NV Energy says average residential bill will be cut by $50 in July, August, September
LAS VEGAS (KLAS) — NV Energy says customers will get a break on their power bills during the hottest months of the summer.
An average residential customer in Southern Nevada will see savings of about $50 per month as electricity consumption soars in July, August and September. But electric bills are still expected to be higher this summer compared to last summer because of the increased cost of natural gas.
The Public Utilities Commission of Nevada on Tuesday approved a rate adjustment from NV Energy that will take effect July 1. Customers will get the savings — between 5% and 16% depending on several factors — in their July bills.
In Southern Nevada, the average single-family residential customer using 1,800 kilowatt hours of energy — the average for July 2022 — will save approximately $50 per month over the months of July, August and September.
“We are glad to be able to step in and deliver a solution for our customers, who have been impacted by the higher purchased power and natural gas prices. We know that energy bills are at their peak during the summer due to high electricity usage, and this proposal helps reduce the costs when customers need it the most,” NV Energy President and CEO Doug Cannon said. “Along with continuing the reliable service our customers count on, we’re investing in ways to make energy more affordable.”
Natural gas prices skyrocketed last year, rising more than 70% and peaking in January. “Provided natural gas prices remain stable, the cost increase customers are currently experiencing is expected to decrease over the next year as the high 2022 natural gas costs roll off and NV Energy experiences lower natural gas prices in the future,” according to an NV Energy news release.
NV Energy files quarterly rate adjustments based on the actual fuel and purchased power costs paid by the company in the previous 12 months. Those costs are a pass-through cost, meaning that customers pay the same price that NV Energy pays, and the company does not mark up costs on purchased power and natural gas purchases.
In Northern Nevada, the average single-family residential customer will save about $20 per month.
Source: KLAS - 8 News Now
