Market Overview

NV Energy Reports Strong Third Quarter Results; Increases Earnings Guidance for 2012

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LAS VEGAS, Nov. 2, 2012 /PRNewswire/ -- NV Energy, Inc. (NYSE: NVE) today announced financial results for the three-and nine-month periods ended September 30, 2012.

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



NV Energy, Inc.





Consolidated Results





Periods Ended September 30































Net Income



EPS





($ in millions)



(diluted)





2012



2011



2012



2011



Three Months

$

223.2



$

173.5



$

0.94



$

0.73



Nine Months



304.8





188.7





1.28





0.80



"Our strong third quarter results were largely due to higher earnings from the investment in the Harry Allen Generating Station, increased electricity sales, and lower interest expense," said Michael Yackira, NV Energy president and chief executive officer. "Our investments in generating capacity over the past five years have enabled us to increase Nevada's energy independence while maintaining residential customer rates at about the same level as five years ago. Our cost control efforts remain on track. Operating and maintenance expenses for 2012 to date are virtually unchanged from last year."

The increased electricity sales in the third quarter were primarily due to increased customer usage independent of weather effects, and customer growth. Warmer weather increased earnings by approximately $0.01 per share for the third quarter of 2012 compared to the same period a year ago. Weather was hotter than normal for both quarterly periods, benefiting earnings by about $0.04 per share for the third quarter of 2012, and about $0.03 per share for the same period in 2011, compared to historically normal conditions. For information on cooling and heating degree-days and electricity sales, see the Operating Statistics section of this news release.

In the quarter ended September 30, 2012, NV Energy recorded a $0.02 per share ($5.5 million pre-tax) gain on a previously disclosed asset sale.

Earnings Guidance
NV Energy's last earnings guidance statement, dated July 27, 2012, indicated that the company expected to earn between $1.15 and $1.25 per share for 2012, with the potential for earnings to be at the upper end of that range assuming normal weather in the second half of the year. 

Aided in part by warmer-than-normal weather, results for 2012 to date have exceeded the company's expectations, and NV Energy is revising its earnings guidance accordingly. The company now expects to earn between $1.30 and $1.40 per share for calendar year 2012, assuming normal weather in the fourth quarter.

Key factors expected to drive financial results in 2012 are shown in the "Third Quarter 2012: Financial Results" presentation posted on www.nvenergy.com this morning. 

Webcast Scheduled for 7 a.m. PDT today, Friday, November 2, 2012
Senior management of NV Energy will review the company's third quarter 2012 financial results and other matters during a conference call and live webcast today, Friday, November 2, 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 260407.

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 periods ended March 31, 2012 and June 30, 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 Share Amounts)



(Unaudited)































































Three Months Ended



Nine Months Ended







September 30,



September 30,







2012



2011



2012



2011































OPERATING REVENUES

$

1,026,488



$

1,017,796



$

2,378,606



$

2,333,710































OPERATING EXPENSES:



























Fuel for power generation



171,316





216,779





400,936





519,920





Purchased power



205,686





223,348





486,894





518,672





Gas purchased for resale



5,382





10,137





46,491





87,753





Deferred energy



(29,036)





(33,620)





(30,285)





(43,678)





Energy efficiency program costs



32,584





23,047





76,609





23,047





Other operating expenses



100,108





104,598





307,080





308,119





Maintenance



19,014





11,369





76,190





73,317





Depreciation and amortization



94,512





93,737





281,690





266,445





Taxes other than income



15,682





15,205





44,457





46,134



Total Operating Expenses



615,248





664,600





1,690,062





1,799,729



OPERATING INCOME



411,240





353,196





688,544





533,981































OTHER INCOME (EXPENSE):



























Interest expense



























(net of AFUDC-debt: $1,976, $1,326, $5,479 and $10,371)



(73,667)





(80,496)





(226,162)





(238,718)





Interest income (expense) on regulatory items



(2,024)





(1,282)





(6,203)





(3,549)





