Texas | 001-14206 | 74-0607870 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Stanton Tower, 100 North Stanton, El Paso, Texas | 79901 | |
(Address of principal executive offices) | (Zip Code) |
(d) | Exhibits |
Exhibit Number | Description of Exhibit | |
99.01 | Earnings Press Release, dated November 6, 2013 | |
99.02 | Presentation at the 3rd Quarter 2013 Earnings Conference Call |
News Release | ||
For Immediate Release | ||
Date: November 6, 2013 |
• | For the third quarter of 2013, El Paso Electric Company ("EE") reported net income of $50.6 million, or $1.26 basic and diluted earnings per share, respectively. In the third quarter of 2012, EE reported net income of $51.8 million, or $1.29 basic and diluted earnings per share. |
• | For the nine months ended September 30, 2013, EE reported net income of $87.4 million, or $2.17 basic and diluted earnings per share. Net income for the nine months ended September 30, 2012 was $86.0 million, or $2.15 and $2.14 basic and diluted earnings per share, respectively. |
Page 1 of 14 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
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, 2012 | $ | 51,789 | $ | 1.29 | $ | 86,027 | $ | 2.15 | ||||||||||||||||||
Changes in: | ||||||||||||||||||||||||||
Palo Verde O&M expense | $ | 1,175 | 775 | 0.02 | $ | 1,528 | 1,008 | 0.02 | ||||||||||||||||||
O&M expense at fossil fuel generating plants | 696 | 459 | 0.01 | 2,799 | 1,847 | 0.04 | ||||||||||||||||||||
Deregulated Palo Verde Unit 3 revenues | 461 | 304 | 0.01 | 2,167 | 1,430 | 0.03 | ||||||||||||||||||||
Taxes other than income taxes | (2,800 | ) | (1,847 | ) | (0.05 | ) | (1,151 | ) | (759 | ) | (0.02 | ) | ||||||||||||||
Interest on long-term debt | (964 | ) | (637 | ) | (0.02 | ) | (3,002 | ) | (1,982 | ) | (0.05 | ) | ||||||||||||||
Retail non-fuel base revenues | (593 | ) | (392 | ) | (0.01 | ) | (1,274 | ) | (841 | ) | (0.02 | ) | ||||||||||||||
Administrative and general expense | (412 | ) | (272 | ) | (0.01 | ) | (2,563 | ) | (1,692 | ) | (0.04 | ) | ||||||||||||||
Allowance for funds used during construction | (184 | ) | (167 | ) | — | 1,502 | 1,289 | 0.03 | ||||||||||||||||||
Other | 553 | 0.02 | 1,065 | 0.03 | ||||||||||||||||||||||
September 30, 2013 | $ | 50,565 | $ | 1.26 | $ | 87,392 | $ | 2.17 |
• | Decreased operations and maintenance expense at Palo Verde partially due to reduced employee benefit costs and other operations expenses. |
• | Increased taxes other than income taxes due to increased property tax accruals reflecting both increased property values and estimated assessment rates. |
• | Increased interest on long-term debt due to interest on $150 million of 3.30% senior notes issued in December 2012. |
Page 2 of 14 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
• | Decreased fossil-fuel plant operations and maintenance expense primarily due to the timing of planned maintenance of our gas-fired generating units. In 2012, we performed scheduled major maintenance at Rio Grande Unit 8 and Newman Unit 1 with a reduced level of maintenance activity in the current period. |
• | Increased revenues from retail sales of deregulated Palo Verde Unit 3 power due to a 15.8% increase in power prices in 2013 and a 14.7% increase in generation at Palo Verde Unit 3 due to the 2012 spring refueling outage with no comparable outage in the nine months ended September 30, 2013. Palo Verde Unit 3 began its next scheduled refueling outage on October 5, 2013. |
