The Public Utilities Commission of Nevada approved a settlement reached by NV Energy Inc. and several intervenors for a $5 million decrease in revenue requirements in electric rates starting Jan. 1, 2020.

"This rate reduction for our northern Nevada electric customers marks the third time in six years that the company has decreased rates for our customers," NV Energy President and CEO Doug Cannon said in a Dec. 23 news release.

The Berkshire Hathaway Energy utility reduced rates by $42 million through revenue reductions filed in 2013 and 2016 general rate cases and by $24.9 million for electric and gas customers in 2017 due to federal tax reforms.

The intervenors in the most recent general rate review, filed in June, include the commission's operations staff and the state Bureau of Consumer Protection, among other interested parties.

NV Energy is known legally as Sierra Pacific Power Co. in northern Nevada.