Nevada Power Co. (NP) has announced a tentative agreement for the largest rate reduction in its history, reflecting lower purchased power prices, lower overall fuel costs, and improvements in efficiency. And while the $45-million rate cut requires approval from the Nevada Public Service Commission approval, NP reportedly has reached an accord with the PSC staff, Office of Consumer Advocate, and large customers.
Public institutions, such as the Southern Nevada Water Authority, Las Vegas Valley Cities, and Clark County School District would receive $11 million in annual rate reductions. Medium-sized commercial customers would see a $27-million cut; residential and small commercial customers would have rates cut by $7 million.
"Residential rates have fallen nearly 5 percent since February 1994 and remain among the lowest in the country," said Dwight Etheridge, NP Director of Pricing and Economic Analysis.
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