Monday June 15 2020
NV Energy Files Historic General Rate Review Application Requesting Price Reduction
- Filed Under:
- News Release
NV Energy recently filed its general rate review application with the Public Utilities Commission of Nevada requesting a $120 million reduction in its revenue requirement. This is one of the largest decreases the company has ever requested in its long history of serving southern Nevada.
“NV Energy knows that our customers are experiencing unprecedented financial challenges due to the COVID-19 pandemic, and we are here to support them,” said Doug Cannon, NV Energy President and Chief Executive Officer. “This filing will bring rate relief to our residential and business customers, and in doing so, help drive our state’s long-term economic recovery.”
Today’s filing is part of NV Energy’s four-part plan to help Nevadans overcome the financial impacts of COVID-19 and also reflects the company’s commitment to keep its rates flat or declining.
If approved as filed, the average southern Nevada residential customer will see a decrease of $4.05 on their monthly bill effective January 1, 2021.
In addition to the request filed today, as a result of the Company’s deferred energy filings, NV Energy customers statewide experienced a $105.7 million rate decrease on April 1. Another rate decrease of $77.2 million will benefit customers starting July 1, and a rate decrease of $30.6 million, if approved by the PUCN, will take effect on October 1.
As part of its four-part plan, NV Energy continues to waive disconnects for nonpayment and late penalties for customers directly impacted by COVID-19, and has developed extended payment options to allow customers time to recover while still having essential energy services. The company also donated more than $1 million from the NV Energy Foundation to nonprofits throughout the state to help them provide key nutritional, housing and health support and expanded energy assistance. The final element of the plan will be the approval by the PUCN of the Customer Price Stability Tariff that was filed in May. If approved, it will provide lower energy costs to assist critical service providers like cities, counties, school districts and institutions of higher education, as well as some of the state’s largest employers, to put people back to work and ensure they can provide critical services to communities during this time of recovery.
“We are committed to providing our customers with meaningful solutions and support during this challenging time,” said Cannon.