El Paso Electric Company (NYSE:EE):
Overview
- For the first quarter of 2016, El Paso
Electric Company ("EE" or the "Company") reported a net loss of
$5.8 million, or $0.14 basic and diluted earnings per share. Net
income for the first quarter of 2015 was $3.5 million, or $0.09
basic and diluted earnings per share.
“As anticipated, regulatory lag had a negative impact on first
quarter earnings,” said Mary Kipp, Chief Executive Officer of the
Company. “These results clearly illustrate the importance of
obtaining final orders in our on-going rate cases so that we can
recover the significant investments we have made to meet our
customers' energy needs. That said, we see these results as growing
pains. We are fortunate to live and work in a region that continues
to grow and develop. We look forward to continuing to provide safe,
clean, affordable and reliable power to our customers."
Summary Results
The table and explanations below present the major factors
affecting first quarter 2016 net loss relative to first quarter
2015 net income (in thousands except per share data):
Quarter Ended
Pre-TaxEffect
After-TaxEffect
BasicEPS
March 31, 2015 $ 3,458 $ 0.09 Changes in: Allowance for funds used
during construction $ (2,902 ) (2,564 ) (0.06 ) O&M at
fossil-fuel generating plants (3,172 ) (2,062 ) (0.05 ) Investment
and interest income (2,325 ) (1,865 ) (0.05 ) Depreciation and
amortization (1,728 ) (1,123 ) (0.03 ) Deregulated Palo Verde Unit
3 (961 ) (624 ) (0.02 ) Retail non-fuel base revenues 959 624 0.02
Other (3,282 ) (1,652 ) (0.04 ) March 31, 2016 $ (5,808 ) $ (0.14 )
Regulatory Lag
The completion of Montana Power Station ("MPS") Units 1 & 2
(including common plant, transmission lines and substation) and the
Eastside Operations Center ("EOC") continues to have a negative
impact on the Company's financial results due to regulatory lag
associated with the placement in service of these assets without a
corresponding increase in revenues. The placement in service of
Unit 3 in May 2016 and the anticipated completion of Unit 4 in
September 2016 will continue the negative impact of regulatory lag
until new and higher rates become effective. The primary impact
from these assets being placed in service include a reduction in
amounts capitalized for allowance for funds used during
construction ("AFUDC"), and increases in depreciation, operations
and maintenance ("O&M") expense, property taxes and interest
cost.
First Quarter 2016
Income (loss) for the quarter ended March 31, 2016, when
compared to the quarter ended March 31, 2015, was negatively
affected by:
- 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 in March 2015
and a reduction in the AFUDC rate effective January 2016, partially
offset by AFUDC earned on construction costs related to MPS Units 3
and 4.
- Increased O&M expenses related to
our fossil-fuel generating plants due to (i) maintenance outages on
Four Corners Unit 5 and Rio Grande Unit 7 compared to a reduced
level of maintenance outage costs during 2015 and (ii) O&M
expenses at MPS in first quarter 2016 compared to first quarter
2015.
- Decreased investment and interest
income due to lower realized gains on securities sold from the
Company’s Palo Verde decommissioning trust in first quarter 2016
compared to first quarter 2015.
- 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 in March 2015,
partially offset by a change in the estimated useful life of
certain intangible software assets.
- Decreased deregulated Palo Verde Unit 3
revenues, primarily due to a 16.9% decrease in proxy market prices
reflecting a decline in the price of natural gas.
- Other includes items each of which have
no greater effect than $0.01 on basic earnings per share. Such
items include increases in (i) administrative and general expenses,
(ii) taxes other than income taxes, and (iii) Palo Verde O&M
expenses.
Income (loss) for the quarter ended March 31, 2016, when
compared to the quarter ended March 31, 2015, was positively
affected by:
- Increased retail non-fuel base
revenues, primarily due to increased revenues from residential
customers reflecting a 1.3% increase in kWh sales and a 1.5%
increase in the average number of customers.
