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NV Energy seeks Northern Nevada’s 1st rate hike in 12 years

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Photo: Business Wire
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Citing unprecedented growth in the Reno-Sparks area in recent years, the state’s largest electric utility is seeking its first general rate increase in more than a decade in northern Nevada.

If approved by state regulators, NV Energy says the average residential customer in northern Nevada would see their electric bill rise 8.12%, or about $8.71 per month, effective Jan. 1, 2023.

It’s part of a overall budget increase of 9.7% the utility is seeking to help support installation of infrastructure for new growth and increased reliability, the company said in a statement Monday.

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The last time NV Energy raised general rates in northern Nevada was in 2010, President and CEO Doug Cannon said.

Since 2019, NV Energy has spent more than $720 in northern Nevada to upgrade and build new substations, power lines and develop transmission lines to deliver more renewable energy, the company said. It says 30.7% of the energy it provided in 2021 was renewable, with additional clean energy projects in the works to boost that figure to more than 50% by 2030.

“NV Energy is committed to meeting the current and future needs of northern Nevada, improving reliability and resiliency, delivering more clean energy, reducing the risks of wildfires and embracing our cybersecurity protections,” Cannon said.