264 and $0)			(229)		-		(475)		-

OTHER COMPREHENSIVE INCOME (LOSS)			(75)		731		(166)		1,873

COMPREHENSIVE INCOME		$	69,364	$	13,619	$	81,446	$	17,091

Amount per share basic and diluted
	Net income per share - basic	$	0.29	$	0.05	$	0.35	$	0.06
	Net income per share - diluted	$	0.29	$	0.05	$	0.34	$	0.06
Weighted Average Shares of Common Stock Outstanding - basic			235,999,750		235,867,068		235,999,750		235,697,687
Weighted Average Shares of Common Stock Outstanding - diluted			237,903,276		237,278,546		237,715,070		237,027,656
Dividends Declared Per Share of Common Stock		$	0.17	$	0.12	$	0.30	$	0.24

NV ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Share Amounts)
(Unaudited)

			June 30,		December 31,
			2012		2011
ASSETS

Current Assets:
	Cash and cash equivalents		$	122,768	$	145,944
	Accounts receivable less allowance for uncollectible accounts:
		2012 - $7,171; 2011 - $8,150		437,492		355,091
	Materials, supplies and fuel, at average cost			146,454		129,663
	Current income taxes receivable			-		82
	Deferred income taxes			134,426		104,958
	Other current assets			35,263		36,782
Total Current Assets				876,403		772,520

Utility Property:
	Plant in service			12,025,938		11,923,717
	Construction work-in-progress			617,591		487,427
		Total		12,643,529		12,411,144
	Less accumulated provision for depreciation			3,300,961		3,184,071
		Total Utility Property, Net		9,342,568		9,227,073

Investments and other property, net				57,634		57,021

Deferred Charges and Other Assets:
	Deferred energy			95,599		102,525
	Regulatory assets			1,161,651		1,186,127
	Regulatory asset for pension plans			209,698		215,656
	Other deferred charges and assets			79,230		74,206
Total Deferred Charges and Other Assets				1,546,178		1,578,514


TOTAL ASSETS			$	11,822,783	$	11,635,128


		(Continued)

NV ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands, Except Share Amounts)
(Unaudited)

		June 30,		December 31,
LIABILITIES AND SHAREHOLDERS' EQUITY		2012		2011

Current Liabilities:
	Current maturities of long-term debt	$	8,054	$	139,985
	Accounts payable		321,962		312,990
	Accrued expenses		118,020		128,144
	Deferred energy		245,126		245,164
	Other current liabilities		72,034		65,572
Total Current Liabilities			765,196		891,855

Long-term debt			5,130,322		5,008,931

Commitments and Contingencies

Deferred Credits and Other Liabilities:
	Deferred income taxes		1,367,358		1,306,510
	Deferred investment tax credit		14,861		16,140
	Accrued retirement benefits		97,258		92,351
	Regulatory liabilities		521,731		486,259
	Other deferred credits and liabilities		509,332		427,003
Total Deferred Credits and Other Liabilities			2,510,540		2,328,263

Shareholders' Equity:
	Common stock, $1.00 par value; 350 million shares authorized
	235,999,750 issued and outstanding for 2012 and 2011		236,000		236,000
	Other paid-in capital		2,713,736		2,713,736
	Retained earnings		475,089		464,277
	Accumulated other comprehensive loss		(8,100)		(7,934)
Total Shareholders' Equity			3,416,725		3,406,079

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	11,822,783	$	11,635,128

(Concluded)

NV ENERGY, INC.
FREE CASH FLOW AND CONSOLIDATED OPERATING STATISTICS
(Unaudited)


FREE CASH FLOW
(dollars in thousands)
			Six Months Ended June 30,
							Change from
			2012		2011		Prior Year

Free Cash Flow*			$	31,104	$	(107,688)	128.9	%

	*	Free cash flow is a non-GAAP financial measure as defined by the SEC. See the "Non-GAAP Financial Measures" section for additional information and GAAP reconciliation.