• | Increased allowance for funds used during construction ("AFUDC") due to higher balances of construction work in progress subject to AFUDC. |
• | Decreased operations and maintenance expense at Palo Verde primarily due to reduced operations expense at Unit 3. |
• | Increased interest on long-term debt due to interest on $150 million of 3.30% senior notes issued in December 2012. |
• | Increased administrative and general expense primarily due to increased outside services related to software systems support and improvements. |
• | Decreased retail non-fuel base revenues primarily due to decreased revenues from sales to our commercial and industrial customers reflecting the reduction in our non-fuel base rates in Texas effective on May 1, 2012 partially offset by higher revenues from increased retail kWh sales to our residential customers. |
• | Increased taxes other than income taxes due to increased property tax accruals reflecting higher valuations and assessments. |
Page 3 of 14 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
Page 4 of 14 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
Page 5 of 14 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
Media Contacts | |
Teresa Souza | |
915.543.5823 | |
teresa.souza@epelectric.com | |
El Paso Electric Investor Relations | |
Steve Busser | |
915.543.5983 | |
steve.busser@epelectric.com | |
Lisa Budtke | |
915.543.5947 | |
lisa.budtke@epelectric.com |
Page 6 of 14 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
El Paso Electric Company and Subsidiary | |||||||||||||
Consolidated Statements of Operations | |||||||||||||
Quarter Ended September 30, 2013 and 2012 | |||||||||||||
(In thousands except for per share data) | |||||||||||||
(Unaudited) | |||||||||||||
2013 | 2012 | Variance | |||||||||||
Operating revenues, net of energy expenses: | |||||||||||||
Base revenues | $ | 184,687 | $ | 185,221 | $ | (534 | ) | (a) | |||||
Deregulated Palo Verde Unit 3 revenues | 3,047 | 2,586 | 461 | ||||||||||
Other | 8,264 | 6,887 | 1,377 | ||||||||||
Operating Revenues Net of Energy Expenses | 195,998 | 194,694 | 1,304 | ||||||||||
Other operating expenses: | |||||||||||||
Other operations and maintenance | 51,519 | 52,548 | (1,029 | ) | |||||||||
Palo Verde operations and maintenance | 20,014 | 21,189 | (1,175 | ) | |||||||||
Taxes other than income taxes | 18,153 | 15,353 | 2,800 | ||||||||||
Other income | 1,561 | 2,424 | (863 | ) | |||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization | 107,873 | 108,028 | (155 | ) | (b) | ||||||||
Depreciation and amortization | 20,416 | 19,208 | 1,208 | ||||||||||
Interest on long-term debt | 14,623 | 13,659 | 964 | ||||||||||
AFUDC and capitalized interest | 4,968 | 5,174 | (206 | ) | |||||||||
Other interest expense | 153 | 387 | (234 | ) | |||||||||
Income Before Income Taxes | 77,649 | 79,948 | (2,299 | ) | |||||||||
Income tax expense | 27,084 | 28,159 | (1,075 | ) | |||||||||
Net Income | $ | 50,565 | $ | 51,789 | $ | (1,224 | ) | ||||||
Basic Earnings per Share | $ | 1.26 | $ | 1.29 | $ | (0.03 | ) | ||||||
Diluted Earnings per Share | $ | 1.26 | $ | 1.29 | $ | (0.03 | ) | ||||||
