Media Contact:  Adam Grant, 702-367-5222
Analyst Contact: Britta Carlson, 702-367-5624

Nevada Power Company today made its annual electric deferred energy filing with the Public Utilities Commission of Nevada (PUCN) calling for an overall 5 percent decrease in electric rates for southern Nevada customers.

Any changes in rates approved by the PUCN will become effective October 1, 2008.
 
For the typical Nevada Power residential customer using 1250 kilowatt hours of electricity, the filing means a 4.4 percent decrease in monthly bills, from $151.66 to $144.95.
 
"Today's filing reflects declines in purchased electricity costs over the past 12 months, plus the expiration of previously approved deferred energy rates,"said Tony F. Sanchez III, senior vice president of external affairs& public policy for Sierra Pacific Resources, Nevada Power's parent company. 
 
In addition, Sanchez said legislation requiring quarterly and annual filings such as the ones made today lessen the potential for the buildup of large balances in the costs for fuel and power, therefore reducing the likelihood of large annual rate adjustments for customers.
 
Since beginning quarterly rate adjustments in August 2007, Nevada Power will have decreased electric rates by 1.4 percent or approximately $35.5 million.

The PUCN sets these rates to recover costs the utility pays to purchase electricity from external suppliers, or to purchase fuel to generate electricity to serve customers.  These costs are passed on, dollar-for-dollar, with no additional mark-ups or profits to the company. 

In the coming months, the PUCN will hold hearings and undertake a full review of the quarterly adjustments and annual filing.

Nevada Power Company is a regulated public utility engaged in the distribution, transmission, generation, purchase and sale of electric energy in the southern Nevada communities of Las Vegas, North Las Vegas, Henderson, Searchlight, Laughlin and their adjoining areas. The Company also provides electricity to Nellis Air Force Base, the Department of Energy at Mercury and Jackass Flats at the Nevada Test Site. Nevada Power Company provides electricity to approximately 826,000 residential and business customers in a 4,500 square mile service area.