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 February 24, 2016 | |
99.02 | Presentation at the 4th Quarter 2015 Earnings Conference Call |
www.epelectric.com |
News Release | ||
For Immediate Release | ||
Date: February 24, 2016 |
• | For the fourth quarter of 2015, El Paso Electric Company ("EE" or the "Company") reported net income of $0.6 million, or $0.02 basic and diluted earnings per share. Net income for the fourth quarter of 2014 was $4.2 million, or $0.10 basic and diluted earnings per share. |
• | For the twelve months ended December 31, 2015, EE reported net income of $81.9 million, or $2.03 basic and diluted earnings per share. Net income for the twelve months ended December 31, 2014 was $91.4 million, or $2.27 basic and diluted earnings per share. |
Page 1 of 15 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
Quarter Ended | Twelve Months Ended | |||||||||||||||||||||||
Pre-Tax Effect | After-Tax Net Income | Basic EPS | Pre-Tax Effect | After-Tax Net Income | Basic EPS | |||||||||||||||||||
December 31, 2014 | $ | 4,241 | $ | 0.10 | $ | 91,428 | $ | 2.27 | ||||||||||||||||
Changes in: | ||||||||||||||||||||||||
Allowance for funds used during construction | $ | (3,180 | ) | (2,846 | ) | (0.07 | ) | $ | (5,454 | ) | (4,953 | ) | (0.12 | ) | ||||||||||
Administrative and general expense | (2,877 | ) | (1,870 | ) | (0.04 | ) | (2,543 | ) | (1,653 | ) | (0.04 | ) | ||||||||||||
Depreciation and amortization | (1,738 | ) | (1,130 | ) | (0.03 | ) | (6,482 | ) | (4,214 | ) | (0.10 | ) | ||||||||||||
Interest on long-term debt | (1,183 | ) | (768 | ) | (0.02 | ) | (6,823 | ) | (4,435 | ) | (0.11 | ) | ||||||||||||
Deregulated Palo Verde Unit 3 | (990 | ) | (644 | ) | (0.02 | ) | (5,352 | ) | (3,479 | ) | (0.09 | ) | ||||||||||||
Investment and interest income | (152 | ) | (148 | ) | — | 3,875 | 3,084 | 0.07 | ||||||||||||||||
O&M at fossil-fuel generating plants | 3,853 | 2,506 | 0.06 | (452 | ) | (294 | ) | — | ||||||||||||||||
Retail non-fuel base revenues | 1,423 | 925 | 0.02 | 14,292 | 9,290 | 0.23 | ||||||||||||||||||
Palo Verde performance rewards, net | — | — | — | (2,143 | ) | (1,415 | ) | (0.04 | ) | |||||||||||||||
Other | 382 | 0.02 | (1,441 | ) | (0.04 | ) | ||||||||||||||||||
December 31, 2015 | $ | 648 | $ | 0.02 | $ | 81,918 | $ | 2.03 |
• | Decreased AFUDC due to lower balances of construction work in progress (“CWIP”), primarily due to MPS Units 1 & 2 and the EOC being placed in service during the first quarter of 2015 and a reduction in the AFUDC rate. |
• | Increased administrative and general expenses primarily due to (i) increased payroll costs and employee incentive compensation, and (ii) increased pension and benefits costs due to changes in actuarial assumptions used to calculate expenses for the post-retirement employee benefit plan and increased medical claims paid. |
Page 2 of 15 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
• | Increased depreciation and amortization related to an increase in depreciable plant, primarily due to MPS Units 1 & 2 and the EOC being placed in service during the first quarter of 2015, partially offset by a change in the estimated useful life of certain large intangible software packages. |
• | Increased interest on long-term debt due to the interest accrued on $150 million aggregate principal amount of senior notes issued in December 2014. |
• | Decreased deregulated Palo Verde Unit 3 revenues, primarily due to a 27.5% decrease in proxy market prices reflecting a decline in the price of natural gas. |
