Details of NV Energy/Buffett agreement filed with PUC

Pretty smooth move by both sides, getting the regulators to agree, involving all parties, saving ratepayers money (even securing a rebate!) and paving the way for Nevada to become Buffettland.

The RJ's Steve Sebelius broke the news on Twitter this morning, and here's the story.

And here are details, via the company, of what was filed with the Public Utilities Commission Friday morning (it still must be heard by the commissioners) by NV Energy and Mid-American, the Warren Buffett subdisary:

   Neither MidAmerican nor NV Energy will seek to recover from retail rates (customers) the acquisition premium, transaction or transition costs associated with the proposed transaction.

   A total of $20 million will be credited to NV Energy retail customers.  Retail customers will receive a one-time bill credit within 30 days of the close of the proposed transaction.

§  One-time bill credit of about $13 for single-family residential customers in southern Nevada

§  One-time bill credit of about $7 for single-family residential electric customers in Northern Nevada

§  One-time bill credit of about $2 for single -family residential gas customers in Northern Nevada

   NV Energy will not seek to recover lost revenues in 2014for 2013 program costs, nor will the company request recovery of lost revenues in excess of 50 percent of costs in 2015 for 2014 programs.

   NV Energy will not request a change in revenue requirement or a return on equity in excess of 10 percent in any rate case filed in 2014.

   NV Energy will request from the Public Utilities Commission of Nevada permission to make the trial non-standard metering option a permanent option.