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Good news, NV Energy users: Your electric rates are dropping

Updated June 27, 2023 - 6:33 pm

Nevadans will see a drop in their energy rates just as the temperatures in Southern Nevada reach their usual scorching summer triple-digit levels.

On Tuesday, the Public Utilities Commission approved a change in NV Energy’s quarterly energy rates that will result in residential customers getting an overall 2.9 percent decrease on their power bills. The lower rates will take effect July 1 and stay in place until the end of September.

Although electric rates are set to be lower, electric bills are still expected to be high as more power will be needed for air conditioning units to battle the prolonged summer temperatures. NV Energy’s electric load during the summer months is about 2½ times greater than other periods.

NV Energy expects the average July electric bill in Southern Nevada to be $304 for single-family residential customers and $180 for multi-family residential customers.

Here are the impacts for residential ratepayers:

■ Southern Nevada single-family residential customers will see a 2.87 percent rate decrease, which will result in an average bill decrease of $5.58.

■ Southern Nevada multi-family residential customers will see a 3.01 percent decrease, resulting in an average bill decrease of $3.49.

■ Northern Nevada domestic service customers will see an 8.29 percent decrease, which will result in an average decrease of $11.38.

■ Northern Nevada domestic multi-family service customers will see a 8.55 percent decrease, which will result in an average decrease of $6.69.

NV Energy also entered a stipulation agreement with the Bureau of Consumer Protection. The stipulation gives NV Energy the rates it sought, while the company agrees to forgo a $3 million carrying charge it could normally receive if deviations from rate adjustments were approved.

“The stipulation is a consensus resolution of the issues pursuant to the signatories negotiations and is a reasonable recommendation and resolution of the issues in this proceeding,” said the order approved by all three PUC commissioners.

This decision from the PUC marks the end of a more complicated than usual quarterly rate adjustment process. Usually these adjustments are approved weeks before they take effect instead of days. Southwest Gas had its third-quarter rate adjustment — which will increase rates — approved earlier this month.

NV Energy stated it wanted to deviate from the usual quarterly rate adjustment process to provide some relief for its customers over the summer months.

“We know that energy bills are at their peak during the summer due to high electricity usage, and this proposal helps reduce the costs when customers need it the most,” said Doug Cannon, NV Energy president and CEO, in a statement.

Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on Twitter.

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