• | Decreased operations and maintenance expense related to our fossil-fuel generating plants, primarily due to decreased maintenance related to Four Corners Unit 5 and Newman Unit 4 in 2015. These decreases were partially offset by operations and maintenance expense at MPS in 2015, with no comparable expense during 2014. |
• | Increased retail non-fuel base revenues, primarily due to increased revenues from our residential customers resulting from favorable weather and a 1.4% increase in the average number of customers. |
• | Decreased amounts of AFUDC capitalized due to lower balances of construction work in process primarily due to MPS Units 1 & 2, and the EOC being placed in service during the first quarter of 2015 and a reduction in the AFUDC rate. |
• | Increased interest on long-term debt due to the interest accrued on $150 million aggregate principal amount of senior notes issued in December 2014. |
• | Increased depreciation and amortization related to an increase in depreciable plant, primarily due to MPS Units 1 & 2 and the EOC being placed in service during the first quarter of 2015, partially offset by a change in the estimated useful life of certain large intangible software packages. |
• | Decreased deregulated Palo Verde Unit 3 revenues, primarily due to a 25.6% decrease in proxy market prices, reflecting a decline in the price of natural gas and a 9.3% decrease in generation due primarily to a Unit 3 planned spring refueling outage that was completed in May 2015 with no comparable outage in 2014. |
• | Increased administrative and general expense primarily due to (i) an increase in employee incentive compensation and (ii) increased pension and benefits costs due to changes in actuarial assumptions used to calculate expenses for the post-retirement employee benefit plan. These increases were partially offset by decreased outside services in 2015 compared to 2014. |
• | 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 Public Utility Commission of Texas ("PUCT") Docket No. 41852 recorded in June 2014 with no comparable amount in 2015. |
Page 3 of 15 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
• | Increased retail non-fuel base revenues, primarily due to (i) increased revenues of $11.9 million from our residential customers due to hotter weather in the third quarter of 2015 contributing to a 4.9% increase in kWh sales; (ii) increased revenues of $2.0 million from small commercial and industrial customers due to a 1.1% increase in kWh sales resulting from hotter weather and a 1.6% increase in the average number of customers; and (iii) a $1.2 million increase from large commercial and industrial customers. These increases were partially offset by a $0.8 million decrease from sales to public authorities due to a military installation moving a portion of their load to an interruptible rate. |
• | Increased investment and interest income due to further diversification and re-balancing of the Company’s Palo Verde decommissioning trust fund portfolio. |
Page 4 of 15 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
Page 5 of 15 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
Page 6 of 15 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
Media Contacts | |
Eddie Gutierrez | |
915.543.5763 | |
eduardo.gutierrez@epelectric.com | |
Investor Relations | |
Lisa Budtke | |
915.543.5947 | |
lisa.budtke@epelectric.com |
Page 7 of 15 | ||
El Paso Electric P.O.Box 982 El Paso, Texas 79960 |
El Paso Electric Company | |||||||||||||