AFUDC-equity



2,415





1,690





6,666





12,854





Other income



8,827





1,611





19,312





6,351





Other expense



(4,209)





(9,857)





(11,909)





(23,600)



Total Other Income (Expense)



(68,658)





(88,334)





(218,296)





(246,662)



Income Before Income Tax Expense



342,582





264,862





470,248





287,319































Income tax expense



119,412





91,400





165,466





98,639































NET INCOME



223,170





173,462





304,782





188,680































Other comprehensive income (loss):

























Change in compensation retirement benefits liability and amortization

























(Net of taxes $(74), $(293), $(246) and $(1,302))



155





544





464





2,417



Change in market value of risk management assets and liabilities

























(Net of taxes $91, $0, $355 and $0)



(193)





-





(668)





-































OTHER COMPREHENSIVE INCOME (LOSS)



(38)





544





(204)





2,417































COMPREHENSIVE INCOME

$

223,132



$

174,006



$

304,578



$

191,097































Amount per share basic and diluted



























Net income per share - basic

$

0.95



$

0.74



$

1.29



$

0.80





Net income per share - diluted

$

0.94



$

0.73



$

1.28



$

0.80



Weighted Average Shares of Common Stock Outstanding - basic



235,961,402





235,990,373





235,986,874





235,796,321



Weighted Average Shares of Common Stock Outstanding - diluted



238,121,732





237,901,330





237,850,530





237,320,796



Dividends Declared Per Share of Common Stock

$

0.17



$

0.12



$

0.47



$

0.36




































 



NV ENERGY, INC.





CONSOLIDATED BALANCE SHEETS





(Dollars in Thousands, Except Share Amounts)





(Unaudited)



































September 30,



December 31,













2012



2011





ASSETS







































Current Assets: 



















Cash and cash equivalents



$

207,903



$

145,944







Accounts receivable less allowance for uncollectible accounts:





















2012 - $9,750; 2011 - $8,150





511,107





355,091







Materials, supplies and fuel, at average cost





147,984





129,663







Current income taxes receivable





-





82







Deferred income taxes





165,015





104,958







Other current assets





47,172





36,782





Total Current Assets





1,079,181





772,520



























Utility Property:



















Plant in service





12,074,285





11,923,717







Construction work-in-progress





658,494





487,427









Total





12,732,779





12,411,144







Less accumulated provision for depreciation





3,351,132





3,184,071









Total Utility Property, Net





9,381,647





9,227,073



























Investments and other property, net





58,666





57,021



























Deferred Charges and Other Assets:



















Deferred energy





90,244





102,525







Regulatory assets





1,121,185





1,186,127







Regulatory asset for pension plans





207,137





215,656







Other deferred charges and assets





77,999





74,206





Total Deferred Charges and Other Assets





1,496,565





1,578,514

















































TOTAL ASSETS



$

12,016,059



$

11,635,128





















































(Continued)




 



NV ENERGY, INC.





CONSOLIDATED BALANCE SHEETS





(Dollars in Thousands, Except Share Amounts)





(Unaudited)



































September 30,



December 31,





LIABILITIES AND SHAREHOLDERS' EQUITY



2012



2011



























Current Liabilities:



















Current maturities of long-term debt



$

258,024



$

139,985







Accounts payable





322,940





312,990







Accrued expenses





101,199





128,144







Deferred energy





214,181





245,164







Other current liabilities





68,172





65,572





Total Current Liabilities





964,516





891,855



























Long-term debt





4,766,563





5,008,931



























Commitments and Contingencies







































Deferred Credits and Other Liabilities:



















Deferred income taxes





1,546,998





1,306,510







Deferred investment tax credit





14,109





16,140







Accrued retirement benefits





79,405





92,351







Regulatory liabilities





541,823





486,259







Other deferred credits and liabilities





507,417





427,003





Total Deferred Credits and Other Liabilities





2,689,752





2,328,263























Shareholders' Equity:



