ELECTRIC SALES - MWh's
(in thousands)
		Three Months Ended June 30,						Six Months Ended June 30,
		2012	2011	Change from Prior Year		Change in Average Customers		2012	2011	Change from Prior Year		Change in Average Customers

Residential		2,801	2,248	24.6	%	1.3	%	4,937	4,372	12.9	%	1.3	%
Commercial		1,873	1,760	6.4	%	0.3	%	3,490	3,330	4.8	%	-	%
Industrial		2,727	2,669	2.2	%	(2.0)	%	5,011	4,968	0.9	%	(2.3)	%
	TOTAL RETAIL	7,401	6,677	10.8	%	1.2	%	13,438	12,670	6.1	%	1.1	%

GAS SALES - Dth
(in thousands)
		Three Months Ended June 30,				Six Months Ended June 30,
		2012	2011	Change from Prior Year		2012	2011	Change from Prior Year

Residential		1,263	1,718	(26.5)	%	4,970	5,680	(12.5)	%
Commercial		685	837	(18.2)	%	2,565	2,838	(9.6)	%
Industrial		247	316	(21.8)	%	723	887	(18.5)	%
	TOTAL RETAIL	2,195	2,871	(23.5)	%	8,258	9,405	(12.2)	%

ELECTRIC SOURCES - MWh's
(in thousands)
	Three Months Ended June 30,				Six Months Ended June 30,
	2012	2011	Change from Prior Year		2012	2011	Change from Prior Year
Generated	5,009	4,464	12.2	%	9,474	8,286	14.3	%
Purchased	3,046	2,822	7.9	%	5,083	5,504	(7.6)	%
TOTAL	8,055	7,286			14,557	13,790

DEGREE DAYS

		Three Months Ended June 30,							Six Months Ended June 30,
					% Change From							% Change From
		2012	2011	Normal*	Prior Year		Normal		2012	2011	Normal*	Prior Year		Normal
SOUTH
	Heating	62	85	77	(27.1)	%	(19.5)	%	986	1,131	1,112	(12.8)	%	(11.3)	%
	Cooling	1,417	985	1,153	43.9	%	22.9	%	1,458	1,017	1,181	43.4	%	23.5	%

NORTH
	Heating	548	883	715	(37.9)	%	(23.4)	%	2,676	3,198	2,943	(16.3)	%	(9.1)	%
	Cooling	235	112	179	109.8	%	31.3	%	235	112	179	109.8	%	31.3	%

*	Normal = 20-year average

NEVADA POWER COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)
(Unaudited)


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011

OPERATING REVENUES		$	553,143	$	473,898	$	948,831	$	863,966

OPERATING EXPENSES:
	Fuel for power generation		81,258		114,744		161,807		215,814
	Purchased power		135,276		122,408		216,807		217,974
	Deferred energy		5,053		2,350		7,224		9,080
	Energy efficiency program costs		21,200		-		36,974		-
	Other operating expenses		68,650		61,935		135,112		127,036
	Maintenance		16,988		19,325		40,061		41,662
	Depreciation and amortization		69,131		61,913		134,121		119,586
	Taxes other than income		8,596		9,046		17,050		19,104
Total Operating Expenses			406,152		391,721		749,156		750,256
OPERATING INCOME			146,991		82,177		199,675		113,710

OTHER INCOME (EXPENSE):
	Interest expense
	(net of AFUDC-debt: $1,314, $2,330, $2,493 and $8,120)		(52,602)		(55,736)		(107,007)		(107,769)
	Interest income (expense) on regulatory items		(1,849)		126		(3,865)		761
	AFUDC-equity		1,577		2,855		2,990		9,953
	Other income		5,392		568		7,101		2,114
	Other expense		(2,993)		(5,179)		(4,339)		(7,911)
Total Other Expense			(50,475)		(57,366)		(105,120)		(102,852)
Income Before Income Tax Expense			96,516		24,811		94,555		10,858

Income tax expense			34,219		8,748		33,574		3,815

NET INCOME			62,297		16,063		60,981		7,043

Other comprehensive income:
Change in compensation retirement benefits liability and amortization
(Net of taxes $(38), $(108), $(70) and $(513))			64		200		127		953

COMPREHENSIVE INCOME		$	62,361	$	16,263	$	61,108	$	7,996

NEVADA POWER COMPANY
CONSOLIDATED OPERATING STATISTICS
(Unaudited)


ELECTRIC SALES - MWh's
(in thousands)
		Three Months Ended June 30,						Six Months Ended June 30,
		2012	2011	Change from Prior Year		Change in Average Customers		2012	2011	Change from Prior Year		Change in Average Customers

