NV Energy reports $22.2 million loss in first quarter

Local power utility NV Energy lost $22.2 million, or 9 cents a share, in the first quarter, company officials said this morning.

That's down from income of $24.1 million, or 10 cents a share, in the same quarter a year ago.

Executives attributed some of the loss to higher operating and maintenance expenses and a milder weather, as well as to financing costs of power-plant purchases and construction. The new generating capacity has yet to provide a return for shareholders, said Michael Yackira, NV Energy's president and chief executive officer. NV Energy executives expect that lack of return will be addressed in its ongoing general rate case, Yackira said.

The number of residential customers NV Energy serves in Southern Nevada rose 0.6 percent year over year, while the number of commercial customers increased 0.4 percent.