Effective Oct. 1, NV Energy is decreasing its overall electric rates by 0.64% for northern Nevada customers and decreasing overall natural gas rates by 9.15% for Reno-Sparks customers.
Total electric rates will have decreased 23%, while total natural gas rates have dropped 49% percent since January 2009. According to the company, adding today's decreases roll back total electric prices to 2004 levels and total natural gas prices to 2001 levels.
With this change, a typical residential customer using 746 kilowatt hours of electricity per month, will see their bill decrease from $84.58 to $84.08. Natural gas rates for a typical residential customers using 54 therms of gas will decrease from $38.22 to $35.12.
The decrease in electric rates includes the company's annual Deferred Energy Accounting Adjustment, which passes the costs for fuel and purchased power along to customers on a dollar-for-dollar basis. It also includes adjustments in certain funds collected to support renewable energy programs.
NV Energy attributed the decreases to a variety of factors, including the completion of the state-of-the-art Tracy Combined Cycle Generating Station, which is one-third more efficient in producing electricity than other conventional gas-fired power plants. Prices in the energy markets have also declined, meaning fuel to generate electricity costs less and these savings are passed on to customers in the form of lower electric rates. The same is true for natural gas, which the company purchases on behalf of its gas customers.