EL PASO, Texas--(BUSINESS WIRE)--
El Paso Electric (NYSE:EE):
Overview
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For the fourth quarter of 2012, EE reported net income of $4.8
million, or $0.12 basic and diluted earnings per share. In the fourth
quarter of 2011, EE reported net income of $5.5 million, or $0.14 and
$0.13 basic and diluted earnings per share, respectively.
-
For the twelve months ended December 31, 2012, EE reported net income
of $90.8 million, or $2.27 and $2.26 basic and diluted earnings per
share, respectively. Net income for the twelve months ended December
31, 2011 was $103.5 million, or $2.49 and $2.48 basic and diluted
earnings per share, respectively.
"We were pleased with the overall financial results for the year which
included increased kWh retail sales reflecting steady customer growth in
our service territory," said Tom Shockley, Chief Executive Officer. "Our
earnings for the fourth quarter of 2012 were consistent with our
expectations given the Texas rate decrease, which went into effect on
May 1, 2012, and the milder winter weather in our service territory."
Earnings Summary
The table and explanations below present the major factors affecting
2012 net income relative to 2011 net income.
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Quarter Ended
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Twelve Months Ended
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Pre-Tax Effect
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After-Tax Net Income
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Basic EPS
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Pre-Tax Effect
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After-Tax Net Income
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Basic EPS
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December 31, 2011
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$
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5,453
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$
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0.14
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$
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103,539
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$
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2.49
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Changes in:
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Allowance for Funds Used During Construction
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$
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1,786
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1,559
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0.04
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$
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1,991
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1,745
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0.04
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Non Palo Verde O&M
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2,123
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1,401
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0.04
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(6,551
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)
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(4,324
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)
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(0.11
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)
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Depreciation and amortization expense
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1,329
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877
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0.02
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2,775
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1,831
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0.05
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Transmission revenues
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83
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55
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—
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(2,705
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)
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(1,785
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)
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(0.04
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)
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Retail non-fuel base revenues
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(3,744
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)
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(2,471
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)
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(0.06
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)
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(9,674
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)
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(6,385
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)
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(0.16
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)
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Deregulated Palo Verde Unit 3 revenues
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(421
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)
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(278
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)
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(0.01
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)
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(4,972
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)
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(3,282
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)
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(0.08
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)
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Other
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(1,777
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)
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(0.05
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)
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(493
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)
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—
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December 31, 2012
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$
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4,819
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$
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0.12
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$
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90,846
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$
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2.19
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Change in weighted average number of shares
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—
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0.08
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December 31, 2012
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$
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0.12
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$
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2.27
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Fourth Quarter 2012
Income for the quarter ended December 31, 2012, when compared to the
same period last year, was positively affected by:
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Increased allowance for funds used during construction ("AFUDC") due
to higher balances of construction work in progress subject to AFUDC.
-
Decreased non Palo Verde O&M primarily due to decreased transmission
operating expense resulting from a $1.6 million credit recorded in the
fourth quarter of 2012 related to the settlement of a rate case for
the purchase of transmission with no comparable activity in the fourth
quarter of 2011, decreased planned maintenance outages at our local
fossil-fuel generating plants, and decreased customer accounts and
service expense, partially offset by increased administrative and
general expense.
-
Decreased depreciation and amortization due to reduced depreciation
rates on gas-fired generating units and on transmission and
distribution plant as a result of the Texas rate case settlement.
Income for the quarter ended December 31, 2012, when compared to the
same period last year, was negatively affected by:
-
Decreased retail non-fuel base revenues due to a reduction in non-fuel
base rates for our Texas customers, and a 3.6% decrease in kWh sales
to our residential customers due to milder winter weather in the three
months ended December 31, 2012 compared to the same period in 2011.
Year to Date
Earnings for the twelve months ended December 31, 2012, when compared to
the same period last year, were positively affected by:
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A decrease in the weighted average number of shares outstanding as a
result of our 2011 repurchases of common stock.
-
Decreased depreciation and amortization expense due to a reduction in
depreciation rates for Palo Verde reflecting the approval of a license
extension for Palo Verde by the NRC in April 2011, and reduced
depreciation rates on gas-fired generating units and on transmission
and distribution plant as a result of the Texas rate case settlement
in 2012. The depreciation rate reductions were partially offset by
higher depreciation expense due to an increase in depreciable plant.
-
Increased AFUDC primarily due to higher balances of construction work
in progress subject to AFUDC.
Earnings for the twelve months ended December 31, 2012, when compared to
the same period last year, were negatively affected by:
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Decreased retail non-fuel base revenues due to a 4.1% and 7.4%
decrease in non-fuel base revenues from sales to small commercial and
industrial customers and large commercial and industrial customers,
respectively. Revenues from these customer classes decreased primarily
due to a reduction in non-fuel base rates in Texas effective May 1,
2012. KWh sales to large commercial and industrial customers also
decreased 1.2%.
-
Increased non Palo Verde O&M primarily due to increased employee
pension and benefits expense reflecting lower discount rates used to
determine pension and other postretirement benefits costs, and
increased fossil-fuel plant O&M expense primarily due to the timing of
planned maintenance of our gas-fired generating units, partially
offset by decreased customer accounts and service expense.
