Stimulus Funding to Support Company''s Advanced Service Delivery Project
NV Energy, Inc. (NYSE: NVE) announced today that it has been selected to receive a $138 million grant in stimulus funding from the Department of Energy (DOE) specifically for the company''s $298 million Advanced Service Delivery (ASD) project. The ASD project will provide NV Energy with the Smart Grid infrastructure necessary to enable widespread use of smart meters, enabling customers to manage their energy usage in a hands-on manner.
NV Energy applied for federal funding in August through a Smart Grid Investment grant that was made available through the American Recovery and Reinvestment Act. The DOE set aside $3.4 billion for the Smart Grid integration, making available up to 50 percent or $200 million, whichever is less, of the total project cost per utility.
Michael Yackira, NV Energy President and Chief Executive Officer, commented on the grant, “This grant, along with investments by NV Energy in this project, will benefit virtually the entire state of Nevada, and that sets us apart from the others. There''s no question this will provide dramatic and positive improvements for both our customers and our company, as well as create hundreds of jobs during the development and build-out phases. It''s also a great example of how stimulus dollars can improve the economy, while helping customers find creative ways to save money.”
As part of the company''s application, a letter of support from the Public Utilities Commission of Nevada (PUCN) was included in the submission, since the PUCN will be an integral part of bringing this new technology to Nevada''s utility infrastructure.
“There were many people involved and supportive of our efforts. We would like to extend a special thanks to Senator Reid and our entire legislative delegation, for their support throughout the process,” Yackira said. “This is a big win for Nevada.”
The company will begin negotiations with the DOE in order to implement a pilot program with the ultimate goal of completing installation of 1.45 million smart meters by 2012. This technology will bring real-time information to customers, enabling customers to take an active part in managing energy use.
Headquartered in Las Vegas, Nevada, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a combined 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.
This press release contains forward-looking statements regarding the future performance of NV Energy, Inc. and its subsidiaries, Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy, within the meaning of the Private Securities Litigation Reform Act of 1995.These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, the successful negotiation of agreements with the Department of Energy regarding the implementation of the Advanced Service Delivery project, the successful implementation of the project by NV Energy, the achievement of employment and cost savings benefits anticipated for the project, and continued regulatory support for the project.Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, Inc., Nevada Power Company d/b/a/ NV Energy and Sierra Pacific Power Company d/b/a NV Energy are contained in their quarterly reports on Form 10-Q for the quarters ended March 31, 2009 and June 30, 2009 and their Annual Reports on Form 10-K for the year ended December 31, 2008 each filed with the SEC.NV Energy, Inc., Nevada Power Company d/b/a/ NV Energy and Sierra Pacific Power Company d/b/a/ NV Energy undertake no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contacts:
NV Energy, Inc.
Media Contacts:
Chelsie Campbell, 702-402-5252
Rob
Stillwell, 702-402-5683
Analyst Contact:
Britta Carlson,
702-402-5624
