El Paso Electric Company (NYSE:EE):
Overview
- For the first quarter of 2017, El Paso
Electric Company ("EE" or the "Company") reported a net loss of
$4.0 million, or $0.10 basic and diluted loss per share. Net loss
in the first quarter of 2016 was $5.8 million, or $0.14 basic and
diluted loss per share.
"These results reflect the need to complete the second half of
our rate relief process so we can recover our infrastructure
investment in the region. As we have said for several years, the
current rate case is the culmination of a two-part process to
recover the nearly $1.8 billion we have invested over the last
seven years to meet the energy needs of our growing community.
These results also reflect that most of our sales occur during the
summer months," said Mary Kipp, Chief Executive Officer. "Finally,
we are proud of our partnership with our customers to bring more
renewables to our region for the benefit of our communities and the
environment. Our new Texas Community Solar Program, which expands
our renewable technology portfolio, was fully subscribed within one
month of launch."
Summary Results
The table and explanations below present the major factors
affecting first quarter 2017 net loss relative to first quarter
2016 net loss (in thousands except per share data):
Quarter Ended
Pre-TaxEffect
After-TaxEffect
Basic EPS March 31, 2016 $ (5,808 ) $ (0.14 )
Changes in: Allowance for funds used during construction (2,388 )
(2,085 ) (0.05 ) O&M at fossil-fuel generating plants (2,500 )
(1,625 ) (0.04 ) Interest on long-term debt (1,768 ) (1,149 ) (0.03
) Retail non-fuel base revenues 5,169 3,360 0.08 Depreciation and
amortization 1,359 884 0.02 Investment and interest income 1,057
812 0.02 Other revenues 1,037 674 0.02 Other 726 948
0.02 March 31, 2017 $ (3,989 ) $ (0.10 )
Financial Effect of the Public Utility Commission of Texas
("PUCT") Final Order
On August 25, 2016, the PUCT issued its final order in the
Company's rate case in Docket No. 44941 (the "PUCT Final Order").
The PUCT Final Order had a significant effect on the Company's
first quarter 2017 financial results, the impacts of which are
reflected in the table above and discussed below. For financial
reporting purposes, the Company deferred any recognition of the
Company's request in its 2015 Texas Retail Rate Case until it
received the PUCT Final Order in August 2016. Accordingly, it
recorded in the third quarter of 2016 the cumulative effect of the
PUCT Final Order that related back to January 12, 2016. The impact
of the PUCT Final Order recorded in August 2016 relating to the
first quarter of 2016 would have increased net income by
approximately $4.6 million.
First Quarter 2017
Loss for the quarter ended March 31, 2017, when compared to the
quarter ended March 31, 2016, was negatively affected by (presented
on a pre-tax basis):
- Decreased allowance for funds used
during construction ("AFUDC") due to (i) lower balances of
construction work in progress ("CWIP"), primarily due to Montana
Power Station ("MPS") Units 3 and 4 being placed in service in May
and September 2016, respectively, and (ii) a reduction in the AFUDC
rate effective January 2017.
- Increased operations and maintenance
("O&M") expenses related to our fossil-fuel generating plants
primarily due to (i) increased maintenance expense for outages at
Newman Units 1, 3, & 4 and (ii) increased routine maintenance
at MPS and Rio Grande Power Station ("Rio Grande"). These increases
were partially offset by the sale of the Company's interest in
Units 4 and 5 of the Four Corners Power Plant in July 2016 and a
maintenance outage at Rio Grande Unit 7 in 2016 with no comparable
activity in 2017.
- Increased interest on long-term debt
primarily due to the $150 million principal amount of senior notes
issued in March 2016.
Loss for the quarter ended March 31, 2017, when compared to the
quarter ended March 31, 2016, was positively affected by (presented
on a pre-tax basis):
- Increased retail non-fuel base revenues
primarily due to the non-fuel base rate increase approved in the
PUCT Final Order. The first quarter of 2016 did not include
approximately $5.9 million of retail non-fuel base revenues for the
period from January 12, 2016 through March 31, 2016, which revenues
were not recognized until the PUCT Final Order was approved in
August 2016. The 1.7% growth in the average number of retail
customers served also contributed to the increase in retail
non-fuel base revenues. This increase was partially offset by a
decrease in kWh sales from residential customers primarily due to
mild weather in the first quarter of 2017 compared to the first
quarter of 2016. Non-fuel base revenues and kWh sales are provided
by customer class on page 9 of this news release.
