Las Vegas Sun

December 4, 2009

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Letter: Nevada Power rewarded for bad management

Tuesday, Aug. 7, 2001 | 8:48 a.m.

Just a short time ago, Nevada Power was crying that it was almost bankrupt. It managed to convince the Legislature and Gov. Kenny Guinn to allow it to recover more money from consumers through Assembly Bill 369.

About two weeks ago the company declared that a $15.2 million quarterly dividend would be paid out to its investors. If the company is so broke, how does it afford a $15 million dollar dividend payout? Hello?

By the way, Nevada Power promised to pay $5 million to low-income families to help with their utility bills. But Mark Ruelle, president of Nevada Power, said he didn't know whether the utility would seek to recover the contribution through higher rates or if shareholders would pick up the tab. That doesn't sound like a contribution to me if the people of Southern Nevada are going to get another rate hike to cover the $5 million.

I just can't believe how bad Nevada Power treats its customers, and the politicians just seem to think there is no problem at all. There is a problem. Nevada Power is gouging the people of Las Vegas and its management practices are horrible.

Any other company that made poor business decisions would be out of business, but Nevada Power just gets another rate increase to cover its blunders. When does it end?

CLIFFORD L. MONETT

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