The company is a public utility which generates, transmits and distributes electric service in northern and southern Nevada, including the Las Vegas Valley, and provides natural gas service in the Reno–Sparks metropolitan area of northern Nevada. It serves about 1.5 million customers and over 40 million tourists annually.
The company is currently in the process of being acquired by MidAmerican Energy Holdings Company, a subsidiary of Berkshire Hathaway, for approximately $10 billion. NV Energy's shareholders approved the transaction in September 2013. The acquisition, which also requires approvals by state and federal regulators, is expected to be completed in late 2013 or the first quarter of 2014. NV Energy will continue to be based in Las Vegas under its current name.
|Fiscal Year 2012|
|Operating Revenues||$3.0 billion|
|Net Income||$322 million|
NV Energy is the product of the 1998 merger of the two major utilities in Nevada—northern Nevada's Sierra Pacific Power and Las Vegas' Nevada Power.
Sierra Pacific Power was founded in 1928 from a merger of several companies dating back to the gold rush of the 1850s. In 1984, it reorganized as a holding company, Sierra Pacific Resources.
In 1998, Sierra Pacific and Nevada Power merged. While Sierra Pacific was the nominal survivor, the merged company was headquartered in Las Vegas. The merger created a company with a service territory stretching over 44,400 square miles—nearly all of Nevada's densely populated area.
On September 22, 2008, Nevada Power and Sierra Pacific Power began doing business as NV Energy. This is the result of the corporate decision to unify its image under a single brand. Later, Sierra Pacific Resources changed its corporate name to NV Energy, Inc.
Customer service reliability
Based on the reliability of electric distribution service, NV Energy ranked among the best 10% of electric utilities nationwide in 2012, 2011 and 2010, and was the best in the nation in 2009. The rankings are based on interruption frequency and interruption duration compared to a peer group constructed by the Edison Electric Institute.
The company obtains the majority of its electricity from natural gas-fired sources. Coal-fired power plants provide about 10% of electricity sources. Eight of the company's nine coal-fired generating units have flue gas desulfurization equipment (scrubbers) installed to control sulfur dioxide emissions.
The company is constructing the One Nevada (ONLine) transmission line to interconnect its northern and southern Nevada service territories. The project is scheduled for completion by the end of 2013.
In May 2011, the company completed construction of the Harry Allen gas-fired generating plant below budget and ahead of schedule. Previously announced plans to construct two 750MW pulverized coal generation units near Ely have been cancelled.
- SEC Form 10-K, year ended December 31, 2010
- SEC Form 10-Q for period ended September 30, 2013
- Merger announcement
- source: 2012 Annual Report on Form 10-K
- "Nevada Power and Sierra Pacific Power Renamed NV Energy" (Press release). Sierra Pacific Resources. 2008-09-22. Retrieved 2008-09-22.
- NV Energy investor presentation, March 2013, company website
- Jennifer Robison (2010-60-03). "Hot topic? How does ONLine grab you?: PUC hears all about plan for $510 million power line". Las Vegas Review-Journal.
- Bureau of Land Management news release, October 19, 2010