- Decreased depreciation and amortization
primarily due to (i) reductions of approximately $2.9 million
resulting from changes in depreciation rates as approved by the
PUCT and the New Mexico Public Regulation Commission ("NMPRC") in
the PUCT Final Order and the final order of the NMPRC in Case No.
15-00127-UT issued on June 8, 2016 (the "NMPRC Final Order"),
respectively, and (ii) the sale of the Company's interest in Units
4 and 5 of the Four Corners Power Plant. These decreases were
partially offset by increases in plant, including MPS Units 3 and
4, which were placed in service in May and September 2016,
respectively.
- Increased investment and interest
income primarily due to higher realized gains on securities sold
from the Company’s Palo Verde decommissioning trust in the first
quarter of 2017 compared to the first quarter of 2016.
- Increased other revenues primarily due
to (i) additional miscellaneous service revenues as a result of
rate increases approved in the PUCT Final Order and in the NMPRC
Final Order and (ii) the New Mexico energy efficiency bonus.
- Other includes primarily decreased
administrative and general expenses and Palo Verde O&M
expenses.
Retail Non-fuel Base Revenues
Excluding the $5.9 million PUCT Final Order impact, for the
first quarter of 2017, retail non-fuel base revenues decreased $0.8
million pre-tax, or 0.7%, compared to the first quarter of 2016.
This decrease in sales was primarily due to mild weather. Heating
degree days for the first quarter of 2017 were 28.6% below the
10-year average. For the quarter ended March 31, 2017, the number
of heating degree days recorded was the lowest total recorded in
more than 70 years. Continued growth of 1.5% in the average number
of residential customers served partially offset some of the
weather impact. The decrease in retail non-fuel base revenues was
partially offset by a $1.0 million increase in revenues from small
commercial and industrial customers, largely due to a 3.8% increase
in the average number of customers served.
Rate Cases
2017 Texas Retail Rate Case Filing
On February 13, 2017, the Company filed with the City of El
Paso, other municipalities incorporated in the Company's Texas
service territory and the PUCT in Docket No. 46831, a request for
an increase in non-fuel base revenues of approximately $42.5
million. The Company requested, pursuant to its statutory right, to
have its new rates relate back for consumption on and after July
18, 2017, which is the 155th day after the filing of the rate case.
The difference in rates that would have been billed will be
surcharged or refunded to customers after the PUCT's final order in
Docket No. 46831. The PUCT has the authority to require the Company
to surcharge or refund such difference over a period not to exceed
18 months. The Company cannot predict the outcome or the timing of
the rate case at this time.
New Mexico Rate Case Update
NMPRC Case No. 15-00109-UT required the Company to make a rate
filing in New Mexico in the second quarter of 2017 using a
historical test year ended December 31, 2016. On March 24, 2017,
the Company, NMPRC Utility Division Staff and the New Mexico
Attorney General filed a Joint Motion to Modify Filing Date Stated
in Final Order requesting that the rate filing date be changed to
no later than July 31, 2019, using the appropriate test year
period. The joint request was approved by the NMPRC on April 12,
2017.
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 42.9% of our capitalization (common stock equity,
long-term debt, current maturities of long-term debt and short-term
borrowings under the RCF) as of March 31, 2017. At March 31, 2017,
we had a balance of $5.2 million in cash and cash equivalents.
Based on current projections, we believe that we will have adequate
liquidity through our current cash balances, cash from operations
and available borrowings under our RCF to meet all of our
anticipated cash requirements for the next twelve months including
the maturity of $50.0 million aggregate principal amount of our
Series B 4.47% Senior Notes (due August 2017) and $33.3 million
aggregate principal amount of 2012 Series A 1.875% Pollution
Control Bonds which are subject to mandatory tender for purchase in
September 2017.
Cash flows from operations for the three months ended March 31,
2017 were $26.1 million, compared to $13.9 million for the
three months ended March 31, 2016. The primary factors contributing
to the increase in cash flows from operations were changes in
accounts payable and net under/over-collection of fuel revenues. A
component of cash flows from operations is the change in net
over-collection and 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 three months ended March 31, 2017, we had fuel over-recoveries
of $8.5 million compared to over-recoveries of fuel costs of $4.1
million during the three months ended March 31, 2016. At March 31,
2017, we had a net fuel under-recovery balance of $2.3 million,
including an under-recovery of $2.5 million in Texas offset by an
over-recovery of $0.2 million in New Mexico. On November 30, 2016,
we filed a request to increase our Texas fixed fuel factor by
approximately 28.8% to reflect increased fuel expenses primarily
related to an increase in the price of natural gas used to generate
power. The increase in our Texas fixed fuel factor was effective on
an interim basis on January 1, 2017 and was approved by the PUCT on
January 10, 2017.