-
Decreased revenues from retail sales of deregulated Palo Verde Unit 3
power due to lower proxy market prices associated with the decline in
natural gas prices, an 11% decrease in generation at Palo Verde Unit 3
due to the March 17 through April 17, 2012 refueling outage with no
comparable outage in the prior year, and an 18.4% increase in the cost
of nuclear fuel burned.
-
Decreased transmission revenues due to a 2011 settlement agreement
with Tucson Electric Power Company involving a transmission dispute
that resulted in one-time income of $3.9 million, pre-tax, recorded in
the third quarter of 2011.
Retail Non-fuel Base Revenues
Retail non-fuel base revenues decreased $3.7 million, pre-tax, or 3.1%
in the fourth quarter of 2012 compared to the same period in 2011 due to
a reduction in non-fuel base rates for our Texas customers which became
effective May 1, 2012 and primarily impacted commercial and industrial
customers. Non-fuel base revenues from sales to small commercial and
industrial customers and large commercial and industrial customers
decreased 5.3% and 9.4%, respectively, in the fourth quarter. The
decrease in non-fuel base revenues was also due to a decrease in kWh
sales in our residential customer class reflecting milder winter weather
in the three months ended December 31, 2012 compared to the same period
in 2011. Heating degree days decreased 27.6% in the fourth quarter of
2012 compared to the same period in 2011, and were 16.5% below the
10-year average. KWH sales to public authorities increased 3.1% and
non-fuel base revenues from public authorities increased 4.0%. Non-fuel
base revenues and kilowatt-hour sales are provided by customer class on
page 10 of the release.
For the twelve months ended December 31, 2012, retail non-fuel base
revenues decreased by $9.7 million, pre-tax, or 1.7% compared to the
same period in 2011. The decrease in revenues was due to a reduction in
non-fuel base rates to Texas customers which primarily impacted
commercial and industrial customers. Non-fuel base revenues from sales
to small commercial and industrial customers and large commercial and
industrial customers decreased 4.1% and 7.4%, respectively. In addition,
increased use of lower interruptible rates and decreased consumption by
several large commercial and industrial customers contributed to the
decrease in non-fuel base revenues. KWh sales to large commercial and
industrial customers decreased 1.2%. KWh sales to small commercial and
industrial customers increased 0.6% primarily due to the 0.8% increase
in the average number of customers served. KWh sales to residential
customers increased 0.6% due to the 1.4% increase in the average number
of customers served despite significantly milder weather in 2012
compared to 2011. During the twelve months ended December 31, 2012,
cooling degree days decreased 8.3% when compared to the same period in
2011 but were 9.2% above the 10-year average. Heating degree days
decreased 16.4% during the twelve months ended December 31, 2012 when
compared to the same period in 2011 and were 9.8% below the 10-year
average. KWh sales to public authorities increased 2.4% and non-fuel
base revenues from public authorities increased 1.9%. Non-fuel base
revenues and kilowatt-hour sales are provided by customer class on page
12 of the release.
Rate Matters
On April 17, 2012, the City Council of El Paso, Texas approved the
settlement of our 2012 Texas retail rate case in PUCT Docket No. 40094.
For Texas service areas outside of the city limits of El Paso, the
settlement was filed with the PUCT, and the PUCT approved the
settlement, on May 18, 2012. In the settlement, we agreed to a reduction
in our non-fuel base rates of $15 million annually, with the decrease
being allocated primarily to Texas commercial and industrial customer
classes. The rate decrease was effective May 1, 2012. The settlement
also allowed us to revise the depreciation rates for our gas-fired
generating units and for transmission and distribution plant that lowers
depreciation expense by $4.1 million annually.
Capital and Liquidity
In December 2012, we issued $150 million of 3.30% Senior Notes, due to
mature on December 15, 2022, to fund construction expenditures and to
repay the outstanding balance of our revolving credit facility (the
"RCF") used for working capital and general corporate purposes. We
continue to maintain a strong capital structure in which common stock
equity represented 44.7% of our capitalization (common stock equity,
long-term debt, and short-term borrowings under the RCF). The 3.30%
Senior Note issuance, cash from operations, and our RCF are expected to
provide the liquidity needed by the Company to fund its capital
requirements for the next 12 months. In addition, we should continue to
have access to the capital markets on favorable terms. At December 31,
2012, we had a balance of $111.1 million in cash and cash equivalents.
Cash flows from operations for the twelve months ended December 31, 2012
were $273.1 million compared to $251.5 million in the corresponding
period in 2011. The primary factor affecting the increased cash flow was
an increase in the collection of deferred fuel revenues in 2012. The
difference between fuel revenues collected and fuel expense incurred is
deferred to be either refunded (over-recoveries) or surcharged
(under-recoveries) to customers in the future. During the twelve months
ended December 31, 2012, the Company had a fuel over-recovery, net of
refunds, of $11.7 million, as compared to an under-recovery of fuel
costs, net of refunds, of $26.0 million during the twelve months ended
December 31, 2011. At December 31, 2012, we had a net fuel over-recovery
balance of $4.6 million, including $2.3 million in Texas and $2.3
million in New Mexico.
During the twelve months ended December 31, 2012, our primary capital
requirements were for the construction and purchase of electric utility
plant, purchases of nuclear fuel, and payment of common stock dividends.
Capital requirements for new electric plant were $202.4 million for the
twelve months ended December 31, 2012 and $178.0 million for the twelve
months ended December 31, 2011. Capital requirements for purchases of
nuclear fuel were $46.0 million for the twelve months ended December 31,
2012 and $39.6 million for the twelve months ended December 31, 2011.
