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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.


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