New NV energy stocks rose on Tuesday, adding to the momentum built over the past several weeks.
Nevadans got to experience the benefits of new wind and solar power in the first week of March, when wind energy surpassed gas-fired power generation for the first time, Nevadan Energy reports.
Nevadas power generation jumped to an all-time high of 8.4 million megawatts last week, the highest weekly increase in the past five years.
NV Energy also added wind energy to its portfolio.
The company’s stock climbed to $0.78 in early afternoon trade, up 0.6% on Tuesday.
It closed at $0:28.
Shares are up nearly 11% so far this year.NV Energy reported a quarterly net loss of $16 million for the second quarter of 2018, bringing its net loss for the full year to $1.3 billion.
That compares to a net loss $1 billion for the same period a year ago.
The quarterly loss reflects a loss of more than $20 million in its residential solar business and $9 million in other non-residential solar businesses.
The net loss is not included in NV Energy’s profits, and the company reported an operating loss for this quarter.
The latest NV Energy report, which comes as a little over a week after the Nevada Legislature passed a $30 billion budget and approved a $2.4 billion tax break for energy companies, comes after NV Energy reported record quarterly profits in the second half of 2018.
NVEnergy reported a net income of $1,865 million for Q2 2018, down 1% from Q1 2018.
The year-to-date revenue was up 15% to $8,965 million, and NV Energy posted a net profit of $4.4, or $0,07 per share, or 17 cents a share.
For the full fiscal year, NV Energy is projected to report a net gain of $2,539 million.NV’s solar and wind companies, which accounted for more than 80% of the state’s renewable energy capacity in the fourth quarter, posted profits of $3.3 million in the quarter.
NV Solar reported $2 million profit for the quarter, and its net income was up 11% to more than 15 cents a penny.
Its shares were up 2% at $5.40.
The solar and renewables industry is seeing a record amount of investment, with the number of solar projects added this year reaching nearly 100,000, according to Nevadahawk.com.
In addition, the solar and other renewable energy companies added more than 1.5 million solar and renewable energy jobs over the first nine months of 2018 compared to the same quarter a year earlier, according a report by the Energy Department.
NV has also announced plans to add more than 100 megawatts of solar power capacity over the next few years.
Nevadic Energy reported that it had $2 billion in cash on hand, up $100 million from a year prior, while Nevadacosts balance sheet grew by $200 million from the fourth-quarter to the end of 2017.
The Nevada Public Utilities Commission has authorized more than a dozen projects for utility-scale solar, and a $5 billion loan is in place to help the utility sell the assets to the solar power industry.