RENO, Nev. (KRNV & MyNews4.com) - Rate payers are the winners as the State Bureau of Consumer Protection (BCP) announced a settement today in MidAmerican's bid to acquire NV Energy. The deal now no longer includes a $2 billion dollar pay-off to stockholders that would have been paid for by customers. Dan Jacobsen, with the BCP, said, "Paying higher rates to recover a $2 billion dollar bonus that was provided to stockholders never made sense to us, so we're pleased the company was willing to take that off the table."
In addition to that concession, there were others that are favorable to rate payers. Under this new deal, MidAmerican has a agreed to a $20-million credit for customers. If approved, customers would see this credit of approximately $7 to $8 on their monthly bill in January or February.
The deal also includes assurances to improve customer service and service quality. Jacobsen said, "That the phone will be answered quicker, when services are out they'll respond more quickly, we think that's going to be an improvement."
Also under this deal, the Smart Meter Opt Out trial will become a permanent service with no price increase for six years.
None of this is final. This proposed acquisition of NV Energy must still be approved by the Public Utilities Commission. That hearing is set for the week of November 18th.