Cooler Temps Hit NV Energy’s Bottom Line
LAS VEGAS (AP) — NV Energy officials say cooler weather — and less air conditioning usage in June in Las Vegas — is one reason the utility company’s second quarter net income dropped a whopping 65 percent.
The company reports it brought in $12.9 million from April through June, compared to $36.9 million during the same period in 2010.
President and CEO Michael Yackira says a May ruling from the Public Utilities Commission prompted the company to adjust its pre-tax income numbers down by $8.6 million.
Last year’s higher earnings also reflected income from NV Energy’s California operations, which it sold in January.
NV Energy serves a 46,000 square-mile are that stretches north to south from Elko to Laughlin and includes about 2.4 million Nevada residents.
Copyright 2011 The Associated Press.