Rio Grande Resources Trust (the "RGRT") is the trust through which we
finance our portion of nuclear fuel for Palo Verde and is consolidated
in the Company's financial statements.
On January 17, 2013, the Board of Directors declared a quarterly cash
dividend of $0.25 per share payable on March 29, 2013 to shareholders of
record on March 14, 2013. On December 28, 2012, we paid $10.0 million of
dividends to shareholders. We paid a total of $38.9 million in cash
dividends during the twelve months ended December 31, 2012. We expect to
continue paying quarterly dividends during 2013 and we expect to review
the dividend policy in the second quarter of 2013.
No shares of common stock were repurchased during the twelve months
ended December 31, 2012. As of December 31, 2012, a total of 393,816
shares remain available for repurchase under the currently authorized
stock repurchase program. The Company may repurchase shares in the open
market from time to time.
On August 28, 2012, we completed a refunding transaction related to our
2005 Series A refunding pollution control bonds totaling $59.2 million
in which new pollution control bonds totaling $59.2 million were issued
at a fixed rate of 4.5%. The bonds are unsecured and will mature in
2042. On August 28, 2012, we also completed a remarketing transaction
related to our 2002 Series A refunding pollution control bonds totaling
$33.3 million in which new pollution control bonds totaling $33.3
million were issued at a fixed rate of 1.875%. The bonds are unsecured
and mature in 2032 although they are due to be remarketed in 2017.
We maintain the RCF for working capital and general corporate purposes
and financing of nuclear fuel through the RGRT. The RCF has a term
ending September 2016. On March 29, 2012, we increased the aggregate
unsecured borrowing available under the RCF from $200 million to $300
million. The terms of the agreement provide that amounts we borrow under
the RCF may also be used for working capital and general corporate
purposes. The total amount borrowed for nuclear fuel by RGRT was $132.2
million at December 31, 2012 of which $22.2 million had been borrowed
under the RCF and $110 million was borrowed through senior notes.
Borrowings by RGRT for nuclear fuel were $123.4 million as of December
31, 2011, of which $13.4 million had been borrowed under the RCF and
$110 million was borrowed through senior notes. Interest costs on
borrowings to finance nuclear fuel are accumulated by RGRT and charged
to us as fuel is consumed and recovered through fuel recovery charges.
No borrowings were outstanding at December 31, 2012 under the RCF for
working capital or general corporate purposes. At December 31, 2011,
$20.0 million was outstanding under the RCF for working capital and
general corporate purposes.
2013 Earnings Guidance
We are providing earnings guidance for 2013 within a range of $2.20 to
$2.60 per basic share.
Conference Call
A conference call to discuss fourth quarter 2012 earnings is scheduled
for 9:00 A.M. Eastern Daylight Time, on February 19, 2013. The dial-in
number is 888-428-9480 with a conference ID number of 1634701. The
conference leader will be Steven P. Busser, Vice President - Treasurer.
A replay will run through March 6, 2013 with a dial-in number of
888-203-1112 and a conference ID number of 1634701. The conference call
and presentation slides will be webcast live on the Company's website
found at http://www.epelectric.com.
A replay of the webcast will be available shortly after the call.
Safe Harbor
This news release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. This
information may involve risks and uncertainties that could cause actual
results to differ materially from such forward-looking statements.
Factors that could cause or contribute to such differences include, but
are not limited to: (i) increased prices for fuel and purchased power
and the possibility that regulators may not permit EE to pass through
all such increased costs to customers or to recover previously incurred
fuel costs in rates; (ii) recovery of capital investments and operating
costs through rates in Texas and New Mexico; (iii) uncertainties and
instability in the general economy and the resulting impact on EE's
sales and profitability; (iv) unanticipated increased costs associated
with scheduled and unscheduled outages; (v) the size of our construction
program and our ability to complete construction on budget and on time;
(vi) costs at Palo Verde; (vii) deregulation and competition in the
electric utility industry; (viii) possible increased costs of compliance
with environmental or other laws, regulations and policies;
(ix) possible income tax and interest payments as a result of audit
adjustments proposed by the IRS or state taxing authorities;
(x) uncertainties and instability in the financial markets and the
resulting impact on EE's ability to access the capital and credit
markets; and (xi) other factors detailed by EE in its public filings
with the Securities and Exchange Commission. EE's filings are available
from the Securities and Exchange Commission or may be obtained through
EE's website, http://www.epelectric.com.
Any such forward-looking statement is qualified by reference to these
risks and factors. EE cautions that these risks and factors are not
exclusive. EE does not undertake to update any forward-looking statement
that may be made from time to time by or on behalf of EE except as
required by law.
