Updated October 7, 2020 - 1:59 pm
An October payday from Nevada’s power company will be bigger than previously reported.
NV Energy will provide a $120 million payout to its customers as a one-time credit on their October bills, double the previously announced payout of $59.7 million.
Regulators on Wednesday approved the payout, which comes as part of a settlement agreed on last month involving the state’s power company and some of its largest employers. Southern Nevadans can expect the credit to show up on their October bills as early as Friday, according to the Public Utilities Commission.
“The parties worked really hard to reach agreement on this settlement that I think will be really beneficial for Southern Nevada, and I appreciate their good work,” commissioner C.J. Manthe said Wednesday.
Average single-family homes can expect a $107.25 credit on their October bills. This replaces the $53 credit for single-family homes first approved in early September, according to NV Energy spokeswoman Jennifer Schuricht. Multifamily residential customers can expect a credit of about $60 and small-business accounts will see a credit of roughly $53, the commission said Wednesday. Larger commercial customers will see individually tailored credits.
The settlement provides short- and long-term relief at a time when many customers are feeling the economic sting of the COVID-19 pandemic, Doug Cannon, NV Energy president and CEO, said in a statement. NV Energy’s $120 million payout represents the largest in its history, according to the company.
“This is great financial news for our customers, and will provide immediate bill relief, especially to those who are struggling financially due to the pandemic,” Cannon said.
Nevadans have accumulated nearly $29.5 million in missed payments to the power company; the total this time last year was $6.8 million, the utilities commission previously said.
The settlement is part of NV Energy’s general rate case, the process by which the company and the commission determine the company’s power rates for the next three years. The commission will decide this month whether to green-light a $92.7-million rate reduction for Southern Nevadans that, if approved, would become effective in January. The average single-family home would see a drop of roughly $4.96 on its bill, according to NV Energy.
Parties involved in the settlement include several Las Vegas Valley casinos and gaming companies, Kroger, Walmart, the Colorado River Commission of Nevada, the Bureau of Consumer Protection and the Southern Nevada Gaming Group.