Thursday, Aug. 21, 2014 | 1:27 p.m.
CARSON CITY — NV Energy has agreed with consumer advocates to abandon a proposed $37 million rate increase for Las Vegas-area customers.
The utility filed a stipulation today with the state Bureau of Consumer Protection, the staff of the Public Utilities Commission and the Southern Nevada Hotel Group, which had filed a protest in the case, not to go forward with its application.
Elizabeth Elliott, associate general counsel for NV Energy, said the agreement “results in a fair and reasonable outcome of this case.”
Under the agreement, a $10 monthly service charge for typical single-family homes will increase to $12.75, but the per-kilowatt-hour charge will go down, keeping rates steady at their current level.
The company will increase the basic service charge for large single-family residences by $15.50 to a total of $82.50, with a corresponding decline in the charge per kilowatt hour of electricity.
Annual revenue for the utility is estimated at $1.2 billion.
The Public Utilities Commission must approve the proposed agreement.
Dan Jacobsen, technical staff manager of the Bureau of Consumer Protection, said the agreement “is very helpful to the customers in Southern Nevada who are still struggling.”
NV Energy is authorized to seek a general rate increase every three years. It can file annual rate adjustments if fuel costs go up or down.