Retail Non-fuel Base Revenues
Retail non-fuel base revenues increased $1.0 million, pre-tax,
or 0.9%, in the first quarter of 2016, compared to the first
quarter of 2015. This increase includes an $0.8 million increase in
revenues from residential customers and a $0.2 million increase in
revenues from small commercial and industrial customers reflecting
increases of 1.5% and 1.2%, respectively, in the average number of
customers served. KWh sales to residential customers and small
commercial and industrial customers increased by 1.3% and 2.1%,
respectively. Retail non-fuel base revenues from large commercial
and industrial customers and sales to public authorities combined
were comparable to the first quarter of 2015. Non-fuel base
revenues and kWh sales are provided by customer class on page 10 of
this release.
2015 Rate Cases
On May 11, 2015, the Company filed with the New Mexico Public
Regulation Commission ("NMPRC") in Case No. 15-00127-UT, for an
annual increase in non-fuel base rates of approximately $8.6
million or 7.1%. The filing also requests an annual reduction of
$15.4 million, or 21.5%, for fuel and purchased power costs
recovered in base rates. Subsequently, the Company reduced its
requested increase in non-fuel base rates to approximately $6.4
million. On February 16, 2016, the Hearing Examiner issued a
Recommended Decision to the NMPRC proposing an annual increase in
non-fuel base rates of approximately $640 thousand. The Company
filed exceptions to the Recommended Decision to be considered by
the NMPRC. The NMPRC has until June 10, 2016 to issue a final order
authorizing new rates to go into effect. Approximately 24% of the
Company's customers are in New Mexico. The Company cannot predict
the outcome of the rate case at this time.
On August 10, 2015, the Company filed with the City of El Paso,
other municipalities incorporated in its Texas service territory
and the Public Utility Commission of Texas ("PUCT") in Docket No.
44941, a request for an annual increase in non-fuel base revenues
of approximately $71.5 million. On January 15, 2016, the Company
filed its rebuttal testimony modifying the requested increase to
$63.3 million. The Company has invoked its statutory right to have
its new rates relate back for consumption on and after January 12,
2016, which is the 155th day after the filing. The difference in
rates that would have been billed will be surcharged or refunded to
customers beginning after the PUCT's final order in Docket No.
44941. The PUCT has the authority to require the Company to
surcharge or refund such difference over a period not to exceed 18
months. On January 21, 2016, the Company, the City of El Paso, the
PUCT Staff, the Office of Public Utility Counsel and Texas
Industrial Energy Consumers filed a joint motion to abate the
procedural schedule to facilitate settlement talks. This motion was
granted.
On March 29, 2016, the majority of parties to PUCT Docket No.
44941 filed a non-unanimous Stipulation and Agreement ("Settlement
Agreement"), together with a motion to implement it. The Settlement
Agreement would resolve all issues in this rate case except for one
revenue requirement issue involving the Company’s interest in Units
4 and 5 of the Four Corners power plant ("Four Corners"). The
Settlement Agreement includes, among other things: (i) an annual
non-fuel base rate increase of $37 million; (ii) the potential for
an additional base rate increase of $8 million related to Four
Corners costs after a hearing and decision; (iii) a change in
estimated asset lives which would lower annual depreciation expense
by approximately $8.5 million; (iv) a return on equity of 9.7% for
AFUDC purposes; and (v) a determination that substantially all new
plant in service was reasonable and necessary and therefore would
be recoverable in rate base. Approximately 76% of the Company's
customers are in Texas.
The Administrative Law Judges ("ALJs") hearing the case approved
interim rates for the $37 million annual increase outlined in the
Settlement Agreement on March 30, 2016. The interim rates are
effective as of April 1, 2016 and are subject to refund or
surcharge pending resolution by the PUCT. Four parties have
indicated that they oppose the Settlement Agreement, and they are
entitled to a hearing on the Settlement Agreement. On April 22,
2016, the ALJs issued an Order Setting a Procedural Schedule, which
among other things, calls for a hearing on June 21-22, 2016 on the
merits of the proposed settlement of the rate case, not including
the Four Corners issue. The Company cannot predict the timing and
outcome of the rate case at this time.