Common stock, $1.00 par value; 350 million shares authorized; 235,999,750 issued



















for 2012 and 2011; 235,747,750 and 235,999,750 outstanding for 2012 and 2011, respectively





236,000





236,000







Treasury stock, at cost, 252,000 shares and 0 shares for 2012 and 2011, respectively





(4,509)





-







Other paid-in capital





2,713,736





2,713,736







Retained earnings





658,139





464,277







Accumulated other comprehensive loss





(8,138)





(7,934)





Total Shareholders' Equity





3,595,228





3,406,079



























TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY



$

12,016,059



$

11,635,128

















































(Concluded)




 

NV ENERGY, INC.



FREE CASH FLOW AND CONSOLIDATED OPERATING STATISTICS



(Unaudited)





























FREE CASH FLOW





















(dollars in thousands)



























Nine Months Ended September 30,























Change from











2012



2011



Prior Year































Free Cash Flow*

$

256,404



$

(2,836)



N/A



































*

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 September 30,



Nine Months Ended September 30,

























Change in

Average

Customers





































Change from

Prior Year





























2012



2011







2012



2011



Change from

Prior Year



Change in

Average

Customers





















































Residential

4,419



4,323



2.2

%



1.2

%



9,356



8,694



7.6

%



1.3

%





Commercial

2,223



2,141



3.8

%



0.8

%



5,713



5,472



4.4

%



0.3

%





Industrial

2,831



2,712



4.4

%



(0.4)

%



7,841



7,680



2.1

%



(1.7)

%







TOTAL RETAIL

9,473



9,176



3.2

%



1.1

%



22,910



21,846



4.9

%



1.1

%









































































 

GAS SALES - Dth

























(in thousands)

































Three Months Ended September 30,



Nine Months Ended September 30,







































2012



2011



Change from

Prior Year



2012



2011



Change from

Prior Year





































Residential

642



638



0.6

%



5,613



6,318



(11.2)

%



Commercial

374



389



(3.9)

%



2,939



3,228



(9.0)

%



Industrial

153



160



(4.4)

%



876



1,047



(16.3)

%





TOTAL RETAIL

1,169



1,187



(1.5)

%



9,428



10,593



(11.0)

%



 

ELECTRIC SOURCES - MWh's























(in thousands)































Three Months Ended September 30,



Nine Months Ended September 30,



































2012



2011



Change from

Prior Year



2012



2011



Change from

Prior Year



Generated



6,617



6,180



7.1

%



16,093



14,477



11.2

%



Purchased



3,363



3,577



(6.0)

%



8,446



9,081



(7.0)

%



TOTAL



9,980



9,757



2.3

%



24,539



23,558



4.2

%



 

DEGREE DAYS



































































































Three Months Ended September 30,



Nine Months Ended September 30,

















% Change From















% Change From





2012



2011



Normal*



Prior Year



Normal



2012



2011



Normal*



Prior Year



Normal

SOUTH

















































Heating

-



-



-



N/A





N/A





986



1,131



1,112



(12.8)

%



(11.3)

%



Cooling

2,313



2,312



2,209



-

%



4.7

%



3,771



3,329



3,390



13.3

%



11.2

%



















































NORTH

















































Heating

1



3



69



(66.7)

%



(98.6)

%



2,677



3,201



3,012



(16.4)

%



(11.1)

%



Cooling

1,020



848



699



20.3

%



45.9

%



1,255



960



878



30.7

%



42.9

%



















































*

Normal = 20-year average










































 



NEVADA POWER COMPANY





CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME





(Dollars in Thousands)





(Unaudited)





































































Three Months Ended



Nine Months Ended









September 30,



September 30,









2012



2011



2012



2011



































OPERATING REVENUES

$

802,334



$

798,914



$

1,751,165



$

1,662,880



































OPERATING EXPENSES:





























Fuel for power generation



123,992





162,976





285,799





378,790







Purchased power



171,687





181,733





388,494





399,707







Deferred energy



(22,685)