During the three months ended March 31, 2017, our primary
capital requirements were for the construction and purchase of our
electric utility plant, payment of common stock dividend and
purchases of nuclear fuel. Capital requirements for new electric
utility plant were $53.9 million for the three months ended March
31, 2017 and $52.7 million for the three months ended March 31,
2016. Capital expenditures for 2017 are expected to be
approximately $215.0 million. Capital requirements for purchases of
nuclear fuel were $10.9 million for the three months ended March
31, 2017, and $11.2 million for the three months ended March
31, 2016.
On March 31, 2017, we paid a quarterly cash dividend of $0.31
per share, or $12.6 million, to shareholders of record as of the
close of business on March 17, 2017. We expect to continue paying
quarterly cash dividends. We expect our board of directors to
review the dividend policy in the second quarter of 2017.
No shares of common stock were repurchased during the three
months ended March 31, 2017. As of March 31, 2017, a total of
393,816 shares remain available for repurchase under our currently
authorized stock repurchase program. We 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 our financial statements. On January 9, 2017, we exercised the
option to extend the maturity of the RCF by one year to January 14,
2020 and to increase the size of the facility by $50 million to
$350 million. We still have the option to extend the facility by
one additional year to January 2021 and to increase the RCF by up
to $50 million (up to a total of $400 million) 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 $135.2 million
at March 31, 2017, of which $40.2 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 $132.1 million as of 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. 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, 2017, $94.0 million was
outstanding under the RCF for working capital and general corporate
purposes, which may include funding capital expenditures. At March
31, 2016, $50.0 million was outstanding under the RCF for working
capital and general corporate purposes. Total aggregate borrowings
under the RCF at March 31, 2017 were $134.2 million with an
additional $215.3 million available to borrow, after giving
consideration to the $50 million increase on January 9, 2017.
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, we 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 included accrued
interest of $2.4 million and a $7.1 million premium before
expenses. The effective interest rate for these senior notes is
approximately 4.77%. 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
our 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.
2017 Earnings Guidance
On February 13, 2017, the Company filed a rate case in Texas as
discussed above. The outcome of this case could have a significant
impact on the Company's results of operations in 2017. Since we
cannot predict the outcome of this rate case at this time, the
Company is not currently providing earnings guidance.
Conference Call
A conference call to discuss the first quarter 2017 financial
results is scheduled for 10:30 A.M. Eastern Time, on May 3,
2017. The dial-in number is 888-352-6798 with a conference ID
number of 4992591. The international dial-in number is
719-325-2351. The conference leader will be Lisa Budtke, Director
Treasury Services and Investor Relations. A replay will run through
May 17, 2017 with a dial-in number of 888-203-1112 and a conference
ID number of 4992591. 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 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) unanticipated
maintenance, repair, or replacement costs for generation,
transmission, or distribution facilities and the recovery of
proceeds from insurance policies providing coverage for such costs;
(vii) the size of our construction program and our ability to
complete construction on budget and on time; (viii) potential
delays in our construction schedule due to legal challenges or
other reasons; (ix) costs at Palo Verde; (x) deregulation
and competition in the electric utility industry;
(xi) possible increased costs of compliance with environmental
or other laws, regulations and policies; (xii) possible income
tax and interest payments as a result of audit adjustments proposed
by the IRS or state taxing authorities; (xiii) uncertainties
and instability in the financial markets and the resulting impact
on EE's ability to access the capital and credit markets; (xiv)
possible physical or cyber attacks, intrusions or other
catastrophic events; and (xv) 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, 2017 and 2016 (In
thousands except for per share data) (Unaudited)
2017 2016
Variance Operating revenues $ 171,335 $
157,809 $ 13,526
Energy expenses: Fuel 36,606
34,319 2,287 Purchased and interchanged power 13,673
9,646 4,027 50,279
43,965 6,314
Operating revenues net of
energy expenses 121,056 113,844
7,212
Other operating expenses: Other
operations 56,123 58,387 (2,264 ) Maintenance 20,990 17,515 3,475