Given the uncertainty regarding the ultimate resolution of this
rate case, the Company did not record any impacts of the Settlement
Agreement in the first quarter of 2016. As discussed above, upon
resolution of this rate case, the Company expects to record
revenues under the new rate structure for consumption on or after
January 12, 2016.
Commercial Operation of Montana Power Station Unit 3 and
Construction of Unit 4
On May 3, 2016, the Company placed into commercial operation the
third generating unit at the MPS and the related common facilities
and transmission systems at a cost of approximately $82.4 million.
The state-of-the-art 88-MW simple cycle aero-derivative combustion
turbine is powered by natural gas and has quick start capabilities
which allows the unit to go from off-line to full output in less
than 10 minutes, thus increasing overall power grid stability, and
work in concert with the Company's renewable energy sources. This
unit will generate enough energy to power more than 40,000 homes in
the Company's growing service territory. MPS Unit 4, identical to
the other three MPS units, is expected to reach commercial
operation September 2016.
Capital and Liquidity
In March 2016, we issued $150 million in aggregate principal
amount of 5.00% Senior Notes due December 1, 2044 to repay
outstanding short-term borrowings on our Revolving Credit Facility
("RCF") used for working capital and general corporate purposes,
which may include funding capital expenditures. We continue to
maintain a strong capital structure in which common stock equity
represented 42.3% of our capitalization (common stock equity,
long-term debt, current maturities of long-term debt and short-term
borrowings under the RCF). At March 31, 2016, we had a balance of
$41.3 million in cash and cash equivalents. 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 our RCF to meet
all of our anticipated cash requirements for the next 12
months.
Cash flows from operations for the three months ended March 31,
2016 were $13.9 million, compared to $26.5 million for the
three months ended March 31, 2015. The primary factors affecting
the decrease in cash flows from operations were reductions in (i)
earnings arising from regulatory lag, (ii) deferred income taxes,
and (iii) the over-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 three
months ended March 31, 2016, the Company had a fuel over-recovery
of $4.1 million compared to an over-recovery of fuel costs of $15.7
million during the three months ended March 31, 2015. At March 31,
2016, we had a net fuel over-recovery balance of $8.1 million,
including an over-recovery of $5.2 million in Texas, $2.8 million
in the New Mexico and $0.1 million in the Federal Energy Regulatory
Commission ("FERC") jurisdiction.
During the three months ended March 31, 2016, 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
utility plant were $52.7 million for the three months ended March
31, 2016 and $73.9 million for the three months ended March 31,
2015. Capital expenditures for 2016 are expected to be $231.1
million. Capital requirements for purchases of nuclear fuel were
$11.2 million for the three months ended March 31, 2016, and
$10.2 million for the three months ended March 31, 2015.
On March 31, 2016, we paid a quarterly cash dividend of $0.295
per share, or $11.9 million, to shareholders of record as of the
close of business on March 15, 2016. We expect to continue paying
quarterly cash dividends. We expect to review the dividend policy
in the second quarter of 2016.
No shares of common stock were repurchased during the three
months ended March 31, 2016. As of March 31, 2016, a total of
393,816 shares remain available for repurchase under the Company's
currently authorized stock repurchase program. The Company may in
the future make purchases of its common stock in open market
transactions at prevailing prices and may engage in private
transactions where appropriate.
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 maximum aggregate unsecured borrowing
currently 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 total amount borrowed for nuclear fuel by the
RGRT, excluding debt issuance costs, was $132.1 million at March
31, 2016, of which $37.1 million had been borrowed under the RCF,
and $95.0 million was borrowed through the issuance of senior
notes. Borrowings by the RGRT for nuclear fuel, excluding debt
issuance costs, were $127.3 million as of March 31, 2015, of which
$17.3 million had been borrowed under the RCF and $110.0 million
was borrowed through the issuance of 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 March 31, 2016, $50.0 million was outstanding
under the RCF for working capital and general corporate purposes,
which may include funding capital expenditures. At March 31, 2015,
$41.0 million was outstanding under the RCF for working capital and
general corporate purposes. Total aggregate borrowings under the
RCF at March 31, 2016 were $87.1 million with an additional $212.4
million available to borrow.
