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CONSOLIDATED INCOME STATEMENTS (Unaudited) (USD $)
3 Months Ended9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
OPERATING REVENUES$ 1,017,796,000[1]$ 1,128,039,000[2],[3]$ 2,333,710,000[1]$ 2,625,211,000[2],[3]
OPERATING EXPENSES:    
Fuel for power generation216,779,000247,233,000519,920,000650,514,000
Purchased power223,348,000249,854,000518,672,000522,538,000
Gas purchased for resale10,137,00010,823,00087,753,000101,536,000
Deferred energy(33,620,000)34,055,000(43,678,000)106,554,000
Other operating expenses127,645,000[1]112,741,000331,166,000[1]320,755,000
Maintenance11,369,00031,126,00073,317,00085,715,000
Depreciation and amortization93,737,00083,423,000266,445,000249,067,000
Taxes other than income15,205,00015,420,00046,134,00047,532,000
Total Operating Expenses664,600,000784,675,0001,799,729,0002,084,211,000
OPERATING INCOME353,196,000343,364,000[3]533,981,000541,000,000[3]
OTHER INCOME (EXPENSE):    
Interest expense (net of AFUDC-debt)(80,496,000)(80,789,000)(238,718,000)(241,625,000)
Interest expense on regulatory items(4,316,000)(3,685,000)(12,140,000)(8,753,000)
AFUDC-equity1,690,0007,824,00012,854,00020,915,000
Other income4,645,0009,246,00014,942,00030,524,000
Other expense(9,857,000)(4,313,000)(23,600,000)(17,038,000)
Total Other Income (Expense)(88,334,000)(71,717,000)(246,662,000)(215,977,000)
Income Before Income Tax Expense264,862,000271,647,000287,319,000325,023,000
Income tax expense91,400,00094,101,00098,639,000112,252,000
NET INCOME173,462,000177,546,000[4]188,680,000212,771,000[4]
Amount per share basic and diluted - (Note 9)    
Net income per share - basic$ 0.74$ 0.76[4]$ 0.80$ 0.91[4]
Net income per share - diluted$ 0.73$ 0.75[4]$ 0.80$ 0.90[4]
Weighted Average Shares of Common Stock Outstanding - basic235,990,373235,117,058235,796,321234,991,208
Weighted Average Shares of Common Stock Outstanding - diluted237,901,330[5]236,477,187[5]237,320,796[5]236,136,725[5]
Dividends Declared Per Share of Common Stock$ 0.12$ 0.11$ 0.36$ 0.33
Nevada Power Company [Member]
    
OPERATING REVENUES798,914,000[1]870,950,000[2],[3]1,662,880,000[1]1,836,144,000[2],[3]
OPERATING EXPENSES:    
Fuel for power generation162,976,000181,100,000378,790,000469,282,000
Purchased power181,733,000216,309,000399,707,000412,276,000
Deferred energy(10,354,000)22,296,000(1,274,000)81,719,000
Other operating expenses88,455,000[1]73,762,000215,491,000203,773,000
Maintenance3,460,00023,707,00045,122,00058,945,000
Depreciation and amortization67,212,00056,575,000186,798,000169,330,000
Taxes other than income9,105,0009,038,00028,209,00028,857,000
Total Operating Expenses502,587,000582,787,0001,252,843,0001,424,182,000
OPERATING INCOME296,327,000288,163,000[3]410,037,000411,962,000
OTHER INCOME (EXPENSE):    
Interest expense (net of AFUDC-debt)(55,267,000)(54,144,000)(163,036,000)(161,496,000)
Interest expense on regulatory items(2,478,000)(1,157,000)(5,911,000)(1,965,000)
AFUDC-equity1,026,0006,795,00010,979,00018,555,000
Other income2,990,0003,842,0009,298,0009,084,000
Other expense(7,324,000)(3,034,000)(15,235,000)(9,338,000)
Total Other Income (Expense)(61,053,000)(47,698,000)(163,905,000)(145,160,000)
Income Before Income Tax Expense235,274,000240,465,000246,132,000266,802,000
Income tax expense80,666,00081,537,00084,481,00090,416,000
NET INCOME154,608,000158,928,000161,651,000176,386,000
Sierra Pacific Power Company [Member]
    
Electric202,263,000237,798,000545,462,000649,337,000
Gas16,615,00019,286,000125,357,000139,711,000
