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NV Energy Urged To Return Excess Profits

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(Photo by Joe Raedle/Getty Images)

(Photo by Joe Raedle/Getty Images)

tate south Tate South
Email Tate at tate.south@cbsradio.com
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LAS VEGAS (AP) — A state agency wants NV Energy to pay back southern Nevada customers after an especially successful year.

The Las Vegas Sun reports the Bureau of Consumer Protection within the Attorney General’s Office plans to file an argument for refunds with the Public Utilities Commission July 17.

The utility made $322 million in profit last year, or an 8.71 percent rate of return. That’s exceeds the 8.17 percent rate the PUC allows the utility to make.

But the company also collected $10 million from consumers for “lost-sales compensation,” which is supposed to reimburse NV Energy for losses when customers become more energy-efficient.

The consumer protection bureau says the company should return lost-sales compensation because it’s already made a reasonable profit.

NV Energy declined comment without having seen the proposed filing.

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