Residential		2,331	1,781	30.9	%	1.6	%	3,867	3,310	16.8	%	1.5	%
Commercial		1,149	1,073	7.1	%	0.5	%	2,107	1,988	6.0	%	0.3	%
Industrial		2,040	2,027	0.6	%	(2.7)	%	3,691	3,723	(0.9)	%	(2.6)	%
	TOTAL RETAIL	5,520	4,881	13.1	%	1.4	%	9,665	9,021	7.1	%	1.4	%

ELECTRIC SOURCES - MWh's
(in thousands)
	Three Months Ended June 30,				Six Months Ended June 30,
	2012	2011	Change from Prior Year		2012	2011	Change from Prior Year
Generated	3,871	3,487	11.0	%	7,158	6,260	14.3	%
Purchased	1,997	1,718	16.2	%	3,023	3,301	(8.4)	%
TOTAL	5,868	5,205			10,181	9,561

SIERRA PACIFIC POWER COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)
(Unaudited)


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2012		2011		2012		2011
OPERATING REVENUES:
	Electric	$	168,007	$	164,582	$	337,813	$	343,199
	Gas		19,544		36,448		65,466		108,742
Total Operating Revenues			187,551		201,030		403,279		451,941

OPERATING EXPENSES:
	Fuel for power generation		31,327		42,059		67,813		87,327
	Purchased power		28,816		37,900		64,401		77,350
	Gas purchased for resale		9,492		24,984		41,109		77,616
	Deferral of energy - electric - net		4,314		(11,898)		(8,356)		(23,829)
	Deferral of energy - gas - net		1,123		1,442		(117)		4,691
	Energy efficiency program costs		3,400		-		7,051		-
	Other operating expenses		33,654		34,687		70,086		74,903
	Maintenance		7,662		12,861		17,115		20,286
	Depreciation and amortization		27,185		27,693		53,057		53,122
	Taxes other than income		5,625		5,599		11,488		11,623
Total Operating Expenses			152,598		175,327		323,647		383,089
OPERATING INCOME			34,953		25,703		79,632		68,852

OTHER INCOME (EXPENSE):
	Interest expense
	(net of AFUDC-debt: $594, $505, $1,010 and $925)		(15,379)		(16,774)		(32,352)		(33,720)
	Interest expense on regulatory items		(128)		(1,505)		(314)		(3,028)
	AFUDC-equity		742		667		1,261		1,211
	Other income		599		602		2,782		1,866
	Other expense		(1,276)		(3,554)		(2,611)		(5,148)
Total Other Income (Expense)			(15,442)		(20,564)		(31,234)		(38,819)
Income Before Income Tax Expense			19,511		5,139		48,398		30,033

Income tax expense			6,832		1,627		17,075		9,945

NET INCOME			12,679		3,512		31,323		20,088

Other comprehensive income:
Change in compensation retirement benefits liability and amortization
(Net of taxes $(23), $(210), $(46) and $(1,051))			43		390		85		1,951

COMPREHENSIVE INCOME		$	12,722	$	3,902	$	31,408	$	22,039

SIERRA PACIFIC POWER COMPANY
CONSOLIDATED OPERATING STATISTICS
(Unaudited)


ELECTRIC SALES - MWh's
(in thousands)
		Three Months Ended June 30,						Six Months Ended June 30,
		2012	2011	Change from Prior Year		Change in Average Customers		2012	2011	Change from Prior Year		Change in Average Customers

Residential		470	467	0.6	%	0.7	%	1,070	1,062	0.8	%	0.6	%
Commercial		724	687	5.4	%	(0.2)	%	1,383	1,342	3.1	%	(0.7)	%
Industrial		687	642	7.0	%	9.0	%	1,320	1,245	6.0	%	2.9	%
	TOTAL RETAIL	1,881	1,796	4.7	%	0.6	%	3,773	3,649	3.4	%	0.5	%

GAS SALES - Dth
(in thousands)
		Three Months Ended June 30,				Six Months Ended June 30,
		2012	2011	Change from Prior Year		2012	2011	Change from Prior Year

Residential		1,263	1,718	(26.5)	%	4,970	5,680	(12.5)	%
Commercial		685	837	(18.2)	%	2,565	2,838	(9.6)	%
Industrial		247	316	(21.8)	%	723	887	(18.5)	%
	TOTAL RETAIL	2,195	2,871	(23.5)	%	8,258	9,405	(12.2)	%

