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February 12, 2016 3:42 PM ET

Electric Utilities

Company Overview of NV Energy, Inc.

Company Overview

NV Energy, Inc., a public utility, together with its subsidiaries, engages in the generation, transmission, distribution, and sale of electric energy in Nevada. It also delivers natural gas services. The company serves electric retail customers, including residential, commercial, and industrial customers in Nevada, as well as retail natural gas customers in northern Nevada. As of October 01, 2014, it served 1.3 million customers. The company is headquartered in Las Vegas, Nevada. NV Energy, Inc. is a subsidiary of Berkshire Hathaway Energy Company.

6226 West Sahara Avenue

Las Vegas, NV 89146

United States

Phone:

702-402-5000

Key Executives for NV Energy, Inc.

Chief Executive Officer and President
Age: 61
Chief Financial Officer, Principal Accounting Officer and Corporate Vice President
Age: 51
Senior Vice President of Shared Services, General Counsel and Corporate Secretary
Age: 59
Corporate Senior Vice President of Energy Delivery
Age: 65
Senior Vice President of Government and Community Strategy
Age: 49
Compensation as of Fiscal Year 2015.

NV Energy, Inc. Key Developments

Nevada Copper Forms Strategic Alliance with NV Energy on Solar Development Opportunity

Nevada Copper Corp. announced that it has entered into an agreement with NV Energy to conduct a study of the potential to develop a solar energy generation project on Nevada Copper's privately-owned land. This land is adjacent to the Company's proposed Pumpkin Hollow copper development project. Additional information on NV Energy is included below. Nevada Copper expects this Solar Study to be completed within three months. Nevada Copper and NV Energy seek to evaluate, at a scoping level, the feasibility of developing a solar facility on private land owned by Nevada Copper that is available for solar generation facilities. Subject to the results of the Study, the parties would have an opportunity to enter into an agreement to pursue a solar development opportunity. The Solar Study will be done at no cost to the Company, in consideration of which, a 90-day exclusivity period was granted to NV Energy. After the 90-day exclusivity period, if no development agreement has been mutually agreed after good- faith efforts, the Company will be free to solicit interest from other parties.

Public Utilities Commission of Nevada Approves Three Renewable Energy Agreements to Add 129 MW of Solar Generation Capacity to NV Energy's System

Nevada regulators on Jan. 25, 2016 approved what they said is an innovative arrangement in which two big data center customers of NV Energy Inc.'s utility subsidiaries agreed to pay for construction of two new utility-scale photovoltaic solar facilities in return for being able to take credit for being 100% green power users. The Public Utilities Commission of Nevada approved three renewable energy agreements that will add 129 MW of solar generation capacity to NV Energy's system and provide Switch Ltd. and Apple Inc. the green attributes for all the power to run their data centers. The arrangements enable the two big power users to sponsor development of the solar facilities that will be built with their complete financial support through premiums on what would otherwise be their applicable tariff rates. The deals also keep two major customers of NV Energy's utilities in the fold so they do not seek to take energy directly from alternative power providers as several Las Vegas hotels and casinos have been authorized to do, albeit with steep exit costs. With Apple's and Switch's financial commitments, the PUCN approved a stipulated agreement among parties to the proceedings involving the consolidated applications of NV Energy for 20-year power purchase agreements with two solar developers that will allow construction of two new solar plants. The parties included the utilities, merchant solar developers, PUCN staff, the Nevada attorney general's Bureau of Consumer Protection, and Nevadans for Clean Affordable Reliable Energy.

NV Energy Inc. Faces Class Action Lawsuit by Nevada Solar Owners

Solar system owners have filed a lawsuit against NV Energy Inc. accusing the utility of conspiring to reduce or eliminate competition, inflate price and illegally increase revenues. John Bamforth and Stanley Schone filed the class action lawsuit in Clark County District Court on January 12. They claim that the utility provided false and/or incomplete information to the Public Utilities Commission (PUC) as regards to the recommended changes in net metering rates, and that the defendants conspired to unlawfully reduce the incentives provided via the Solar Program, increasing base rates or service charges only for solar customers in order to reduce competition and increase their own revenues. Last month, the PUC gave the green light to a new scheme for net metering, lifting the base utility service charge for small residential and commercial solar owners and reducing the sum paid for the power they send to the grid. The changes, to occur in phases between 2016 and 2020, apply retroactively to all net metering customers in the state. The class action suit seeks restitution for "anti-competitive actions, deceptive and unfair trade practices resulting in a restraint of trade, monopolization and maintenance of monopoly over the electric utility in Nevada, price discrimination between different buyers, artificial price inflation, conspiracy to cause the aforementioned results through illegal means and negligence.

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