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El Paso Electric Company and Subsidiary
|
Consolidated Statements of Operations
|
Quarter Ended December 31, 2012 and 2011
|
(In thousands except for per share data)
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(Unaudited)
|
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2012
|
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2011
|
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Variance
|
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Operating revenues, net of energy expenses:
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|
|
|
|
|
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Base revenues
|
|
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$
|
115,768
|
|
|
|
$
|
119,486
|
|
|
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$
|
(3,718
|
)
|
(a)
|
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Deregulated Palo Verde Unit 3 proxy market pricing
|
|
|
2,755
|
|
|
|
3,176
|
|
|
|
(421
|
)
|
|
|
Other
|
|
|
7,388
|
|
|
|
8,072
|
|
|
|
(684
|
)
|
|
Operating Revenues Net of Energy Expenses
|
|
|
125,911
|
|
|
|
130,734
|
|
|
|
(4,823
|
)
|
|
|
|
|
|
|
|
|
|
|
|
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|
Other operating expenses:
|
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|
|
|
|
|
|
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Other operations and maintenance
|
|
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49,971
|
|
|
|
52,094
|
|
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|
(2,123
|
)
|
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|
Palo Verde operations and maintenance
|
|
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29,193
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|
|
|
29,660
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|
(467
|
)
|
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Taxes other than income taxes
|
|
|
13,812
|
|
|
|
12,430
|
|
|
|
1,382
|
|
|
Other income (deductions)
|
|
|
1,077
|
|
|
|
446
|
|
|
|
631
|
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization
|
|
|
34,012
|
|
|
|
36,996
|
|
|
|
(2,984
|
)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
19,227
|
|
|
|
20,556
|
|
|
|
(1,329
|
)
|
|
Interest on long-term debt
|
|
|
13,805
|
|
|
|
13,520
|
|
|
|
285
|
|
|
AFUDC and capitalized interest
|
|
|
5,837
|
|
|
|
4,044
|
|
|
|
1,793
|
|
|
Other interest expense
|
|
|
325
|
|
|
|
212
|
|
|
|
113
|
|
|
Income Before Income Taxes
|
|
|
6,492
|
|
|
|
6,752
|
|
|
|
(260
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
1,673
|
|
|
|
1,299
|
|
|
|
374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
$
|
4,819
|
|
|
|
$
|
5,453
|
|
|
|
$
|
(634
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share
|
|
|
$
|
0.12
|
|
|
|
$
|
0.14
|
|
|
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share
|
|
|
$
|
0.12
|
|
|
|
$
|
0.13
|
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share of common stock
|
|
|
$
|
0.25
|
|
|
|
$
|
0.22
|
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
|
|
40,016
|
|
|
|
39,957
|
|
|
|
59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares and dilutive
|
|
|
|
|
|
|
|
|
|
|
|
potential shares outstanding
|
|
|
40,090
|
|
|
|
40,210
|
|
|
|
(120
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Base revenues exclude fuel recovered through New Mexico base rates
of $16.3 million and $16.3 million, respectively.
|
(b)
|
EBITDA is a non-GAAP financial measure and is not a substitute for
net income or other measures of financial performance in accordance
with GAAP.
|
|
|
|
El Paso Electric Company and Subsidiary
|
Consolidated Statements of Operations
|
Twelve Months Ended December 31, 2012 and 2011
|
(In thousands except for per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues, net of energy expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Base revenues
|
|
|
$
|
562,600
|
|
|
|
$
|
572,078
|
|
|
|
$
|
(9,478
|
)
|
(a)
|
|
Deregulated Palo Verde Unit 3 proxy market pricing
|
|
|
9,848
|
|
|
|
14,820
|
|
|
|
(4,972
|
)
|
|
|
Other
|
|
|
29,106
|
|
|
|
32,459
|
|
|
|
(3,353
|
)
|
(b)
|
Operating Revenues Net of Energy Expenses
|
|
|
601,554
|
|
|
|
619,357
|
|
|
|
(17,803
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Other operations and maintenance
|
|
|
198,706
|
|
|
|
192,155
|
|
|
|
6,551
|
|
|
|
Palo Verde operations and maintenance
|
|
|
98,191
|
|
|
|
99,507
|
|
|
|
(1,316
|
)
|
|
Taxes other than income taxes
|
|
|
57,443
|
|
|
|
55,561
|
|
|
|
1,882
|
|
|
Other income (deductions)
|
|
|
4,677
|
|
|
|
3,362
|
|
|
|
1,315
|
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization
|
|
|
251,891
|
|
|
|
275,496
|
|
|
|
(23,605
|
)
|
(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
78,556
|
|
|
|
81,331
|
|
|
|
(2,775
|
)
|
|
Interest on long-term debt
|
|
|
54,632
|
|
|
|
54,115
|
|
|
|
517
|
|
|
AFUDC and capitalized interest
|
|
|
20,312
|
|
|
|
18,186
|
|
|
|
2,126
|
|
|
Other interest expense
|
|
|
1,190
|
|
|
|
989
|
|
|
|
201
|
|
|
Income Before Income Taxes
|
|
|
137,825
|
|
|
|
157,247
|
|
|
|
(19,422
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
46,979
|
|
|
|
53,708
|
|
|
|
(6,729
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
$
|
90,846
|
|
|
|
$
|
103,539
|
|
|
|
$
|
(12,693
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share
|
|
|
$
|
2.27
|
|
|
|
$
|
2.49
|
|
|
|
$
|
(0.22
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share
|
|
|
$
|
2.26
|
|
|
|
$
|
2.48
|
|
|
|
$
|
(0.22
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share of common stock
|
|
|
$
|
0.97
|
|
|
|
$
|
0.66
|
|
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
|
|
39,974
|
|
|
|
41,350
|
|
|
|
(1,376
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares and dilutive
|
|
|
|
|
|
|
|
|
|
|
|
potential shares outstanding
|
|
|
40,056
|
|
|
|
41,587
|
|
|
|
(1,531
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Base revenues exclude fuel recovered through New Mexico base rates
of $74.2 million and $73.5 million, respectively.
