NV Energy Integrated Resource Plan Approved by Public Utilities Commission of Nevada

LAS VEGAS, July 28 /PRNewswire-FirstCall/ -- NV Energy's (NYSE: NVE) Integrated Resource Plan for the company's southern territory was approved today by the Public Utilities Commission of Nevada (PUCN). The plan outlines a number of energy efficiency, transmission and renewable initiatives including Advanced Service Delivery (ASD), the One Nevada Line (ON Line) transmission project and seven renewable purchase power agreements.

"The PUCN decision to approve our Integrated Resource Plan is a positive step for our customers and our state," said Michael Yackira, NV Energy President and Chief Executive Officer. "This decision will enable our state and our company to continue to lead the nation in transforming the energy industry. The investments that NV Energy will make as approved in this order will bring increased utilization and development of Nevada's renewable resources, provide our customers with more options to control their energy use and lower their bills, and will create much needed jobs for Nevada."

ASD, NV Energy's smart grid/smart meter project, will enable customers to directly manage their energy use and allow for better management of energy resources statewide. NV Energy received a $138 million grant in stimulus funding from the Department of Energy specifically for the implementation of the $301 million ASD project. The company will install the first 10,000 digital smart meters in southern Nevada later this year.

As a condition of its ASD approval and to help customers understand the program, the PUCN has required NV Energy to report on its customer privacy policies and hold a consumer session to discuss the Dynamic Pricing Trial and the associated tariffs.

The ON Line project is a 500 kilovolt transmission line that will link NV Energy's northern and southern service areas and provide access to isolated renewable energy resources in parts of northern and eastern Nevada.

The seven purchase power agreements approved by the PUCN will add more than 400 MW of renewable energy to NV Energy's portfolio. Projects are Spring Valley Wind, SolarReserve Crescent Dunes Solar Energy, NextLight Silver State Solar, Ormat McGuiness Hills Geothermal, Ormat Hot Sulphur Springs Geothermal, RAM Power Clayton Valley Geothermal and WMRE Lockwood Landfill Energy.

"We thank our federal and state delegation for their leadership and for working with us as we advance Nevada's renewable energy future," Yackira said.

NV Energy is required to file its Integrated Resource Plan every three years. The plan is based on customer load projections and includes programs to reduce energy consumption, and develop sites for new generation and transmission in order to meet the projected demand. It also contains strategies for the procurement of fuel and purchased power.

Headquartered in Las Vegas, Nevada, NV Energy, Inc. is a holding company with principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, doing business as NV Energy. Serving a combined 54,500-square-mile service territory, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada and nearly 40 million tourists annually. 

Certain matters in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, changes in NV Energy's load forecasts, NV Energy's ability to obtain any necessary local, state and federal contracts, regulatory approvals and permits, risks related to construction of the projects contemplated in the IRP, changes in the anticipated costs of the projects, cancellation, delay or changes in contracts related to the projects, the ability to maintain access to the capital markets to obtain financing on favorable terms, and regulatory treatment of costs associated with constructing and operating the projects and a final agreement between NV Energy and Great Basin Transmission, LLC. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, are contained in the Annual Reports of NV Energy, Inc. and Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy on Form 10-K for the year ended December 31, 2008 and in its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009, June 30, 2009 and September 31, 2009, filed with the SEC.  NV Energy undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

SOURCE NV Energy