NV Energy Seeks Regulatory Approval for Additional Renewable Energy Projects

Utility on Track to Reach RPS Standard of 15% in 2011

14 Mar, 2011, 14:33 ET from NV Energy

LAS VEGAS, March 14, 2011 /PRNewswire/ -- NV Energy (NYSE: NVE) is seeking approval from the Public Utilities Commission of Nevada to enter into long-term power purchase agreements for 50 megawatts of new solar energy from two proposed photovoltaic projects in southern Nevada and 51 megawatts from a new geothermal project slated for Churchill County, Nev.

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Additionally, NV Energy is requesting permission to enter into long-term agreements with Amonix, a global leader in designing and manufacturing concentrated photovoltaic solar power systems.  NV Energy will purchase Renewable Portfolio Standard "credits" that will be produced by various Amonix solar projects in the City of North Las Vegas.  The Amonix solar power systems and some of the credits will be produced at the company's new manufacturing facility in the City of North Las Vegas.

The new power purchase agreements include a 30-megawatt (AC) solar photovoltaic project east of the City of North Las Vegas to be built by California-based Fotowatio Renewable Ventures; a 20-megawatt (AC) solar photovoltaic project that will be in the City of North Las Vegas by Florida-based NextEra Energy Resources; and a 51-megawatt nameplate capacity geothermal project near Dixie, Nev. to be built by Reno-based Ormat Technologies.

NV Energy's President and CEO Michael Yackira said, "Over the last year, we've made great strides with our renewable energy development efforts, and with these pending applications we will have nearly 1,300 megawatts of very diverse renewable energy that is either producing or in the development stages."

If the Public Utilities Commission of Nevada approves these new contracts, NV Energy's renewable energy portfolio will include 1,281 nameplate-rated megawatts of energy from 23 geothermal projects, 13 solar projects, four biomass projects, five small hydro projects, two wind projects and one energy recovery station.

The company expects to meet or exceed the 2011 requirement of 15 percent and is on track to reach the state-mandated requirement of 25 percent by 2025.  

Headquartered in Las Vegas, Nevada, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy.  Serving a combined 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.  For more information, visit www.nvenergy.com

These statements contain forward-looking statements regarding the future performance of NV Energy, Inc., and Nevada Power Company d/b/a NV Energy 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, risks related to regulatory approval and permitting, risks related to the construction, financing and operation of renewable energy projects by the applicable counterparties, and risks related to commercial contracts associated with renewable energy projects.  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 on Form 10-K for the year ended December 31, 2010 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



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