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New hearing sought on Nevada Power

Tuesday, July 9, 2002 | 9:26 a.m.

SUN CAPITAL BUREAU

CARSON CITY -- State Consumer Advocate Tim Hay has asked for a re-hearing by the state Public Utilities Commission on its approval for Nevada Power Co. to issue $300 million in secured long-term debt.

The Las Vegas-based utility has said it needs the money for its cash flow this summer.

Hay, in his motion filed Friday, complained the PUC did not put a limit on the interest rate the utility would pay on the long-term debt.

"Without any limitation on interest rates, ratepayers bear all of the risk of paying unreasonable rates in order to provide debt service for the power company," Hay said.

He said he favored the recommendation of the Southern Nevada Water Authority that the interest rate be capped at 7 percent.

He also questioned if Nevada Power actually needed the cash flow. He said there were discrepancies in testimony during the hearing before the PUC about the need for the financing.

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