EL PASO, Texas--(BUSINESS WIRE)--
El Paso Electric Company (NYSE:EE):
Overview
-
For the third quarter of 2014, El Paso Electric Company ("EE" or the
"Company") reported net income of $52.5 million, or $1.30 basic and
diluted earnings per share. In the third quarter of 2013, EE reported
net income of $50.6 million, or $1.26 basic and diluted earnings per
share.
-
For the nine months ended September 30, 2014, EE reported net income
of $87.2 million, or $2.16 basic and diluted earnings per share. Net
income for the nine months ended September 30, 2013 was $87.4 million,
or $2.17 basic and diluted earnings per share.
"We were able to achieve several key milestones in our strategic plan
for the future of El Paso Electric Company during the third quarter of
2014," said Tom Shockley, Chief Executive Officer. "Mary Kipp was named
President of the Company on September 16, 2014, which is a significant
step in our succession plan. Furthermore, we are pleased with the
progress of the construction of our Montana Power Station during the
quarter. We now expect the first two units to be placed in commercial
operation during the first quarter of 2015. Overall, net income for the
quarter ended September 30, 2014 increased by approximately 3.8%,
compared to the same quarter last year, and was consistent with our
expectations."
Earnings Summary
The table and explanations below present the major factors affecting
2014 net income relative to 2013 net income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
|
Pre-Tax
Effect
|
|
|
After-Tax
Net Income
|
|
|
Basic EPS
|
|
|
Pre-Tax Effect
|
|
|
After-Tax Net Income
|
|
|
Basic EPS
|
September 30, 2013
|
|
|
|
|
|
|
$
|
50,565
|
|
|
|
$
|
1.26
|
|
|
|
|
|
|
|
$
|
87,392
|
|
|
|
$
|
2.17
|
|
Changes in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
|
|
|
2,857
|
|
|
|
0.07
|
|
|
|
|
|
|
|
3,029
|
|
|
|
0.07
|
|
|
Allowance for funds used during construction
|
|
|
$
|
2,372
|
|
|
|
2,089
|
|
|
|
0.05
|
|
|
|
$
|
4,071
|
|
|
|
3,609
|
|
|
|
0.09
|
|
|
Investment and interest income
|
|
|
287
|
|
|
|
281
|
|
|
|
—
|
|
|
|
3,368
|
|
|
|
2,715
|
|
|
|
0.07
|
|
|
Taxes other than income taxes
|
|
|
189
|
|
|
|
123
|
|
|
|
—
|
|
|
|
(4,101
|
)
|
|
|
(2,665
|
)
|
|
|
(0.07
|
)
|
|
Palo Verde performance rewards, net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,143
|
|
|
|
1,393
|
|
|
|
0.04
|
|
|
Operations and maintenance at fossil-fuel generating plants
|
|
|
(3,052
|
)
|
|
|
(1,984
|
)
|
|
|
(0.05
|
)
|
|
|
(3,799
|
)
|
|
|
(2,469
|
)
|
|
|
(0.06
|
)
|
|
Retail non-fuel base revenues
|
|
|
(1,276
|
)
|
|
|
(830
|
)
|
|
|
(0.02
|
)
|
|
|
(6,952
|
)
|
|
|
(4,519
|
)
|
|
|
(0.11
|
)
|
|
Depreciation and amortization expense
|
|
|
(269
|
)
|
|
|
(174
|
)
|
|
|
—
|
|
|
|
(2,990
|
)
|
|
|
(1,944
|
)
|
|
|
(0.05
|
)
|
|
Other
|
|
|
|
|
|
|
(451
|
)
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
646
|
|
|
|
0.01
|
|
September 30, 2014
|
|
|
|
|
|
|
$
|
52,476
|
|
|
|
$
|
1.30
|
|
|
|
|
|
|
|
$
|
87,187
|
|
|
|
$
|
2.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2014
Income for the quarter ended September 30, 2014, when compared to the
same period last year, was positively affected by:
-
Income taxes, not reflected in other income items below, decreased
primarily due to a domestic production activities deduction in 2014,
whereas there was no such deduction in 2013.
-
Increased allowance for funds used during construction ("AFUDC") due
to higher balances of construction work in progress including the
Montana Power Station.
Income for the quarter ended September 30, 2014, when compared to the
same period last year, was negatively affected by:
-
Increased operation and maintenance expense related to our fossil-fuel
plants, primarily due to maintenance at the Rio Grande and Newman
generating plants in 2014, with no comparable maintenance expense in
the same period last year.
