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October 18, 2018

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PUC approves $47.5 million fee for Caesars to leave NV Energy

CARSON CITY — The state Public Utilities Commission today approved a compromise agreement allowing Caesars Entertainment to buy power from a Texas company for its hotel-casinos in Nevada.

Caesars will pay NV Energy a $47.5 million exit fee.

The PUC has already approved applications by MGM Resorts International, Wynn Resorts and Switch to leave NV Energy.

The pullout of Caesars will not result in any increased rates for other NV Energy customers, officials said.

Caesars will buy its power from Tenaska Power Services of Arlington, Texas.

Fred Schmidt, an attorney who represented Caesars, said 20 percent of the power must be from renewable energy sources, rising to 25 percent in 2025. Caesars plans to begin the switchover on Sept. 1.

The stipulation was agreed to by the staff of the PUC and the gaming company. PUC Chairman Joe Reynolds said there was no objection from the Consumer Protection Bureau.

NV Energy did not participate in the case but supplied information.