EL PASO, Texas--(BUSINESS WIRE)--
El Paso Electric Company (NYSE:EE):
Overview
-
For the second quarter of 2014, El Paso Electric Company ("EE" or the
"Company") reported net income of $30.1 million, or $0.75 basic and
diluted earnings per share. In the second quarter of 2013, EE reported
net income of $29.2 million, or $0.73 and $0.72 basic and diluted
earnings per share, respectively.
-
For the six months ended June 30, 2014, EE reported net income of
$34.7 million, or $0.86 basic and diluted earnings per share. Net
income for the six months ended June 30, 2013 was $36.8 million, or
$0.92 basic and diluted earnings per share.
"El Paso Electric achieved several significant milestones in the second
quarter of 2014. First, we began construction of our new Montana Power
Station Units 1 and 2; second, we reached a new native system peak of
1,766 MW on June 4, 2014, and continue to see growth in the number of
customers we serve; and, finally, we successfully settled our 2013 Texas
fuel reconciliation case. This settlement covers $545.3 million of fuel
and purchased power expenses incurred during the 45-month period of July
1, 2009 through March 31, 2013," said Tom Shockley, Chief Executive
Officer. "Our earnings for the second quarter of 2014 were slightly
ahead of the corresponding quarter of 2013 and include Palo Verde
performance rewards realized after settling the Texas fuel
reconciliation proceeding which added $0.04 earnings per share in our
most recent quarter."
Earnings Summary
The table and explanations below present the major factors affecting
2014 net income relative to 2013 net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
Pre-Tax
Effect
|
|
|
After- Tax Net Income
|
|
|
Basic EPS
|
|
|
Pre-Tax Effect
|
|
|
After- Tax Net Income
|
|
|
Basic EPS
|
June 30, 2013
|
|
|
|
|
|
$
|
29,193
|
|
|
|
$
|
0.73
|
|
|
|
|
|
|
|
$
|
36,827
|
|
|
|
$
|
0.92
|
|
Changes in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde performance rewards, net
|
|
$
|
2,143
|
|
|
|
1,415
|
|
|
|
0.04
|
|
|
|
$
|
2,143
|
|
|
|
1,415
|
|
|
|
0.04
|
|
|
Allowance for funds used during construction
|
|
1,395
|
|
|
|
1,242
|
|
|
|
0.03
|
|
|
|
1,699
|
|
|
|
1,525
|
|
|
|
0.04
|
|
|
Miscellaneous income and deductions
|
|
1,624
|
|
|
|
1,072
|
|
|
|
0.03
|
|
|
|
3,192
|
|
|
|
2,107
|
|
|
|
0.05
|
|
|
Investment and interest income
|
|
71
|
|
|
|
27
|
|
|
|
—
|
|
|
|
3,081
|
|
|
|
2,436
|
|
|
|
0.06
|
|
|
Taxes other than income taxes
|
|
(1,710
|
)
|
|
|
(1,128
|
)
|
|
|
(0.03
|
)
|
|
|
(4,290
|
)
|
|
|
(2,831
|
)
|
|
|
(0.07
|
)
|
|
Depreciation and amortization
|
|
(1,521
|
)
|
|
|
(1,005
|
)
|
|
|
(0.03
|
)
|
|
|
(2,721
|
)
|
|
|
(1,796
|
)
|
|
|
(0.05
|
)
|
|
Retail non-fuel base revenues
|
|
(883
|
)
|
|
|
(583
|
)
|
|
|
(0.02
|
)
|
|
|
(5,676
|
)
|
|
|
(3,746
|
)
|
|
|
(0.09
|
)
|
|
Other
|
|
|
|
|
|
(137
|
)
|
|
|
—
|
|
|
|
|
|
|
|
(1,226
|
)
|
|
|
(0.04
|
)
|
June 30, 2014
|
|
|
|
|
|
$
|
30,096
|
|
|
|
$
|
0.75
|
|
|
|
|
|
|
|
$
|
34,711
|
|
|
|
$
|
0.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2014
Income for the quarter ended June 30, 2014, when compared to the same
period last year, was positively affected by:
-
Recognition of Palo Verde performance rewards associated with the 2009
to 2012 performance periods, net of disallowed fuel and purchased
power costs related to the resolution of the Texas fuel reconciliation
proceeding designated as PUCT Docket No. 41852.
-
Increased allowance for funds used during construction ("AFUDC") due
to higher balances of construction work in progress subject to AFUDC.
-
Increased miscellaneous income and deductions, primarily due to gains
recognized on the sale of assets in 2014 with no comparable activity
in the same period of 2013, and decreased donations.
Income for the quarter ended June 30, 2014, when compared to the same
period last year, was negatively affected by:
-
Increased taxes other than income taxes primarily due to higher
property taxes.
-
Increased depreciation and amortization due to increased depreciable
plant balances including Rio Grande Unit 9, which began commercial
operation on May 13, 2013.