-
Decreased retail non-fuel base revenues primarily due to a $3.0
million reduction in non-fuel base revenues from sales to public
authorities, which reflects increased use of an interruptible rate at
a military installation in our service territory, as well as other
energy saving programs at military installations.
Other items impacting earnings included increased investment and
interest income due to increased realized gains on equity investments in
our Palo Verde decommissioning trust funds in 2014, and reduced taxes
other than income taxes. These increases to income were partially offset
by increased depreciation and amortization due to increased depreciable
plant balances.
Year to Date
Income for the nine months ended September 30, 2014, when compared to
the same period last year, was positively affected by:
-
Increased AFUDC due to higher balances of construction work in
progress, including the Montana Power Station.
-
Income taxes not reflected in other income items below decreased
primarily due to a domestic production activities deduction in 2014,
whereas there was no such deduction in 2013.
-
Increased investment and interest income primarily due to increased
gains on the sales of equity investments in our Palo Verde
decommissioning trust funds compared to the same period last year.
-
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 nine months ended September 30, 2014, when compared to
the same period last year, was negatively affected by:
-
Decreased retail non-fuel base revenues, primarily due to a $3.5
million reduction in non-fuel base revenues from sales to our
residential customers, reflecting a 2.4% decrease in kWh sales due to
milder weather in 2014, primarily in the first quarter, when compared
to the same period last year and a $2.8 million reduction in non-fuel
base revenues from sales to public authorities which reflects
increased use of an interruptible rate at a military installation in
our service territory as well as other energy saving programs at
military installations.
-
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 operation and maintenance expense related to our fossil-fuel
plants, primarily due to maintenance at the Rio Grande and Newman
generating plants in 2014, with no comparable maintenance expense in
the same period last year.
-
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 $1.3 million, pre-tax, or 0.7%
in the third quarter of 2014 compared to the same period in 2013. This
decrease reflects a $3.0 million reduction in non-fuel base revenues
from sales to public authorities, which is primarily due to increased
use of an interruptible rate at a military installation in our service
territory which is lower than the previous rate applied for those
services, as well as energy savings from energy conservation and
efficiency programs and use of solar distributed generation at military
installations, and reduced sales to a local water utility primarily due
to reduced ground water pumping in the third quarter of 2014. Cooling
degree days decreased 2.0% for the third quarter of 2014, compared to
the same quarter last year, and were 4.0% lower than the 10-year
average. The decrease in retail non-fuel base revenues was partially
offset by $1.3 million increase in non-fuel base revenues from sales to
residential customers. KWh sales to residential customers increased by
1.6% due to a 1.3% increase in the average number of residential
customers served. KWh sales to small commercial and industrial customers
in the third quarter of 2014 increased 2.1%, compared to the same
quarter in 2013, reflecting a 1.9% increase in the average number of
customers served. Non-fuel base revenues and kWh sales are provided by
customer class on page 10 of this release.
For the nine months ended September 30, 2014, retail non-fuel base
revenues decreased $7.0 million, pre-tax, or 1.6%, compared to the same
period in 2013. This decrease reflects milder weather in 2014, primarily
in the first quarter, which impacted sales to residential, small
commercial and industrial, and to a lesser extent public authority
customers. Heating degree days decreased 26.6% for the nine months of
2014, compared to the same period last year, and were 17.0% below the
10-year average. Cooling degree days decreased 3.1%, compared to the
same period last year, and were relatively unchanged from the 10-year
average. Non-fuel base revenues from sales to residential customers
decreased $3.5 million reflecting a decrease of 2.4% in kWh sales to
residential customers despite a 1.3% increase in the average number of
residential customers served. Non-fuel base revenues from sales to
public authorities decreased $2.8 million, which reflects increased use
of an interruptible rate at a military installation in our service
territory, as well as other energy savings from energy conservation and
efficiency programs and use of solar distributed generation at military
installations, and reduced sales to a local water utility in the third
quarter of 2014. Non-fuel base revenues from sales to small commercial
and industrial customers increased slightly, when compared to the same
period in 2013, due to a 2.0% increase in the average number of
customers served partially offset by milder weather. KWh sales to large
commercial and industrial customers decreased 2.2%, and non-fuel base
revenues decreased 2.5% as several customers ceased operations. Non-fuel
base revenues and kWh sales are provided by customer class on page 12 of
this release.