Depreciation and amortization 21,934 23,293 (1,359 ) Taxes other
than income taxes 15,730 14,812
918 114,777 114,007 770
Operating income (loss) 6,279
(163 ) 6,442
Other income (deductions):
Allowance for equity funds used during construction 815 2,336
(1,521 ) Investment and interest income, net 3,986 2,929 1,057
Miscellaneous non-operating income 85 656 (571 ) Miscellaneous
non-operating deductions (740 ) (466 ) (274 )
4,146 5,455 (1,309 )
Interest
charges (credits): Interest on long-term debt and revolving
credit facility 18,367 16,599 1,768 Other interest 420 562 (142 )
Capitalized interest (1,294 ) (1,242 ) (52 ) Allowance for borrowed
funds used during construction (791 ) (1,658 )
867 16,702 14,261 2,441
Loss before income taxes (6,277 ) (8,969 ) 2,692
Income tax benefit (2,288 ) (3,161 )
873
Net loss $ (3,989 ) $
(5,808 ) $ 1,819 Basic
loss per share $ (0.10 ) $
(0.14 ) $ 0.04 Diluted
loss per share $ (0.10 ) $
(0.14 ) $ 0.04
Dividends declared per share of common stock $ 0.310
$ 0.295 $ 0.015
Weighted average number of shares
outstanding 40,387 40,325 62
Weighted average number of shares and
dilutive potential shares outstanding
40,387 40,325 62
El Paso Electric Company Cash Flow Summary
Quarter Ended March 31, 2017 and 2016 (In thousands and
Unaudited) 2017 2016
Cash flows from operating activities: Net loss $ (3,989 ) $
(5,808 ) Adjustments to reconcile net loss to net cash provided by
operations: Depreciation and amortization of electric plant in
service 21,934 23,293 Amortization of nuclear fuel 11,278 11,800
Deferred income taxes, net (3,209 ) (3,632 ) Net gains on sale of
decommissioning trust funds (2,191 ) (1,388 ) Other 4,008 1,493
Change in: Accounts receivable 8,663 8,296 Net
under/over-collection of fuel revenues 8,530 4,104 Accounts payable
(13,766 ) (21,827 ) Other (5,126 ) (2,396 )
Net
cash provided by operating activities 26,132
13,935 Cash flows from
investing activities: Cash additions to utility property, plant
and equipment (53,867 ) (52,675 ) Cash additions to nuclear fuel
(10,873 ) (11,220 ) Decommissioning trust funds (2,427 ) (2,466 )
Other (1,579 ) (3,054 )
Net cash used for
investing activities (68,746 )
(69,415 ) Cash flows from financing
activities: Dividends paid (12,565 ) (11,928 ) Borrowings
(repayments) under the revolving credit facility, net 52,604
(54,688 ) Proceeds from issuance of senior notes — 157,052 Other
(679 ) (1,793 )
Net cash provided by financing
activities 39,360 88,643
Net increase (decrease) in cash and cash
equivalents (3,254 ) 33,163 Cash
and cash equivalents at beginning of period 8,420
8,149 Cash and cash
equivalents at end of period $ 5,166
$ 41,312 El Paso Electric
Company Quarter Ended March 31, 2017 and 2016 Sales
and Revenues Statistics
Increase (Decrease) 2017 2016
Amount Percentage
kWh sales (in
thousands):
Retail: Residential 545,128 569,085 (23,957 ) (4.2 )% Commercial
and industrial, small 500,590 500,226 364 0.1 % Commercial and
industrial, large 252,998 244,926 8,072 3.3 % Public authorities
335,563 346,235 (10,672 ) (3.1
)% Total retail sales 1,634,279 1,660,472
(26,193 ) (1.6 )% Wholesale: Sales for resale 10,921
11,841 (920 ) (7.8 )% Off-system sales 596,762
578,673 18,089 3.1 % Total wholesale sales
607,683 590,514 17,169
2.9 % Total kWh sales 2,241,962 2,250,986
(9,024 ) (0.4 )%
Operating
revenues (in thousands):
Non-fuel base revenues: Retail: Residential $ 51,310 $ 47,743 $
3,567 7.5 % Commercial and industrial, small 33,785 32,140 1,645
5.1 % Commercial and industrial, large 7,900 8,093 (193 ) (2.4 )%
Public authorities 17,550 17,400
150 0.9 % Total retail non-fuel base revenues (a) 110,545
105,376 5,169 4.9 % Wholesale: Sales for resale 463
369 94 25.5 % Total non-fuel base
revenues 111,008 105,745 5,263
5.0 % Fuel revenues: Recovered from customers during
the period 47,620 22,534 25,086 — Over collection of fuel (b)
(8,530 ) (4,103 ) (4,427 ) — New Mexico fuel in base rates (c)
— 16,226 (16,226 ) — Total fuel
revenues (d) 39,090 34,657 4,433
12.8 % Off-system sales: Fuel cost 11,528 8,492 3,036
35.8 % Shared margins 2,213 2,555 (342 ) (13.4 )% Retained margins
459 360 99 27.5 % Total
off-system sales 14,200 11,407 2,793 24.5 % Other (e) 7,037
6,000 1,037 17.3 % Total
operating revenues $ 171,335 $ 157,809 $ 13,526
8.6 % (a) 2016 excludes $5.9 million of relate back
revenues in Texas from January 12, 2016 through March 31, 2016,
which were recorded in August 2016. (b) Includes the portion of DOE
refunds related to spent fuel storage of $1.4 million and $1.6
million in 2017 and 2016, respectively, that were credited to
customers through the applicable fuel adjustment clauses. (c)
Historically, fuel and purchased power costs in the New Mexico
jurisdiction were recorded through base rates and a Fuel and
Purchased Power Cost Adjustment Clause (the "FPPCAC") that accounts
for the changes in the costs of fuel relative to the amount
included in base rates. Effective July 1, 2016, with the
implementation of the NMPRC Final Order, these costs are no longer
recovered through base rates but are recovered through the FPPCAC.