-
Decreased retail non-fuel base revenues primarily due to a $0.8
million reduction in non-fuel base revenues from sales to our
residential customers reflecting a 1.5% decrease in kWh sales due to
milder weather in the second quarter of 2014 compared to the same
period last year.
Year to Date
Income for the six months ended June 30, 2014, when compared to the same
period last year, was positively affected by:
-
Increased investment and interest income primarily due to net realized
gains on equity investments in our Palo Verde decommissioning trust
funds compared to the same period last year.
-
Increased miscellaneous income and deductions, primarily due to the
gains recognized on the sale of assets in 2014 with no comparable
activity in the same period last year, and decreased donations.
-
Increased AFUDC due to higher balances of construction work in
progress subject to AFUDC.
-
Recognition of Palo Verde performance rewards associated with the 2009
to 2012 performance periods, net of disallowed fuel and purchased
power costs related to the resolution of the Texas fuel reconciliation
proceeding designated as PUCT Docket No. 41852.
Income for the six months ended June 30, 2014, when compared to the same
period last year, was negatively affected by:
-
Decreased retail non-fuel base revenues primarily due to a $4.8
million reduction in non-fuel base revenues from sales to our
residential customers reflecting a 5.2% decrease in kWh sales due to
milder weather in 2014, particularly in the first quarter of 2014,
when compared to the same period last year.
-
Increased taxes other than income taxes primarily due to higher
property taxes including a one-time adjustment to the 2013 Arizona
property tax rate recorded during the first quarter of 2014.
-
Increased depreciation and amortization due to increased depreciable
plant balances including Rio Grande Unit 9, which began commercial
operation on May 13, 2013.
Retail Non-fuel Base Revenues
Retail non-fuel base revenues decreased $0.9 million, pre-tax, or 0.6%
in the second quarter of 2014 compared to the same period in 2013. This
decrease reflects milder weather in the second quarter of 2014, which
impacted sales to residential, small commercial, and to a lesser extent
public authority customers. Cooling degree days decreased 3.8% for the
second quarter of 2014 compared to the same quarter last year but
remained higher than the 10-year average by 4.2%. KWh sales to
residential customers decreased by 1.5%, despite a 1.3% increase in the
average number of residential customers served. KWh sales to small
commercial and industrial customers in the second quarter of 2014
decreased 1.7% compared to the same quarter in 2013, despite a 1.9%
increase in the average number of customers served. Retail non-fuel base
revenues from sales to public authorities increased slightly, primarily
due to demand charges, despite a 0.5% decrease in kWh sales to public
authorities compared to the same quarter in 2013. Retail non-fuel base
revenues and kWh sales to large commercial and industrial customers were
relatively unchanged for the quarter. Non-fuel base revenues and kWh
sales are provided by customer class on page 10 of this release.
For the six months ended June 30, 2014, retail non-fuel base revenues
decreased $5.7 million, pre-tax, or 2.2% compared to the same period in
2013. This decrease reflects milder weather in the first six months of
2014, which impacted sales to residential, small commercial, and to a
lesser extent public authority customers. Heating degree days decreased
26.6% for the six months of 2014 compared to the same period last year
and were 17.0% below the 10-year average. Cooling degree days decreased
4.4% compared to the same period last year but remained higher than the
10-year average by 4.0%. KWh sales to residential customers decreased by
5.2% despite a 1.3% increase in the average number of residential
customers served. KWh sales to small commercial and industrial customers
decreased 1.6% compared to the same period in 2013, despite a 2.0%
increase in the average number of customers served. KWh sales to large
commercial and industrial customers decreased 3.4% and non-fuel base
revenues decreased 1.5%. While kWh sales to public authorities in the
six months of 2014 decreased approximately 2.3% compared to the same
period in 2013, non-fuel base revenues increased slightly due to demand
charges. Non-fuel base revenues and kWh sales are provided by customer
class on page 12 of this release.
Texas Fuel Reconciliation Proceeding
On July 11, 2014, the PUCT approved a settlement in the Texas fuel
reconciliation proceeding designated as PUCT Docket No. 41852. The
settlement provides for the reconciliation of fuel and purchased power
costs incurred from July 1, 2009 through March 31, 2013. The quarter
ended June 30, 2014 financial results includes a $2.1 million, pre-tax
increase to income reflecting the settlement of the Texas fuel
reconciliation proceeding. This amount includes Palo Verde performance
rewards associated with the 2009 to 2012 performance periods net of
disallowed fuel and purchased power costs as determined by the PUCT.
Quarterly Cash Dividend
On May 29, 2014, the Board of Directors approved an increase to the
quarterly cash dividend to $0.28 per share of common stock from our
previous quarterly rate of $0.265 per share. This represents an increase
in the annualized cash dividend from $1.06 to $1.12 per share. The
dividend increase commenced with the June 30, 2014 payments. On July 24,
2014, the Board of Directors declared a quarterly cash dividend of $0.28
per share payable on September 30, 2014 to shareholders of record on
September 15, 2014.
