68°F
weather icon Clear

NV Energy reaches agreement to serve Allegiant Stadium, Raiders’ facilities

Updated October 22, 2019 - 5:53 pm

Nine months after the LV Stadium Events Co. secured approval to use an alternative energy provider, the company is moving toward becoming a long-term NV Energy customer.

The Raiders subsidiary has entered into an agreement with NV Energy for a renewable energy-based supply service based on a new tariff structure. The Nevada Public Utilities Commission would need to approve both the agreement and tariff before the deal moves forward.

It comes after 10 companies began efforts to leave NV Energy in 2018. According to the filing, NV Energy organized the proposal after receiving “overwhelming customer feedback” requesting more cost-certain and flexible electric bills.

Renewable-based option

NV Energy submitted the proposal to the PUC last week. The 25-year deal would provide bundled energy service with a reduced rate to Allegiant Stadium — set to open for the 2020 football season — and the Raiders’ administrative facilities and practice facility in Henderson.

The rates in the supply agreement reflect the market price of energy and would be broken down into two supply periods.

The first short-term energy supply period would enable NV Energy to serve energy from the wholesale market based on market index pricing, or energy from excess capacity from its generation fleet.

The subsequent long-term period would charge a fixed price per-megawatt hour and would include charges for natural gas transportation. If approved, the power would be drawn from a renewable energy facility and its associated energy storage facilities starting in the second half of 2023, when the facility is set to begin commercial operations.

“LV Stadium quickly made clear its strong commitment to Nevada and its desire for a transactional structure that prioritized stability over the course of several years,” according to the agreement. In turn, NV Energy proposed a structure with an electric rate “fixed over the vast majority” of the 25-year term.

Under the agreement, LV Stadium Events would not be able to pursue any alternative providers for the Raiders’ facilities.

“NV Energy is honored to be the energy supplier for the Raiders and their new home at Allegiant Stadium,” according to a statement from the utility. A spokesman for LV Stadium Events did not return a request for comment in time for publication.

The agreement would be part of NV Energy’s proposed Market Price Energy Program, which would provide alternative service options to new companies locating in Nevada. The tariff would be open to retail customers that have received approval to leave NV Energy but have not been assessed an impact fee by the PUC.

Such customers cannot currently be receiving any fully bundled service from NV Energy, and they must have an annual load of at least 1 megawatt in NV Energy’s service territory.

Impact on customers

NV Energy stressed that the service agreement is beneficial to both itself and LV Stadium Events.

According to the agreement, long-term deals with large customers allow NV Energy to make stable planning assumptions and engage in “fixed-price, low-cost, long-term commitments” to provide energy on behalf of all customers.

This agreement “provides for affordable and predictable customer bills and shields customers from fuel and market volatility for decades,” all while avoiding “shifting costs to other customer classes,” according to the agreement.

Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.


