El Paso Electric

El Paso Electric
Public company
Traded as NYSE: EE
S&P 600 Component
Industry Electric utilities
Founded 1901
Headquarters Stanton Tower
El Paso, Texas, United States
Area served
 Texas, New Mexico
Key people
 Mary E. Kipp, CEO
Revenue IncreaseUSD 917.35 Million (2014)[1]
IncreaseUSD 126.65 Million (2014) [2]
Number of employees
 1,000[3]
Website www.epelectric.com

El Paso Electric (NYSE: EE) is Texas based public utility company, engaging in the generation, transmission, and distribution of electricity in west Texas and southern New Mexico. Its energy sources consist of nuclear fuel, natural gas, purchased power, solar and wind turbines. The company owns 6 electrical generating facilities with a net dependable generating capability of approximately 2,010 megawatts.[4] It serves approximately 400,000 residential, commercial, industrial, public authority, and wholesale customers.[5]

The company distributes electricity to retail customers principally in El Paso, Texas and Las Cruces, New Mexico; and resells electricity to electric utilities and power marketers. El Paso Electric Company was founded in 1901 and is based in El Paso, Texas.[6]

The company is headquartered at the Stanton Tower in Downtown El Paso. The company's Chief Executive Officer is Ms. Mary E. Kipp.

History

El Paso Electric (EPE) first began serving its customers on August 30, 1901. It was then known as the El Paso Electric Railway Company. Initially its primary business consisted of providing transportation via mule-drawn streetcars, which were replaced in 1902 with electric streetcars. The company is reported to have provided electricity to Nikola Tesla's property in Colorado.[7]

By 1925, the Company’s core business had evolved to producing and distributing electricity. That year, the company changed its name to the El Paso Electric Company. It was also granted authorization to transact business in New Mexico.[8]

Today, El Paso Electric is a regional electric utility providing generation, transmission, and distribution service to approximately 400,000 retail and wholesale customers in a 10,000-square-mile (26,000 km2) area of the Rio Grande valley in west Texas and southern New Mexico. Its service territory extends from Hatch, New Mexico to Van Horn, Texas.

Transmission system

Stanton Tower is the corporate office for El Paso Electric.

El Paso Electric transmission system voltages are 115,000 volts and 345,000 volts. There are also two 115 kV interconnections with Mexico to the south.

Generating plants

El Paso Electric ownership in power plants include a 15.8 percent interest in the Palo Verde Nuclear Generating Station near Tonopah, Arizona, the Rio Grande Power Station in Sunland Park, New Mexico, the Newman Power Station, the Copper Power Station and the Montana Power Station in El Paso and the Hueco Mountain Wind Ranch in Hudspeth County, Texas.

In February 20, 2014 El Paso Electric signed an agreement with Colorado-based juwi solar inc to build a 10 megawatt (MW) solar energy facility in Northeast El Paso next to EPE’s Newman Generation Station. JSI will be responsible for developing, designing, building and operating the Newman Solar project.[9] The design phase will begin in early summer of this year, shortly followed by construction and final completion of the project tentatively scheduled for the end of 2014. The construction of the new solar facility will help power over 3,800 homes throughout the year. The facility will be built on approximately 100 acres. EPE will sublease the land in partnership with the El Paso Water Utilities (EPWU) and currently leased to EPE for the Newman Generation Station. EPE currently has 47 MWs of solar power in its generation mix and recently secured an additional 50 MWs of solar power that will be online by the summer of this year. In total, 5 percent of EPE’s dedicated generation, which includes long-term purchase power agreements, will come from solar energy.

Lawsuits

In January, 2003, a complaint was filed against EI Paso Electric alleging that the company issued materially false and misleading information by misrepresenting and/or omitting adverse facts concerning illegal arrangements with Enron Corporation and by artificially inflating revenues.[10] A settlement of $10,000,000 was reached in 2005.

References

  1. ↑ "El Paso Electric Co. (EE) -". Yahoo! Finance. Retrieved 2013-08-25.
  2. ↑ "El Paso Electric Co. (EE) -". Yahoo! Finance. Retrieved 2013-08-25.
  3. ↑ "About El Paso Electric -". El Paso Electric. Retrieved 2013-06-26.
  4. ↑ "About El Paso Electric -". El Paso Electric. Retrieved 2015-06-25.
  5. ↑ "About El Paso Electric -". El Paso Electric. Retrieved 2013-06-26.
  6. ↑ "About El Paso Electric -". El Paso Electric. Retrieved 2013-06-26.
  7. ↑ W. Bernard Carlson (7 May 2013). Tesla: Inventor of the Electrical Age. Princeton University Press. p. 264. ISBN 1-4008-4655-2.
  8. ↑ "About El Paso Electric -". El Paso Electric. Retrieved 2013-06-26.
  9. ↑ "El Paso Electric and juwi Announce New Solar Power Station to be Built in Northeast El Paso, Texas". Market Watch. Retrieved 2014-02-20.
  10. ↑ "Class Action Lawsuit Against El Paso Electric".
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