NV Energy Announces Largest Clean Energy Investment in Nevada’s History
Company to Add More than 1,000 Megawatts of New Solar Energy in Nevada and State’s First Major Battery Energy Storage Capacity
June 1, 2018 -- NV Energy recently (5/31) announced it has contracted for more than 1,000 megawatts of new renewable energy resources to be built in Nevada, and for the first time, is requesting approval to build 100 megawatts of battery energy capacity. Three of the projects will be located in northern Nevada and three will be located in southern Nevada. The company will file this resource plan with the Public Utilities Commission of Nevada (PUCN) on June 1, 2018.
NV Energy’s Chief Executive Officer Paul Caudill said that the renewable energy expansion is the largest such investment in the state’s history.
“The six new projects position NV Energy to keep its commitment to double renewable energy by 2023 and, importantly, by diversifying our state’s electricity generation portfolio, will reduce the costs to serve customers.” These projects also represent a step forward in the company’s long-term goal of serving Nevada customers with 100 percent renewable energy.
“We calculate that the direct investment in Nevada’s economy, which includes the cost of construction, will be greater than $2 billion,” Caudill stated. He noted that more than 1,700 construction workers will be needed, and that the company required worksite labor agreements to be signed to ensure that union craftsmen will participate. Approximately 80 new long-term, permanent jobs will be created.
“Work on this resource planning effort began not long after the 2017 state legislative session ended and demonstrates that we are navigating the uncertainties in the current market, given Question 3 on the statewide ballot,” Caudill stated.
The six new solar energy projects and three related battery-energy storage resources are the result of a competitive solicitation initiated in January of this year. All projects are expected to be completed and serving customers by the end of 2021. The resource plan filing requires approval of the Public Utilities Commission of Nevada.
Caudill also noted that NV Energy has the option to not proceed with the proposed plan in the event Question 3 passes, in order to avoid increasing the liabilities and risks to NV Energy customers as described in the PUCN’s April 2018 report on Question 3.
These six projects will be added to NV Energy’s current portfolio of 51 geothermal, solar, hydro, wind, biomass and supported rooftop solar projects – bringing NV Energy’s total renewable energy portfolio to more than 3.2 gigawatts of renewable energy in Nevada.