(10,354)





(15,461)





(1,274)







Energy efficiency program costs



28,492





20,451





65,466





20,451







Other operating expenses



65,372





68,004





200,484





195,040







Maintenance



12,533





3,460





52,594





45,122







Depreciation and amortization



66,975





67,212





201,096





186,798







Taxes other than income



9,743





9,105





26,793





28,209





Total Operating Expenses



456,109





502,587





1,205,265





1,252,843





OPERATING INCOME



346,225





296,327





545,900





410,037



































OTHER INCOME (EXPENSE):





























Interest expense





























(net of AFUDC-debt: $1,528, $842, $4,021 and $8,962)



(51,784)





(55,267)





(158,791)





(163,036)







Interest income (expense) on regulatory items



(1,623)





(82)





(5,488)





679







AFUDC-equity



1,833





1,026





4,823





10,979







Other income



7,096





594





14,197





2,708







Other expense



(2,823)





(7,324)





(7,162)





(15,235)





Total Other Expense



(47,301)





(61,053)





(152,421)





(163,905)





Income Before Income Tax Expense



298,924





235,274





393,479





246,132



































Income tax expense



103,754





80,666





137,328





84,481



































NET INCOME



195,170





154,608





256,151





161,651



































Other comprehensive income:



























Change in compensation retirement benefits liability and amortization



























(Net of taxes $(33), $(41), $(103) and $(554))



65





75





192





1,028

































COMPREHENSIVE INCOME

$

195,235



$

154,683



$

256,343



$

162,679
































 

NEVADA POWER COMPANY



 CONSOLIDATED OPERATING STATISTICS



(Unaudited)

















































ELECTRIC SALES - MWh's

































(in thousands)











































Three Months Ended September 30,



Nine Months Ended September 30,





















































































2012



2011



Change from

Prior Year



Change in

Average

Customers



2012



2011



Change from

Prior Year



Change in

Average

Customers

















































Residential

3,752



3,711



1.1

%



1.2

%



7,619



7,021



8.5

%



1.4

%



Commercial

1,374



1,319



4.2

%



0.9

%



3,480



3,307



5.2

%



0.5

%



Industrial

2,145



2,070



3.6

%



(0.7)

%



5,836



5,793



0.7

%



(2.0)

%





TOTAL RETAIL

7,271



7,100



2.4

%



1.2

%



16,935



16,121



5.0

%



1.3

%



 

ELECTRIC SOURCES - MWh's























(in thousands)































Three Months Ended September 30,



Nine Months Ended September 30,



































2012



2011



Change from

Prior Year



2012



2011



Change from

Prior Year



Generated



5,105



4,879



4.6

%



12,264



11,138



10.1

%



Purchased



2,392



2,520



(5.1)

%



5,415



5,821



(7.0)

%



TOTAL



7,497



7,399



1.3

%



17,679



16,959



4.2

%




 

SIERRA PACIFIC POWER COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in Thousands)

(Unaudited)

























































Three Months Ended



Nine Months Ended





September 30,



September 30,





2012



2011



2012



2011

OPERATING REVENUES:

























Electric

$

212,073



$

202,263



$

549,886



$

545,462



Gas



12,077





16,615





77,543





125,357

Total Operating Revenues



224,150





218,878





627,429





670,819



























OPERATING EXPENSES:

























Fuel for power generation



47,324





53,803





115,137





141,130



Purchased power



33,999





41,615





98,400





118,965



Gas purchased for resale



5,382





10,137





46,491





87,753



Deferral of energy - electric - net



(5,498)





(22,095)





(13,854)





(45,924)



Deferral of energy - gas - net



(853)





(1,171)





(970)





3,520



Energy efficiency program costs



4,092





2,596





11,143





2,596



Other operating expenses



34,128





35,933





104,214





110,836



Maintenance



6,481





7,909





23,596





28,195



Depreciation and amortization



27,537





26,525





80,594





79,647



Taxes other than income



5,894





6,052





17,382





17,675

Total Operating Expenses



158,486





161,304





482,133





544,393

OPERATING INCOME



65,664





57,574





145,296





126,426



























OTHER INCOME (EXPENSE):

