Statements of Operations | |||||||||||||
Three Months Ended December 31, 2015 and 2014 | |||||||||||||
(In thousands except for per share data) | |||||||||||||
(Unaudited) | |||||||||||||
2015 | 2014 | Variance | |||||||||||
Operating revenues, net of energy expenses: | |||||||||||||
Base revenues | $ | 116,163 | $ | 114,728 | $ | 1,435 | (a) | ||||||
Deregulated Palo Verde Unit 3 revenues | 2,119 | 3,109 | (990 | ) | |||||||||
Other | 7,452 | 8,812 | (1,360 | ) | |||||||||
Operating Revenues Net of Energy Expenses | 125,734 | 126,649 | (915 | ) | |||||||||
Other operating expenses: | |||||||||||||
Other operations and maintenance | 49,849 | 51,722 | (1,873 | ) | |||||||||
Palo Verde operations and maintenance | 29,937 | 31,183 | (1,246 | ) | |||||||||
Taxes other than income taxes | 14,892 | 13,867 | 1,025 | ||||||||||
Other income | 3,918 | 4,867 | (949 | ) | |||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization | 34,974 | 34,744 | 230 | (b) | |||||||||
Depreciation and amortization | 22,744 | 21,006 | 1,738 | ||||||||||
Interest on long-term debt | 16,408 | 15,225 | 1,183 | ||||||||||
AFUDC and capitalized interest | 5,004 | 8,269 | (3,265 | ) | |||||||||
Other interest expense | 372 | 351 | 21 | ||||||||||
Income Before Income Taxes | 454 | 6,431 | (5,977 | ) | |||||||||
Income tax expense (benefit) | (194 | ) | 2,190 | (2,384 | ) | ||||||||
Net Income | $ | 648 | $ | 4,241 | $ | (3,593 | ) | ||||||
Basic Earnings per Share | $ | 0.02 | $ | 0.10 | $ | (0.08 | ) | ||||||
Diluted Earnings per Share | $ | 0.02 | $ | 0.10 | $ | (0.08 | ) | ||||||
Dividends declared per share of common stock | $ | 0.295 | $ | 0.280 | $ | 0.015 | |||||||
Weighted average number of shares outstanding | 40,297 | 40,220 | 77 | ||||||||||
Weighted average number of shares and dilutive | |||||||||||||
potential shares outstanding | 40,335 | 40,220 | 115 | ||||||||||
(a) | Base revenues exclude fuel recovered through New Mexico base rates of $16.4 million and $16.0 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 | |||||||||||||
Twelve Months Ended December 31, 2015 and 2014 | |||||||||||||
(In thousands except for per share data) | |||||||||||||
(Unaudited) | |||||||||||||
2015 | 2014 | Variance | |||||||||||
Operating revenues, net of energy expenses: | |||||||||||||
Base revenues | $ | 567,811 | $ | 553,341 | $ | 14,470 | (a) | ||||||
Deregulated Palo Verde Unit 3 revenues | 9,660 | 15,012 | (5,352 | ) | |||||||||
Palo Verde performance rewards, net | — | 2,220 | (2,220 | ) | |||||||||
Other | 30,453 | 31,143 | (690 | ) | |||||||||
Operating Revenues Net of Energy Expenses | 607,924 | 601,716 | 6,208 | ||||||||||
Other operating expenses: | |||||||||||||
Other operations and maintenance | 210,534 | 205,237 | 5,297 | ||||||||||
Palo Verde operations and maintenance | 97,639 | 99,224 | (1,585 | ) | |||||||||
Taxes other than income taxes | 63,736 | 62,750 | 986 | ||||||||||
Other income | 15,242 | 13,509 | 1,733 | ||||||||||
Earnings Before Interest, Taxes, Depreciation and Amortization | 251,257 | 248,014 | 3,243 | (b) | |||||||||
Depreciation and amortization | 89,824 | 83,342 | 6,482 | ||||||||||
Interest on long-term debt | 65,851 | 59,028 | 6,823 | ||||||||||
AFUDC and capitalized interest | 22,544 | 28,122 | (5,578 | ) | |||||||||
Other interest expense | 1,313 | 1,250 | 63 | ||||||||||
Income Before Income Taxes | 116,813 | 132,516 | (15,703 | ) | |||||||||
Income tax expense | 34,895 | 41,088 | (6,193 | ) | |||||||||
Net Income | $ | 81,918 | $ | 91,428 | $ | (9,510 | ) | ||||||
