NV Energy Reports Fourth Quarter and Full Year 2012 Results; Announces 2013 Earnings Guidance

 NV Energy Reports Fourth Quarter and Full Year 2012 Results; Announces 2013
                              Earnings Guidance


-- Favorable fourth quarter results despite mild weather

-- 12-month results in line with earnings guidance

-- Outlook: stable earnings, sustained free cash flow

PR Newswire

LAS VEGAS, Feb. 22, 2013

LAS VEGAS, Feb. 22, 2013 /PRNewswire/ -- NV Energy, Inc. (NYSE: NVE) today
announced financial results for the three and 12 months ended December 31,
2012 as shown in the table below.

             NV Energy, Inc.
             Consolidated Results
             Periods Ended December 31,
               Net Income (Loss)
               ($ in millions)      EPS (diluted)
             2012       2011      2012    2011
Three Months $ 17.2     $ (25.2)  $ 0.07  $ (0.11)
12 Months    $ 321.9    $ 163.4   $ 1.35  $ 0.69

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

Key factors contributing to the improved results for the fourth quarter

  oa rate decision by the Public Utilities Commission of Nevada which
    became effective January 1, 2012;
  olower interest expense; and
  oregulatory adjustments and reserves in the fourth quarter of 2011 ($20.9
    million pre-tax) that did not recur in 2012.

These positive factors were partially offset by milder weather compared to the
fourth quarter of 2011. For further information regarding drivers of financial
results, see the earnings report to the financial community posted on

"Earnings for the year were $1.35 per share, in line with our guidance," said
Michael Yackira, president and chief executive officer of NV Energy, Inc.
Management's most recently announced earnings guidance range was between $1.30
and $1.40 per share for calendar year 2012. "In the year ahead, we will
enhance our customer-oriented programs, in particular NV Energize and other
tools to empower customers to manage their energy usage. We'll also maintain
our focus on controlling costs. These efforts, combined with other initiatives
to provide safe, reliable, affordable energy, will drive our success in 2013."

Other notable accomplishments include:

  oincreased the common stock dividend 12% on February 7, 2013, following a
    31% increase in May 2012;
  oreduced debt by over $120 million since year-end 2011;
  orecommenced tower construction for the One Nevada (ON Line) transmission
  oprovided over 90% of customers with smart meters through the NV Energize
    initiative; and
  oexpanded the renewable energy portfolio by more than 300 megawatts since
    year-end 2011.

Announcing 2013 Earnings Guidance

"Hot weather aided earnings and cash flow in 2012," Mr. Yackira said. "This
year, we expect to earn between $1.25 and $1.35 per diluted share. Our
guidance for 2013 assumes normal weather. Both last year's results and this
year's guidance are consistent with our belief that we are in a period of
stable earnings and sustained free cash flow. This should enable us to deliver
dividend growth of about 10 percent until we reach a payout ratio of 60 to 65
percent, while strengthening our capital structure and considering potential

Key factors expected to drive financial results in 2013 are shown in the
earnings report to the financial community posted on www.nvenergy.com this

Webcast Scheduled for 7 a.m. PST today, Friday, February 22, 2013

Senior management of NV Energy will review the company's 2012 financial
results, 2013 earnings guidance and other matters during a conference call and
live webcast today, Friday, February 22, at 7 a.m. Pacific Standard Time.

The webcast will be accessible on the NV Energy website at www.nvenergy.com. A
taped replay will remain on the company's website 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

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 service territory of
nearly 46,000 square-miles, 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, June 30, 2012, and
September 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.

(Dollars in Thousands, Except Share Amounts)
                    Three Months Ended            Year Ended
                    December 31,                  December 31,
                    2012           2011           2012           2011
OPERATING REVENUES  $ 600,571      $ 609,597      $ 2,979,177    $ 2,943,307
   Fuel for power     164,445        160,665        565,381        680,585
   Purchased power    117,105        115,202        603,999        633,874
   Gas purchased      27,861         37,402         74,352         125,155
   for resale
   Deferred energy    (76,443)       (39,655)       (106,728)      (83,333)
   efficiency         20,068         20,490         96,677         43,537
   program costs
   Other operating    105,292        102,996        412,372        411,115
   Maintenance        33,535         29,990         109,725        103,307
   Depreciation and   95,950         91,492         377,640        357,937
   Taxes other than   16,239         14,331         60,696         60,465
Total Operating       504,052        532,913        2,194,114      2,332,642
OPERATING INCOME      96,519         76,684         785,063        610,665
   Interest expense
   (net of
   $2,014,            (73,322)       (89,992)       (299,484)      (328,710)
   ($1,653), $7,493
   and $8,718)
   Interest income
   (expense) on       (1,518)        (566)          (7,721)        (4,115)
   regulatory items
   AFUDC-equity       2,480          (1,981)        9,146          10,873
   Other income       4,987          4,207          24,299         10,558
   Other expense      (10,856)       (25,324)       (22,765)       (48,924)
Total Other Income    (78,229)       (113,656)      (296,525)      (360,318)
Income (Loss)
Before Income Tax     18,290         (36,972)       488,538        250,347
Income tax expense    1,126          (11,724)       166,592        86,915
NET INCOME (LOSS)     17,164         (25,248)       321,946        163,432
Other comprehensive
income (loss):
Change in
retirement benefits
liability and
   (Net of taxes
   $1,084, $1,504,    (2,062)        (2,775)        (1,598)        (357)
   $838 and $202)
Change in market
value of risk
management assets
and liabilities
   (Net of taxes
   ($72), $369,       129            (686)          (539)          (686)
   $283 and $369)
OTHER COMPREHENSIVE   (1,933)        (3,461)        (2,137)        (1,043)
COMPREHENSIVE       $ 15,231       $ (28,709)     $ 319,809      $ 162,389
Amount per share
basic and diluted
   Net income
   (loss) per share $ 0.07         $ (0.11)       $ 1.37         $ 0.69
   - basic
   Net income
   (loss) per share $ 0.07         $ (0.11)       $ 1.35         $ 0.69
   - diluted
Weighted Average
Shares of Common      235,404,790    235,999,750    235,840,558    235,847,596
Stock Outstanding -
Weighted Average
Shares of Common      237,987,115    238,365,115    237,883,881    237,767,071
Stock Outstanding -
Dividends Declared
Per Share of Common $ 0.17         $ 0.13         $ 0.64         $ 0.49

SOURCE NV Energy, Inc.

Website: http://www.nvenergy.com
Contact: Analysts, Max Kuniansky,(702) 402-5627, or Britta Carlson, (702)
402-5624, or Media Karl Walquist, (775) 834-3891
Press spacebar to pause and continue. Press esc to stop.