News Releases

News Releases

NV Energy Files Rate Case in Northern Nevada

Jun 1, 2010
9:56am

General Rate Increase Expected to be Offset by Two Pending Decreases

 

NV Energy (NYSE: NVE) announced that it will file its required general rate case with the Public Utilities Commission of Nevada (PUCN) today, relating to the company's northern Nevada electric and natural gas customers.


The request represents an overall 4.5% increase in electric rates across northern Nevada, and an overall 3% increase in natural gas rates in the Reno-Sparks area, effective January 1, 2011.  However, two proposed rate decreases currently pending before the PUCN could mean customers would instead see decreases of approximately 6% in their electric bills and approximately 5% in their natural gas bills by the beginning of next year.  

Today'general rate  filing seeks to recover costs associated with new construction, materials and supplies, labor and a return to the company's shareholders.   The two decreases pending before the PUCN are the company's quarterly Base Tariff Energy filing, to become effective July 1, and their annual deferred energy filing, also a decrease, expected to become effective October 1.


NV Energy's last general rate cases were filed in December 2007 for electric customers, and in October 2005 for natural gas customers.  The PUCN is expected to set hearings in the next few months to review NV Energy's general rate case request. 


Headquartered in Las Vegas, NV Energy, Inc. is a holding company with principal subsidiaries Nevada Power Company and Sierra Pacific Power Company doing business as NV Energy. Serving a combined 54,500-square-mile service territory, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada and nearly 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, the base tariff 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, 2009 and in its Quarterly Reports on Form 10-Q for the quarter ended March 31, 2010, 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.

 


Assuming all three adjustments are approved by the PUCN, residential customers are expected to see their current monthly cost for 745 kilowatt hours of electricity drop from $95.10 to $89.42 by January 2011.  Similarly, natural gas customers using 59 therms of gas are expected to see their monthly cost decrease from today's cost of $63.24 to $60.21 by January 2011.


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Faye I. Andersen, (775) 834-4822

Karl Walquist, (775) 834-3891