|
(b)
|
2011 includes $3.9 million related to the settlement of a
transmission dispute with Tucson Electric Power Company.
|
(c)
|
EBITDA is a non-GAAP financial measure and is not a substitute for
net income or other measures of financial performance in accordance
with GAAP.
|
|
|
|
El Paso Electric Company and Subsidiary
|
Cash Flow Summary
|
Twelve Months Ended December 31, 2012 and 2011
|
(In thousands and Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
90,846
|
|
|
|
$
|
103,539
|
|
|
Adjustments to reconcile net income to net cash provided by
operations:
|
|
|
|
|
|
|
|
|
Depreciation and amortization of electric plant in service
|
|
|
78,556
|
|
|
|
81,331
|
|
|
|
Deferred income taxes, net
|
|
|
43,561
|
|
|
|
45,688
|
|
|
|
Other
|
|
|
47,771
|
|
|
|
49,768
|
|
|
Change in:
|
|
|
|
|
|
|
|
|
Net overcollection (undercollection) of fuel revenues
|
|
|
11,668
|
|
|
|
(26,001
|
)
|
|
|
Accounts receivable
|
|
|
13,448
|
|
|
|
(4,663
|
)
|
|
|
Other
|
|
|
(12,742
|
)
|
|
|
1,855
|
|
|
|
|
Net cash provided by operating activities
|
|
|
273,108
|
|
|
|
251,517
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Cash additions to utility property, plant and equipment
|
|
|
(202,387
|
)
|
|
|
(178,041
|
)
|
|
Cash additions to nuclear fuel
|
|
|
(46,009
|
)
|
|
|
(39,551
|
)
|
|
Decommissioning trust funds
|
|
|
(9,163
|
)
|
|
|
(12,515
|
)
|
|
Other
|
|
|
(8,495
|
)
|
|
|
(7,298
|
)
|
|
|
|
Net cash used for investing activities
|
|
|
(266,054
|
)
|
|
|
(237,405
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Repurchase of common stock
|
|
|
—
|
|
|
|
(86,508
|
)
|
|
Dividends paid
|
|
|
(38,889
|
)
|
|
|
(27,223
|
)
|
|
Borrowings under the revolving credit facility
|
|
|
(11,224
|
)
|
|
|
28,675
|
|
|
Proceeds from issuance of long-term senior notes
|
|
|
149,682
|
|
|
|
—
|
|
|
Other
|
|
|
(3,774
|
)
|
|
|
(32
|
)
|
|
|
|
Net cash provided by (used for) financing activities
|
|
|
95,795
|
|
|
|
(85,088
|
)
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
102,849
|
|
|
|
(70,976
|
)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
8,208
|
|
|
|
79,184
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
111,057
|
|
|
|
$
|
8,208
|
|
|
|
El Paso Electric Company and Subsidiary
|
Quarter Ended December 31, 2012 and 2011
|
Sales and Revenues Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Amount
|
|
|
Percentage
|
MWh sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
535,277
|
|
|
|
555,143
|
|
|
|
(19,866
|
)
|
|
|
(3.6
|
)%
|
|
|
Commercial and industrial, small
|
|
|
540,078
|
|
|
|
536,137
|
|
|
|
3,941
|
|
|
|
0.7
|
%
|
|
|
Commercial and industrial, large
|
|
|
288,246
|
|
|
|
278,491
|
|
|
|
9,755
|
|
|
|
3.5
|
%
|
|
|
Public authorities
|
|
|
390,720
|
|
|
|
378,968
|
|
|
|
11,752
|
|
|
|
3.1
|
%
|
|
|
|
Total retail sales
|
|
|
1,754,321
|
|
|
|
1,748,739
|
|
|
|
5,582
|
|
|
|
0.3
|
%
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
|
11,204
|
|
|
|
10,611
|
|
|
|
593
|
|
|
|
5.6
|
%
|
|
|
Off-system sales
|
|
|
647,572
|
|
|
|
524,838
|
|
|
|
122,734
|
|
|
|
23.4
|
%
|
|
|
|
Total wholesale sales
|
|
|
658,776
|
|
|
|
535,449
|
|
|
|
123,327
|
|
|
|
23.0
|
%
|
|
|
|
|
Total MWh sales
|
|
|
2,413,097
|
|
|
|
2,284,188
|
|
|
|
128,909
|
|
|
|
5.6
|
%
|
Operating revenues (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-fuel base revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
$
|
46,357
|
|
|
|
$
|
47,710
|
|
|
|
$
|
(1,353
|
)
|
|
|
(2.8
|
)%
|
|
|
|
Commercial and industrial, small
|
|
|
38,718
|
|
|
|
40,890
|
|
|
|
(2,172
|
)
|
|
|
(5.3
|
)%
|
|
|
|
Commercial and industrial, large
|
|
|
9,701
|
|
|
|
10,704
|
|
|
|
(1,003
|
)
|
|
|
(9.4
|
)%
|
|
|
|
