LAS VEGAS (KLAS) — NV Energy has reached an agreement with stakeholders that, if approved, will provide an immediate $120 million one-time bill credit to southern Nevada customers, in addition to a reduction in rates beginning in January 2021.
This $120 million bill credit doubles the credit that what was previously approved by the PUCN. The company is able to provide this credit and lower rates to customers by refinancing debt and achieving operational efficiencies.
“The intent of this settlement is to provide both immediate and long term electric cost reductions to our customers, many of which are dealing with the economic consequences of COVID-19. Customers will see an immediate $120 million one-time credit and will see long term savings associated with lower energy rates going forward. This historic agreement lowers energy costs for our southern Nevada customers and will help drive Nevada’s economic recovery.” said Doug Cannon, NV Energy President and Chief Executive Officer. “We appreciate the work of the PUCN Regulatory Operations Staff, Bureau of Consumer Protection and other stakeholders to achieve this outcome, which will provide rate relief early, and help our customers at a time they need it most.”
The agreement, which was filed with the Public Utilities Commission of Nevada (PUCN) on Sept. 24, has been signed by the following parties:
- NV Energy
- PUCN Regulatory Operations Staff
- Bureau of Consumer Protection
- Kroger Co.
- Colorado River Commission of Nevada
- Nevada Cogeneration Associates
- Sunrun Inc.
- MGM Resorts International
- Caesars Enterprise Services, LLC
- Wynn Las Vegas LLC
- Circus Circus Las Vegas, LLC
- Smart Energy Alliance
- The Southern Nevada Gaming Group (which is comprised of Boyd Gaming Corporation, Station Casinos LLC, Las Vegas Sands Corp., Plaza Hotel and Casino LLC, Tropicana Las Vegas Inc., and LVGV, LLC)
Customers will receive the one-time bill credit and rate decrease pending approval of the agreement by the PUCN.