Don't miss the big stories. Like us on Facebook.
Business Videos
Vegas Changes Everything: Grandma - LVCVA ad
"Grandma" is a new television spot from the Las Vegas Convention and Visitors Authority prepared to entice visitors to come during the Thanksgiving and Christmas holidays. (Visit Las Vegas/YouTube)
Vegas Changes Everything: Chaos - LVCVA ad
"Chaos" is a new television spot from the Las Vegas Convention and Visitors Authority prepared to entice visitors to come during the Thanksgiving and Christmas holidays. (Visit Las Vegas/YouTube)
New allegations involved Steve, Elaine Wynn - VIDEO
The new allegations were presented Friday in a motion that included a 2018 affidavit, alleging former hairstylist Jorgen Nielsen tried to convince a friend to say Steve Wynn raped her and that she bore his son. The affidavit also included new allegations suggesting Elaine Wynn and Nielson orchestrated the assault scandal. (Renee Summerour/Las Vegas Review-Journal)
Fitness chain Life Time acquires former Sullivan Square site
Fitness chain Life Time has acquired the former Sullivan Square site in Las Vegas for $14 million. The southwest valley property, across the street from Ikea, is little more than a giant hole in the ground. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
Fashion Outlets of Las Vegas in Primm outlet mall changing its name - VIDEO
Chad Dillow, co-owner of Step Right Up, is building his attraction at Prizm Outlets, which recently changed it name from Fashion Outlets of Las Vegas, in Primm. It will include 3D trick art, ax throwing, escape rooms and carnival-themed games. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
O.J. Simpson files lawsuit against The Cosmopolitan over TMZ story - VIDEO
A lawsuit filed Thursday alleges that The Cosmopolitan of Las Vegas defamed O.J. Simpson when hotel employees told TMZ he was kicked out of the casino “for belligerence” in November 2017. (James Schaeffer / Las Vegas Review-Journal)
Phil Maloof on selling his Palms Place penthouse.
Phil Maloof sold his 59th-floor penthouse at Palms Place. (Eli Segall/Las Vegas Review-Journal)
Bleutech announces Las Vegas land purchase deal
Bleutech Park Properties reached a purchase agreement for 210 acres at Las Vegas Boulevard and Cactus Avenue, project spokesman Tom Letizia announced Tuesday, Nov. 5, 2019 at a news conference at the M Resort. (Elizabeth Brumley/Las Vegas Review-Journal)
Stolen Dodge Challenger found, suspect arrested - VIDEO
A $250,000 custom-built Dodge Challenger was stolen on Oct. 30, 2019, just before it was to be displayed at the Specialty Equipment Market Association trade show in Las Vegas this week. The thief was found by an Nevada Highway Patrol trooper, who rammed the trooper's car with the Challenger and got away. The suspect was ultimately arrested and the car recovered. (Las Vegas Review-Journal)
Terbine's, a tech firm, decision to relocate business from Bay Area to Las Vegas
Terbine's, a tech firm, decision to relocate business from Bay Area to Las Vegas. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
A walk through the historic Huntridge Theater in Las Vegas - VIDEO
The Huntridge Theater became a musical venue in 1992 and was a staging ground for groups on the rise and alternative superstars, from Smashing Pumpkins to Sarah McLachlan, the Deftones, Nine Inch Nails, Green Day and Fugazi. The venue has been closed since 2004. This video, taken on Oct. 31, 2019, shows what's left of the theater after 15 years. (David Guzman/Las Vegas Review-Journal)
MGM Resorts International looking to sell another property
MGM Resorts International is working to sell its MGM Grand property on the Las Vegas Strip. (Renee Summerour/Las Vegas Review-Journal)
Developer Sam Cherry reveals plans for shareDOWNTOWN.
Mayor Carolyn Goodman and Councilwoman Olivia Diaz will attend this event where plans are revealed for a future apartment complex in the Arts District. (Shea Johnson/Las Vegas Review-Journal)
Las Vegas Convention Center expansion update - VIDEO
Take a drive outside of the new Las Vegas Convention Center expansion project. (Severiano Galvan/Las Vegas Review-Journal)
Binion's debuts a spinning bar overlooking Fremont Street Experience - VIDEO
Binion's debuted its spinning bar inside the Whiskey Licker Up Saloon. The Rotating bar only goes at one full rotation per 15 minutes overlooking the Fremont Street Experience. (James Schaeffer/Las Vegas Review-Journal)
Day 3 of the 2019 Global Gaming Expo
Day 3 of the 2019 Global Gaming Expo took place at the Sands Expo and Convention Center in Las Vegas Wednesday, Oct. 16, 2019. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Southern Nevada could set a new resale-price record in coming months.
The median sales price of previously owned single-family homes – the bulk of the market – was $310,000 in September. Before the economy crashed last decade, prices peaked in June 2006 at $315,000, according to the Greater Las Vegas Association of Realtors.(Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
Walmart container park in Henderson - VIDEO
Henderson could be home to a container park associated with a Walmart Inc. initiative. (Las Vegas Review-Journal)
Recession lessons could help Las Vegas face next slump - VIDEO
While the last economic downturn had a dramatic impact on local casinos, most experts expect the industry will be better able to weather the storm during the next recession. (Mat Luschek / Las Vegas Review-Journal)
St. Rose Parkway Construction - Video
St. Rose Parkway continues to have construction along the six-and-a-half mile road. Review-Journal studio host Aaron Drawhorn and business reporter Eli Segall go over the construction projects that are coming to Henderson.
MGM and victims of Oct. 1 reach settlement agreement - VIDEO
MGM Resorts International and lawyers representing potentially thousands of victims of the Oct. 1, 2017, mass shooting on the Las Vegas Strip have reached a tentative settlement of between $735 million and $800 million. (Mat Luschek /Las Vegas Review-Journal)
Live music and EDM dominate the night on day 2 of A’Le’Innstock
After sunset bands rocked the crowds at A’Le’Innstock in Rachel, Nevada on the second night of the event.
iPhone 11 Release
Local Las Vegas long time Apple product consumer shares her excitement for the new iPhone 11 release Downtown Summerlin. (Elizabeth Page Brumley/Las Vegas Review-Journal)
Lihi Levin talks about a mobil app Dropit - VIDEO
Lihi Levin, regional manager at Dropit Shopping, talks about a mobil app Dropit. The app lets customers leave their shopping bags at a store then have them delivered the same day to their home or hotel so they can shop without carrying multiple bags all day. (Bizuayehu Tesfaye Las Vegas Review-Journal) @bizutesfaye
North Las Vegas company prepares for Mars - VIDEO
Robert Bigelow and his Bigelow Aerospace manufacturing facility played host to eight NASA astronauts and 60 engineers this week getting to know the company’s B330 autonomous, expandable space station. (Elizabeth Brumley/Las Vegas Review-Journal)
Las Vegas developer talks about a new apartment complex called “the yoU”
Frank Marretti lll, founder of G2 Capital Development, talks about his new apartment complex called “the yoU” near UNLV. (Bizuayehu Tesfaye/Las Vegas Review-Journal) @bizutesfaye
Steel cables will hoist roof at Allegiant Stadium - VIDEO
Stainless steel cables are being put into place at Allegiant Stadium to begin the process of putting the roof on the 65,000-seat stadium in Las Vegas. Stadium Chief Operating Officer Don Webb explains how the cables will be used to get the roof put on the future home of the Raiders and UNLV football. (Heidi Fang/Las Vegas Review-Journal)
The last remaining Sigma Derby game in Las Vegas
Derek Stevens, owner of the D Las Vegas, talks about the last remaining Sigma Derby horse racing game in Las Vegas inside his casino floor. (Erik Verduzco/Las Vegas Review-Journal)
Popeyes Spicy Chicken Sandwich Review
Janine Blake of Las Vegas gives her review of the new Popeyes Spicy Chicken Sandwich at the restaurant’s location on west Bonanza Road on Thursday, Aug. 22, 2019,
SuperZoo 2019 takes over Mandalay Bay in Las Vegas
SuperZoo 2019 show for pet retailers brought pet products of all description to the Mandalay Bay Convention Center in Las Vegas. (Heidi Knapp Rinella/Las Vegas Review-Journal)
THE LATEST
First Las Vegas Raiders season tickets fees due Nov. 15

As personal seat license sales for Allegiant Stadium wind down, those who reserved their spot in the $2 billion stadium will soon be expected to pay for the first season tickets in Las Vegas Raiders history.