Public authorities
|
|
|
20,566
|
|
|
|
19,782
|
|
|
|
784
|
|
|
|
4.0
|
%
|
|
|
|
|
Total retail non-fuel base revenues
|
|
|
115,342
|
|
|
|
119,086
|
|
|
|
(3,744
|
)
|
|
|
(3.1
|
)%
|
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
|
426
|
|
|
|
400
|
|
|
|
26
|
|
|
|
6.5
|
%
|
|
|
|
|
Total non-fuel base revenues
|
|
|
115,768
|
|
|
|
119,486
|
|
|
|
(3,718
|
)
|
|
|
(3.1
|
)%
|
|
Fuel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recovered from customers during the period
|
|
|
27,468
|
|
|
|
35,959
|
|
|
|
(8,491
|
)
|
|
|
(23.6
|
)%
|
|
|
Under (over) collection of fuel
|
|
|
2,289
|
|
|
|
(3,607
|
)
|
|
|
5,896
|
|
|
|
—
|
|
|
|
New Mexico fuel in base rates (a)
|
|
|
16,273
|
|
|
|
16,303
|
|
|
|
(30
|
)
|
|
|
(0.2
|
)%
|
|
|
|
Total fuel revenues
|
|
|
46,030
|
|
|
|
48,655
|
|
|
|
(2,625
|
)
|
|
|
(5.4
|
)%
|
|
Off-system sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel cost
|
|
|
16,869
|
|
|
|
13,959
|
|
|
|
2,910
|
|
|
|
20.8
|
%
|
|
|
Shared margins
|
|
|
2,326
|
|
|
|
1,161
|
|
|
|
1,165
|
|
|
|
—
|
|
|
|
Retained margins
|
|
|
274
|
|
|
|
137
|
|
|
|
137
|
|
|
|
100.0
|
%
|
|
|
|
Total off-system sales
|
|
|
19,469
|
|
|
|
15,257
|
|
|
|
4,212
|
|
|
|
27.6
|
%
|
|
Other
|
|
|
7,535
|
|
|
|
8,265
|
|
|
|
(730
|
)
|
|
|
(8.8
|
)%
|
|
|
|
Total operating revenues
|
|
|
$
|
188,802
|
|
|
|
$
|
191,663
|
|
|
|
$
|
(2,861
|
)
|
|
|
(1.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes deregulated Palo Verde Unit 3 revenues for the New Mexico
jurisdiction of $2.7 million and $3.2 million, respectively.
|
|
|
|
El Paso Electric Company and Subsidiary
|
Quarter Ended December 31, 2012 and 2011
|
Other Statistical Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Amount
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of retail customers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
342,076
|
|
|
|
337,498
|
|
|
|
4,578
|
|
|
|
1.4
|
%
|
|
Commercial and industrial, small
|
|
|
37,883
|
|
|
|
38,154
|
|
|
|
(271
|
)
|
|
|
(0.7
|
)%
|
|
Commercial and industrial, large
|
|
|
51
|
|
|
|
50
|
|
|
|
1
|
|
|
|
2.0
|
%
|
|
Public authorities
|
|
|
4,687
|
|
|
|
4,477
|
|
|
|
210
|
|
|
|
4.7
|
%
|
|
|
Total
|
|
|
384,697
|
|
|
|
380,179
|
|
|
|
4,518
|
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of retail customers (end of
period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
341,682
|
|
|
|
337,659
|
|
|
|
4,023
|
|
|
|
1.2
|
%
|
|
Commercial and industrial, small
|
|
|
37,712
|
|
|
|
37,942
|
|
|
|
(230
|
)
|
|
|
(0.6
|
)%
|
|
Commercial and industrial, large
|
|
|
50
|
|
|
|
49
|
|
|
|
1
|
|
|
|
2.0
|
%
|
|
Public authorities
|
|
|
4,654
|
|
|
|
4,596
|
|
|
|
58
|
|
|
|
1.3
|
%
|
|
|
Total
|
|
|
384,098
|
|
|
|
380,246
|
|
|
|
3,852
|
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather statistics:
|
|
|
|
|
|
|
|
|
10 Yr Average
|
|
|
|
|
Heating degree days
|
|
|
794
|
|
|
|
1,097
|
|
|
|
951
|
|
|
|
|
|
Cooling degree days
|
|
|
164
|
|
|
|
138
|
|
|
|
119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation and purchased power (MWh):
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Amount
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde
|
|
|
1,146,910
|
|
|
|
1,107,404
|
|
|
|
39,506
|
|
|
|
3.6
|
%
|
|
Four Corners
|
|
|
174,553
|
|
|
|
161,325
|
|
|
|
13,228
|
|
|
|
8.2
|
%
|
|
Gas plants
|
|
|
706,814
|
|
|
|
682,962
|
|
|
|
23,852
|
|
|
|
3.5
|
%
|
|
|
Total generation
|
|
|
2,028,277
|
|
|
|
1,951,691
|
|
|
|
76,586
|
|
|
|
3.9
|
%
|
|
Purchased power
|
|
|
496,700
|
|
|
|
447,980
|
|
|
|
48,720
|
|
|
|
10.9
|
%
|
|
|
Total available energy
|
|
|
2,524,977
|
|
|
|
2,399,671
|
|
|
|
125,306
|
|
|
|
5.2
|
%
|
|
Line losses and Company use
