NV Energy Inc., the main electric utility in Nevada, today said its second quarter revenue and profit both fell.
The Las Vegas-based company said it earned $12.9 million or 5 cents per share in the quarter ended June 30.
That’s down from a profit of $36.9 million or 16 cents in the year-ago quarter.
Revenue of $675 million in the 2011 quarter was down from $783 million in the 2010 quarter. Revenue fell in part because of cooler weather in June reducing electricity usage by air conditioners.
The 2010 quarter’s results included a $7.6 million pre-tax gain on an asset sale and the results of NV Energy's California operations, which were sold effective Jan. 1, 2011.
The 2011 quarter included $8.6 million in costs for energy efficiency and conservation programs that the Public Utilities Commission of Nevada ruled could not be passed on to consumers.
NV Energy had sought a 5 percent rate increase in Southern Nevada to pay for energy efficiency programs and lost sales related to conservation — the PUC approved a 3.4 percent hike.
"Mild weather, completion of the Harry Allen Generating Station and regulatory adjustments were key factors affecting our second quarter results," NV Energy CEO Michael Yackira said in a statement today. "Looking ahead, we remain focused on reducing costs, improving efficiency and building value for shareholders."
The expanded $703 million, natural-gas fueled Harry Allen plant 25 miles north of Las Vegas went into service on May 4.