Dividends declared per share of common stock | $ | 0.265 | $ | 0.25 | $ | 0.015 | |||||||
Weighted average number of shares outstanding | 40,132 | 40,010 | 122 | ||||||||||
Weighted average number of shares and dilutive | |||||||||||||
potential shares outstanding | 40,132 | 40,092 | 40 | ||||||||||
(a) | Base revenues exclude fuel recovered through New Mexico base rates of $22.7 million and $23.2 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 and Subsidiary | |||||||||||||
Consolidated Statements of Operations | |||||||||||||
Nine Months Ended September 30, 2013 and 2012 | |||||||||||||
(In thousands except for per share data) | |||||||||||||
(Unaudited) | |||||||||||||
2013 | 2012 | Variance | |||||||||||
Operating revenues, net of energy expenses: | |||||||||||||
Base revenues | $ | 445,533 | $ | 446,832 | $ | (1,299 | ) | (a) | |||||
Deregulated Palo Verde Unit 3 revenues | 9,260 | 7,093 | 2,167 | ||||||||||
Other | 23,990 | 21,718 | 2,272 | ||||||||||
Operating Revenues Net of Energy Expenses | 478,783 | 475,643 | 3,140 | ||||||||||
Other operating expenses: | |||||||||||||
Other operations and maintenance | 147,600 | 148,735 | (1,135 | ) | |||||||||
Palo Verde operations and maintenance | 67,470 | 68,998 | (1,528 | ) | |||||||||
Taxes other than income taxes | 44,782 | 43,631 | 1,151 | ||||||||||
Other income | 2,524 | 3,600 | (1,076 | ) | |||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization | 221,455 | 217,879 | 3,576 | (b) | |||||||||
Depreciation and amortization | 59,346 | 59,329 | 17 | ||||||||||
Interest on long-term debt | 43,829 | 40,827 | 3,002 | ||||||||||
AFUDC and capitalized interest | 15,896 | 14,475 | 1,421 | ||||||||||
Other interest expense | 456 | 865 | (409 | ) | |||||||||
Income Before Income Taxes | 133,720 | 131,333 | 2,387 | ||||||||||
Income tax expense | 46,328 | 45,306 | 1,022 | ||||||||||
Net Income | $ | 87,392 | $ | 86,027 | $ | 1,365 | |||||||
Basic Earnings per Share | $ | 2.17 | $ | 2.15 | $ | 0.02 | |||||||
Diluted Earnings per Share | $ | 2.17 | $ | 2.14 | $ | 0.03 | |||||||
Dividends declared per share of common stock | $ | 0.78 | $ | 0.72 | $ | 0.06 | |||||||
Weighted average number of shares outstanding | 40,108 | 39,960 | 148 | ||||||||||
Weighted average number of shares and dilutive | |||||||||||||
potential shares outstanding | 40,124 | 40,044 | 80 | ||||||||||
(a) | Base revenues exclude fuel recovered through New Mexico base rates of $57.2 million and $57.9 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 | |||||||||||
Cash Flow Summary | |||||||||||
Nine Months Ended September 30, 2013 and 2012 | |||||||||||
(In thousands and Unaudited) | |||||||||||
2013 | 2012 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 87,392 | $ | 86,027 | |||||||
Adjustments to reconcile net income to net cash provided by operations: | |||||||||||
Depreciation and amortization of electric plant in service | 59,346 | 59,329 | |||||||||
Amortization of nuclear fuel | 33,621 | 33,278 | |||||||||
Deferred income taxes, net | 45,479 | 43,818 | |||||||||
Other | 4,396 | 3,751 | |||||||||
Change in: | |||||||||||
Net overcollection (undercollection) of fuel revenues | (8,362 | ) | 13,994 | ||||||||
Accounts receivable | (35,097 | ) | (22,107 | ) | |||||||
Accounts payable | (3,729 | ) | (6,757 | ) | |||||||
Other | 1,865 | (9,534 | ) | ||||||||
