RENO, Nev. (AP) — NV Energy Inc. says its annual profit nearly doubled in 2012 thanks to a rate increase and hot summer weather.
The Las Vegas-based utility on Friday reported earnings of $17.2 million over the quarter ending Dec. 31, compared with a loss of $25.2 million in the same period in 2011.
For 2012, the power company reported net income of $322 million, up from $163.4 million the previous year.
For shareholders, earnings equated to $1.35 per share for the year, compared with 69 cents per share in 2011.
The company attributes the increases mostly to its southern Nevada operations, where customers faced a $158.6 million rate increase a year ago and an unusually hot summer increased electricity demand.
The utility serves 2.4 million Nevadans.