NV Energy
NV Energy (NYSE: NVE) is an investor-owned holding company based in Las Vegas, Nevada.
The company is a public utility which generates, transmits and distributes electric service in northern and southern Nevada, including the Las Vegas Valley, and provides natural gas service in the Reno–Sparks metropolitan area of northern Nevada. It serves about 1.5 million customers and over 40 million tourists annually.[1]
Contents |
[edit] Financial Statements[2]
| Fiscal Year 2011 | |
|---|---|
| Operating Revenues | $2.9 billion |
| Net Income | $163 million |
| Employees | 2,811 |
[edit] History
NV Energy is the product of the 1998 merger of the two major utilities in Nevada--northern Nevada's Sierra Pacific Power and Las Vegas' Nevada Power.
Sierra Pacific Power was founded in 1928 from a merger of several companies dating back to the gold rush of the 1850s. In 1984, it reorganized as a holding company, Sierra Pacific Resources.
In 1998, Sierra Pacific and Nevada Power merged. While Sierra Pacific was the nominal survivor, the merged company was headquartered in Las Vegas. The merger created a company with a service territory stretching over 44,400 square miles--nearly all of Nevada's densely populated area.
On September 22, 2008, Nevada Power and Sierra Pacific Power began doing business as NV Energy. This is the result of the corporate decision to unify its image under a single brand. Later, Sierra Pacific Resources changed its corporate name to to NV Energy, Inc.[3]
[edit] Customer service reliability
Electric distribution service reliability ranked among the best 25% of electric utilities nationwide in 2010, and was the best in the nation in 2009.[4] The rankings are based on interruption frequency[5] and interruption duration[6] compared to a peer group constructed by the Edison Electric Institute.
[edit] Electric Sources
The company obtains the majority of its electricity from natural gas-fired sources. Coal provides less than 20%.[7] Eight of the company's nine coal-fired generating units have flue gas desulfurization equipment (scrubbers) installed to control sulfur dioxide emissions.
[edit] Major Projects
In May 2011, the company completed construction of the Harry Allen gas-fired generating plant below budget and ahead of schedule. Previously announced plans to construct two 750MW pulverized coal generation units near Ely have been cancelled.
The company is constructing the One Nevada (ONLine) transmission line to interconnect its northern and southern Nevada service territories.[8][9] The project is scheduled for completion by the end of 2012.
[edit] Subsidiaries
[edit] References
- ^ [1] SEC Form 10-K, year ended December 31, 2010
- ^ source: 2011 Annual Report on Form 10-K
- ^ "Nevada Power and Sierra Pacific Power Renamed NV Energy" (Press release). Sierra Pacific Resources. 2008-09-22. Retrieved 2008-09-22.
- ^ NV Energy investor presentation, September 2011, company website
- ^ SAIFI
- ^ SAIDI
- ^ NV Energy investor presentation, September 2011, company website
- ^ Jennifer Robison (2010-60-03). "Hot topic? How does ONLine grab you?: PUC hears all about plan for $510 million power line". Las Vegas Review-Journal.
- ^ Bureau of Land Management news release, October 19, 2010