Net cash provided by operating activities | 184,911 | 201,799 | |||||||||
Cash flows from investing activities: | |||||||||||
Cash additions to utility property, plant and equipment | (165,303 | ) | (144,576 | ) | |||||||
Cash additions to nuclear fuel | (19,895 | ) | (41,747 | ) | |||||||
Decommissioning trust funds | (6,994 | ) | (6,775 | ) | |||||||
Other | (3,575 | ) | (4,605 | ) | |||||||
Net cash used for investing activities | (195,767 | ) | (197,703 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Dividends paid | (31,379 | ) | (28,861 | ) | |||||||
Borrowings under the revolving credit facility, net | (6,664 | ) | 28,163 | ||||||||
Other | (210 | ) | (2,942 | ) | |||||||
Net cash used for financing activities | (38,253 | ) | (3,640 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (49,109 | ) | 456 | ||||||||
Cash and cash equivalents at beginning of period | 111,057 | 8,208 | |||||||||
Cash and cash equivalents at end of period | $ | 61,948 | $ | 8,664 | |||||||
El Paso Electric Company and Subsidiary | ||||||||||||||||||||
Quarter Ended September 30, 2013 and 2012 | ||||||||||||||||||||
Sales and Revenues Statistics | ||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||
2013 | 2012 | Amount | Percentage | |||||||||||||||||
kWh sales (in thousands): | ||||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential | 880,105 | 884,809 | (4,704 | ) | (0.5 | )% | ||||||||||||||
Commercial and industrial, small | 680,380 | 693,774 | (13,394 | ) | (1.9 | )% | ||||||||||||||
Commercial and industrial, large | 276,232 | 260,567 | 15,665 | 6.0 | % | |||||||||||||||
Public authorities | 449,469 | 443,418 | 6,051 | 1.4 | % | |||||||||||||||
Total retail sales | 2,286,186 | 2,282,568 | 3,618 | 0.2 | % | |||||||||||||||
Wholesale: | ||||||||||||||||||||
Sales for resale | 20,173 | 20,565 | (392 | ) | (1.9 | )% | ||||||||||||||
Off-system sales | 683,600 | 537,071 | 146,529 | 27.3 | % | |||||||||||||||
Total wholesale sales | 703,773 | 557,636 | 146,137 | 26.2 | % | |||||||||||||||
Total kWh sales | 2,989,959 | 2,840,204 | 149,755 | 5.3 | % | |||||||||||||||
Operating revenues (in thousands): | ||||||||||||||||||||
Non-fuel base revenues: | ||||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential | $ | 80,003 | $ | 80,325 | $ | (322 | ) | (0.4 | )% | |||||||||||
Commercial and industrial, small | 60,259 | 60,776 | (517 | ) | (0.9 | )% | ||||||||||||||
Commercial and industrial, large | 12,426 | 12,587 | (161 | ) | (1.3 | )% | ||||||||||||||
Public authorities | 31,222 | 30,815 | 407 | 1.3 | % | |||||||||||||||
Total retail non-fuel base revenues | 183,910 | 184,503 | (593 | ) | (0.3 | )% | ||||||||||||||
Wholesale: | ||||||||||||||||||||
Sales for resale | 777 | 718 | 59 | 8.2 | % | |||||||||||||||
Total non-fuel base revenues | 184,687 | 185,221 | (534 | ) | (0.3 | )% | ||||||||||||||
Fuel revenues: | ||||||||||||||||||||
Recovered from customers during the period (a) | 42,962 | 39,222 | 3,740 | 9.5 | % | |||||||||||||||
Over collection of fuel | (577 | ) | (5,238 | ) | 4,661 | (89.0 | )% | |||||||||||||
New Mexico fuel in base rates | 22,662 | 23,174 | (512 | ) | (2.2 | )% | ||||||||||||||
Total fuel revenues (b) | 65,047 | 57,158 | 7,889 | 13.8 | % | |||||||||||||||
Off-system sales: | ||||||||||||||||||||
