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Profits jump in third quarter for Sierra Pacific.
Byline: John G. Edwards
Oct. 30--Higher power rates, customer growth and warm weather drove Sierra Pacific Resources' third-quarter net income up 44 percent from a year ago, after subtracting a one-time gain from the successful appeal of a rate case, the company reported Monday.
Net income for the third quarter was $152.2 million, compared with $222.2 million last year. But $116.2 million of the profit last year came from a Nevada Supreme Court ruling that reversed a rate case decision.
Profit in the third quarter a year ago was $106 million after subtracting the one-time gain.
"We're pleased with the quarter," said CEO Michael Yackira.
Nevada Consumer Advocate Eric Witkoski, however, was not pleased.
He noted that Nevada Power, Sierra Pacific Resources' Las Vegas-based subsidiary, raised residential rates this summer by 11.6 percent.
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