Basic Earnings per Share | $ | 2.03 | $ | 2.27 | $ | (0.24 | ) | ||||||
Diluted Earnings per Share | $ | 2.03 | $ | 2.27 | $ | (0.24 | ) | ||||||
Dividends declared per share of common stock | $ | 1.165 | $ | 1.105 | $ | 0.060 | |||||||
Weighted average number of shares outstanding | 40,275 | 40,191 | 84 | ||||||||||
Weighted average number of shares and dilutive | |||||||||||||
potential shares outstanding | 40,309 | 40,212 | 97 | ||||||||||
(a) | Base revenues exclude fuel recovered through New Mexico base rates of $72.1 million and $71.6 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 | |||||||||||
Cash Flow Summary | |||||||||||
Twelve Months Ended December 31, 2015 and 2014 | |||||||||||
(In thousands and Unaudited) | |||||||||||
2015 | 2014 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 81,918 | $ | 91,428 | |||||||
Adjustments to reconcile net income to net cash provided by operations: | |||||||||||
Depreciation and amortization of electric plant in service | 89,824 | 83,342 | |||||||||
Amortization of nuclear fuel | 43,099 | 43,864 | |||||||||
Deferred income taxes, net | 30,846 | 39,129 | |||||||||
Net gains on sale of decommissioning trust funds | (11,114 | ) | (7,350 | ) | |||||||
Other | 6,927 | 1,533 | |||||||||
Change in: | |||||||||||
Accounts receivable | 4,839 | (5,815 | ) | ||||||||
Net over-collection (under-collection) of fuel revenues | 13,344 | (3,121 | ) | ||||||||
Accounts payable | (11,235 | ) | 9,684 | ||||||||
Other | (1,777 | ) | (9,354 | ) | |||||||
Net cash provided by operating activities | 246,671 | 243,340 | |||||||||
Cash flows from investing activities: | |||||||||||
Cash additions to utility property, plant and equipment | (281,458 | ) | (277,078 | ) | |||||||
Cash additions to nuclear fuel | (41,966 | ) | (37,877 | ) | |||||||
Decommissioning trust funds | (7,656 | ) | (9,364 | ) | |||||||
Other | (11,654 | ) | (6,873 | ) | |||||||
Net cash used for investing activities | (342,734 | ) | (331,192 | ) | |||||||
Cash flows from financing activities: | |||||||||||
Dividends paid | (47,059 | ) | (44,556 | ) | |||||||
Borrowings under the revolving credit facility, net | 127,206 | 180 | |||||||||
Payment on maturing RGRT senior notes | (15,000 | ) | — | ||||||||
Proceeds from issuance of senior notes | — | 149,468 | |||||||||
Other | (1,439 | ) | (2,328 | ) | |||||||
Net cash provided by financing activities | 63,708 | 102,764 | |||||||||
Net increase (decrease) in cash and cash equivalents | (32,355 | ) | 14,912 | ||||||||
Cash and cash equivalents at beginning of period | 40,504 | 25,592 | |||||||||
Cash and cash equivalents at end of period | $ | 8,149 | $ | 40,504 | |||||||
El Paso Electric Company | ||||||||||||||||||||
Three Months Ended December 31, 2015 and 2014 | ||||||||||||||||||||
Sales and Revenues Statistics | ||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||
2015 | 2014 | Amount | Percentage | |||||||||||||||||
kWh sales (in thousands): | ||||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential | 567,548 | 552,977 | 14,571 | 2.6 | % | |||||||||||||||
Commercial and industrial, small | 548,583 | 548,369 | 214 | — | ||||||||||||||||
Commercial and industrial, large | 260,480 | 269,584 | (9,104 | ) | (3.4 | )% | ||||||||||||||
Public authorities | 363,381 | 360,381 | 3,000 | 0.8 | % | |||||||||||||||
Total retail sales | 1,739,992 | 1,731,311 | 8,681 | 0.5 | % | |||||||||||||||
Wholesale: | ||||||||||||||||||||
Sales for resale | 8,772 | 9,798 | (1,026 | ) | (10.5 | )% | ||||||||||||||
