LAS VEGAS (KLAS) — After a document submitted to the Nevada Legislature showed that NV Energy ratepayers could be paying a much higher bill in the hot summer months, NV Energy announced Tuesday it’s making moves to lower energy costs this summer for its customers.
In April, NV Energy announced the average summer bill could be as hit as $470.
According to a news release from NV Energy, the power company plans to make a filing with the Public Utilities Commission on May 15 requesting to reduce energy costs for customers starting July 1, 2023. The reduction will vary from around 5% and 14% for July through September, depending on where a customer lives and the type of electric service they receive.
The price NV Energy paid for natural gas went up by more than 70% in 2022 and has increased by 500% since 2021, the news release stated.
“Our customers have all been impacted by the higher natural gas prices and the corresponding effect it has on our customers’ rates,” said Doug Cannon, NV Energy President and CEO. “Recognizing the challenges higher energy rates create for customers, especially in the summer months, we decided to step in and deliver a solution. The goal of this proposal is to help reduce costs for customers during the hot summer months when energy bills are at their peak due to high electricity usage.”
According to NV Energy, prices for natural gas are expected to drop over the next year, but the company wants to pass that price relief onto customers faster instead of waiting for a quarterly rate adjustment. The power company is asking the PUCN, which regulates NV Energy, to modify how it passes along its natural gas costs to customers to provide relief during the hottest months of the year.