Fuel cost | 20,223 | 13,640 | 6,583 | 48.3 | % | |||||||||||||||
Shared margins | 4,007 | 2,222 | 1,785 | 80.3 | % | |||||||||||||||
Retained margins | 478 | 265 | 213 | 80.4 | % | |||||||||||||||
Total off-system sales | 24,708 | 16,127 | 8,581 | 53.2 | % | |||||||||||||||
Other (c) | 8,219 | 8,743 | (524 | ) | (6.0 | )% | ||||||||||||||
Total operating revenues | $ | 282,661 | $ | 267,249 | $ | 15,412 | 5.8 | % | ||||||||||||
(a) | Excludes $6.8 million of refunds in 2012 related to prior periods Texas deferred fuel revenues. | |||||||||||||||||||
(b) | Includes deregulated Palo Verde Unit 3 revenues for the New Mexico jurisdiction of $3.0 million and $2.6 million, respectively. | |||||||||||||||||||
(c) | Represents revenues with no related kWh sales. |
El Paso Electric Company and Subsidiary | |||||||||||||
Quarter Ended September 30, 2013 and 2012 | |||||||||||||
Other Statistical Data | |||||||||||||
Increase (Decrease) | |||||||||||||
2013 | 2012 | Amount | Percentage | ||||||||||
Average number of retail customers: (a) | |||||||||||||
Residential | 348,557 | 344,188 | 4,369 | 1.3 | % | ||||||||
Commercial and industrial, small | 38,971 | 38,577 | 394 | 1.0 | % | ||||||||
Commercial and industrial, large | 51 | 51 | — | — | |||||||||
Public authorities | 5,009 | 4,813 | 196 | 4.1 | % | ||||||||
Total | 392,588 | 387,629 | 4,959 | 1.3 | % | ||||||||
Number of retail customers (end of period): (a) | |||||||||||||
Residential | 349,077 | 344,418 | 4,659 | 1.4 | % | ||||||||
Commercial and industrial, small | 38,926 | 38,486 | 440 | 1.1 | % | ||||||||
Commercial and industrial, large | 51 | 51 | — | — | |||||||||
Public authorities | 5,044 | 4,843 | 201 | 4.2 | % | ||||||||
Total | 393,098 | 387,798 | 5,300 | 1.4 | % | ||||||||
Weather statistics: (b) | 10 Yr Average | ||||||||||||
Heating degree days | — | 6 | 1 | ||||||||||
Cooling degree days | 1,444 | 1,497 | 1,461 | ||||||||||
Generation and purchased power (kWh, in thousands): | Increase (Decrease) | ||||||||||||
2013 | 2012 | Amount | Percentage | ||||||||||
Palo Verde | 1,369,267 | 1,348,586 | 20,681 | 1.5 | % | ||||||||
Four Corners | 162,474 | 158,858 | 3,616 | 2.3 | % | ||||||||
Gas plants | 1,235,419 | 1,159,970 | 75,449 | 6.5 | % | ||||||||
Total generation | 2,767,160 | 2,667,414 | 99,746 | 3.7 | % | ||||||||
Purchased power: | |||||||||||||
Photovoltaic | 31,035 | 31,898 | (863 | ) | (2.7 | )% | |||||||
Other | 390,260 | 343,805 | 46,455 | 13.5 | % | ||||||||
Total purchased power | 421,295 | 375,703 | 45,592 | 12.1 | % | ||||||||
Total available energy | 3,188,455 | 3,043,117 | 145,338 | 4.8 | % | ||||||||
Line losses and Company use | 198,496 | 202,913 | (4,417 | ) | (2.2 | )% | |||||||
Total kWh sold | 2,989,959 | 2,840,204 | 149,755 | 5.3 | % | ||||||||
Palo Verde capacity factor | 99.7 | % | 98.1 | % | 1.6 | % | ||||||
(a) | The number of retail customers presented for both the current and prior periods are based on the number of service locations. Previous presentations of the number of retail customers in 2012 were based on the number of bills rendered including consolidated bills for customers operating multiple facilities. Management believes that the number of service locations provides a more accurate indicator of customers served than the number of bills rendered. | |||||||||||
