June 1, 2018 Read More →

Nevada Electric Company Goes Big on New Solar, Storage Projects

Greentech Media:

NV Energy announced Thursday it has contracted for more than 1 gigawatt of new solar energy and 100 megawatts of battery energy capacity, in a resource plan that’s still subject to regulatory approval and hinges on the outcome of a high-profile ballot measure.

The utility signed power purchase agreements for six new solar energy projects and three related battery storage projects, selected through a competitive solicitation initiated in January of this year. All projects are expected to be complete and serving customers by the end of 2021 – if the Public Utilities Commission of Nevada approves the plan.

“The six new projects position NV Energy to keep its commitment to double renewable energy by 2023 and, importantly, by diversifying our state’s electricity generation portfolio, will reduce the costs to serve customers,” said CEO Paul Caudill, in a statement.

The clean energy expansion plan also represents a step forward in the company’s long-term goal of serving Nevada customers with 100 percent renewable energy, he said. NV Energy claims the direct investment in Nevada’s economy will be greater than $2 billion, and will create 1,7000 construction jobs and 80 permanent, long-term jobs.

Work on the resource planning effort began shortly after Nevada’s 2017 state legislative session ended, “and demonstrates that we are navigating the uncertainties in the current market, given Question 3 on the statewide ballot,” Caudill added. Question 3, also known as the Energy Choice Initiative, would require the Nevada State Legislature to establish “an open, competitive retail electric energy market that prohibits the granting of monopolies and exclusive franchises for the generation of electricity.”

Caudill noted that NV Energy has the option to not proceed with the proposed resource plan in the event Question 3 passes, in order to avoid increasing the liabilities and risks to NV Energy customers.

More: NV Energy Contracts to Build More Than 1,000MW of New Solar, 100MW of Battery Storage

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