Capital and Liquidity
We continue to maintain a strong capital structure to ensure access to
capital markets at reasonable rates. At June 30, 2014, common stock
equity represented 47.0% of our capitalization (common stock equity,
long-term debt, and short-term borrowings under the revolving credit
facility (the "RCF")). At June 30, 2014, we had a balance of $12.7
million in cash and cash equivalents. We expect to issue long-term debt
in the capital markets in 2014 or early 2015 to repay short-term
borrowings and finance capital requirements. Based on current
projections, we believe that we will have adequate liquidity through the
issuance of long-term debt, our current cash balances, cash from
operations, and available borrowings under the RCF to meet all of our
anticipated cash requirements for the next twelve months.
Cash flows from operations for the six months ended June 30, 2014 were
$57.0 million compared to $51.4 million in the corresponding period in
2013. The primary factors affecting the increased cash flow were the
funding of $17.9 million for employee pension and other post-retirement
benefit plans in the first six months of 2013 compared to $6.9 million
in the first six months of 2014, and a decrease in accounts receivable
due to the timing of customer payments. These increases in cash flows
from operations were partially offset by an increase in the
under-collection of fuel revenues. 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 six months ended June 30, 2014, the Company had a
fuel under-recovery of $13.4 million compared to an under-recovery of
fuel costs of $8.9 million during the six months ended June 30, 2013. At
June 30, 2014, we had a net fuel under-recovery balance of $19.6
million, including an under-recovery balance of $17.2 million in Texas,
$2.3 million in New Mexico, and $0.1 million for our FERC customer. On
April 15, 2014, we filed a request to increase our Texas fixed fuel
factor by 6.9% to reflect increases in prices for natural gas. This
increase received final approval on May 28, 2014 and was effective with
May 2014 billings.
During the six months ended June 30, 2014, our primary capital
requirements were for the construction and purchase of electric utility
plant, payment of common stock dividends, and purchases of nuclear fuel.
Capital requirements for new electric plant were $106.0 million for the
six months ended June 30, 2014 and $110.3 million for the six months
ended June 30, 2013. Capital expenditures for 2014 are expected to be
$316 million as we construct the Montana Power Station and related
transmission facilities. Capital requirements for purchases of nuclear
fuel were $17.7 million for the six months ended June 30, 2014 and
$16.9 million for the six months ended June 30, 2013.
On June 30, 2014, we paid a quarterly cash dividend of $0.28 per share,
or $11.3 million to shareholders of record on June 13, 2014. We paid a
total of $22.0 million in cash dividends during the six months ended
June 30, 2014. At the current dividend rate, we expect to pay cash
dividends of approximately $44.6 million during 2014.
No shares of common stock were repurchased during the six months ended
June 30, 2014. As of June 30, 2014, 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.
We maintain the RCF for working capital and general corporate purposes
and financing of nuclear fuel through the Rio Grande Resources Trust
("RGRT"). The RGRT, the trust through which we finance our portion of
nuclear fuel for Palo Verde, is consolidated in the Company's financial
statements. The RCF has a term ending January 14, 2019. The aggregate
unsecured borrowing available under the RCF is $300 million. We may
increase the RCF by up to $100 million (up to a total of $400 million)
during the term of the agreement, upon the satisfaction of certain
conditions, more fully set forth in the agreement, including obtaining
commitments from lenders or third party financial institutions. The
amounts we borrow under the RCF may be used for working capital and
general corporate purposes. The total amount borrowed for nuclear fuel
by the RGRT was $126.8 million at June 30, 2014 of which $16.8 million
had been borrowed under the RCF and $110 million was borrowed through
senior notes. Borrowings by the RGRT for nuclear fuel were $130.3
million as of June 30, 2013, of which $20.3 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
the RGRT and charged to us as fuel is consumed and recovered through
fuel recovery charges. At June 30, 2014, $81.0 million was outstanding
under the RCF for working capital and general corporate purposes and we
expect to refinance the working capital and general corporate borrowings
on the RCF with long-term debt in late 2014 or early 2015. At June 30,
2013, $6.0 million was outstanding under the RCF for working capital or
general corporate purposes.
2014 Earnings Guidance
We are narrowing our earnings guidance for 2014 to $2.15 to $2.40 per
basic share from the previous range of $2.10 to $2.50.
Conference Call
A conference call to discuss second quarter 2014 financial results is
scheduled for 10:30 A.M. Eastern Daylight Time, on August 6, 2014. The
dial-in number is 888-401-4669 with a conference ID number of 6099953.
