NVE Energy customers, who saw electric bils rise meteorically in 2022 and 2023, are finally getting a break.
In an April 3 email to customers, President and CEO Doug Cannon said ratepayers would see a lower energy rate beginning April 1. He said natural gas prices, the fuel used to produce some electricity, have declined and the utility would pass along that savings to customers.
Cannon projected that average customers bills in Southern Nevada are projected to drop 15 percent by the end of 2024 compared with 2023. Last year, some shell-shocked ratepayers saw bills rise by double-digit percentages.
“We are very excited to let you know that these lower energy costs are forecast to continue to decrease through 2024 and into 2025,” Cannon said in the email.
On March 27, the Wall Street Journal reported U.S. natural gas futures settled lower for a sixth straight session on concerns about surplus inventories and less bullish near-term weather forecasts.
NVE Energy serves about 1 million Southern Nevada electricity customers. Nearly 900,000 of them are residential users. It’s headquartered in Las Vegas and was acquired by Berkshire Hathaway Energy in 2013.