Capital and Liquidity
We continue to maintain a strong capital structure to ensure access to
capital markets at reasonable rates. At September 30, 2014, common stock
equity represented 48.3% of our capitalization (common stock equity,
long-term debt, current maturities of long-term debt, and short-term
borrowings under the revolving credit facility (the "RCF")). At
September 30, 2014, we had a balance of $13.4 million in cash and cash
equivalents. We expect to issue long-term debt in the capital markets in
late 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 nine months ended September 30, 2014
were $174.6 million compared to $184.9 million in the corresponding
period in 2013. The primary factors affecting the decreased cash flow
from operations were a decrease in deferred income taxes and an increase
in accounts receivable due to the timing of certain non-trade
receivables offset by a decrease 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
nine months ended September 30, 2014, the Company had a fuel
under-recovery of $1.2 million compared to an under-recovery of fuel
costs of $8.4 million during the nine months ended September 30, 2013.
At September 30, 2014, we had a net fuel under-recovery balance of $7.4
million, including an under-recovery balance of $10.7 million in Texas
and an over-recovery balance of $3.3 million in New Mexico. Effective
with May 2014 billings, we increased our Texas fixed fuel factor by 6.9%
to reflect increases in prices for natural gas.
During the nine months ended September 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 $189.3 million for the
nine months ended September 30, 2014 and $165.3 million for the nine
months ended September 30, 2013. Capital expenditures for 2014 are
expected to be $306.0 million as we construct the Montana Power Station
and related transmission facilities. Capital requirements for purchases
of nuclear fuel were $28.8 million for the nine months ended September
30, 2014 and $19.9 million for the nine months ended September 30, 2013.
On September 30, 2014, we paid a quarterly cash dividend of $0.28 per
share, or $11.3 million, to shareholders of record on September 15,
2014. We paid a total of $33.3 million in cash dividends during the nine
months ended September 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 nine months ended
September 30, 2014. As of September 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
(the "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 $127.5 million at September
30, 2014, of which $17.5 million had been borrowed under the RCF, and
$110 million was borrowed through senior notes. Borrowings by the RGRT
for nuclear fuel were $125.5 million as of September 30, 2013, of which
$15.5 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 September 30,
2014, $72.0 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. No borrowings were outstanding at September
30, 2013 under the RCF for working capital and general corporate
purposes.
2014 Earnings Guidance
We are narrowing our earnings guidance for 2014 to $2.20 to $2.35 per
basic share from the previous range of $2.15 to $2.40 per basic share.
Conference Call
A conference call to discuss third quarter 2014 financial results is
scheduled for 10:30 A.M. Eastern Time, on November 5, 2014. The dial-in
number is 888-312-3048 with a conference ID number of 5393015. The
international dial-in number is 719-325-2354. The conference leader will
be Lisa Budtke, Assistant Treasurer. A replay will run through November
19, 2014 with a dial-in number of 888-203-1112 and a conference ID
number of 5393015. 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 September 30, 2014 and 2013 (In thousands except
for per share data) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues, net of energy expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base revenues
|
|
|
$
|
183,405
|
|
|
|
$
|
184,687
|
|
|
|
$
|
(1,282
|
)
|
(a)
|
|
Deregulated Palo Verde Unit 3 revenues
|
|
|
3,944
|
|
|
|
3,047
|
|
|
|
897
|
|
|
|
Other
|
|
|
7,702
|
|
|
|
8,264
|
|
|
|
(562
|
)
|
|
Operating Revenues Net of Energy Expenses
|
|
|
195,051
|
|
|
|
195,998
|
|
|
|
(947
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations and maintenance
|
|
|
54,417
|
|
|
|
51,519
|
|
|
|
2,898
|
|