Off-system sales | 587,732 | 606,749 | (19,017 | ) | (3.1 | )% | ||||||||||||||
Total wholesale sales | 596,504 | 616,547 | (20,043 | ) | (3.3 | )% | ||||||||||||||
Total kWh sales | 2,336,496 | 2,347,858 | (11,362 | ) | (0.5 | )% | ||||||||||||||
Operating revenues (in thousands): | ||||||||||||||||||||
Non-fuel base revenues: | ||||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential | $ | 49,100 | $ | 47,653 | $ | 1,447 | 3.0 | % | ||||||||||||
Commercial and industrial, small | 38,636 | 38,449 | 187 | 0.5 | % | |||||||||||||||
Commercial and industrial, large | 8,956 | 9,019 | (63 | ) | (0.7 | )% | ||||||||||||||
Public authorities | 19,081 | 19,229 | (148 | ) | (0.8 | )% | ||||||||||||||
Total retail non-fuel base revenues | 115,773 | 114,350 | 1,423 | 1.2 | % | |||||||||||||||
Wholesale: | ||||||||||||||||||||
Sales for resale | 390 | 378 | 12 | 3.2 | % | |||||||||||||||
Total non-fuel base revenues | 116,163 | 114,728 | 1,435 | 1.3 | % | |||||||||||||||
Fuel revenues: | ||||||||||||||||||||
Recovered from customers during the period | 24,780 | 34,945 | (10,165 | ) | (29.1 | )% | ||||||||||||||
Under (over) collection of fuel | (2,409 | ) | 1,887 | (4,296 | ) | — | ||||||||||||||
New Mexico fuel in base rates | 16,364 | 15,971 | 393 | 2.5 | % | |||||||||||||||
Total fuel revenues (a) | 38,735 | 52,803 | (14,068 | ) | (26.6 | )% | ||||||||||||||
Off-system sales: | ||||||||||||||||||||
Fuel cost | 11,202 | 13,246 | (2,044 | ) | (15.4 | )% | ||||||||||||||
Shared margins | 2,350 | 6,602 | (4,252 | ) | (64.4 | )% | ||||||||||||||
Retained margins | 407 | 418 | (11 | ) | (2.6 | )% | ||||||||||||||
Total off-system sales | 13,959 | 20,266 | (6,307 | ) | (31.1 | )% | ||||||||||||||
Other (b) (c) | 8,045 | 8,766 | (721 | ) | (8.2 | )% | ||||||||||||||
Total operating revenues | $ | 176,902 | $ | 196,563 | $ | (19,661 | ) | (10.0 | )% | |||||||||||
(a) | Includes deregulated Palo Verde Unit 3 revenues for the New Mexico jurisdiction of $2.1 million and $3.1 million, respectively. | |||||||||||||||||||
(b) | Includes energy efficiency bonuses of $1.3 million and $2.0 million, respectively. | |||||||||||||||||||
(c) | Represents revenues with no related kWh sales. |
El Paso Electric Company | |||||||||||||
Three Months Ended December 31, 2015 and 2014 | |||||||||||||
Other Statistical Data | |||||||||||||
Increase (Decrease) | |||||||||||||
2015 | 2014 | Amount | Percentage | ||||||||||
Average number of retail customers: (a) | |||||||||||||
Residential | 358,712 | 353,657 | 5,055 | 1.4 | % | ||||||||
Commercial and industrial, small | 40,380 | 39,969 | 411 | 1.0 | % | ||||||||
Commercial and industrial, large | 48 | 49 | (1 | ) | (2.0 | )% | |||||||
Public authorities | 5,270 | 5,090 | 180 | 3.5 | % | ||||||||
Total | 404,410 | 398,765 | 5,645 | 1.4 | % | ||||||||
Number of retail customers (end of period): (a) | |||||||||||||
Residential | 358,819 | 353,885 | 4,934 | 1.4 | % | ||||||||
Commercial and industrial, small | 40,367 | 40,038 | 329 | 0.8 | % | ||||||||
Commercial and industrial, large | 49 | 49 | — | — | |||||||||
Public authorities | 5,261 | 5,017 | 244 | 4.9 | % | ||||||||
Total | 404,496 | 398,989 | 5,507 | 1.4 | % | ||||||||
Weather statistics: (b) | 10-Yr Average | ||||||||||||
Cooling degree days | 144 | 136 | 123 | ||||||||||
Heating degree days | 889 | 858 | 927 | ||||||||||
Generation and purchased power (kWh, in thousands): | Increase (Decrease) | ||||||||||||
2015 | 2014 | Amount | Percentage | ||||||||||
