LAS VEGAS, Sept. 25, 2013 /PRNewswire/ -- NV Energy,
Inc. (NYSE: NVE) announced today that NV Energy shareholders
approved the previously announced merger agreement providing for
the acquisition of NV Energy by MidAmerican Energy Holdings
Company. The transaction, which is expected to be completed
in the first quarter of 2014, remains subject to customary closing
conditions, including approvals from the Federal Energy Regulatory
Commission and the Public Utilities Commission of Nevada.
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Michael Yackira, President and
Chief Executive Officer for NV Energy, said, "We are pleased that
our shareholders have decidedly approved the merger agreement with
MidAmerican. We will now turn our focus to the remaining
approvals needed to complete the transaction."
NV Energy, Inc.
Headquartered in Las Vegas, NV Energy, Inc. is a holding
company whose principal subsidiaries, Nevada Power Company and
Sierra Pacific Power Company, are doing business as NV Energy.
Serving a combined service territory of nearly 46,000 square miles,
NV Energy provides a wide range of energy services and products to
approximately 2.4 million citizens of Nevada and nearly 40 million tourists
annually.
Forward-Looking Statements
This document may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 regarding the
future performance of NV Energy, Inc. (the "Company"). When
the Company uses words such as "may," "will," "intend," "should,"
"believe," "expect," "anticipate," "project," "estimate" or similar
expressions, it is making forward-looking statements.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties. The Company's expected
results may not be achieved, and actual results may differ
materially from expectations. This may be a result of various
factors, including the risk that the transaction will not be
consummated due to a failure to satisfy the unsatisfied closing
conditions to the transaction, including the receipt of certain
regulatory approvals; the risk that an event, effect or change
occurs that gives rise to a termination of the definitive agreement
entered into with MidAmerican; the risk that the Company or
MidAmerican will be unable to perform certain obligations under the
transaction agreements; the risk relating to unanticipated
difficulties and/or expenditures relating to the transaction; the
risk of an adverse judgment or other negative outcome from any of
the legal proceedings that were, or may be, filed against the
Company and others regarding the proposed transaction; and the risk
that the proposed transaction disrupts current plans and operations
and creates potential difficulties in employee retention.
There are other factors outside the control of the Company that
could cause actual results to differ materially from those
expressed or implied by such forward-looking statements including
the risks related to future economic conditions, changes in the
rate of industrial, commercial and residential growth in their
service territories; the risks related to the Company's ability to
procure sufficient renewable energy sources in each compliance year
to satisfy the Nevada Renewable Energy Portfolio Standard, the
effect of future or existing Nevada or federal laws or regulations
affecting the electric industry, changes in environmental laws and
regulations, construction risks, including but not limited to those
associated with the ON Line project; the risks related to the
Company's ability to maintain access to the capital markets for
general corporate purposes and to finance construction projects,
employee workforce factors, unseasonable weather, drought, wildfire
and other natural phenomena, explosions, fires, accidents,
vandalism or mechanical breakdowns that may occur while operating
and maintaining an electric and natural gas system; the risks
related to the Company's ability to purchase sufficient fuel,
natural gas and power to meet its power demands and natural gas
demands for Sierra Pacific Power Company d/b/a NV Energy; financial
market conditions; the direct or indirect effects on the Company's
business resulting from terrorist incidents and the threat of
terrorist incidents; cyber security risks, including the risk that
actual or anticipated cyber attacks may cause the Company to incur
increased costs; and unfavorable rulings, penalties or findings in
the Company's rate or other state and federal regulatory
proceedings, investigations or cases. Further risks,
uncertainties and assumptions that may cause actual results to
differ from current expectations pertain to weather conditions,
customer and sales growth, plant outages, operations and
maintenance expense, depreciation and allowance for funds used
during construction, interest rates and expense, cash flow and
regulatory matters. Unless the context suggests otherwise,
references herein to "NVE" or "NV Energy" or the "Company" include
the consolidated subsidiaries of the Company, including Nevada
Power Company d/b/a NV Energy and Sierra Pacific Power Company
d/b/a NV Energy.
Additional cautionary statements regarding other risk factors
that could have an effect on the future performance of the Company
are contained in its Annual Report on Form 10-K for the year ended
December 31, 2012, and quarterly
reports on Form 10-Q for the periods ended March 31, 2013 and June
30, 2013, filed with the U.S. Securities and Exchange
Commission. Readers are cautioned not to place undue reliance
on these forward-looking statements that speak only as of the date
of this document. The Company undertakes no obligation to
release publicly the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
SOURCE NV Energy, Inc.