We received approval from the NMPRC on October 7, 2015, and from
the FERC on October 19, 2015, to issue up to $310 million in new
long-term debt and to guarantee the issuance of up to $65 million
of new debt by the RGRT to finance future purchases of nuclear fuel
and to refinance existing nuclear fuel debt obligations. We
also requested approval from the FERC to continue to utilize our
existing RCF without change from the FERC’s previously approved
authorization. The FERC authorization is effective from November
15, 2015 through November 15, 2017. The approvals granted in these
cases supersede prior approvals. Under this authorization, on March
24, 2016, the Company issued $150 million in aggregate principal
amount of 5.00% Senior Notes due December 1, 2044. The proceeds
from the issuance of these senior notes, after deducting the
underwriters' commission, were $158.1 million. These proceeds
include accrued interest of $2.4 million and a $7.1 million premium
before expenses. The estimated effective interest rate is expected
to be 4.78%. The net proceeds from the sale of these senior notes
were used to repay outstanding short-term borrowings under the RCF.
These senior notes constitute an additional issuance of the
Company’s 5.00% Senior Notes due 2044, of which $150 million was
previously issued on December 1, 2014, for a total principal amount
outstanding of $300 million.
2016 Earnings Guidance
On May 11, 2015 and August 10, 2015, the Company filed rate
cases in New Mexico and Texas, respectively, as discussed above.
The outcome of these cases are expected to have a significant
impact on the Company's results of operations in 2016. Since we
cannot predict the outcome of these rate cases, the Company has
decided not to provide earnings guidance at this time. However, we
will continue to provide management's outlook on key earnings
drivers on the Company's May 4, 2016 conference call.
Conference Call
A conference call to discuss the first quarter 2016 financial
results is scheduled for 10:30 A.M. Eastern Time, on May 4,
2016. The dial-in number is 888-471-3843 with a conference ID
number of 1483838. The international dial-in number is
719-325-2495. The conference leader will be Lisa Budtke, Director
Treasury Services and Investor Relations. A replay will run through
May 18, 2016 with a dial-in number of 888-203-1112 and a conference
ID number of 1483838. 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 are forward-looking
statements made pursuant to the safe harbor provisions of the
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. This
information may involve risks and uncertainties that could cause
actual results to differ materially from such forward-looking
statements. Additional information concerning factors that could
cause actual results to differ materially from those expressed in
forward-looking statements is contained in EE's most recently filed
periodic reports and in other filings made by EE with the U.S.
Securities and Exchange Commission (the "SEC"), and include, but is
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) full and timely
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, including distributed generation; (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 and on time; (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; (xiii) possible physical or
cyber attacks, intrusions or other catastrophic events; and
(xiv) other factors of which we are currently unaware or deem
immaterial. EE's filings are available from the SEC 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. Management cautions against putting undue reliance on
forward-looking statements or projecting any future results based
on such statements or present or prior earnings levels.
Forward-looking statements speak only as of the date of this news
release, and EE does not undertake to update any forward-looking
statement contained herein.