The international dial-in number is 719-785-1753. The conference leader
will be John Boomer, Vice President, Treasurer. A replay will run
through August 20, 2014 with a dial-in number of 888-203-1112 and a
conference ID number of 6099953. The replay international dial-in number
is 719-457-0820. 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) changes in customers' demand for
electricity as a result of energy efficiency initiatives and emerging
competing services and technologies; (v) unanticipated increased costs
associated with scheduled and unscheduled outages of generating plant;
(vi) the size of our construction program and our ability to complete
construction on budget; (vii) potential delays in our construction
schedule due to legal challenges or other reasons; (viii) costs at
Palo Verde; (ix) deregulation and competition in the electric utility
industry; (x) possible increased costs of compliance with environmental
or other laws, regulations and policies; (xi) possible income tax and
interest payments as a result of audit adjustments proposed by the IRS
or state taxing authorities; (xii) uncertainties and instability in the
financial markets and the resulting impact on EE's ability to access the
capital and credit markets; and (xiii) 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.
|
El Paso Electric Company Statements of Operations Quarter
Ended June 30, 2014 and 2013 (In thousands except for
per share data) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues, net of energy expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base revenues
|
|
$
|
151,061
|
|
|
|
$
|
151,966
|
|
|
|
$
|
(905
|
)
|
(a)
|
|
Deregulated Palo Verde Unit 3 revenues
|
|
3,551
|
|
|
|
3,177
|
|
|
|
374
|
|
|
|
Palo Verde performance rewards, net
|
|
2,220
|
|
|
|
—
|
|
|
|
2,220
|
|
|
|
Other
|
|
7,169
|
|
|
|
7,628
|
|
|
|
(459
|
)
|
|
Operating Revenues Net of Energy Expenses
|
|
164,001
|
|
|
|
162,771
|
|
|
|
1,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations and maintenance
|
|
50,034
|
|
|
|
49,843
|
|
|
|
191
|
|
|
|
Palo Verde operations and maintenance
|
|
26,196
|
|
|
|
25,175
|
|
|
|
1,021
|
|
|
Taxes other than income taxes
|
|
15,557
|
|
|
|
13,847
|
|
|
|
1,710
|
|
|
Other income
|
|
1,914
|
|
|
|
202
|
|
|
|
1,712
|
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization
|
|
74,128
|
|
|
|
74,108
|
|
|
|
20
|
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
21,083
|
|
|
|
19,562
|
|
|
|
1,521
|
|
|
Interest on long-term debt
|
|
14,607
|
|
|
|
14,610
|
|
|
|
(3
|
)
|
|
AFUDC and capitalized interest
|
|
6,709
|
|
|
|
5,340
|
|
|
|
1,369
|
|
|
Other interest expense
|
|
288
|
|
|
|
154
|
|
|
|
134
|
|
|
Income Before Income Taxes
|
|
44,859
|
|
|
|
45,122
|
|
|
|
(263
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
14,763
|
|
|
|
15,929
|
|
|
|
(1,166
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
30,096
|
|
|
|
$
|
29,193
|
|
|
|
$
|
903
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share
|
|
$
|
0.75
|
|
|
|
$
|
0.73
|
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share
|
|
$
|
0.75
|
|
|
|
$
|
0.72
|
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share of common stock
|
|
$
|
0.28
|
|
|
|
$
|
0.265
|
|
|
|
$
|
0.015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
|
40,181
|
|
|
|
40,112
|
|
|
|
69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares and dilutive potential shares
outstanding
|
|
40,212
|
|
|
|
40,160
|
|
|
|
52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Base revenues exclude fuel recovered through New Mexico base
rates of $17.1 million and $17.6 million, respectively.
|
|
(b) Earnings before interest, taxes, depreciation and amortization
("EBITDA") is a non-generally accepted accounting principles
("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 Statements of Operations Six
Months Ended June 30, 2014 and 2013 (In thousands except
for per share data) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues, net of energy expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Base revenues
|
|
$
|
255,208
|
|
|
$
|
260,846
|
|
|
$
|
(5,638
|
)
|
(a)
|
|
Deregulated Palo Verde Unit 3 revenues
|
|
7,959
|
|
|
6,213
|
|
|
1,746
|
|
|
|
Palo Verde performance rewards, net
|
|
2,220
|
|
|
—
|
|
|
2,220
|
|
|
|
Other
|
|
14,629
|
|
|
15,726
|
|
|
(1,097
|
)
|
|
Operating Revenues Net of Energy Expenses
|
|
280,016
|
|
|
282,785
|
|
|
(2,769
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Other operations and maintenance
|
|