Palo Verde | 1,196,316 | 1,180,602 | 15,714 | 1.3 | % | ||||||||
Four Corners | 184,328 | 159,363 | 24,965 | 15.7 | % | ||||||||
Gas plants | 744,329 | 889,502 | (145,173 | ) | (16.3 | )% | |||||||
Total generation | 2,124,973 | 2,229,467 | (104,494 | ) | (4.7 | )% | |||||||
Purchased power: | |||||||||||||
Photovoltaic | 53,423 | 53,941 | (518 | ) | (1.0 | )% | |||||||
Other | 286,227 | 188,194 | 98,033 | 52.1 | % | ||||||||
Total purchased power | 339,650 | 242,135 | 97,515 | 40.3 | % | ||||||||
Total available energy | 2,464,623 | 2,471,602 | (6,979 | ) | (0.3 | )% | |||||||
Line losses and Company use | 128,127 | 123,744 | 4,383 | 3.5 | % | ||||||||
Total kWh sold | 2,336,496 | 2,347,858 | (11,362 | ) | (0.5 | )% | |||||||
Palo Verde capacity factor | 87.0 | % | 85.9 | % | 1.1 | % | ||||||
(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 | ||||||||||||||||||||
Twelve Months Ended December 31, 2015 and 2014 | ||||||||||||||||||||
Sales and Revenues Statistics | ||||||||||||||||||||
Increase (Decrease) | ||||||||||||||||||||
2015 | 2014 | Amount | Percentage | |||||||||||||||||
kWh sales (in thousands): | ||||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential | 2,771,138 | 2,640,535 | 130,603 | 4.9 | % | |||||||||||||||
Commercial and industrial, small | 2,384,514 | 2,357,846 | 26,668 | 1.1 | % | |||||||||||||||
Commercial and industrial, large | 1,062,662 | 1,064,475 | (1,813 | ) | (0.2 | )% | ||||||||||||||
Public authorities | 1,585,568 | 1,562,784 | 22,784 | 1.5 | % | |||||||||||||||
Total retail sales | 7,803,882 | 7,625,640 | 178,242 | 2.3 | % | |||||||||||||||
Wholesale: | ||||||||||||||||||||
Sales for resale | 63,347 | 61,729 | 1,618 | 2.6 | % | |||||||||||||||
Off-system sales | 2,500,947 | 2,609,769 | (108,822 | ) | (4.2 | )% | ||||||||||||||
Total wholesale sales | 2,564,294 | 2,671,498 | (107,204 | ) | (4.0 | )% | ||||||||||||||
Total kWh sales | 10,368,176 | 10,297,138 | 71,038 | 0.7 | % | |||||||||||||||
Operating revenues (in thousands): | ||||||||||||||||||||
Non-fuel base revenues: | ||||||||||||||||||||
Retail: | ||||||||||||||||||||
Residential | $ | 246,265 | $ | 234,371 | $ | 11,894 | 5.1 | % | ||||||||||||
Commercial and industrial, small | 187,436 | 185,388 | 2,048 | 1.1 | % | |||||||||||||||
Commercial and industrial, large | 40,411 | 39,239 | 1,172 | 3.0 | % | |||||||||||||||
Public authorities | 91,244 | 92,066 | (822 | ) | (0.9 | )% | ||||||||||||||
Total retail non-fuel base revenues | 565,356 | 551,064 | 14,292 | 2.6 | % | |||||||||||||||
Wholesale: | ||||||||||||||||||||
Sales for resale | 2,455 | 2,277 | 178 | 7.8 | % | |||||||||||||||
Total non-fuel base revenues | 567,811 | 553,341 | 14,470 | 2.6 | % | |||||||||||||||
Fuel revenues: | ||||||||||||||||||||
Recovered from customers during the period | 127,765 | 161,052 | (33,287 | ) | (20.7 | )% | ||||||||||||||
Under (over) collection of fuel (a) | (13,342 | ) | 3,110 | (16,452 | ) | — | ||||||||||||||
New Mexico fuel in base rates | 72,129 | 71,614 | 515 | 0.7 | % | |||||||||||||||
Total fuel revenues (b) | 186,552 | 235,776 | (49,224 | ) | (20.9 | )% | ||||||||||||||
Off-system sales: | ||||||||||||||||||||
Fuel cost | 52,406 | 74,716 | (22,310 | ) | (29.9 | )% | ||||||||||||||
Shared margins | 11,048 | 21,117 | (10,069 | ) | (47.7 | )% | ||||||||||||||
Retained margins | 1,362 | 2,147 | (785 | ) | (36.6 | )% | ||||||||||||||
Total off-system sales | 64,816 | 97,980 | (33,164 | ) | (33.8 | )% | ||||||||||||||
Other (c) (d) | 30,690 | 30,428 | 262 | 0.9 | % | |||||||||||||||