|
|
Palo Verde operations and maintenance
|
|
|
20,489
|
|
|
|
20,014
|
|
|
|
475
|
|
|
Taxes other than income taxes
|
|
|
17,964
|
|
|
|
18,153
|
|
|
|
(189
|
)
|
|
Other income
|
|
|
1,389
|
|
|
|
1,561
|
|
|
|
(172
|
)
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization
|
|
|
103,570
|
|
|
|
107,873
|
|
|
|
(4,303
|
)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
20,685
|
|
|
|
20,416
|
|
|
|
269
|
|
|
Interest on long-term debt
|
|
|
14,617
|
|
|
|
14,623
|
|
|
|
(6
|
)
|
|
AFUDC and capitalized interest
|
|
|
7,308
|
|
|
|
4,968
|
|
|
|
2,340
|
|
|
Other interest expense
|
|
|
438
|
|
|
|
153
|
|
|
|
285
|
|
|
Income Before Income Taxes
|
|
|
75,138
|
|
|
|
77,649
|
|
|
|
(2,511
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
22,662
|
|
|
|
27,084
|
|
|
|
(4,422
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
$
|
52,476
|
|
|
|
$
|
50,565
|
|
|
|
$
|
1,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share
|
|
|
$
|
1.30
|
|
|
|
$
|
1.26
|
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share
|
|
|
$
|
1.30
|
|
|
|
$
|
1.26
|
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share of common stock
|
|
|
$
|
0.28
|
|
|
|
$
|
0.265
|
|
|
|
$
|
0.015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
|
|
40,214
|
|
|
|
40,132
|
|
|
|
82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares and dilutive potential shares
outstanding
|
|
|
42,065
|
|
|
|
40,132
|
|
|
|
1,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Base revenues exclude fuel recovered through New Mexico base rates
of $22.4 million and $22.7 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 Nine
Months Ended September 30, 2014 and 2013 (In thousands
except for per share data) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues, net of energy expenses:
|
|
|
|
|
|
|
|
|
|
|
Base revenues
|
$
|
438,613
|
|
|
$
|
445,533
|
|
|
$
|
(6,920
|
)
|
(a)
|
|
Deregulated Palo Verde Unit 3 revenues
|
11,903
|
|
|
9,260
|
|
|
2,643
|
|
|
|
Palo Verde performance rewards, net
|
2,220
|
|
|
—
|
|
|
2,220
|
|
|
|
Other
|
22,331
|
|
|
23,990
|
|
|
(1,659
|
)
|
|
Operating Revenues Net of Energy Expenses
|
475,067
|
|
|
478,783
|
|
|
(3,716
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Other operations and maintenance
|
153,515
|
|
|
147,600
|
|
|
5,915
|
|
|
|
Palo Verde operations and maintenance
|
68,041
|
|
|
67,470
|
|
|
571
|
|
|
Taxes other than income taxes
|
48,883
|
|
|
44,782
|
|
|
4,101
|
|
|
Other income
|
8,642
|
|
|
2,524
|
|
|
6,118
|
|
|
Earnings Before Interest, Taxes, Depreciation and Amortization
|
213,270
|
|
|
221,455
|
|
|
(8,185
|
)
|
(b)
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
62,336
|
|
|
59,346
|
|
|
2,990
|
|
|
Interest on long-term debt
|
43,803
|
|
|
43,829
|
|
|
(26
|
)
|
|
AFUDC and capitalized interest
|
19,853
|
|
|
15,896
|
|
|
3,957
|
|
|
Other interest expense
|
899
|
|
|
456
|
|
|
443
|
|
|
Income Before Income Taxes
|
126,085
|
|
|
133,720
|
|
|
(7,635
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
38,898
|
|
|
46,328
|
|
|
(7,430
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
|
87,187
|
|
|
$
|
87,392
|
|
|
$
|
(205
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share
|
$
|
2.16
|
|
|
$
|
2.17
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share
|
$
|
2.16
|
|
|
$
|
2.17
|
|
|
$
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per share of common stock
|
$
|
0.825
|
|
|
$
|
0.78
|
|
|
$
|
0.045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding
|
40,181
|
|
|
40,108
|
|
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares and dilutive potential shares
outstanding
|
40,209
|
|
|
40,124
|
|
|
85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Base revenues exclude fuel recovered through New Mexico base rates
of $55.6 million and $57.2 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 Nine
Months Ended September 30, 2014 and 2013 (In thousands
and Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
2013
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
87,187
|
|
|
|
|
$
|
87,392
|
|
|
Adjustments to reconcile net income to net cash provided by
operations:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization of electric plant in service
|
|
|
62,336
|
|
|
|
|
59,346
|
|
|
|
Amortization of nuclear fuel
