El Paso Electric has reported net income of $14.5 million, or $0.32 basic and diluted earnings per share, for the first quarter of 2008, compared to net income of $15.1 million, or $0.33 basic and diluted earnings per share, for the same period of 2007.
Retail non-fuel base revenues increased by $1.8 million, pretax or 1.8% in the first quarter of 2008 compared to the same period of 2007.
Total Palo Verde MWh generation increased 1.1% in the first quarter of 2008 as a result of an increase in the net generating capability at Palo Verde Unit 3 due to the replacement of the steam generators and an extra day of output in February 2008.
For the quarter ended March 31, 2008, retained margins from off-system sales increased approximately $2.9 million, pretax, over the corresponding period in 2007.
Frank Bates, interim president and CEO of El Paso Electric, said: The first quarter of 2008 was another good quarter for El Paso Electric Company. Adjusted for an executive severance payment and unrealized losses recognized on debt and equity investments, earnings in the first quarter of 2008 were $0.36 per share compared to $0.33 per share in the same period of 2007.