Sierra Pacific Electric and Gas Customers Get Rebate
Sierra Pacific Power Co. will rebate approximately $10 million to its Nevada electric and natural gas customers for 1997, effective in May.
Douglas R. Ponn, Sierra Pacific vice president for governmental and regulatory affairs, said the rebate is the result of an agreement reached in 1997 between the energy-provider and the Office of Consumer Advocate and the staff of the Public Utilities Commission of Nevada.
A three-year “shared earnings agreement” states that any Sierra Pacific earnings for 1997, 1998 and 1999 that exceeds a certain plateau, should be split 50-50 between the utilities’ customers and its shareholders.
Sierra Pacific filed with the utilities commission in 1998, requesting permission to issue the rebate. The rebate was approved by the commission on April 21.
“We’ve been working hard to hold down our costs, streamline our work force and achieve new operating efficiencies,” Ponn said. “That hard work is paying off in terms of this rebate, and our electric and natural gas price freeze, which is in effect until the year 2000.”
Of the total $10 million being rebated to customers in May, about $8.5 million is on the electric side of the business. The remaining $1.5 million comes from natural gas operations.
The typical residential electric customer will see a one-time electric credit of $11.53 on their utility bills in May. Typical gas customers will see a one-time credit of approximately $8.85 on their bills.
The company also filed a request with the utilities commission on April 30 for an $8.8 million rebate for 1998. Customers could see that rebate as early as this fall.
The current $10 million rebate marks the third rebate since 1994.
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