PUCN Approves Settlement Agreement for No Rate Changes
LAS VEGAS, June 28 /PRNewswire/ -- Nevada Power Company, a wholly-owned
subsidiary of Sierra Pacific Resources (NYSE: SRP), announced today that
its electric rates are expected to remain stable until June 2007, following
approval of a settlement agreement by the Public Utilities Commission of
Nevada (PUCN).
Under the settlement, reached by Nevada Power, the staff of the PUCN,
the state Attorney General's Bureau of Consumer Protection, and other
parties participating in a recent rate case, Nevada Power customers' rates
will remain unchanged until June 1, 2007.
"This is truly a good outcome for our customers and our company and we
appreciate the hard work done by all parties involved in reaching this
agreement," said Pat Shalmy, president of Nevada Power. "We know that even
a small increase can be difficult for many people and, by approving this
agreement, we all recognized that keeping rates stable, in particular
during this summer, is in the best interest of our individual customers and
the community in general."
Nevada Power filed its last annual mandatory deferred energy case on
January 17, 2006, requesting the recovery, over a one-year period, of
approximately $171 million of fuel and purchased power costs that it
already had incurred to provide electricity to customers. The approved
settlement agreement allows full recovery over a two-year period, holding
rates flat through 2006 and at least until June 1, 2007. Deferred energy
costs are recovered on a dollar-for-dollar basis with no profit to the
company.
Tips to help customers stay cooler and to save money on their monthly
bills during the hot summer months include setting air conditioners at 78
degrees, utilizing programmable thermostats, using certain appliances
(ovens, dishwashers, clothes dryers, etc.,) during off-peak hours (8 p.m. -
11 a.m.) as well as running ceiling and oscillating fans to help increase
airflow.
For more information on energy conservation and money-saving tips visit
the company's website at nevadapower.com.
Nevada Power is a regulated public utility engaged in the distribution,
transmission, generation, purchase and sale of electric energy in the
southern Nevada communities of Las Vegas, North Las Vegas, Henderson,
Searchlight, Laughlin and their adjoining areas, including Nellis Air Force
Base and the Department of Energy's Nevada Test Site in Nye County. The
Company provides electricity to approximately 774,000 residential and
business customers.
Headquartered in Nevada, Sierra Pacific Resources is a holding company
whose principal subsidiaries are Nevada Power Company, the electric utility
for most of southern Nevada, and Sierra Pacific Power Company, the electric
utility for most of northern Nevada and the Lake Tahoe area of California.
Sierra Pacific Power Company also distributes natural gas in the
Reno-Sparks area of northern Nevada. Other subsidiaries include the
Tuscarora Gas Pipeline Company, which owns a 50 percent interest in an
interstate natural gas transmission partnership and several unregulated
energy services companies.
Forward-Looking Statements: This press release contains forward-looking
statements regarding the future performance of Nevada Power Company, within
the meaning of the Private Securities Litigation Reform Act of 1995. These
statements are subject to a variety of risks and uncertainties that could
cause actual results to differ materially from current expectations. These
risks and uncertainties include, but are not limited to, unfavorable
rulings in Nevada Power's general rate cases and deferred energy rate
cases. Additional cautionary statements regarding other risk factors that
could have an effect on the future performance of Nevada Power Company are
contained in its Quarterly Report on Form 10-Q for the quarter ended March
31, 2006, and its Annual Report on Form 10-K for the year ended December
31, 2005, filed with the SEC. Nevada Power Company undertakes no obligation
to release publicly the result of any revisions to these forward-looking
statements that may be made to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
SOURCE Nevada Power Company
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Related links:
http://www.nevadapower.com
CONTACT:
Media, Sonya Headen, +1-702-367-5222, or
Analysts, Britta Carlson, +1-702-367-5624, both for Nevada Power
Company
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