NV Energy Adds Standalone Battery Resource Ahead of Hot Summer Months at Former Coal Plant

NV Energy Adds Standalone Battery Resource Ahead of Hot Summer Months at Former Coal Plant

Project was the first at NV Energy to take advantage of Inflation Reduction Act tax credits to save customers money

Apr 25, 2024 2:17 PM

As NV Energy prepares for the hot summer months, a new energy resource on the system will help keep customers cool.

Late last year, NV Energy completed construction on the Reid Gardner Battery Energy Storage System. The standalone battery project is the largest of its kind in Nevada.

Built at the site of a former NV Energy coal plant, the project is a 220-megawatt two-hour grid-tied battery system. The batteries can be charged and discharged based on generation elsewhere in NV Energy's system, and will help serve NV Energy's peak load, particularly in the summer.

The Reid Gardner project was also NV Energy's first project to take advantage of the federal tax benefits available through the Inflation Reduction Act. At a high level, this tax benefit is like taking 40 percent off the gross cost of the project - and that benefit gets passed along directly to NV Energy's customers. Instead of putting the full regulatory approved cost of the project of $257 million back into rates, the tax benefits helped saved approximately $100 million.

"We are always conscious of costs and what that will mean for customers - as we plan and project future projects, we are looking at ways to make sure we continue to take advantage of the benefits made available by the federal government to save money for our customers" said NV Energy President and CEO Doug Cannon. "I want to thank our teams who worked to finish this project in late December and gave us a great runway to work with this new resource before we hit peak loads during the summer. Our customers will benefit greatly from this new resource."

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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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