NV Energy Seeks Regulatory Approval for Four Additional Renewable Energy Agreements

NV Energy (NYSE:NVE) recently submitted four new Power Purchase Agreements for approval by the Public Utilities Commission of Nevada that would add approximately 132 megawatts of renewable energy for utility customers during the next 20 or more years.

The contracts include a 50-megawatt solar photovoltaic project to be constructed near Primm, Nevada by NextLight Renewable Power; a 3.2-megawatt landfill energy project in Storey County, Nevada by Waste Management; a 53.5-megawatt geothermal project in central Nevada by Ram Power; and a 25-megawatt geothermal project in Elko County by Reno-based Ormat Technologies.

These four projects alone can meet the year-round electricity needs of a community of approximately 100,000 people. NV Energy now has 1,240 megawatts of geothermal, solar, wind, biomass, small hydro and waste-heat recovery projects under contract that are either in commercial operation or in the project development stage.

All four new power purchase agreements stem from NV Energy’s 2009 renewable energy request for proposals. The four renewable energy contracts will help NV Energy meet its renewable portfolio standard established by the Nevada State Legislature. Currently, the standard requires 12 percent of NV Energy’s sales to be provided by renewable energy and energy conservation efforts, and that amount ratchets up at specific intervals until it reaches 25 percent by 2025.

Notably, the company increased production of renewable credits by 22 percent from 2008 to 2009 for its renewable portfolio. NV energy added 491 megawatts of contracts for new renewable energy projects in the last 12 months, including the most recent 132 megawatts.

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. For more information, visit www.nvenergy.com.

These statements contain forward-looking statements regarding the future performance of NV Energy, Inc., and Nevada 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, risks related to regulatory approval and permitting, risks related to the construction, financing and operation of renewable energy projects by the applicable counterparties, and risks related to commercial contracts associated with renewable energy projects. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy are contained in the Annual Reports of NV Energy, Inc. and Nevada Power Company d/b/a NV Energy on Form 10-K for the year ended December 31, 2009 filed with the SEC. NV Energy undertakes 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.