ELECTRIC SOURCES - MWh's
(in thousands)
	Three Months Ended June 30,				Six Months Ended June 30,
	2012	2011	Change from Prior Year		2012	2011	Change from Prior Year
Generated	1,138	977	16.5	%	2,316	2,026	14.3	%
Purchased	1,049	1,104	(5.0)	%	2,060	2,203	(6.5)	%
TOTAL	2,187	2,081			4,376	4,229

Non-GAAP Financial Measures

Free Cash Flow

"Free cash flow" meets the definition of a non-GAAP financial measure. NV Energy, Inc. defines free cash flow as net cash from operating activities less additions to utility plant (excluding AFUDC-equity). Since free cash flow is not a measure of liquidity calculated in accordance with GAAP, it should be considered in addition to, but not as a substitute for, the GAAP measure net cash from operating activities.

NV Energy, Inc. considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated from operations after capital expenditures that may be available for increasing its common stock dividend payout ratio, strengthening its capital structure, and considering new investment opportunities.

NV Energy, Inc.'s definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. A reconciliation between GAAP net cash from operating activities and non-GAAP free cash flow is provided in the table below (dollars in thousands).

	Six Months Ended June 30,
	2012		2011		Change from Prior Year

Net Cash from Operating Activities	$	292,663	$	202,519	44.5	%

Less Additions to Utility Plant (Excluding AFUDC-Equity)		(261,559)		(310,207)	(15.7)	%

Free Cash Flow	$	31,104	$	(107,688)	128.9	%

Gross Margin

Gross margin is presented by NV Energy, Inc. in order to provide information that management believes aids the reader in determining how profitable the Utilities' electric and gas businesses are at the most fundamental level. Gross margin, which is a "non-GAAP financial measure" as defined in accordance with SEC rules, provides a measure of income available to support the other operating expenses of the business and is utilized by management in its analysis of its business.

NV Energy, Inc. believes presenting gross margin allows the reader to assess the impact of the Utilities' regulatory treatment and their overall regulatory environment on a consistent basis. Gross margin, as a percentage of revenue, is primarily impacted by the fluctuations in regulated utility electric and natural gas supply costs versus the fixed rates collected from utility customers. While these fluctuating costs impact gross margin as a percentage of revenue, they only impact gross margin amounts if the costs cannot be passed through to utility customers. Gross margin, which NV Energy, Inc. calculates as operating revenues less energy and energy efficiency program costs, provides a measure of income available to support the other operating expenses of the Utilities. Gross margin changes are based primarily on the Utilities' general base rate adjustments (which are required to be filed by statute every three years). These non-GAAP measures should not be considered as substitutes for the GAAP measures. Reconciliations between GAAP operating income and gross margin are provided in the table below (dollars in thousands).

		Three Months Ended June 30,					Six Months Ended June 30,
		2012		2011		Change from Prior Year	2012		2011		Change from Prior Year
Operating Revenues:		$	740,698	$	674,931	9.7 %	$	1,352,118	$	1,315,914	2.8 %

Energy Costs:
	Fuel for power generation		112,585		156,803	(28.2)%		229,620		303,141	(24.3)%
	Purchased power		164,092		160,308	2.4 %		281,208		295,324	(4.8)%
	Gas purchased for resale		9,492		24,984	(62.0)%		41,109		77,616	(47.0)%
	Deferred energy		10,490		(8,106)	229.4 %		(1,249)		(10,058)	87.6 %
Energy efficiency program costs			24,600		-	N/A		44,025		-	N/A
		$	321,259	$	333,989	(3.8)%	$	594,713	$	666,023	(10.7)%

Gross Margin		$	419,439	$	340,942	23.0 %	$	757,405	$	649,891	16.5 %

Other operating expenses			103,371		97,547			206,972		203,521
Maintenance			24,650		32,186			57,176		61,948
Depreciation and amortization			96,316		89,606			187,178		172,708
Taxes other than income			14,266		14,684			28,775		30,929

Operating Income		$	180,836	$	106,919	69.1 %	$	277,304	$	180,785	53.4 %

SOURCE NV Energy, Inc.

For further information: Analyst Contacts: Max Kuniansky, +1-702-402-5627, Britta Carlson, +1-702-402-5624; Media Contact: Karl Walquist, +1-775-834-3891

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