All Customers to Benefit from Fourth Cost Reduction in a Year

NV Energy customers rang in the New Year with lower rates. Effective January 1, 2016, NV Energy northern Nevada residential, commercial and industrial electric customers experienced an overall electric rate decrease of 4.97 percent. Natural gas residential, commercial and industrial customers experienced an overall gas rate decrease of 4.7 percent.  This reduction in rates is due primarily to costs associated with fuel used in power production and the company’s generating stations.  Another factor in the decrease is the disciplined management of purchased power used to provide electricity. Fuel and purchased power cost savings are passed through directly to NV Energy customers, dollar for dollar, with no profit to the company.

A typical northern Nevada single-family residential electric customer bill of $85.78, based on average usage of 758 kilowatt-hours a month, will see a decrease of 4.2 percent, or $3.61. Combined with the rate decreases experienced in January, July and October of 2015, a typical single-family residential customer bill has gone down $17.68, or 17.71 percent since January 1, 2015.

A single-family residential natural gas customer bill of $49.28, based on average use of 55 therms a month, will see a decrease of $2.22, or 4.5 percent. Combined with the rate decreases experienced in January, July and October of 2015, a typical single family residential natural gas customer bill has gone down $11.24, or 17.71 percent, since January 1, 2015.

“We are in a competitive market for power and energy services, and NV Energy has again responded by managing costs in a manner that benefits our customers directly.  This is the fourth quarterly rate decrease for our customers in northern Nevada in a year,” said Paul Caudill, NV Energy President and CEO. “My colleagues and I are committed to providing stable or even lower rates for our customers. The 2015 rate decreases we have been able to pass on to customers are an indication of that commitment.”

NV Energy will file an annual prudency review of its 2015 fuel and purchased power spending with the Public Utilities Commission of Nevada around March 1, 2016.

NV Energy, Inc. provides a wide range of energy services to 1.3 million customers throughout Nevada and nearly 40 million tourists annually.  NV Energy is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. The company is headquartered in Las Vegas, Nevada. Information about NV Energy is available on the company’s website, Twitter, Facebook and YouTube pages, which can be accessed via nvenergy.com.
 

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