|
|
|
33,942
|
|
|
|
|
33,621
|
|
|
|
Deferred income taxes, net
|
|
|
35,990
|
|
|
|
|
45,479
|
|
|
|
Other
|
|
|
(1,680
|
)
|
|
|
|
4,396
|
|
|
Change in:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(47,331
|
)
|
|
|
|
(35,097
|
)
|
|
|
Net undercollection of fuel revenues
|
|
|
(1,233
|
)
|
|
|
|
(8,362
|
)
|
|
|
Accounts payable
|
|
|
3,557
|
|
|
|
|
(3,729
|
)
|
|
|
Other
|
|
|
1,869
|
|
|
|
|
1,865
|
|
|
|
|
Net cash provided by operating activities
|
|
|
174,637
|
|
|
|
|
184,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
Cash additions to utility property, plant and equipment
|
|
|
(189,273
|
)
|
|
|
|
(165,303
|
)
|
|
Cash additions to nuclear fuel
|
|
|
(28,772
|
)
|
|
|
|
(19,895
|
)
|
|
Decommissioning trust funds
|
|
|
(6,988
|
)
|
|
|
|
(6,994
|
)
|
|
Other
|
|
|
(2,805
|
)
|
|
|
|
(3,575
|
)
|
|
|
|
Net cash used for investing activities
|
|
|
(227,838
|
)
|
|
|
|
(195,767
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
Dividends paid
|
|
|
(33,261
|
)
|
|
|
|
(31,379
|
)
|
|
Borrowings under the revolving credit facility, net
|
|
|
75,176
|
|
|
|
|
(6,664
|
)
|
|
Other
|
|
|
(896
|
)
|
|
|
|
(210
|
)
|
|
|
|
Net cash provided by (used for) financing activities
|
|
|
41,019
|
|
|
|
|
(38,253
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
|
(12,182
|
)
|
|
|
|
(49,109
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
25,592
|
|
|
|
|
111,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
13,410
|
|
|
|
|
$
|
61,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
El Paso Electric Company Quarter Ended September 30,
2014 and 2013 Sales and Revenues Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
|
2014
|
|
2013
|
|
Amount
|
|
Percentage
|
kWh sales (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
894,525
|
|
|
880,105
|
|
|
14,420
|
|
|
1.6
|
%
|
|
|
Commercial and industrial, small
|
694,928
|
|
|
680,380
|
|
|
14,548
|
|
|
2.1
|
%
|
|
|
Commercial and industrial, large
|
276,226
|
|
|
276,232
|
|
|
(6
|
)
|
|
—
|
|
|
|
Public authorities
|
424,445
|
|
|
449,469
|
|
|
(25,024
|
)
|
|
(5.6
|
)%
|
|
|
|
Total retail sales
|
2,290,124
|
|
|
2,286,186
|
|
|
3,938
|
|
|
0.2
|
%
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
19,211
|
|
|
20,173
|
|
|
(962
|
)
|
|
(4.8
|
)%
|
|
|
Off-system sales
|
740,153
|
|
|
683,600
|
|
|
56,553
|
|
|
8.3
|
%
|
|
|
|
Total wholesale sales
|
759,364
|
|
|
703,773
|
|
|
55,591
|
|
|
7.9
|
%
|
|
|
|
|
Total kWh sales
|
3,049,488
|
|
|
2,989,959
|
|
|
59,529
|
|
|
2.0
|
%
|
Operating revenues (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-fuel base revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
$
|
81,296
|
|
|
$
|
80,003
|
|
|
$
|
1,293
|
|
|
1.6
|
%
|
|
|
|
Commercial and industrial, small
|
61,143
|
|
|
60,259
|
|
|
884
|
|
|
1.5
|
%
|
|
|
|
Commercial and industrial, large
|
11,929
|
|
|
12,426
|
|
|
(497
|
)
|
|
(4.0
|
)%
|
|
|
|
Public authorities
|
28,266
|
|
|
31,222
|
|
|
(2,956
|
)
|
|
(9.5
|
)%
|
|
|
|
|
Total retail non-fuel base revenues
|
182,634
|
|
|
183,910
|
|
|
(1,276
|
)
|
|
(0.7
|
)%
|
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
771
|
|
|
777
|
|
|
(6
|
)
|
|
(0.8
|
)%
|
|
|
|
|
Total non-fuel base revenues
|
183,405
|
|
|
184,687
|
|
|
(1,282
|
)
|
|
(0.7
|
)%
|
|
Fuel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recovered from customers during the period
|
54,405
|
|
|
42,962
|
|
|
11,443
|
|
|
26.6
|
%
|
|
|
Over collection of fuel (a)
|
(12,136
|
)
|
|
(577
|
)
|
|
(11,559
|
)
|
|
—
|
|
|
|
New Mexico fuel in base rates
|
22,416
|
|
|
22,662
|
|
|
(246
|
)
|
|
(1.1
|
)%
|
|
|
|
Total fuel revenues (b)
|
64,685
|
|
|
65,047
|
|
|
(362
|
)
|
|
(0.6
|
)%
|
|
Off-system sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel cost
|
22,007
|
|
|
20,223
|
|
|
1,784
|
|
|
8.8
|
%
|
|
|
Shared margins
|
5,126
|
|
|
4,007
|
|
|
1,119
|
|
|
27.9
|
%
|
|
|
Retained margins
|
605
|
|
|
478
|
|
|
127
|
|
|
26.6
|
%
|
|
|
|
Total off-system sales
|
27,738
|
|
|
24,708
|
|
|
3,030
|
|
|
12.3
|
%
|
|
Other (c)
|
7,817
|
|
|
8,219
|
|
|
(402
|
)
|
|
(4.9
|
)%
|
|
|
|
Total operating revenues
|
$
|
283,645
|
|
|
$
|
282,661
|
|
|
$
|
984
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
2014 includes a Department of Energy refund related to spent fuel
storage of $8.3 million.