99,098
|
|
|
96,081
|
|
|
3,017
|
|
|
|
Palo Verde operations and maintenance
|
|
47,552
|
|
|
47,456
|
|
|
96
|
|
|
Taxes other than income taxes
|
|
30,919
|
|
|
26,629
|
|
|
4,290
|
|
|
Other income
|
|
7,253
|
|
|
963
|
|
|
6,290
|
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization
|
|
109,700
|
|
|
113,582
|
|
|
(3,882
|
)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
41,651
|
|
|
38,930
|
|
|
2,721
|
|
|
Interest on long-term debt
|
|
29,186
|
|
|
29,206
|
|
|
(20
|
)
|
|
AFUDC and capitalized interest
|
|
12,545
|
|
|
10,928
|
|
|
1,617
|
|
|
Other interest expense
|
|
461
|
|
|
303
|
|
|
158
|
|
|
Income Before Income Taxes
|
|
50,947
|
|
|
56,071
|
|
|
(5,124
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
16,236
|
|
|
19,244
|
|
|
(3,008
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
34,711
|
|
|
$
|
36,827
|
|
|
$
|
(2,116
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share
|
|
$
|
0.86
|
|
|
$
|
0.92
|
|
|
$
|
(0.06
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share
|
|
$
|
0.86
|
|
|
$
|
0.92
|
|
|
$
|
(0.06
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share of common stock
|
|
$
|
0.545
|
|
|
$
|
0.515
|
|
|
$
|
0.03
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
|
40,165
|
|
|
40,095
|
|
|
70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares and dilutive potential shares
outstanding
|
|
40,181
|
|
|
40,119
|
|
|
62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Base revenues exclude fuel recovered through New Mexico base
rates of $33.2 million and $34.6 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 Cash Flow Summary Six
Months Ended June 30, 2014 and 2013 (In thousands and
Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
34,711
|
|
|
$
|
36,827
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operations:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization of electric plant in service
|
|
41,651
|
|
|
38,930
|
|
|
|
|
Amortization of nuclear fuel
|
|
21,877
|
|
|
21,897
|
|
|
|
|
Deferred income taxes, net
|
|
15,141
|
|
|
16,888
|
|
|
|
|
Other
|
|
(2,336
|
)
|
|
2,993
|
|
|
|
Change in:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
(33,585
|
)
|
|
(43,626
|
)
|
|
|
|
Net undercollection of fuel revenues
|
|
(13,369
|
)
|
|
(8,940
|
)
|
|
|
|
Accounts payable
|
|
1,983
|
|
|
2,733
|
|
|
|
|
Other (a)
|
|
(9,102
|
)
|
|
(16,315
|
)
|
|
|
|
|
Net cash provided by operating activities
|
|
56,971
|
|
|
51,387
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Cash additions to utility property, plant and equipment
|
|
(105,999
|
)
|
|
(110,279
|
)
|
|
|
Cash additions to nuclear fuel
|
|
(17,690
|
)
|
|
(16,879
|
)
|
|
|
Decommissioning trust funds
|
|
(4,550
|
)
|
|
(4,552
|
)
|
|
|
Other
|
|
(2,151
|
)
|
|
(2,331
|
)
|
|
|
|
|
Net cash used for investing activities
|
|
(130,390
|
)
|
|
(134,041
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
(21,969
|
)
|
|
(20,714
|
)
|
|
|
Borrowings under the revolving credit facility, net
|
|
83,420
|
|
|
4,164
|
|
|
|
Other
|
|
(928
|
)
|
|
(207
|
)
|
|
|
|
|
Net cash provided by (used for) financing activities
|
|
60,523
|
|
|
(16,757
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
(12,896
|
)
|
|
(99,411
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
25,592
|
|
|
111,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
12,696
|
|
|
$
|
11,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes funding of $6.9 million for employee pension and other
post-retirement benefit plans for the six months ended June 30,
2014, compared to funding of $17.9 million for the six months ended
June 30, 2013.
|
|
|
|
|
El Paso Electric Company Quarter Ended June 30, 2014
and 2013 Sales and Revenues Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Amount
|
|
Percentage
|
kWh sales (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
650,003
|
|
|
659,825
|
|
|
(9,822
|
)
|
|
(1.5
|
)%
|
|
|
Commercial and industrial, small
|
|
620,630
|
|
|
631,246
|
|
|
(10,616
|
)
|
|
(1.7
|
)%
|
|
|
Commercial and industrial, large
|
|
292,113
|
|
|
292,282
|
|
|
(169
|
)
|
|
(0.1
|
)%
|
|
|
Public authorities
|
|
434,930
|
|
|
437,248
|
|
|
(2,318
|
)
|
|
(0.5
|
)%
|
|
|
|
Total retail sales
|
|
1,997,676
|
|
|
2,020,601
|
|
|
(22,925
|
)
|
|
(1.1
|
)%
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
20,328
|
|
|
20,141
|
|
|
187
|
|
|
0.9
|
%
|
|
|
Off-system sales
|
|
565,853
|
|
|
532,334
|
|
|
33,519
|
|
|
6.3
|
%
|
|
|
|
Total wholesale sales
|
|
586,181
|
|
|
552,475
|
|
|
