Critics of NV Energy sale say it will lead to higher rates

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Updated: 10/27/2013 9:45 am
Nevada's Bureau of Consumer Protection is weighing in on the proposed sale of NV Energy.  The Bureau said the present deal was not in the public's interest.  

MidAmerican hopes to acquire NV Energy for $5.6 billion dollars.  The proposal is before the Public Utilities Commission.  In filings before the Commission this week, the Bureau said the deal, as it is currently structured, would raise rates for customers.  Dan Jacobsen, who is a technical Staff Manager for the Bureau, told News 4 today the Commission should reject a provision that would provide a $2 billion dollar "bonus" to NV Energy stockholders.  He said, "They are asking for the Nevada ratepayers to gradually pay off at least a portion of that bonus. We think there is no benefit to Nevada ratepayers to provide a bonus to NV Energy stockholders."

The Bureau is also requesting an immediate $30 million dollar rate reduction for Nevada Power customers.  It is also asking the PUC to require at least $15 million of annual cost reductions to be passed on to customers during upcoming general rate cases for Nevada Power and Sierra Pacfic.  

The proposed sale is before the Nevada Public Utilities Commission.  MidAmerican can file a response before an evidentiary hearing is held before the Commission in late November.  A decision on the sale is expected in late December.  
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oldguyincc - 10/27/2013 1:08 PM
0 Votes
How are NV Energy, Nevada Power and Sierra Pacific related? Are they all really one company? Whose idea was a $2,000,000,000 "bonus" for NV Energy stockholders? Why do NV Energy stockholders need or deserve a bonus at the expense of their captive customers, who have no recourse, since NV Energy has no competitor? Utility companies and hospitals are as close to being government entities as for-profit businesses can get. Their facilities, and their profits, are protected by government. For that reason, all of their policies and activities must be closely watched, widely publicized and strictly controlled. Get behind the Consumer Protection Bureau. Ask questions. Out loud.

Sandwulf - 10/27/2013 12:18 PM
0 Votes
It's going to be a cold winter with no electric the way this is going! Like we didn't see this happening when Warren took over NV Energy! :o

Kramer - 10/26/2013 2:04 PM
1 Vote
Nv4 should refer readers to a competent business report on this; i see a lot of gaps and filler in this story. I also see those ugly towers on 395N that Sierra Pacific pleaded poverty in order to put up, instead of undergrounding. Scoundrels!

Speed - 10/26/2013 1:35 PM
1 Vote
So they intend to raise the rates? That's fine with me-I already can't afford to make a full payment for my electric bill,so an increase is academic to me. I'll just be NOT paying all of a higher bill every month.
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