Release: Nevada’s Retail Power Rates Increased in 2017
RESIDENTIAL POWER COSTS
Nevadans See Power Bills Rise Again in 2017
March 14, 2018 - On February 20, 2018, NV Energy released a statement praising Nevada’s “low” energy rates, claiming an average rate of 8.38 cents/kWh. Once again, they have used “monopoly math” to mislead the public about what they, as the power monopoly, charge their residential customers. According to the latest data from theEnergy Information Administration (EIA), the federal agency that tracks power rates, Nevada’s residential customers saw average residential rates under NV Energy’s monopoly rise in 2017. On average, Nevada’s residential customers saw their rates increase more than 5% in 2017 when compared to 2016.Nevada fell four spots to 24th amongst states in residential rates in 2017, according to the EIA data above. Residential rates in Nevada are up over 50% since 2000 according to the EIA, outpacing the rate of inflation.
When compared to Texas, a state that has already enacted energy choice, Nevada’s residential price/kWh was higher. Texas customers who benefit from competition in choosing their energy provider paid nearly 7% less than NV Energy’s customers at the end of 2017. A July 2015 study entitled “Evolution of the Revolution: The Sustained Success of Retail Electricity Competition”, shows energy choice states saw their overall power prices fall on average 4.5% against inflation, while states under a monopoly utility have seen prices rise about 8.4% more than inflation, as illustrated in the chart below.
Energy choice states have seen prices fall, while monopoly utility states have seen prices rise faster than inflation
Source: Click Here
ABOUT THE ENERGY CHOICE INITIATIVE
ECI will give Nevada customers more energy options and lower costs by giving them the ability to choose their service providers based on important factors such as price, reliability, and the ability to choose to purchase more renewable energy. The petition directs the Nevada Legislature to enact laws to establish an open, competitive electricity market.
ABOUT NEVADANS FOR AFFORDABLE CLEAN ENERGY CHOICES
The Nevadans for Affordable Clean Energy Choices PAC is a statewide coalition representing Nevada voters, large and small employers, community leaders, and consumers with a goal to open Nevada’s energy markets and give consumers the option to purchase renewable energy and lower overall energy costs. Visithttp://energyfreedomnv.com/ for more information on Question 3 and the Energy ChoiceInitiative.