LAS VEGAS (KTNV) — NV Energy reports it has reached an agreement with stakeholders that, if approved, will provide an immediate $120 million one-time bill credit to Southern Nevada customers, along with a reduction in rates beginning in January 2021.
The agreement, which was filed with the Public Utilities Commission of Nevada on Sept. 24, has been signed by multiple companies.
And the $120 million bill credit doubles the credit that was previously approved by the PUCN, according to NV Energy. The power company says it is able to provide the 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 CEO. “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.”
Customers will receive the one-time bill credit and rate decrease pending approval of the agreement by the PUCN.
Those on the signed list include NV Energy, the PUCN Regulatory Operations Staff, the Bureau of Consumer Protection, Walmart, the 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 and 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.