By Dana Gentry/Nevada Current
The cost of cooling off during the hot summer months in Nevada will be slightly less expensive beginning Saturday, thanks to a temporary reduction in NV Energy’s electricity rates approved by the Nevada Public Utilities Commission Tuesday.
The average power bill in Las Vegas, projected to reach $470 for July usage without the relief, is expected to be about $63 less than that projection.
A stipulated agreement among NV Energy, the Attorney General’s Bureau of Consumer Protection, and PUC staff, allows the utility to adjust its deferred energy balance (the amount of power purchased by the utility to meet demand but not paid for immediately by customers) in July, August, and September by more than the one-quarter cent allowed by law every three months.
Commissioner Tammy Cordova thanked the parties “for working in an expeditious fashion to resolve this expedited request to provide some relief. I think we’re going to hit our triple digits this week. So, certainly it will be appreciated in Southern Nevada.”
The National Weather Service forecasts a high temperature of 109 degrees on Saturday.
NV Energy agreed to forego $3 million in incremental carrying charges (much like credit card interest) that it is permitted to recover from customers.
NV Energy earned $36.2 million ($28.4 million in Southern Nevada and $7.8 million in Northern Nevada) last year in profit on deferred energy balances, according to exhibits filed in pending cases before the Public Utilities Commission.
Last week, during a public comment session on NV Energy’s upcoming annual rate hike request, customers overwhelmed by inflation, especially higher utility costs, pleaded with the PUC to reject the company’s bid for a 3.3% increase. A hearing is set for August.