LAS VEGAS (KTNV) – NV Energy reports that it has reached an agreement with interested parties that, if approved, will provide an immediate one-time credit of $ 120 million to Southern Nevada customers, along with a reduction in rates starting January 2021 .
The deal, which was filed with the Nevada Public Utilities Commission on September 24, was signed by multiple companies.
And the $ 120 million bill credit doubles the credit previously approved by the PUCN, according to NV Energy. The power company claims it is able to provide credit and lower rates to customers by refinancing debt and achieving operational efficiencies.
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“The intent of this agreement is to provide our customers with both immediate and long-term reductions in electricity costs, many of which are facing the economic consequences of COVID-19. Customers will receive an immediate one-time credit of $ 120 million and will see long-term savings associated with lower energy rates in the future. This landmark agreement lowers energy costs for our Southern Nevada customers and will help drive Nevada’s economic recovery. “Said Doug Cannon, president and CEO of NV Energy.” We appreciate the work of the PUCN Regulatory Operations Staff, Bureau of Consumer Protection and other stakeholders to achieve this, which will provide a rate relief upfront and help our customers when they need it most. “
Customers will receive a one-time credit and a reduction in the rate pending approval of the agreement by the PUCN.
Those on the signed list include NV Energy, the PUCN Regulatory Operations Staff, Bureau of Consumer Protection, Walmart, Kroger Co., Colorado River Commission of Nevada, Nevada Cogeneration Associates, Sunrun Inc., MGM Resorts International, Caesars Enterprise Services, LLC, Wynn Las Vegas LLC, Circus Circus Las Vegas, LLC, Smart Energy Alliance and Southern Nevada Gaming Group, which includes Boyd Gaming Corporation, Station Casinos LLC, Las Vegas Sands Corp., Plaza Hotel and Casino LLC, Tropicana Las Vegas Inc. and LVGV, LLC.