NV Energy quarterly, yearly earnings up

RENO (AP) - Despite Nevada's slower growth rate, the state's largest power company has reported an increase in its fourth-quarter and yearly earnings.

NV Energy Inc. on Friday said its net income for the quarter ending Dec. 31 was $14.2 million, or 6 cents a share, up from $4.2 million, or 2 cents a share, in the same period in 2009.

Its quarterly revenue fell to $655 million from $773 million a year ago.

For the year, the Las Vegas-based utility reported net income of $227 million, or 97 cents a share, up from $183 million, or 78 cents a share, in 2009.

The company attributes the earnings to a rate increase and cost-control efforts.

The utility serves electricity customers in Nevada and natural gas customers around Reno.