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November 26, 2009

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Utility revises rate-hike request

Friday, Oct. 1, 1999 | 10:51 a.m.

Nevada Power Co. has revised a rate increase request in preparation for the state's transition to a deregulated electrical industry.

The company's new request, filed Thursday with the Public Utilities Commission, seeks $50 million over the three years a rate freeze is in effect. It would raise a residential user's monthly bill by about 10 percent -- about $7 per month for the average customer.

"This is the last and final comprehensive step before we freeze rates for the next three years," said Steve Rigazio, senior vice president of energy delivery.

The new filing seeks to resolve how the company should recover its costs. The company amended a request made in July for $44 million to recover fuel and purchased power costs for one year.

By seeking the one-time increase to cover costs for the next three years, the company is taking a risk that costs could climb higher than projected in 2001 and 2002.

Beginning March 1, competitors will enter the retail market. Nevada Power plans to sell its power plants and will freeze rates for three years.

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