(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 and Subsidiary | ||||||||||||||||||||
Nine Months Ended September 30, 2013 and 2012 | ||||||||||||||||||||
Sales and Revenues Statistics | ||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||
2013 | 2012 | Amount | Percentage | |||||||||||||||||
kWh sales (in thousands): | ||||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential | 2,138,436 | 2,113,071 | 25,365 | 1.2 | % | |||||||||||||||
Commercial and industrial, small | 1,813,330 | 1,826,463 | (13,133 | ) | (0.7 | )% | ||||||||||||||
Commercial and industrial, large | 813,099 | 794,727 | 18,372 | 2.3 | % | |||||||||||||||
Public authorities | 1,245,801 | 1,226,886 | 18,915 | 1.5 | % | |||||||||||||||
Total retail sales | 6,010,666 | 5,961,147 | 49,519 | 0.8 | % | |||||||||||||||
Wholesale: | ||||||||||||||||||||
Sales for resale | 52,313 | 53,062 | (749 | ) | (1.4 | )% | ||||||||||||||
Off-system sales | 1,891,861 | 1,966,560 | (74,699 | ) | (3.8 | )% | ||||||||||||||
Total wholesale sales | 1,944,174 | 2,019,622 | (75,448 | ) | (3.7 | )% | ||||||||||||||
Total kWh sales | 7,954,840 | 7,980,769 | (25,929 | ) | (0.3 | )% | ||||||||||||||
Operating revenues (in thousands): | ||||||||||||||||||||
Non-fuel base revenues: | ||||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential | $ | 190,242 | $ | 187,738 | $ | 2,504 | 1.3 | % | ||||||||||||
Commercial and industrial, small | 146,763 | 149,296 | (2,533 | ) | (1.7 | )% | ||||||||||||||
Commercial and industrial, large | 30,995 | 32,340 | (1,345 | ) | (4.2 | )% | ||||||||||||||
Public authorities | 75,666 | 75,566 | 100 | 0.1 | % | |||||||||||||||
Total retail non-fuel base revenues | 443,666 | 444,940 | (1,274 | ) | (0.3 | )% | ||||||||||||||
Wholesale: | ||||||||||||||||||||
Sales for resale | 1,867 | 1,892 | (25 | ) | (1.3 | )% | ||||||||||||||
Total non-fuel base revenues | 445,533 | 446,832 | (1,299 | ) | (0.3 | )% | ||||||||||||||
Fuel revenues: | ||||||||||||||||||||
Recovered from customers during the period (a) | 102,057 | 102,725 | (668 | ) | (0.7 | )% | ||||||||||||||
Under (over) collection of fuel | 8,369 | (20,828 | ) | 29,197 | — | |||||||||||||||
New Mexico fuel in base rates | 57,213 | 57,881 | (668 | ) | (1.2 | )% | ||||||||||||||
Total fuel revenues (b) | 167,639 | 139,778 | 27,861 | 19.9 | % | |||||||||||||||
Off-system sales: | ||||||||||||||||||||
Fuel cost | 51,379 | 45,612 | 5,767 | 12.6 | % | |||||||||||||||
Shared margins | 10,254 | 6,865 | 3,389 | 49.4 | % | |||||||||||||||
Retained margins | 1,227 | 824 | 403 | 48.9 | % | |||||||||||||||
Total off-system sales | 62,860 | 53,301 | 9,559 | 17.9 | % | |||||||||||||||
Other (c) | 24,033 | 24,168 | (135 | ) | (0.6 | )% | ||||||||||||||
Total operating revenues | $ | 700,065 | $ | 664,079 | $ | 35,986 | 5.4 | % | ||||||||||||
(a) | Excludes $6.8 million of refunds in 2012 related to prior periods Texas deferred fuel revenues. | |||||||||||||||||||
(b) | Includes deregulated Palo Verde Unit 3 revenues for the New Mexico jurisdiction of $9.3 million and $7.1 million, respectively. | |||||||||||||||||||
(c) | Represents revenues with no related kWh sales. |
El Paso Electric Company and Subsidiary | |||||||||||||
Nine Months Ended September 30, 2013 and 2012 | |||||||||||||
Other Statistical Data | |||||||||||||
Increase (Decrease) | |||||||||||||
