On Thursday evening, the Nevada System of Higher Education board of regents agreed to a multiyear agreement with NV Energy that’s expected to save the state government unit about $380,000 an annual energy costs statewide.
The agreement would have NV Energy pay the NSHE $500,000 in 2019, 2020 and 2021 to retain it as a customer. The utility would then either move the unit to its optional pricing program rate, which is still pending approval from the Public Utilities Commission of Nevada, or would continue annual payments of $500,000 in 2022 and 2023.
These payments could be used toward student success initiatives focused on improving graduation and persistence rates at the eight institutions the NSHE oversees, according to chancellor Thom Reilly.
“By using this funding for corequisite support, I believe Nevada will see the uptick in student success we have been striving for at our degree-granting institutions,” he said in a Thursday press release.
NV Energy’s optional pricing program rate is expected to be in place by 2022 if approved by the Public Utilities Commission of Nevada. The rate option is open to customers who use large amounts of energy, like government entities and large companies, and would replace their variable energy rate with a fixed rate based on costs from renewable resources.
NV Energy spokeswoman Jennifer Schuricht said the agreement would provide the NSHE with long-term value without increasing rates for other customers.