News Releases

NV Energy in Southern Nevada Makes Annual Deferred Energy Filing

Feb 27, 2009


Media Contact: Adam Grant, (702) 402-5222
Analyst Contact: Britta Carlson, (702) 402-5624

Las Vegas: Nevada Power Company, doing business as NV Energy (NYSE:NVE), today made its annual electric deferred energy filing with the Public Utilities Commission of Nevada (PUCN) seeking to recover costs it incurred for fuel and purchased power.

The PUCN sets these rates to recover costs the utility pays on behalf of its customers 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. 

For the 2008 calendar year, the company's actual fuel costs to generate electricity were higher on average than the costs reflected in current customer rates.  This occurred due to the steep run-up in energy prices during the first half of 2008.  This rapid increase in energy prices resulted in a $77 million under-collection in rates, which the company is now requesting.

Should the PUCN approve recovery of these costs, the typical southern Nevada NV Energy residential customer using 1250 kilowatt hours of electricity would see an approximate increase in average monthly bills, from $175.04 to $181.25 or approximately 3.6 percent, beginning October 1, 2009.  This amount also includes the full effect of the company's pending general rate case that would become effective, as proposed by the company, on September 1, 2009, also subject to PUCN approval.

In the coming months, the PUCN will hold hearings and undertake a full review of these filings.

Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.

These statements contain forward-looking statements regarding the future performance of NV Energy, within the meaning of the Private Securities Litigation Reform Act of 1995.  These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, unfavorable rulings in the deferred energy rate cases and general rate cases of NV Energy, and volatility and fluctuations in the markets for purchased power and natural gas.  Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, are contained in the Annual Report of Nevada Power Company d/b/a NV Energy on Form 10-K for the year ended December 31, 2008, filed with the SEC.  NV Energy undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.