NEVADA (KTNV) — NV Energy has made a filing with the Public Utilities Commission of Nevada that, if approved, will result in an overall $6.7 million rate decrease for Southern Nevada customers effective Oct. 1, 2020.
This is the second rate reduction filed by NV Energy this month.
Company representatives said the filing reflects reductions in the forecasted costs of providing clean energy programs and energy efficiency services, including PowerShift smart thermostats and home energy assessments, while still paying out nearly $15 million in incentives for rooftop solar installations statewide.
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"The filing reflects our commitment to continue to be Nevada's sustainable energy provider with renewable energy resources and encouraging our customers to adopt energy efficiency measures in their lives," said Doug Cannon, NV Energy president and chief executive officer. "We continue to work toward our state's renewable energy goals in a way that will bring our customers both energy cost savings and environmental benefits."
NV Energy representatives also said the company filed a rate decrease earlier that will start benefitting customers on April 1.
Southern Nevada residential electric customers using 1,092 kilowatt-hours of electricity a month will see a decrease of $3.88 on their monthly bills.
These rates are associated with fuel used in power production at the company's generating stations and power purchase agreements.
Fuel and purchased power costs are passed through dollar for dollar with no profit to the company.
The reduced prices are the result of both lower fuel costs and lower total energy costs as a result of NV Energy's efforts to procure more low-cost power.
NV Energy representatives said it provides a wide range of energy services to 1.4 million customers throughout Nevada and more than 56 million tourists annually.