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NV Energy to lower rates by $83.7M due to tax reform

Nevada Power Co. and Sierra Pacific Power Co. are seeking approval from Nevada regulators to pass on $83.7 million in savings from the federal tax reform to their customers, effective April 1.

The proposed negative rate riders will result to annual revenue decreases of $58.8 million for Nevada Power and $24.9 million for Sierra Pacific Power, according to Feb. 14 filings with the Nevada Public Utilities Commission. Both companies do business as NV Energy.

The filings will lower the average residential single-family electric bills by $4.08 per month, or 2.81%, for Nevada Power customers, and by $2.81 per month, or 3.19%, for Sierra Pacific Power customers. Sierra Pacific Power's average single-family residential gas customers will see a decrease of $1.08 per month, or 2.72%.

"Opposed to waiting until the next general rate reviews, which are required by law every three years, passing these savings on now is simply the right thing to do," said NV Energy CEO Paul Caudill.

NV Energy is a subsidiary of Berkshire Hathaway Energy.