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Settlements Of $263M With Nevada Power Approved

Law360 (March 23, 2007, 12:00 AM EDT) -- The Public Utilities Commission of Nevada has approved two settlements that will pay $263 million to a Sierra Pacific Resources subsidiary and boost electric bills by about 2% for consumers in parts of Nevada.

The agreements allow Nevada Power Co. to collect $83 million over three years to resolve claims associated with terminated power contracts during the energy crisis of 2000-2001. Nevada Power will also collect $180 million over 10 years to resolve a dispute with the utilities commission.

"All of the parties worked together to...
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