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November 14, 2009

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Deregulation suit to be dropped

Thursday, Feb. 15, 2001 | 11:39 a.m.

Nevada Power Co.'s parent company has agreed to drop its lawsuit challenging the state's electricity deregulation law.

Officials with Sierra Pacific Resources Inc. said Wednesday they would drop the suit, fulfilling an agreement reached in a settlement allowing the company to increase rates to cover skyrocketing purchased power and fuel costs.

"It certainly has always been our intent to honor the terms of the global settlement," said William Peterson, senior vice president and general counsel of Sierra Pacific.

The company's delay in dismissing the suit became an issue last week when Public Utilities Commission Chairman Don Soderberg wrote a letter to Sierra Pacific, demanding that the suit be dropped. He said the PUC had honored the terms of the settlement and gave the company until Wednesday to dismiss the suit, or go back to court in a breach-of-settlement dispute.

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