2013 | 2012 | Amount | Percentage | ||||||||||
Average number of retail customers: (a) | |||||||||||||
Residential | 347,357 | 342,770 | 4,587 | 1.3 | % | ||||||||
Commercial and industrial, small | 38,704 | 38,591 | 113 | 0.3 | % | ||||||||
Commercial and industrial, large | 50 | 50 | — | — | |||||||||
Public authorities | 4,980 | 4,798 | 182 | 3.8 | % | ||||||||
Total | 391,091 | 386,209 | 4,882 | 1.3 | % | ||||||||
Number of retail customers (end of period): (a) | |||||||||||||
Residential | 349,077 | 344,418 | 4,659 | 1.4 | % | ||||||||
Commercial and industrial, small | 38,926 | 38,486 | 440 | 1.1 | % | ||||||||
Commercial and industrial, large | 51 | 51 | — | — | |||||||||
Public authorities | 5,044 | 4,843 | 201 | 4.2 | % | ||||||||
Total | 393,098 | 387,798 | 5,300 | 1.4 | % | ||||||||
Weather statistics: (b) | 10 Yr Average | ||||||||||||
Heating degree days | 1,419 | 1,215 | 1,293 | ||||||||||
Cooling degree days | 2,615 | 2,712 | 2,522 | ||||||||||
Generation and purchased power (kWh, in thousands): | Increase (Decrease) | ||||||||||||
2013 | 2012 | Amount | Percentage | ||||||||||
Palo Verde | 3,922,200 | 3,898,862 | 23,338 | 0.6 | % | ||||||||
Four Corners | 486,544 | 480,555 | 5,989 | 1.2 | % | ||||||||
Gas plants | 2,846,346 | 2,854,338 | (7,992 | ) | (0.3 | )% | |||||||
Total generation | 7,255,090 | 7,233,755 | 21,335 | 0.3 | % | ||||||||
Purchased power: | |||||||||||||
Photovoltaic | 97,098 | 77,836 | 19,262 | 24.7 | % | ||||||||
Other | 1,046,284 | 1,194,274 | (147,990 | ) | (12.4 | )% | |||||||
Total purchased power | 1,143,382 | 1,272,110 | (128,728 | ) | (10.1 | )% | |||||||
Total available energy | 8,398,472 | 8,505,865 | (107,393 | ) | (1.3 | )% | |||||||
Line losses and Company use | 443,632 | 525,096 | (81,464 | ) | (15.5 | )% | |||||||
Total kWh sold | 7,954,840 | 7,980,769 | (25,929 | ) | (0.3 | )% |
Palo Verde capacity factor | 96.2 | % | 95.3 | % | 0.9 | % | ||||||
(a) | The number of retail customers presented for both the current and prior periods are based on the number of service locations. Previous presentations of the number of retail customers in 2012 were based on the number of bills rendered including consolidated bills for customers operating multiple facilities. Management believes that the number of service locations provides a more accurate indicator of customers served than the number of bills rendered. | |||||||||||
(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 and Subsidiary | |||||||||
Financial Statistics | |||||||||
At September 30, 2013 and 2012 | |||||||||
(In thousands, except number of shares, book value per share, and ratios) | |||||||||
Balance Sheet | 2013 | 2012 | |||||||
Cash and cash equivalents | $ | 61,948 | $ | 8,664 | |||||
Common stock equity | $ | 893,698 | $ | 830,274 | |||||
Long-term debt | 999,598 | 849,838 | |||||||
Total capitalization | $ | 1,893,296 | $ | 1,680,112 | |||||
Short-term borrowings under the revolving credit facility | $ | 15,491 | $ | 61,542 | |||||
Number of shares - end of period | 40,253,783 | 40,116,373 | |||||||
Book value per common share | $ | 22.20 | $ | 20.70 | |||||
Common equity ratio (a) | 46.8 | % | 47.7 | % | |||||
Debt ratio | 53.2 | % | 52.3 | % | |||||
(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. | ||||||||
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