El Paso Electric Company Statements of
Operations Quarter Ended March 31, 2016 and 2015 (In
thousands except for per share data) (Unaudited)
2016 2015
Variance Operating revenues, net of energy expenses:
Base revenues $ 105,745 $ 104,857 $ 888 (a) Deregulated Palo Verde
Unit 3 revenues 2,166 3,127 (961 ) Other 5,933 6,858
(925 )
Operating Revenues Net of Energy Expenses
113,844 114,842 (998 ) Other
operating expenses: Other operations and maintenance 53,559 49,311
4,248 Palo Verde operations and maintenance 22,343 21,848 495 Taxes
other than income taxes 14,812 14,158 654 Other income 3,119
4,943 (1,824 )
Earnings Before Interest, Taxes,
Depreciation and Amortization 26,249 34,468
(8,219 ) (b) Depreciation and amortization
23,293 21,565 1,728 Interest on long-term debt 16,599 16,483 116
AFUDC and capitalized interest 5,236 8,185 (2,949 ) Other interest
expense 562 163 399
Income (Loss) Before
Income Taxes (8,969 ) 4,442 (13,411
) Income tax expense (benefit) (3,161 ) 984
(4,145 )
Net Income (Loss) $ (5,808
) $ 3,458 $ (9,266
) Basic Earnings (Loss) per Share $
(0.14 ) $ 0.09 $
(0.23 ) Diluted Earnings (Loss) per
Share $ (0.14 ) $ 0.09
$ (0.23 ) Dividends declared per
share of common stock $ 0.295 $ 0.280 $ 0.015
Weighted average number of shares outstanding 40,325
40,243 82
Weighted average number of shares and
dilutive potential shares outstanding
40,325 40,267 58
(a) Base revenues exclude fuel recovered
through New Mexico base rates of $16.2 million and $16.1 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 Quarter Ended March 31, 2016 and 2015 (In
thousands and Unaudited)
2016 2015 Cash flows from operating
activities: Net income (loss) $ (5,808 ) $ 3,458 Adjustments to
reconcile net income (loss) to net cash provided by operations:
Depreciation and amortization of electric plant in service 23,293
21,565 Amortization of nuclear fuel 11,800 11,392 Deferred income
taxes, net (3,632 ) 6,255 Net gains on sale of decommissioning
trust funds (1,388 ) (3,745 ) Other 1,493 356 Change in: Accounts
receivable 8,296 5,828 Net over-collection of fuel revenues 4,104
15,687 Accounts payable (21,827 ) (24,230 ) Other (2,396 ) (10,114
)
Net cash provided by operating activities 13,935
26,452 Cash flows from investing
activities: Cash additions to utility property, plant and
equipment (52,675 ) (73,865 ) Cash additions to nuclear fuel
(11,220 ) (10,183 ) Decommissioning trust funds (2,466 ) (2,319 )
Other (3,054 ) (4,140 )
Net cash used for investing
activities (69,415 ) (90,507 )
Cash flows from financing activities: Dividends paid
(11,928 ) (11,303 ) Borrowings under the revolving credit facility,
net (54,688 ) 43,813 Proceeds from issuance of senior notes 157,052
— Other (1,793 ) (985 )
Net cash provided by financing
activities 88,643 31,525
Net increase (decrease) in cash and cash equivalents
33,163 (32,530 ) Cash and cash
equivalents at beginning of period 8,149
40,504 Cash and cash equivalents at end of
period $ 41,312 $ 7,974
El Paso Electric Company Quarter
Ended March 31, 2016 and 2015 Sales and Revenues
Statistics
Increase (Decrease) 2016 2015
Amount Percentage
kWh sales (in
thousands):
Retail: Residential 569,085 561,653 7,432 1.3 % Commercial and
industrial, small 500,226 490,066 10,160 2.1 % Commercial and
industrial, large 244,926 253,120 (8,194 ) (3.2 )% Public
authorities 346,235 343,093 3,142 0.9 % Total
retail sales 1,660,472 1,647,932 12,540 0.8 %
Wholesale: Sales for resale 11,841 11,945 (104 ) (0.9 )% Off-system
sales 578,673 683,529 (104,856 ) (15.3 )% Total
wholesale sales 590,514 695,474 (104,960 ) (15.1 )%
Total kWh sales 2,250,986 2,343,406 (92,420 ) (3.9 )%
Operating
revenues (in thousands):
Non-fuel base revenues: Retail: Residential $ 47,743 $ 46,940 $ 803
1.7 % Commercial and industrial, small 32,140 31,970 170 0.5 %
Commercial and industrial, large 8,093 8,249 (156 ) (1.9 )% Public
authorities 17,400 17,258 142 0.8 % Total
retail non-fuel base revenues 105,376 104,417 959 0.9 % Wholesale:
Sales for resale 369 440 (71 ) (16.1 )% Total
non-fuel base revenues 105,745 104,857 888 0.8
% Fuel revenues: Recovered from customers during the period
22,534 34,422 (11,888 ) (34.5 )% Over collection of fuel (a) (4,103
) (15,687 ) 11,584 73.8 % New Mexico fuel in base rates 16,226
16,113 113 0.7 % Total fuel revenues (b)
34,657 34,848 (191 ) (0.5 )% Off-system sales:
Fuel cost 8,492 12,865 (4,373 ) (34.0 )% Shared margins 2,555 3,936
(1,381 ) (35.1 )% Retained margins 360 356 4
1.1 % Total off-system sales 11,407 17,157 (5,750 ) (33.5 )% Other
(c) 6,000 6,884 (884 ) (12.8 )% Total operating
revenues $ 157,809 $ 163,746 $ (5,937 ) (3.6 )%
(a) Includes Department of Energy refunds
related to spent fuel storage of $1.6 million and $5.8 million,
respectively.