Interest expense

























(net of AFUDC-debt: $448, $484, $1,458 and $1,409)



(15,298)





(16,861)





(47,650)





(50,581)



Interest expense on regulatory items



(401)





(1,200)





(715)





(4,228)



AFUDC-equity



582





664





1,843





1,875



Other income



1,399





810





4,181





2,676



Other expense



(998)





(2,255)





(3,609)





(7,403)

Total Other Income (Expense)



(14,716)





(18,842)





(45,950)





(57,661)

Income Before Income Tax Expense



50,948





38,732





99,346





68,765



























Income tax expense



16,521





13,396





33,596





23,341



























NET INCOME



34,427





25,336





65,750





45,424



























Other comprehensive income:























Change in compensation retirement benefits liability and amortization























(Net of taxes $(22), $(150), $(68) and $(1,201))



42





279





127





2,230



























COMPREHENSIVE INCOME

$

34,469



$

25,615



$

65,877



$

47,654




























 

SIERRA PACIFIC POWER COMPANY



 CONSOLIDATED OPERATING STATISTICS



(Unaudited)

















































ELECTRIC SALES - MWh's



































(in thousands)











































Three Months Ended September 30,



Nine Months Ended September 30,

























































































2012



2011



Change from

Prior Year



Change in

Average

Customers



2012



2011



Change from

Prior Year



Change in

Average

Customers

















































Residential

667



612



9.0

%



1.0

%



1,737



1,673



3.8

%



0.7

%



Commercial

849



822



3.3

%



0.7

%



2,233



2,165



3.1

%



(0.2)

%



Industrial

686



642



6.9

%



4.4

%



2,005



1,887



6.3

%



2.8

%





TOTAL RETAIL

2,202



2,076



6.1

%



0.9

%



5,975



5,725



4.4

%



0.6

%



 

GAS SALES - Dth

























(in thousands)































Three Months Ended September 30,



Nine Months Ended September 30,







































2012



2011



Change from

Prior Year



2012



2011



Change from

Prior Year





































Residential

642



638



0.6

%



5,613



6,318



(11.2)

%



Commercial

374



389



(3.9)

%



2,939



3,228



(9.0)

%



Industrial

153



160



(4.4)

%



876



1,047



(16.3)

%





TOTAL RETAIL

1,169



1,187



(1.5)

%



9,428



10,593



(11.0)

%



 

ELECTRIC SOURCES - MWh's























(in thousands)



























Three Months Ended September 30,



Nine Months Ended September 30,































2012



2011



Change from

Prior Year



2012



2011



Change from

Prior Year



Generated

1,512



1,301



16.2

%



3,829



3,339



14.7

%



Purchased

971



1,057



(8.1)

%



3,031



3,260



(7.0)

%



TOTAL

2,483



2,358



5.3

%



6,860



6,599



4.0

%




 

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.  The table below provides a reconciliation between GAAP net cash from operating activities and non-GAAP free cash flow (dollars in thousands).    







Nine Months Ended September 30,































2012



2011



Change from

Prior Year



























Net Cash from Operating Activities

$

644,194



$

467,034



37.9

%



























Less Additions to Utility Plant (Excluding AFUDC-Equity)



(387,790)





(469,870)



(17.5)

%



























Free Cash Flow

$

256,404



$

(2,836)



N/A





 

Gross Margin

NV Energy, Inc. presents gross margin in order to aid 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 September 30,



Nine Months Ended September 30,











































2012



2011



Change from

Prior Year



2012



2011



Change from

Prior Year



Operating Revenues:

$

1,026,488



$

1,017,796



0.9 %



$

2,378,606



$

2,333,710



1.9 %







































Energy Costs:



































Fuel for power generation



171,316