33,706
|
|
|
6.1
|
%
|
|
|
|
|
Total kWh sales
|
|
2,583,857
|
|
|
2,573,076
|
|
|
10,781
|
|
|
0.4
|
%
|
Operating revenues (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-fuel base revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
$
|
59,828
|
|
|
$
|
60,631
|
|
|
$
|
(803
|
)
|
|
(1.3
|
)%
|
|
|
|
Commercial and industrial, small
|
|
53,675
|
|
|
53,729
|
|
|
(54
|
)
|
|
(0.1
|
)%
|
|
|
|
Commercial and industrial, large
|
|
9,963
|
|
|
10,021
|
|
|
(58
|
)
|
|
(0.6
|
)%
|
|
|
|
Public authorities
|
|
26,915
|
|
|
26,883
|
|
|
32
|
|
|
0.1
|
%
|
|
|
|
|
Total retail non-fuel base revenues
|
|
150,381
|
|
|
151,264
|
|
|
(883
|
)
|
|
(0.6
|
)%
|
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
680
|
|
|
702
|
|
|
(22
|
)
|
|
(3.1
|
)%
|
|
|
|
|
Total non-fuel base revenues
|
|
151,061
|
|
|
151,966
|
|
|
(905
|
)
|
|
(0.6
|
)%
|
|
Fuel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recovered from customers during the period
|
|
40,529
|
|
|
32,368
|
|
|
8,161
|
|
|
25.2
|
%
|
|
|
Under collection of fuel (a)
|
|
15,369
|
|
|
12,788
|
|
|
2,581
|
|
|
20.2
|
%
|
|
|
New Mexico fuel in base rates
|
|
17,132
|
|
|
17,642
|
|
|
(510
|
)
|
|
(2.9
|
)%
|
|
|
|
Total fuel revenues (b)
|
|
73,030
|
|
|
62,798
|
|
|
10,232
|
|
|
16.3
|
%
|
|
Off-system sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel cost
|
|
18,000
|
|
|
14,993
|
|
|
3,007
|
|
|
20.1
|
%
|
|
|
Shared margins
|
|
2,645
|
|
|
2,246
|
|
|
399
|
|
|
17.8
|
%
|
|
|
Retained margins
|
|
322
|
|
|
273
|
|
|
49
|
|
|
17.9
|
%
|
|
|
|
Total off-system sales
|
|
20,967
|
|
|
17,512
|
|
|
3,455
|
|
|
19.7
|
%
|
|
Other (c)
|
|
6,743
|
|
|
7,838
|
|
|
(1,095
|
)
|
|
(14.0
|
)%
|
|
|
|
Total operating revenues
|
|
$
|
251,801
|
|
|
$
|
240,114
|
|
|
$
|
11,687
|
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
2014 includes $2.2 million related to Palo Verde performance
rewards, net.
|
(b)
|
Includes deregulated Palo Verde Unit 3 revenues for the New Mexico
jurisdiction of $3.6 million and $3.2 million, respectively.
|
(c)
|
Represents revenues with no related kWh sales.
|
|
|
|
El Paso Electric Company Quarter Ended June 30, 2014
and 2013 Other Statistical Data
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
2014
|
|
2013
|
|
Amount
|
|
Percentage
|
|
Average number of retail customers: (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
352,035
|
|
|
347,360
|
|
|
4,675
|
|
|
1.3
|
%
|
|
Commercial and industrial, small
|
|
39,482
|
|
|
38,739
|
|
|
743
|
|
|
1.9
|
%
|
|
Commercial and industrial, large
|
|
49
|
|
|
49
|
|
|
—
|
|
|
—
|
|
|
Public authorities
|
|
5,108
|
|
|
4,978
|
|
|
130
|
|
|
2.6
|
%
|
|
|
Total
|
|
396,674
|
|
|
391,126
|
|
|
5,548
|
|
|
1.4
|
%
|
|
Number of retail customers (end of
period): (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
352,340
|
|
|
347,866
|
|
|
4,474
|
|
|
1.3
|
%
|
|
Commercial and industrial, small
|
|
39,557
|
|
|
38,801
|
|
|
756
|
|
|
1.9
|
%
|
|
Commercial and industrial, large
|
|
49
|
|
|
49
|
|
|
—
|
|
|
—
|
|
|
Public authorities
|
|
5,079
|
|
|
5,012
|
|
|
67
|
|
|
1.3
|
%
|
|
|
Total
|
|
397,025
|
|
|
391,728
|
|
|
5,297
|
|
|
1.4
|
%
|
|
Weather statistics: (b)
|
|
|
|
|
|
|
|
10-Yr Average
|
|
|
|
|
Heating degree days
|
|
84
|
|
|
81
|
|
|
69
|
|
|
|
|
|
Cooling degree days
|
|
1,095
|
|
|
1,138
|
|
|
1,051
|
|
|
|
|
|
Generation and purchased power (kWh, in
thousands):
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
2014
|
|
2013
|
|
Amount
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde
|
|
1,191,898
|
|
|
1,219,051
|
|
|
(27,153
|
)
|
|
(2.2
|
)%
|
|
Four Corners
|
|
137,988
|
|
|
140,027
|
|
|
(2,039
|
)
|
|
(1.5
|
)%
|
|
Gas plants
|
|
1,027,544
|
|
|
1,001,564
|
|
|
25,980
|
|
|
2.6
|
%
|
|
|
Total generation
|
|
2,357,430
|
|
|
2,360,642
|
|
|
(3,212
|
)
|
|
(0.1
|
)%
|
|
Purchased power:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Photovoltaic
|
|
79,385
|
|
|
38,363
|
|
|
41,022
|
|
|
—
|
|
|
|
Other
|
|
321,504
|
|
|
335,019
|
|
|
(13,515
|
)
|
|
(4.0
|
)%
|
|
|
Total purchased power
|
|
400,889
|
|
|
373,382
|
|
|
27,507
|
|
|
7.4
|
%
|
|
|
Total available energy
|
|
2,758,319
|
|
|
2,734,024
|
|
|
24,295
|
|
|
0.9
|
%
|
|
Line losses and Company use
|
|
174,462
|
|
|
160,948
|
|
|
13,514
|
|
|
8.4
|
%
|
|
|
Total kWh sold
|
|
2,583,857
|
|
|
2,573,076
|
|
|
10,781
|
|
|
0.4
|
%
|
|
|
Palo Verde capacity factor
|
|
87.8
|
%
|
|
89.6
|
%
|
|
(1.8
|
)%
|
|
|
|
|
(a)
|
The number of retail customers is based on the number of service
locations.
