NV ENERGY, INC. (NVE, Financial) filed Quarterly Report for the period ended 2010-09-30.
Nv Energy, Inc. has a market cap of $3.22 billion; its shares were traded at around $13.61 with a P/E ratio of 14.5 and P/S ratio of 0.9. The dividend yield of Nv Energy, Inc. stocks is 3.2%.NVE is in the portfolios of David Dreman of Dreman Value Management, Murray Stahl of Horizon Asset Management, George Soros of Soros Fund Management LLC, Charles Brandes of Brandes Investment.
In addition, NVE has been awarded a $138 million grant in stimulus funding from the DOE specifically for NVE s $301 million NV Energize project. The NV Energize project will provide NVE with the Smart Grid infrastructure necessary to enable widespread use of smart meters, enabling customers to more directly manage their energy usage. NV Energize involves the deployment of a delivery mechanism that creates a new, more advanced infrastructure for NVE s demand response and energy efficiency and conservation programs.
In July 2010, NPC received PUCN approval for the NV Energize project for approximately $95 million. SPPC s investment of $50 million was submitted in its IRP filing in July 2010. An additional $2 million within NVE s capital budget covers energy management system upgrades in 2010.
A significant focus for the remainder of 2010 will continue to be to generate sufficient cash from operations to meet operating needs and contribute to capital projects by managing recovery of deferred fuel and purchased power costs, reducing regulatory lag in recovery of costs and controlling costs. Maintaining or improving the Utilities credit ratings will be essential to negotiating favorable financing terms, and will continue to be a significant focus for the remainder of 2010. Significant amounts of capital may be necessary to fund prospective construction projects, as discussed further under NVE s Liquidity and Capital Resources in the 2009 Form 10-K and as a result of the approval of NPC s IRP. Additionally, if energy costs rise at a rapid rate and the Utilities do not recover the cost of fuel and purchased power in a timely manner, the Utilities may need to issue additional debt to support their operating costs or delay capital expenditures. Management may be required to meet such financial obligations with a combination of internally generated funds, the use of the Utilities revolving credit facilities, the issuance of long-term debt, and/or the issuance of equity by NVE. As such, the ability to issue new debt or equity securities on favorable terms will be a significant focus for the remainder of 2010. In April 2010, NPC and SPPC entered into new revolving credit facilities for $600 million and $250 million, respectively, which expire in April 2013 to replace their credit facilities which were set to expire in November 2010. Additionally in September 2010, NPC issued $250 million of its 5.375% General and Refunding Mortgage Notes, Series X.
As of September 30, 2010, NPC had paid $62.0 million in dividends to NVE and SPPC had paid $48.0 million in dividends to NVE.
On October 28, 2010, NPC and SPPC declared dividends to NVE of $12 million and $60 million, respectively.
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Nv Energy, Inc. has a market cap of $3.22 billion; its shares were traded at around $13.61 with a P/E ratio of 14.5 and P/S ratio of 0.9. The dividend yield of Nv Energy, Inc. stocks is 3.2%.NVE is in the portfolios of David Dreman of Dreman Value Management, Murray Stahl of Horizon Asset Management, George Soros of Soros Fund Management LLC, Charles Brandes of Brandes Investment.
Highlight of Business Operations:
NVE recognized net income of $182.7 million for the three months ended September 30, 2010 compared to net income of $182.6 million for the same period in 2009. NVE recognized net income of $218.0 million for the nine months ended September 30, 2010 compared to net income of $178.8 million for the same period in 2009. The increase in net income for the three months ended September 30, 2010 compared to the same period in 2009 is primarily due to an increase in gross margin, for which a primary component is attributable to revenue recorded for reduced kWh sales related to our energy efficiency programs, as discussed in Note 3, Regulatory “Actions of the Condensed Notes to Financial Statements, and an increase in AFUDC. This increase was partially offset by higher income taxes as a result of a lower tax effective rate in 2009, and increased operating and maintenance expense. The increase in net income for the nine months ended September 30, 2010 compared to the same period in 2009 is primarily due to increased rates as a result of NPC s GRC, which was effective beginning July 1, 2009 and a decrease in other operating expenses, maintenance expense and interest expense, partially offset by higher income taxes as a result of a lower tax effective rate in 2009 and an increase in interest expense on regulatory items, primarily as a result of over-collected deferred energy balances.In addition, NVE has been awarded a $138 million grant in stimulus funding from the DOE specifically for NVE s $301 million NV Energize project. The NV Energize project will provide NVE with the Smart Grid infrastructure necessary to enable widespread use of smart meters, enabling customers to more directly manage their energy usage. NV Energize involves the deployment of a delivery mechanism that creates a new, more advanced infrastructure for NVE s demand response and energy efficiency and conservation programs.
In July 2010, NPC received PUCN approval for the NV Energize project for approximately $95 million. SPPC s investment of $50 million was submitted in its IRP filing in July 2010. An additional $2 million within NVE s capital budget covers energy management system upgrades in 2010.
A significant focus for the remainder of 2010 will continue to be to generate sufficient cash from operations to meet operating needs and contribute to capital projects by managing recovery of deferred fuel and purchased power costs, reducing regulatory lag in recovery of costs and controlling costs. Maintaining or improving the Utilities credit ratings will be essential to negotiating favorable financing terms, and will continue to be a significant focus for the remainder of 2010. Significant amounts of capital may be necessary to fund prospective construction projects, as discussed further under NVE s Liquidity and Capital Resources in the 2009 Form 10-K and as a result of the approval of NPC s IRP. Additionally, if energy costs rise at a rapid rate and the Utilities do not recover the cost of fuel and purchased power in a timely manner, the Utilities may need to issue additional debt to support their operating costs or delay capital expenditures. Management may be required to meet such financial obligations with a combination of internally generated funds, the use of the Utilities revolving credit facilities, the issuance of long-term debt, and/or the issuance of equity by NVE. As such, the ability to issue new debt or equity securities on favorable terms will be a significant focus for the remainder of 2010. In April 2010, NPC and SPPC entered into new revolving credit facilities for $600 million and $250 million, respectively, which expire in April 2013 to replace their credit facilities which were set to expire in November 2010. Additionally in September 2010, NPC issued $250 million of its 5.375% General and Refunding Mortgage Notes, Series X.
As of September 30, 2010, NPC had paid $62.0 million in dividends to NVE and SPPC had paid $48.0 million in dividends to NVE.
On October 28, 2010, NPC and SPPC declared dividends to NVE of $12 million and $60 million, respectively.
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