|
|
|
111,880
|
|
|
|
115,483
|
|
|
|
(3,603
|
)
|
|
|
(3.1
|
)%
|
|
|
Total MWh sold
|
|
|
2,413,097
|
|
|
|
2,284,188
|
|
|
|
128,909
|
|
|
|
5.6
|
%
|
|
Palo Verde capacity factor
|
|
|
83.7
|
%
|
|
|
80.6
|
%
|
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
El Paso Electric Company and Subsidiary
|
Twelve Months Ended December 31, 2012 and 2011
|
Sales and Revenues Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Amount
|
|
|
Percentage
|
MWh sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
2,648,348
|
|
|
|
2,633,390
|
|
|
|
14,958
|
|
|
|
0.6
|
%
|
|
|
Commercial and industrial, small
|
|
|
2,366,541
|
|
|
|
2,352,218
|
|
|
|
14,323
|
|
|
|
0.6
|
%
|
|
|
Commercial and industrial, large
|
|
|
1,082,973
|
|
|
|
1,096,040
|
|
|
|
(13,067
|
)
|
|
|
(1.2
|
)%
|
|
|
Public authorities
|
|
|
1,617,606
|
|
|
|
1,579,565
|
|
|
|
38,041
|
|
|
|
2.4
|
%
|
|
|
|
Total retail sales
|
|
|
7,715,468
|
|
|
|
7,661,213
|
|
|
|
54,255
|
|
|
|
0.7
|
%
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
|
64,266
|
|
|
|
62,656
|
|
|
|
1,610
|
|
|
|
2.6
|
%
|
|
|
Off-system sales
|
|
|
2,614,132
|
|
|
|
2,687,631
|
|
|
|
(73,499
|
)
|
|
|
(2.7
|
)%
|
|
|
|
Total wholesale sales
|
|
|
2,678,398
|
|
|
|
2,750,287
|
|
|
|
(71,889
|
)
|
|
|
(2.6
|
)%
|
|
|
|
|
Total MWh sales
|
|
|
10,393,866
|
|
|
|
10,411,500
|
|
|
|
(17,634
|
)
|
|
|
(0.2
|
)%
|
Operating revenues (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-fuel base revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
$
|
234,095
|
|
|
|
$
|
234,086
|
|
|
|
$
|
9
|
|
|
|
—
|
|
|
|
|
Commercial and industrial, small
|
|
|
188,014
|
|
|
|
196,093
|
|
|
|
(8,079
|
)
|
|
|
(4.1
|
)%
|
|
|
|
Commercial and industrial, large
|
|
|
42,041
|
|
|
|
45,407
|
|
|
|
(3,366
|
)
|
|
|
(7.4
|
)%
|
|
|
|
Public authorities
|
|
|
96,132
|
|
|
|
94,370
|
|
|
|
1,762
|
|
|
|
1.9
|
%
|
|
|
|
|
Total retail non-fuel base revenues
|
|
|
560,282
|
|
|
|
569,956
|
|
|
|
(9,674
|
)
|
|
|
(1.7
|
)%
|
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
|
2,318
|
|
|
|
2,122
|
|
|
|
196
|
|
|
|
9.2
|
%
|
|
|
|
|
Total non-fuel base revenues
|
|
|
562,600
|
|
|
|
572,078
|
|
|
|
(9,478
|
)
|
|
|
(1.7
|
)%
|
|
Fuel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recovered from customers during the period (a)
|
|
|
130,193
|
|
|
|
145,130
|
|
|
|
(14,937
|
)
|
|
|
(10.3
|
)%
|
|
|
Under (over) collection of fuel
|
|
|
(18,539
|
)
|
|
|
13,917
|
|
|
|
(32,456
|
)
|
|
|
—
|
|
|
|
New Mexico fuel in base rates (b)
|
|
|
74,154
|
|
|
|
73,454
|
|
|
|
700
|
|
|
|
1.0
|
%
|
|
|
|
Total fuel revenues
|
|
|
185,808
|
|
|
|
232,501
|
|
|
|
(46,693
|
)
|
|
|
(20.1
|
)%
|
|
Off-system sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel cost
|
|
|
62,481
|
|
|
|
74,736
|
|
|
|
(12,255
|
)
|
|
|
(16.4
|
)%
|
|
|
Shared margins
|
|
|
9,191
|
|
|
|
3,883
|
|
|
|
5,308
|
|
|
|
—
|
|
|
|
Retained margins
|
|
|
1,098
|
|
|
|
(560
|
)
|
|
|
1,658
|
|
|
|
—
|
|
|
|
|
Total off-system sales
|
|
|
72,770
|
|
|
|
78,059
|
|
|
|
(5,289
|
)
|
|
|
(6.8
|
)%
|
|
Other (c)
|
|
|
31,703
|
|
|
|
35,375
|
|
|
|
(3,672
|
)
|
|
|
(10.4
|
)%
|
|
|
|
Total operating revenues
|
|
|
$
|
852,881
|
|
|
|
$
|
918,013
|
|
|
|
$
|
(65,132
|
)
|
|
|
(7.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Excludes $6.9 million and $12.0 million of refunds in 2012 and 2011,
respectively, related to prior periods Texas deferred fuel revenues.
|
(b)
|
Includes deregulated Palo Verde Unit 3 revenues for the New Mexico
jurisdiction of $9.8 million and $14.8 million, respectively.
|
(c)
|
2011 includes $3.9 million related to the settlement of a
transmission dispute with Tucson Electric Power Company.