|
|
(b)
|
A degree day is recorded for each degree that the average outdoor
temperature varies from a standard of 65 degrees Fahrenheit.
|
|
El Paso Electric Company Six Months Ended June 30,
2014 and 2013 Sales and Revenues Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Amount
|
|
Percentage
|
kWh sales (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
1,193,033
|
|
|
1,258,331
|
|
|
(65,298
|
)
|
|
(5.2
|
)%
|
|
|
Commercial and industrial, small
|
1,114,549
|
|
|
1,132,950
|
|
|
(18,401
|
)
|
|
(1.6
|
)%
|
|
|
Commercial and industrial, large
|
518,665
|
|
|
536,867
|
|
|
(18,202
|
)
|
|
(3.4
|
)%
|
|
|
Public authorities
|
777,958
|
|
|
796,332
|
|
|
(18,374
|
)
|
|
(2.3
|
)%
|
|
|
|
Total retail sales
|
3,604,205
|
|
|
3,724,480
|
|
|
(120,275
|
)
|
|
(3.2
|
)%
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
32,720
|
|
|
32,140
|
|
|
580
|
|
|
1.8
|
%
|
|
|
Off-system sales
|
1,262,867
|
|
|
1,208,261
|
|
|
54,606
|
|
|
4.5
|
%
|
|
|
|
Total wholesale sales
|
1,295,587
|
|
|
1,240,401
|
|
|
55,186
|
|
|
4.4
|
%
|
|
|
|
|
Total kWh sales
|
4,899,792
|
|
|
4,964,881
|
|
|
(65,089
|
)
|
|
(1.3
|
)%
|
Operating revenues (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-fuel base revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
$
|
105,422
|
|
|
$
|
110,239
|
|
|
$
|
(4,817
|
)
|
|
(4.4
|
)%
|
|
|
|
Commercial and industrial, small
|
85,796
|
|
|
86,504
|
|
|
(708
|
)
|
|
(0.8
|
)%
|
|
|
|
Commercial and industrial, large
|
18,291
|
|
|
18,569
|
|
|
(278
|
)
|
|
(1.5
|
)%
|
|
|
|
Public authorities
|
44,571
|
|
|
44,444
|
|
|
127
|
|
|
0.3
|
%
|
|
|
|
|
Total retail non-fuel base revenues
|
254,080
|
|
|
259,756
|
|
|
(5,676
|
)
|
|
(2.2
|
)%
|
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
1,128
|
|
|
1,090
|
|
|
38
|
|
|
3.5
|
%
|
|
|
|
|
Total non-fuel base revenues
|
255,208
|
|
|
260,846
|
|
|
(5,638
|
)
|
|
(2.2
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recovered from customers during the period
|
71,702
|
|
|
59,095
|
|
|
12,607
|
|
|
21.3
|
%
|
|
|
Under collection of fuel (a)
|
13,359
|
|
|
8,946
|
|
|
4,413
|
|
|
49.3
|
%
|
|
|
New Mexico fuel in base rates
|
33,227
|
|
|
34,551
|
|
|
(1,324
|
)
|
|
(3.8
|
)%
|
|
|
|
Total fuel revenues (b)
|
118,288
|
|
|
102,592
|
|
|
15,696
|
|
|
15.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-system sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel cost
|
39,463
|
|
|
31,156
|
|
|
8,307
|
|
|
26.7
|
%
|
|
|
Shared margins
|
9,389
|
|
|
6,247
|
|
|
3,142
|
|
|
50.3
|
%
|
|
|
Retained margins
|
1,124
|
|
|
749
|
|
|
375
|
|
|
50.1
|
%
|
|
|
|
Total off-system sales
|
49,976
|
|
|
38,152
|
|
|
11,824
|
|
|
31.0
|
%
|
|
Other (c)
|
13,845
|
|
|
15,814
|
|
|
(1,969
|
)
|
|
(12.5
|
)%
|
|
|
|
Total operating revenues
|
$
|
437,317
|
|
|
$
|
417,404
|
|
|
$
|
19,913
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
2014 includes $2.2 million related to Palo Verde performance
rewards, net.
|
(b)
|
Includes deregulated Palo Verde Unit 3 revenues for the New Mexico
jurisdiction of $8.0 million and $6.2 million, respectively.
|
(c)
|
Represents revenues with no related kWh sales.
