el paso electric co (EE) Key Developments
El Paso Electric Company Announces Completion of Macho Springs Solar Facility in New Mexico
Jun 24 14
El Paso Electric Company announced the completion of Macho Springs, a solar facility which was built by First Solar, a provider of photovoltaic, or PV, solar systems, in New Mexico, US. This 50 megawatt (MW) solar facility, along with an additional solar facility that will be the in El Paso Texas (10 MW and completed by the end of the year) will expand total solar generation to 6% of EPE's dedicated generation resources.
El Paso Electric Co. Presents at BGC Utility Conference, Jun-24-2014
Jun 17 14
El Paso Electric Co. Presents at BGC Utility Conference, Jun-24-2014 . Venue: New York, New York, United States.
El Paso Electric Co. Declares Regular Quarterly Cash Dividend, Payable on June 30, 2014
May 29 14
The board of directors of El Paso Electric Co. has declared a regular quarterly cash dividend on its common stock of $0.28 per share. The dividend was declared on May 29, 2014 and is payable on June 30, 2014 to shareholders of record on June 13, 2014.
El Paso Electric Co. Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2014; Reiterates Earnings Guidance for the Year 2014
May 7 14
El Paso Electric Co. reported unaudited earnings results for the first quarter ended March 31, 2014. For the quarter, the company's total operating revenues were $185,516,000 compared to $177,290,000 a year ago. Financial results for the first quarter in 2014 reflect a reduction in revenues when compared to the first quarter of 2013 due to milder weather in service area; however continue to be encouraged by growth in the number of customers served. Earnings before interest, taxes, depreciation and amortization was $35,572,000 compared to $39,474,000 a year ago. Income before income taxes was $6,088,000 compared to $10,949,000 a year ago. Net income was $4,615,000 compared to $7,634,000 a year ago. Diluted earnings per share was $0.11 compared to $0.19 a year ago. Net cash provided by operating activities was $31,312,000 compared to $7,733,000 a year ago. The primary factors affecting the increased cash flow were the funding of $17.5 million for employee pension and other post-retirement benefit plans in the first quarter of 2013 compared to $3.5 million in the first quarter of 2014, a decrease in accounts receivable due to the timing of customer payments, and a smaller decline in accounts payable. These increases in cash flows from operations were partially offset by a decrease in the collection of deferred fuel revenues. Cash additions to utility property, plant and equipment was $48,255,000 compared to $55,406,000 a year ago. Cash additions to nuclear fuel was $11,822,000 compared to $9,888,000 a year ago. Book value per common share was $23.55 compared to $20.63 a year ago.
The company is reiterating earnings guidance for 2014 within a range of $2.10 to $2.50 per basic share. Capital expenditures for 2014 are expected to be $316.4 million as construct the Montana Power Station and related transmission facilities.
El Paso Electric Co. Receives Environmental Protection Agency's Greenhouse Gas Permit for Four-Unit Natural Gas Burning Montana Power Station
Apr 29 14
The Environmental Protection Agency's previously issued greenhouse gas permit for El Paso Electric's four-unit natural gas burning Montana Power Station became effective on April 25, 2014 when no appeals were filed prior to the expiration of the appeals period. EPE may now commence construction of the first two units, which it expects to bring on line by the summer peak of 2015.