Home>775Times>NV Energy Granted Approval to Lower Energy Costs for Customers, Effective July 1


NV Energy Granted Approval to Lower Energy Costs for Customers, Effective July 1

By TheNevadaGlobeStaff, June 27, 2023 7:55 pm

NEVADA – NV Energy has received approval from the Public Utilities Commission of Nevada (PUCN) to lower energy costs for its customers starting from July 1.

The reduction will vary between approximately five percent and 16 percent for July, August and September, depending on a customer’s location and type of electric service they receive.

This reduction will reflect on customers’ July bills. The company’s President and CEO, Doug Cannon, said they are happy to provide a solution for their customers affected by high purchased power and natural gas prices. The company expects to help reduce energy costs for customers during summer when electricity usage is at its peak.

Southern Nevada and Northern Nevada customers who use 1,800 kilowatt hours and 1,100 kilowatt hours of energy respectively will save approximately $50 and $20 per month over the months of July, August, and September.

However, overall electric bills may still be higher than last summer due to higher fuel costs previously experienced. NV Energy files quarterly rate adjustments based on the actual fuel and purchased power costs paid by the company in the previous 12 months.

Customers pay the same price that NV Energy pays, as the costs are a pass-through cost, and the company does not mark up costs on purchased power and natural gas purchases.

NV Energy experienced a more than 70 percent increase in natural gas prices in 2022, which peaked in January 2023.

If natural gas prices remain stable, the cost increase that customers are currently experiencing is expected to decrease over the next year as the high 2022 natural gas costs roll off and NV Energy experiences lower natural gas prices in the future.

The PUCN’s approval will allow NV Energy to provide fast relief to customers who rely on electricity to cool their homes and businesses during the hot summer months.

Credits: 2News

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