|
|
|
|
El Paso Electric Company Six Months Ended June 30,
2014 and 2013 Other Statistical Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
2014
|
|
2013
|
|
Amount
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of retail customers: (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
351,183
|
|
|
346,757
|
|
|
4,426
|
|
|
1.3
|
%
|
|
Commercial and industrial, small
|
39,350
|
|
|
38,571
|
|
|
779
|
|
|
2.0
|
%
|
|
Commercial and industrial, large
|
50
|
|
|
49
|
|
|
1
|
|
|
2.0
|
%
|
|
Public authorities
|
5,078
|
|
|
4,966
|
|
|
112
|
|
|
2.3
|
%
|
|
|
Total
|
395,661
|
|
|
390,343
|
|
|
5,318
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of retail customers (end of
period): (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
352,340
|
|
|
347,866
|
|
|
4,474
|
|
|
1.3
|
%
|
|
Commercial and industrial, small
|
39,557
|
|
|
38,801
|
|
|
756
|
|
|
1.9
|
%
|
|
Commercial and industrial, large
|
49
|
|
|
49
|
|
|
—
|
|
|
—
|
|
|
Public authorities
|
5,079
|
|
|
5,012
|
|
|
67
|
|
|
1.3
|
%
|
|
|
Total
|
397,025
|
|
|
391,728
|
|
|
5,297
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather statistics: (b)
|
|
|
|
|
|
|
10-Yr Average
|
|
|
|
|
Heating degree days
|
1,042
|
|
|
1,419
|
|
|
1,255
|
|
|
|
|
|
Cooling degree days
|
1,120
|
|
|
1,171
|
|
|
1,077
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation and purchased power (kWh, in
thousands):
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
2014
|
|
2013
|
|
Amount
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde
|
2,555,975
|
|
|
2,552,933
|
|
|
3,042
|
|
|
0.1
|
%
|
|
Four Corners
|
272,224
|
|
|
324,070
|
|
|
(51,846
|
)
|
|
(16.0
|
)%
|
|
Gas plants
|
1,595,288
|
|
|
1,610,927
|
|
|
(15,639
|
)
|
|
(1.0
|
)%
|
|
|
Total generation
|
4,423,487
|
|
|
4,487,930
|
|
|
(64,443
|
)
|
|
(1.4
|
)%
|
|
Purchased power:
|
|
|
|
|
|
|
|
|
|
|
|
|
Photovoltaic
|
108,184
|
|
|
66,063
|
|
|
42,121
|
|
|
63.8
|
%
|
|
Other
|
653,448
|
|
|
656,024
|
|
|
(2,576
|
)
|
|
(0.4
|
)%
|
|
Total purchased power
|
761,632
|
|
|
722,087
|
|
|
39,545
|
|
|
5.5
|
%
|
|
Total available energy
|
5,185,119
|
|
|
5,210,017
|
|
|
(24,898
|
)
|
|
(0.5
|
)%
|
|
Line losses and Company use
|
285,327
|
|
|
245,136
|
|
|
40,191
|
|
|
16.4
|
%
|
|
Total kWh sold
|
4,899,792
|
|
|
4,964,881
|
|
|
(65,089
|
)
|
|
(1.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde capacity factor
|
94.6
|
%
|
|
94.5
|
%
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The number of retail customers presented is based on the number of
service locations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b)
|
A degree day is recorded for each degree that the average outdoor
temperature varies from a standard of 65 degrees Fahrenheit.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
El Paso Electric Company Financial Statistics At
June 30, 2014 and 2013 (In thousands, except number of
shares, book value per share, and ratios)
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
12,696
|
|
|
$
|
11,646
|
|
|
|
|
|
|
|
|
|
Common stock equity
|
|
$
|
973,828
|
|
|
$
|
848,427
|
|
Long-term debt
|
|
999,665
|
|
|
999,576
|
|
|
Total capitalization
|
|
$
|
1,973,493
|
|
|
$
|
1,848,003
|
|
|
|
|
|
|
|
|
|
Short-term borrowings under the revolving credit facility
|
|
$
|
97,772
|
|
|
$
|
26,319
|
|
|
|
|
|
|
|
|
|
Number of shares - end of period
|
|
40,352,024
|
|
|
40,250,257
|
|
|
|
|
|
|
|
|
|
Book value per common share
|
|
$
|
24.13
|
|
|
$
|
21.08
|
|
|
|
|
|
|
|
|
|
Common equity ratio (a)
|
|
47.0
|
%
|
|
45.3
|
%
|
Debt ratio
|
|
53.0
|
%
|
|
54.7
|
%
|
|
|
|
|
|
|
|
|
(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 RCF.
|

El Paso Electric Company
Media Contacts
Eddie
Gutierrez, 915-543-5763
eduardo.gutierrez@epelectric.com
or
Investor
Relations
John Boomer, 915-543-4347
john.boomer@epelectric.com
or
Lisa
Budtke, 915-543-5947
lisa.budtke@epelectric.com
Source: El Paso Electric Company
News Provided by Acquire Media