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Forward-looking statements include earnings guidance and estimates or forecasts of operating and financial metrics. These statements reflect current expectations of future conditions and events and as such are subject to a variety of risks, uncertainties, and assumptions that could cause actual results to differ materially from current expectations.Slide number two gives you more information on the assumptions and factors we consider in making these forward-looking statements and where to go to get more information on our risk factors. You’ll also find reconciliations of certain non-GAAP financial information on our website at www.nvenergy.com. Let now turn the call over to Michael Yackira, President and Chief Executive Officer. Michael Yackira Thank you, Max. Good morning everyone. Thanks for joining us this morning. As I am sure you know in May we announced some organizational changes. Dilek Samil was named Executive Vice President and Chief Operating Officer after having spent two years as our CFO. Dilek will have reporting to her generation, transmission, distribution, customer service and renewables. As you know during her time as CFO she was instrumental in raising the profile of our investor relations program and played a critical role in major decisions and initiatives for the company including recent changes to our dividend policy and our cost discipline within the whole organization. I thank her for her accomplishments as CFO and look forward to working with her as a Chief Operating Officer. We were fortunate to attract Jonathan Halkyard to NV Energy as our new CFO. Jonathan spent 13 years at Caesars Entertainment most recently as its Executive Vice President and CFO. He also has experience in operations at that company and started his career on Wall Street. His reputation with the investment community is exemplary and I’m very pleased that he is part of our management team. It is my pleasure to introduce Jonathan to you today. Jonathan?
Jonathan HalkyardThanks very much, Michael and good morning everyone. I look forward to meeting and working with all of you. And I’m very pleased to say, in my first report to you, that we had strong financial results in the second of 2012. NV Energy earned $0.29 per diluted share in the three months ended June 30, compared to $0.05 per share for the same period a year ago. If you look at slide three, you’ll see the growth in earnings was largely due to growth in gross margins driven by warmer weather and a general rate increase. The rate decision is the one we’ve discussed previously, which became effective January 1. It benefited second quarter earnings by $0.10 per share compared to the same period last year. We estimate that favorable weather increased second quarter EPS by approximately $0.11 compared to last year, as this year temperatures were higher than normal during the quarter, and last year temperatures were milder than normal. Specifically, the unusually high temperatures this year increased EPS by approximately $0.07 compared to normal, while weather during last year’s second hurt EPS by about $0.04 compared to normal. Cooling-degree days in southern Nevada in the second of 2012 were 23% higher than normal and 44% higher than last year. We’ve summarized these weather statistics on slides four and five. Retail mega watt hour sales increased nearly 11% reflecting both favorable weather and a 1.2% increase in the number of customer accounts. We’ve now seen nine consecutive quarters of growth in our customer base, albeit slow in comparison to the period prior to 2007. Turning items below the gross margin line, higher depreciation and lower AFUDC reduced second quarter earnings by $0.02 and $0.01 per share respectively compared to the same period a year ago. Both of those factors were due primarily to the Harry Allen plant which began operating in May of last year. As you likely know, the costs and returns associated with Harry Allen were a key component of the rate decision I just mentioned. We held operating and maintenance expenses flat in the second despite increased costs from Harry Allen. Read the rest of this transcript for free on seekingalpha.com