NV Energy Files Annual Renewable Portfolio Report

NV Energy Files Annual Renewable Portfolio Report

Apr 18, 2024 3:41 PM

NV Energy's state renewable portfolio came in at almost 40 percent, according to filings made this week with the Public Utilities Commission of Nevada.

NV Energy reported reaching an overall renewable portfolio standard (RPS) of 39.7 percent. NV Energy's report will be formally reviewed and approved by the PUCN. By 2030, the standard will increase to 50 percent.

"NV Energy continues to be committed to delivering an environmentally sustainable energy supply to our customers while doing so in a manner that is balanced with cost and reliability. NV Energy will continue to advance the development of renewable energy resources in order to do our part in ensuring future generations of Nevadans get to live in a place where the air is clean and you can see the vistas for miles," said NV Energy President and CEO Doug Cannon. "We are hard at work to deliver on our commitment to our customers, and we look forward to working with stakeholders on new and innovative approaches to ensure renewable energy development continues in Nevada for our customers and the environment."

A few notable renewable projects that came online for NV Energy in 2023 include:

• Arrow Canyon Solar + Storage: a contracted 200-megawatt solar facility with 75 megawatts of integrated battery storage. This facility serves residential NV Energy customers and large customers, including Allegiant Stadium and other Las Vegas Raiders facilities and Resorts World.
• Reid Gardner Battery Energy Storage System: A 220-megawatt two-hour grid-tied battery system, built where a former NV Energy coal plant once stood. The batteries, which can be charged and discharged based on generation, will help serve NV Energy's peak load, particularly in the hot summer months. This was NV Energy's first project to take advantage of the federal tax benefits available through the Inflation Reduction Act.

Changes to the RPS definition will take effect in 2025 and each year after due to legislative action. Currently, energy efficiency measures can be used to comply with up to 10 percent of the annual RPS requirement. Of that 10 percent, half must come from energy efficiency measures installed at residential customer service locations. After 2025, no energy efficiency measures may be used to calculate the RPS.

With these changes in mind, NV Energy continues to seek cost-effective and reliable renewable energy solutions for customers to ensure the company can meet the state mandates while providing reliable and affordable energy for a growing customer base.

Recent reports highlight how Nevada's solar production has increased in the last decade. Nevada is among ten states with the most significant growth in solar capacity and solar capacity over the last ten years, according to a recent report from Climate Central. Nevada is one of nine states where solar energy delivers more than 10 percent of electricity and is in the top 15 states when measuring the utility scale solar pipeline, according to the Clean Power Annual Market Report for 2023 distributed by American Clean Power.

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About NV Energy

NV Energy provides a wide range of energy services to more than 1.5 million customers throughout Nevada and a typical annual tourist population of 54 million. NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, do business as NV Energy. NV Energy is headquartered in Las Vegas, Nevada. Information about NV Energy is available on the company's website, LinkedIn, Instagram, Facebook, Twitter and YouTube pages, which can be accessed via nvenergy.com.

Contact: Meghin Delaney, [email protected]

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