|
(b)
|
Includes deregulated Palo Verde Unit 3 revenues for the New Mexico
jurisdiction of $3.9 million and $3.0 million, respectively.
|
(c)
|
Represents revenues with no related kWh sales.
|
|
|
|
El Paso Electric Company Quarter Ended September 30,
2014 and 2013 Other Statistical Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
Amount
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of retail customers: (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
353,075
|
|
|
|
348,557
|
|
|
|
4,518
|
|
|
|
1.3
|
%
|
|
Commercial and industrial, small
|
|
|
39,730
|
|
|
|
38,971
|
|
|
|
759
|
|
|
|
1.9
|
%
|
|
Commercial and industrial, large
|
|
|
49
|
|
|
|
51
|
|
|
|
(2
|
)
|
|
|
(3.9
|
)%
|
|
Public authorities
|
|
|
5,112
|
|
|
|
5,009
|
|
|
|
103
|
|
|
|
2.1
|
%
|
|
|
Total
|
|
|
397,966
|
|
|
|
392,588
|
|
|
|
5,378
|
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of retail customers (end of
period): (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
353,640
|
|
|
|
349,077
|
|
|
|
4,563
|
|
|
|
1.3
|
%
|
|
Commercial and industrial, small
|
|
|
39,813
|
|
|
|
38,926
|
|
|
|
887
|
|
|
|
2.3
|
%
|
|
Commercial and industrial, large
|
|
|
49
|
|
|
|
51
|
|
|
|
(2
|
)
|
|
|
(3.9
|
)%
|
|
Public authorities
|
|
|
5,126
|
|
|
|
5,044
|
|
|
|
82
|
|
|
|
1.6
|
%
|
|
|
Total
|
|
|
398,628
|
|
|
|
393,098
|
|
|
|
5,530
|
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather statistics: (b)
|
|
|
|
|
|
|
|
|
|
|
10-Yr Average
|
|
|
|
|
|
Heating degree days
|
|
|
—
|
|
|
|
—
|
|
|
|
1
|
|
|
|
|
|
|
Cooling degree days
|
|
|
1,415
|
|
|
|
1,444
|
|
|
|
1,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation and purchased power (kWh, in
thousands):
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
Amount
|
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde
|
|
|
1,370,091
|
|
|
|
1,369,267
|
|
|
|
824
|
|
|
|
0.1
|
%
|
|
Four Corners
|
|
|
164,665
|
|
|
|
162,474
|
|
|
|
2,191
|
|
|
|
1.3
|
%
|
|
Gas plants
|
|
|
1,289,419
|
|
|
|
1,235,419
|
|
|
|
54,000
|
|
|
|
4.4
|
%
|
|
|
Total generation
|
|
|
2,824,175
|
|
|
|
2,767,160
|
|
|
|
57,015
|
|
|
|
2.1
|
%
|
|
Purchased power:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Photovoltaic
|
|
|
65,854
|
|
|
|
31,035
|
|
|
|
34,819
|
|
|
|
—
|
|
|
|
Other
|
|
|
320,869
|
|
|
|
390,260
|
|
|
|
(69,391
|
)
|
|
|
(17.8
|
)%
|
|
|
Total purchased power
|
|
|
386,723
|
|
|
|
421,295
|
|
|
|
(34,572
|
)
|
|
|
(8.2
|
)%
|
|
|
Total available energy
|
|
|
3,210,898
|
|
|
|
3,188,455
|
|
|
|
22,443
|
|
|
|
0.7
|
%
|
|
Line losses and Company use
|
|
|
161,410
|
|
|
|
198,496
|
|
|
|
(37,086
|
)
|
|
|
(18.7
|
)%
|
|
|
Total kWh sold
|
|
|
3,049,488
|
|
|
|
2,989,959
|
|
|
|
59,529
|
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde capacity factor
|
99.8
|
%
|
|
|
99.7
|
%
|
0.1
|
%
|
|
|
|
|
(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 Nine Months Ended September
30, 2014 and 2013 Sales and Revenues Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
Amount
|
|
|
Percentage
|
kWh sales (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
2,087,558
|
|
|
|
2,138,436
|
|
|
|
