NV Energy Files General Rate Case for Southern Nevada

LAS VEGAS, June 7, 2011 /PRNewswire/ -- NV Energy (NYSE: NVE) yesterday filed its General Rate Case with the Public Utilities Commission of Nevada (PUCN) for its southern utility. If approved as filed, it will have no impact on residential customers when it takes effect on January 1, 2012.

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NV Energy seeks to increase revenue by $246 million in total, but is proposing to defer collection of $64 million to a future rate case so that the recovery can be fully offset by $182 million of approved and projected rate decreases related to fuel and purchase power and other costs, for a net zero change in total rates.

As proposed, a typical residential customer bill of $142.97, based on average usage of 1,145 kWh, will not change when rates take effect on January 1, 2012. 

The company is required to make this filing once every three years. The triennial filing seeks to recover investments and return associated with the acquisition and construction of power plants, transmission and distribution additions, and operating and maintenance expenses.

It includes recovery of costs associated with investments in company-owned generation, including the Harry Allen Generating Station combined-cycle addition and Clark Generating Station peaking units along with other investments made in transmission and distribution facilities since 2008. The filing also outlines reductions in the company's operating expenses.

NV Energy's investments in highly-efficient generation have contributed to reductions in fuel and purchase power costs for its customers. Fuel and purchase power rates for southern Nevada customers have been reduced each quarter since October 2009.

The PUCN will set a consumer session and hearings in the coming months to review NV Energy's rate case request. An Investor Fact Sheet on today's filing is available on the Investor Relations page at nvenergy.com.

Headquartered in Las Vegas, 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 45,592-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.

These statements contain forward-looking statements regarding the future performance of 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, unfavorable rulings in the deferred energy rate cases, the base tariff energy rate cases and general rate cases of NV Energy, and volatility and fluctuations in the markets for purchased power and natural gas.  Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, are contained in the Annual Report of Nevada Power Company d/b/a NV Energy on Form 10-K for the year ended December 31, 2010 and in its Quarterly Reports on Form 10-Q for the quarter ended March 31, 2011, 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