NV Energy proposes wildfire self-insurance policy

RENO, Nev. (KOLO) – NV Energy has proposed a wildfire self-insurance policy in a filing with the PUCN last week.

Bạn đang xem: NV Energy proposes wildfire self-insurance policy

They say their policy aims to address the financial impacts of a catastrophic wildfire to better protect the consumer and the company. The company says it is important to put advanced plans in place to ensure financial planning in the event of a catastrophic fire.

Xem thêm : Will new regulations resolve CA’s home insurance crisis?

“Wildfires across the United States are becoming more frequent and severe, and utilities like NV Energy must proactively manage wildfire related risks to protect customers and the communities we work to safely serve every day,” said NV Energy President and CEO Doug Cannon. “While NV Energy remains committed to taking actions to reduce the risk of a wildfire occurring in connection with our electric grid, as other utilities in the West have recognized, a self-insurance approach ensures that there is financial support in place in advance of a wildfire occurring to provide greater financial certainty to all involved.”

NV Energy says that, if approved, the policy would be funded on a jurisdictional basis.

Sierra customers in northern Nevada, who face a higher risk of wildfires, will cover a larger portion of the costs compared to Nevada Power customers in southern Nevada.

Xem thêm : Colorado adds record insurance coverage for QB Sanders, Hunter

The rate proposed for each region was determined using the same method previously approved by the PUCN for commercial wildfire insurance. If approved as proposed, the average residential customer at Sierra Pacific Power will see their bill increase by around $2.40 a month, while the average residential customer at Nevada Power would see an increase of around 50 cents a month.

The policy is proposed to be collected over 10 years to avoid sudden rate increases.

Copyright 2025 KOLO. All rights reserved.