|
|
|
|
|
El Paso Electric Company and Subsidiary
|
|
Twelve Months Ended December 31, 2012 and 2011
|
|
Other Statistical Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Amount
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of retail customers:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
340,962
|
|
|
|
|
336,219
|
|
|
|
|
4,743
|
|
|
|
1.4
|
%
|
|
Commercial and industrial, small
|
|
|
37,966
|
|
|
|
|
37,652
|
|
|
|
|
314
|
|
|
|
0.8
|
%
|
|
Commercial and industrial, large
|
|
|
50
|
|
|
|
|
50
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Public authorities
|
|
|
4,610
|
|
|
|
|
4,626
|
|
|
|
|
(16
|
)
|
|
|
(0.3
|
)%
|
|
|
Total
|
|
|
383,588
|
|
|
|
|
378,547
|
|
|
|
|
5,041
|
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of retail customers (end of
period):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
341,682
|
|
|
|
|
337,659
|
|
|
|
|
4,023
|
|
|
|
1.2
|
%
|
|
Commercial and industrial, small
|
|
|
37,712
|
|
|
|
|
37,942
|
|
|
|
|
(230
|
)
|
|
|
(0.6
|
)%
|
|
Commercial and industrial, large
|
|
|
50
|
|
|
|
|
49
|
|
|
|
|
1
|
|
|
|
2.0
|
%
|
|
Public authorities
|
|
|
4,654
|
|
|
|
|
4,596
|
|
|
|
|
58
|
|
|
|
1.3
|
%
|
|
|
Total
|
|
|
384,098
|
|
|
|
|
380,246
|
|
|
|
|
3,852
|
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather statistics:
|
|
|
|
|
|
|
|
|
10 Yr Average
|
|
|
|
|
Heating degree days
|
|
|
2,009
|
|
|
|
|
2,402
|
|
|
|
|
2,228
|
|
|
|
|
|
Cooling degree days
|
|
|
2,876
|
|
|
|
|
3,135
|
|
|
|
|
2,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation and purchased power (MWh):
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Amount
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde
|
|
|
5,045,772
|
|
|
|
|
4,942,055
|
|
|
|
|
103,717
|
|
|
|
2.1
|
%
|
|
Four Corners
|
|
|
655,108
|
|
|
|
|
647,932
|
|
|
|
|
7,176
|
|
|
|
1.1
|
%
|
|
Gas plants (a)
|
|
|
3,560,763
|
|
|
|
|
3,346,789
|
|
|
|
|
213,974
|
|
|
|
6.4
|
%
|
|
|
Total generation
|
|
|
9,261,643
|
|
|
|
|
8,936,776
|
|
|
|
|
324,867
|
|
|
|
3.6
|
%
|
|
Purchased power
|
|
|
1,768,810
|
|
|
|
|
2,135,124
|
|
|
|
|
(366,314
|
)
|
|
|
(17.2
|
)%
|
|
|
Total available energy
|
|
|
11,030,453
|
|
|
|
|
11,071,900
|
|
|
|
|
(41,447
|
)
|
|
|
(0.4
|
)%
|
|
Line losses and Company use
|
|
|
636,587
|
|
|
|
|
660,400
|
|
|
|
|
(23,813
|
)
|
|
|
(3.6
|
)%
|
|
|
Total MWh sold
|
|
|
10,393,866
|
|
|
|
|
10,411,500
|
|
|
|
|
(17,634
|
)
|
|
|
(0.2
|
)%
|
|
Palo Verde capacity factor
|
|
|
92.3
|
%
|
|
|
|
90.7
|
%
|
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
2011 gas plant generation includes 193,460 MWhs related to
pre-commercial testing of Newman Unit 5 Phase II. Newman Unit 5
Phase II began commercial operation on April 30, 2011.
|
|
|
|
El Paso Electric Company and Subsidiary
|
Financial Statistics
|
At December 31, 2012 and 2011
|
(In thousands, except number of shares, book value per share, and
ratios)
|
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
111,057
|
|
|
|
$
|
8,208
|
|
|
|
|
|
|
|
|
|
|
Common stock equity
|
|
|
|
$
|
824,999
|
|
|
|
$
|
760,251
|
|
Long-term debt
|
|
|
|
999,535
|
|
|
|
816,497
|
|
|
Total capitalization
|
|
|
|
$
|
1,824,534
|
|
|
|
$
|
1,576,748
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
|
|
$
|
—
|
|
|
|
$
|
33,300
|
|
|
|
|
|
|
|
|
|
Short-term borrowings under the revolving credit facility
|
|
|
|
$
|
22,155
|
|
|
|
$
|
33,379
|
|
|
|
|
|
|
|
|
|
|
Number of shares - end of period
|
|
|
|
40,112,078
|
|
|
|
39,959,154
|
|
|
|
|
|
|
|
|
|
|
Book value per common share
|
|
|
|
$
|
20.57
|
|
|
|
$
|
19.03
|
|
|
|
|
|
|
|
|
|
|
Common equity ratio (a)
|
|
|
|
44.7
|
%
|
|
|
46.3
|
%
|
Debt ratio
|
|
|
|
55.3
|
%
|
|
|
53.7
|
%
|
|
|
|
|
|
|
|
|
|
(a)
|
The capitalization component includes common stock equity,
long-term debt and the current maturities of long-term debt, and
short-term borrowings under the revolving credit facility.
|
|
|

El Paso Electric
Media:
Teresa Souza, 915-543-5823
or
Analysts:
Steve
Busser, 915-543-5983
or
Greg Shearman, 915-543-4022
Source: El Paso Electric
News Provided by Acquire Media