OPERATING REVENUES218,878,000[1]257,084,000670,819,000[1]789,048,000
OPERATING EXPENSES:    
Fuel for power generation53,803,00066,133,000141,130,000181,232,000
Purchased power41,615,00033,545,000118,965,000110,262,000
Gas purchased for resale10,137,00010,823,00087,753,000101,536,000
Deferral of energy - electric - net(22,095,000)9,964,000(45,924,000)17,189,000
Deferral of energy - gas - net(1,171,000)1,795,0003,520,0007,646,000
Other operating expenses38,529,000[1]38,004,000113,432,000114,371,000
Maintenance7,909,0007,419,00028,195,00026,770,000
Depreciation and amortization26,525,00026,848,00079,647,00079,737,000
Taxes other than income6,052,0006,330,00017,675,00018,494,000
Total Operating Expenses161,304,000200,861,000544,393,000657,237,000
OPERATING INCOME57,574,00056,223,000126,426,000131,811,000
OTHER INCOME (EXPENSE):    
Interest expense (net of AFUDC-debt)(16,861,000)(16,983,000)(50,581,000)(51,141,000)
Interest expense on regulatory items(1,838,000)(2,528,000)(6,229,000)(6,788,000)
AFUDC-equity664,0001,029,0001,875,0002,360,000
Other income1,448,0002,379,0004,677,00014,276,000
Other expense(2,255,000)(1,285,000)(7,403,000)(7,555,000)
Total Other Income (Expense)(18,842,000)(17,388,000)(57,661,000)(48,848,000)
Income Before Income Tax Expense38,732,00038,835,00068,765,00082,963,000
Income tax expense13,396,00014,373,00023,341,00030,066,000
NET INCOME$ 25,336,000$ 24,462,000$ 45,424,000$ 52,897,000
[1]Effective July 1, 2011, included in operating revenues were EEPR revenues, for which costs related to the program are included in other operating expense and therefore have no effect on operating income. See Note 3, Regulatory Actions.
[2]As reported in our 2010 Form 10-K, amounts for REPR are presented net. As such, revenues and gross margin for the three months ended September 30, 2010 were reduced by $3.5 million, $2.0 million and $1.5 million for NVE, NPC and SPPC, respectively, from that reported in the Forms 10-Q for the period ended September 30, 2010. Revenues and gross margin for the nine months ended September 30, 2010 were reduced by $8.7 million, $4.6 million and $4.1 million for NVE, NPC and SPPC, respectively, from that reported in the Forms 10-Q for the period ended September 30, 2010.
[3]During the third quarter 2010, NPC terminated a long-term service agreement from one of its generating stations. The estimated termination payment was not considered material to the third quarter but would have been material to the fourth quarter; therefore, as disclosed in our 2010 Form 10-K, third quarter 2010 was revised to reflect the estimated termination payment. As such, operating income for the three and nine months ended September 30, 2010 was reduced by $8.0 million, before tax, for NVE and NPC, from that reported in the Forms 10-Q for the quarterly period ended September 30, 2010. See Note 1, Summary of Significant Accounting Policies.
[4]As discussed in Note 1, Summary of Significant Accounting Policies, net income and earnings per share basic and diluted were reduced from that previously reported by $5.2 million (net of taxes) and $0.02 per share (net of taxes), respectively.
[5]The denominator does not include stock equivalents for options issued under the non-qualified stock option plan due to conversion prices being higher than market prices for all periods. If the conditions for conversion were met under this plan, 572,825 and 575,846 shares would be included for the three and nine months ended September 30, 2011, and 701,190 and 707,950 would be included for the three and nine months ended September 30, 2010, respectively.