(50,878
|
)
|
|
|
(2.4
|
)%
|
|
|
Commercial and industrial, small
|
|
|
1,809,477
|
|
|
|
1,813,330
|
|
|
|
(3,853
|
)
|
|
|
(0.2
|
)%
|
|
|
Commercial and industrial, large
|
|
|
794,891
|
|
|
|
813,099
|
|
|
|
(18,208
|
)
|
|
|
(2.2
|
)%
|
|
|
Public authorities
|
|
|
1,202,403
|
|
|
|
1,245,801
|
|
|
|
(43,398
|
)
|
|
|
(3.5
|
)%
|
|
|
|
Total retail sales
|
|
|
5,894,329
|
|
|
|
6,010,666
|
|
|
|
(116,337
|
)
|
|
|
(1.9
|
)%
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
|
51,931
|
|
|
|
52,313
|
|
|
|
(382
|
)
|
|
|
(0.7
|
)%
|
|
|
Off-system sales
|
|
|
2,003,020
|
|
|
|
1,891,861
|
|
|
|
111,159
|
|
|
|
5.9
|
%
|
|
|
|
Total wholesale sales
|
|
|
2,054,951
|
|
|
|
1,944,174
|
|
|
|
110,777
|
|
|
|
5.7
|
%
|
|
|
|
|
Total kWh sales
|
|
|
7,949,280
|
|
|
|
7,954,840
|
|
|
|
(5,560
|
)
|
|
|
(0.1
|
)%
|
Operating revenues (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-fuel base revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
$
|
186,718
|
|
|
|
$
|
190,242
|
|
|
|
$
|
(3,524
|
)
|
|
|
(1.9
|
)%
|
|
|
|
Commercial and industrial, small
|
|
|
146,939
|
|
|
|
146,763
|
|
|
|
176
|
|
|
|
0.1
|
%
|
|
|
|
Commercial and industrial, large
|
|
|
30,220
|
|
|
|
30,995
|
|
|
|
(775
|
)
|
|
|
(2.5
|
)%
|
|
|
|
Public authorities
|
|
|
72,837
|
|
|
|
75,666
|
|
|
|
(2,829
|
)
|
|
|
(3.7
|
)%
|
|
|
|
|
Total retail non-fuel base revenues
|
|
|
436,714
|
|
|
|
443,666
|
|
|
|
(6,952
|
)
|
|
|
(1.6
|
)%
|
|
|
Wholesale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales for resale
|
|
|
1,899
|
|
|
|
1,867
|
|
|
|
32
|
|
|
|
1.7
|
%
|
|
|
|
|
Total non-fuel base revenues
|
|
|
438,613
|
|
|
|
445,533
|
|
|
|
(6,920
|
)
|
|
|
(1.6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recovered from customers during the period
|
|
|
126,107
|
|
|
|
102,057
|
|
|
|
24,050
|
|
|
|
23.6
|
%
|
|
|
Under collection of fuel (a)
|
|
|
1,223
|
|
|
|
8,369
|
|
|
|
(7,146
|
)
|
|
|
(85.4
|
)%
|
|
|
New Mexico fuel in base rates
|
|
|
55,643
|
|
|
|
57,213
|
|
|
|
(1,570
|
)
|
|
|
(2.7
|
)%
|
|
|
|
Total fuel revenues (b)
|
|
|
182,973
|
|
|
|
167,639
|
|
|
|
15,334
|
|
|
|
9.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Off-system sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel cost
|
|
|
61,470
|
|
|
|
51,379
|
|
|
|
10,091
|
|
|
|
19.6
|
%
|
|
|
Shared margins
|
|
|
14,515
|
|
|
|
10,254
|
|
|
|
4,261
|
|
|
|
41.6
|
%
|
|
|
Retained margins
|
|
|
1,729
|
|
|
|
1,227
|
|
|
|
502
|
|
|
|
40.9
|
%
|
|
|
|
Total off-system sales
|
|
|
77,714
|
|
|
|
62,860
|
|
|
|
14,854
|
|
|
|
23.6
|
%
|
|
Other (c)
|
|
|
21,662
|
|
|
|
24,033
|
|
|
|
(2,371
|
)
|
|
|
(9.9
|
)%
|
|
|
|
Total operating revenues
|
|
|
$
|
720,962
|
|
|
|
$
|
700,065
|
|
|
|
$
|
20,897
|
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
2014 includes a Department of Energy refund related to spent fuel
storage of $8.3 million and $2.2 million related to Palo Verde
performance rewards, net.
|
(b)
|
Includes deregulated Palo Verde Unit 3 revenues for the New Mexico
jurisdiction of $11.9 million and $9.3 million, respectively.
|
(c)
|
Represents revenues with no related kWh sales.
