The Public Utilities Commission said the utility did not prove its plan had a reasonable budget for ratepayers to cover, approving just $70.1 million.
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Critics say the plan to construct two natural gas turbines in Clark County for $353 million will raise utility bills for customers.
Southwest Gas filed plans to raise customer rates in April, and it’s the highest increase compared to the most recent quarterly rate hikes.
NV Energy is proposing a more than $800 million plan to advance the state’s energy independence.
The bills for electricity and gas will go up in January, with NV Energy customers in Southern Nevada seeing an average increase of 14.4 percent across all customer classes.
The effort to merge its two electric subsidiaries into one entity could impact how the state’s largest utility finances projects and how it is regulated.
Nevada has applied for $38 million in federal funds as part of the state’s efforts to enhance its charging network for electric vehicles.
Gas prices were lower in Nevada and across the nation than they were in June, although over $5 a gallon is still a common sight.