(b) Includes deregulated Palo Verde Unit 3
revenues for the New Mexico jurisdiction of $2.2 million and $3.1
million, respectively.
(c) Represents revenues with no related
kWh sales.
El Paso Electric Company Quarter Ended
March 31, 2016 and 2015 Other Statistical Data
Increase (Decrease)
2016 2015 Amount
Percentage
Average number of
retail customers: (a)
Residential 360,048 354,758 5,290 1.5 % Commercial and industrial,
small 40,537 40,040 497 1.2 % Commercial and industrial, large 49
49 — — Public authorities 5,372 5,216 156 3.0
% Total 406,006 400,063 5,943 1.5 %
Number of retail
customers (end of period): (a)
Residential 360,676 355,563 5,113 1.4 % Commercial and industrial,
small 40,767 40,052 715 1.8 % Commercial and industrial, large 49
49 — — Public authorities 5,331 5,209 122 2.3
% Total 406,823 400,873 5,950 1.5 %
Weather
statistics: (b)
10-YearAverage
Heating degree days 1,054 1,153 1,183 Cooling degree days 23 34 30
Generation and
purchased power (kWh, in thousands):
Increase (Decrease) 2016 2015 Amount
Percentage Palo Verde 1,380,497 1,362,194 18,303 1.3
% Four Corners 81,006 137,218 (56,212 ) (41.0 )% Gas plants 637,430
668,575 (31,145 ) (4.7 )% Total generation 2,098,933
2,167,987 (69,054 ) (3.2 )% Purchased power: Photovoltaic 67,764
59,059 8,705 14.7 % Other 205,157 241,713 (36,556 )
(15.1 )% Total purchased power 272,921 300,772
(27,851 ) (9.3 )% Total available energy 2,371,854 2,468,759
(96,905 ) (3.9 )% Line losses and Company use 120,868
125,353 (4,485 ) (3.6 )% Total kWh sold 2,250,986
2,343,406 (92,420 ) (3.9 )%
Palo Verde capacity factor
101.7
%
101.4
%
0.3
%
(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 March 31, 2016 and 2015 (In thousands,
except number of shares, book value per common share, and
ratios) Balance Sheet
2016 2015 Cash and cash equivalents $ 41,312
$ 7,974 Common stock equity $ 999,741 $
975,265 Long-term debt (a) 1,278,449 1,122,064 Total
capitalization $ 2,278,190 $ 2,097,329 Current
maturities of long-term debt $ — $ 15,000
Short-term borrowings under the revolving credit facility $ 87,050
$ 58,345 Number of shares - end of period
40,484,815 40,392,608 Book value per common
share $ 24.69 $ 24.14 Common equity ratio (b)
42.3 % 44.9 % Debt ratio 57.7 % 55.1 %
(a) In accordance with ASU 2015-03
(Subtopic 835-30), Interest- Imputation of Interest, debt issuance
costs related to a recognized debt liability are presented in the
balance sheet as a direct deduction from the carrying amount of
that debt liability. The Company implemented ASU 2015-03 in the
first quarter of 2016, and retrospectively to all periods
presented.
(b) 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160504005564/en/
El Paso Electric CompanyMedia ContactsEddie Gutierrez,
915-543-5763eduardo.gutierrez@epelectric.comorInvestor
RelationsLisa Budtke,
915-543-5947lisa.budtke@epelectric.com
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