|
|
|
|
El Paso Electric Company Nine Months Ended September
30, 2014 and 2013 Other Statistical Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
2014
|
|
2013
|
|
Amount
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of retail customers: (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
351,813
|
|
|
347,357
|
|
|
4,456
|
|
|
1.3
|
%
|
|
Commercial and industrial, small
|
39,477
|
|
|
38,704
|
|
|
773
|
|
|
2.0
|
%
|
|
Commercial and industrial, large
|
49
|
|
|
50
|
|
|
(1
|
)
|
|
(2.0
|
)%
|
|
Public authorities
|
5,090
|
|
|
4,980
|
|
|
110
|
|
|
2.2
|
%
|
|
|
Total
|
396,429
|
|
|
391,091
|
|
|
5,338
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of retail customers (end of
period): (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
353,640
|
|
|
349,077
|
|
|
4,563
|
|
|
1.3
|
%
|
|
Commercial and industrial, small
|
39,813
|
|
|
38,926
|
|
|
887
|
|
|
2.3
|
%
|
|
Commercial and industrial, large
|
49
|
|
|
51
|
|
|
(2
|
)
|
|
(3.9
|
)%
|
|
Public authorities
|
5,126
|
|
|
5,044
|
|
|
82
|
|
|
1.6
|
%
|
|
|
Total
|
398,628
|
|
|
393,098
|
|
|
5,530
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather statistics: (b)
|
|
|
|
|
|
|
10-Yr Average
|
|
|
|
|
Heating degree days
|
1,042
|
|
|
1,419
|
|
|
1,255
|
|
|
|
|
|
Cooling degree days
|
2,535
|
|
|
2,615
|
|
|
2,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Generation and purchased power (kWh, in
thousands):
|
|
|
|
|
|
|
Increase (Decrease)
|
|
|
|
2014
|
|
2013
|
|
Amount
|
|
Percentage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Palo Verde
|
3,926,066
|
|
|
3,922,200
|
|
|
3,866
|
|
|
0.1
|
%
|
|
Four Corners
|
436,889
|
|
|
486,544
|
|
|
(49,655
|
)
|
|
(10.2
|
)%
|
|
Gas plants
|
2,884,707
|
|
|
2,846,346
|
|
|
38,361
|
|
|
1.3
|
%
|
|
|
Total generation
|
7,247,662
|
|
|
7,255,090
|
|
|
(7,428
|
)
|
|
(0.1
|
)%
|
|
Purchased power:
|
|
|
|
|
|
|
|
|
|
|
|
|
Photovoltaic
|
174,038
|
|
|
97,098
|
|
|
76,940
|
|
|
79.2
|
%
|
|
Other
|
974,317
|
|
|
1,046,284
|
|
|
(71,967
|
)
|
|
(6.9
|
)%
|
|
|
Total purchased power
|
1,148,355
|
|
|
1,143,382
|
|
|
4,973
|
|
|
0.4
|
%
|
|
|
Total available energy
|
8,396,017
|
|
|
8,398,472
|
|
|
(2,455
|
)
|
|
—
|
%
|
|
Line losses and Company use
|
446,737
|
|
|
443,632
|
|
|
3,105
|
|
|
0.7
|
%
|
|
Total kWh sold
|
7,949,280
|
|
|
7,954,840
|
|
|
(5,560
|
)
|
|
(0.1
|
)%
|
|
Palo Verde capacity factor
|
96.4%
|
|
96.2
|
%
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
September 30, 2014 and 2013 (In thousands, except number
of shares, book value per share, and ratios)
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
13,410
|
|
|
$
|
61,948
|
|
|
|
|
|
|
|
|
|
Common stock equity
|
|
$
|
1,015,857
|
|
|
$
|
893,698
|
|
Long-term debt
|
|
984,688
|
|
|
999,598
|
|
|
Total capitalization
|
|
$
|
2,000,545
|
|
|
$
|
1,893,296
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt
|
|
$
|
15,000
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
Short-term borrowings under the revolving credit facility
|
|
$
|
89,528
|
|
|
$
|
15,491
|
|
|
|
|
|
|
|
|
|
Number of shares - end of period
|
|
40,357,982
|
|
|
40,253,783
|
|
|
|
|
|
|
|
|
|
Book value per common share
|
|
$
|
25.17
|
|
|
$
|
22.20
|
|
|
|
|
|
|
|
|
|
Common equity ratio (a)
|
|
48.3
|
%
|
|
46.8
|
%
|
Debt ratio
|
|
51.7
|
%
|
|
53.2
|
%
|
|
|
|
|
|
|
|
|
(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 Contact:
Eddie
Gutierrez, 915-543-5763
eduardo.gutierrez@epelectric.com
or
Investor
Relations:
Lisa Budtke, 915-543-5947
lisa.budtke@epelectric.com
Source: El Paso Electric Company
News Provided by Acquire Media