Total operating revenues | $ | 849,869 | $ | 917,525 | $ | (67,656 | ) | (7.4 | )% | |||||||||||
(a) | Includes Department of Energy refunds related to spent fuel storage of $5.8 million and $7.9 million, respectively. 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 $9.7 million and $15.0 million, respectively. | |||||||||||||||||||
(c) | Includes energy efficiency bonuses of $1.3 million and $2.0 million, respectively. | |||||||||||||||||||
(d) | Represents revenues with no related kWh sales. |
El Paso Electric Company | |||||||||||||
Twelve Months Ended December 31, 2015 and 2014 | |||||||||||||
Other Statistical Data | |||||||||||||
Increase (Decrease) | |||||||||||||
2015 | 2014 | Amount | Percentage | ||||||||||
Average number of retail customers: (a) | |||||||||||||
Residential | 356,969 | 352,277 | 4,692 | 1.3 | % | ||||||||
Commercial and industrial, small | 40,250 | 39,600 | 650 | 1.6 | % | ||||||||
Commercial and industrial, large | 49 | 49 | — | — | |||||||||
Public authorities | 5,250 | 5,088 | 162 | 3.2 | % | ||||||||
Total | 402,518 | 397,014 | 5,504 | 1.4 | % | ||||||||
Number of retail customers (end of period): (a) | |||||||||||||
Residential | 358,819 | 353,885 | 4,934 | 1.4 | % | ||||||||
Commercial and industrial, small | 40,367 | 40,038 | 329 | 0.8 | % | ||||||||
Commercial and industrial, large | 49 | 49 | — | — | |||||||||
Public authorities | 5,261 | 5,017 | 244 | 4.9 | % | ||||||||
Total | 404,496 | 398,989 | 5,507 | 1.4 | % | ||||||||
Weather statistics: (b) | 10-Yr Average | ||||||||||||
Cooling degree days | 2,839 | 2,671 | 2,696 | ||||||||||
Heating degree days | 2,095 | 1,900 | 2,174 | ||||||||||
Generation and purchased power (kWh, in thousands): | Increase (Decrease) | ||||||||||||
2015 | 2014 | Amount | Percentage | ||||||||||
Palo Verde | 5,136,686 | 5,106,668 | 30,018 | 0.6 | % | ||||||||
Four Corners | 657,744 | 596,252 | 61,492 | 10.3 | % | ||||||||
Gas plants | 3,790,659 | 3,774,209 | 16,450 | 0.4 | % | ||||||||
Total generation | 9,585,089 | 9,477,129 | 107,960 | 1.1 | % | ||||||||
Purchased power: | |||||||||||||
Photovoltaic | 277,241 | 227,979 | 49,262 | 21.6 | % | ||||||||
Other | 1,113,705 | 1,162,511 | (48,806 | ) | (4.2 | )% | |||||||
Total purchased power | 1,390,946 | 1,390,490 | 456 | — | |||||||||
Total available energy | 10,976,035 | 10,867,619 | 108,416 | 1.0 | % | ||||||||
Line losses and Company use | 607,859 | 570,481 | 37,378 | 6.6 | % | ||||||||
Total kWh sold | 10,368,176 | 10,297,138 | 71,038 | 0.7 | % |
Palo Verde capacity factor | 94.3 | % | 93.7 | % | 0.6 | % | ||||||
(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 December 31, 2015 and 2014 | |||||||||
(In thousands, except number of shares, book value per common share, and ratios) | |||||||||
Balance Sheet | 2015 | 2014 | |||||||
Cash and cash equivalents | $ | 8,149 | $ | 40,504 | |||||
Common stock equity | $ | 1,016,538 | $ | 984,254 | |||||
Long-term debt | 1,134,284 | 1,134,179 | |||||||
Total capitalization | $ | 2,150,822 | $ | 2,118,433 | |||||
Current maturities of long-term debt | $ | — | $ | 15,000 | |||||
Short-term borrowings under the revolving credit facility | $ | 141,738 | $ | 14,532 | |||||
Number of shares - end of period | 40,443,819 | 40,356,624 | |||||||
Book value per common share | $ | 25.13 | $ | 24.39 | |||||
Common equity ratio (a) | 44.3 | % | 45.8 | % | |||||
Debt ratio | 55.7 | % | 54.2 | % | |||||
(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. | ||||||||
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