LAS VEGAS (KLAS) — A record $120 million rate cut will bring slightly lower power bills to Nevadans.
The rate cut proposed in documents filed June 1 by NV Energy would save average residential customers $4.05 per month, and typical small businesses about $6.17 per month.
Those savings are far greater than previous previous rate cuts, and would take effect on January 1, 2021.
“Our residential customers are facing the highest unemployment rate in the nation, small and large businesses alike are struggling to reopen after being closed and government entities are facing unprecedented funding shortfalls while seeing increasing demands for services given the economic conditions. It is not known how long Nevada will feel the impacts of this crisis.”
The rate application goes on to explain that returns on investments and the company’s equity position have allowed the adjustments.
CEO Doug Cannon, who is a member of the Nevada COVID-19 Task Force, said the utility will still deliver to high quality to customers while cutting costs.