(d) Includes deregulated Palo Verde Unit 3 revenues for the New
Mexico jurisdiction of $2.8 million and $2.2 million in 2017 and
2016, respectively. (e) Represents revenues with no related kWh
sales.
El Paso Electric Company Quarter
Ended March 31, 2017 and 2016 Other Statistical Data
Increase
(Decrease) 2017 2016 Amount
Percentage
Average number of
retail customers: (a)
Residential 365,311 360,048 5,263 1.5 % Commercial and industrial,
small 42,076 40,537 1,539 3.8 % Commercial and industrial, large 49
49 — — Public authorities 5,433 5,372
61 1.1 % Total 412,869 406,006
6,863 1.7 %
Number of retail
customers (end of period): (a)
Residential 366,298 360,676 5,622 1.6 % Commercial and industrial,
small 42,223 40,767 1,456 3.6 % Commercial and industrial, large 49
49 — — Public authorities 5,572 5,331
241 4.5 % Total 414,142 406,823
7,319 1.8 %
Weather
statistics: (b)
10-Yr Average Cooling degree days 72 23 34 Heating degree
days 810 1,054 1,135
Generation and
purchased power (kWh, in thousands):
Increase (Decrease) 2017 2016 Amount
Percentage Palo Verde 1,363,527 1,380,497 (16,970 )
(1.2 )% Four Corners (c) — 81,006 (81,006 ) — Gas plants
570,825 637,430 (66,605 ) (10.4 )%
Total generation 1,934,352 2,098,933 (164,581 ) (7.8 )% Purchased
power: Photovoltaic 64,735 67,764 (3,029 ) (4.5 )% Other
363,375 205,157 158,218 77.1 %
Total purchased power 428,110 272,921
155,189 56.9 % Total available energy 2,362,462
2,371,854 (9,392 ) (0.4 )% Line losses and Company use
120,500 120,868 (368 ) (0.3 )% Total
kWh sold 2,241,962 2,250,986
(9,024 ) (0.4 )%
Palo Verde capacity factor
101.5
%
101.7
%
(0.2
)%
Palo Verde O&M expenses
$
21,608
$
22,343
$
(735
)
(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. (c) The Company sold its interest in Four
Corners on July 6, 2016.
El Paso Electric
Company Financial Statistics At March 31, 2017 and
2016 (In thousands, except number of shares, book value per
common share, and ratios)
Balance Sheet 2017 2016 Cash and cash
equivalents $ 5,166 $ 41,312 Common stock
equity $ 1,063,062 $ 999,741 Long-term debt 1,195,630
1,278,449 Total capitalization $ 2,258,692 $
2,278,190 Current maturities of long-term debt $
83,206 $ — Short-term borrowings under the
revolving credit facility $ 134,178 $ 87,050
Number of shares - end of period 40,558,528
40,484,815 Book value per common share $ 26.21
$ 24.69 Common equity ratio (a) 42.9 % 42.3 % Debt
ratio 57.1 % 57.7 % (a) The capitalization component
includes common stock equity, long-term debt and the current
maturities of long-term debt, and short-term borrowings under the
RCF.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170503005372/en/
El Paso Electric CompanyMedia ContactEddie Gutierrez,
915-543-5763eduardo.gutierrez@epelectric.comorInvestor
RelationsLisa Budtke,
915-543-5947lisa.budtke@epelectric.com
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