21 Dec PUCN Allows Major Las Vegas Casinos to Leave NV Energy
A recent decision by the Public Utilities Commission of Nevada (PUCN) has allowed three major Las Vegas casinos to rid themselves of NV Energy’s monopoly. Las Vegas Sands, MGM Resorts and Wynn Resorts have been approved to stop doing business with the powerhouse energy company but will have to pay some major exit fees to do so.
Collectively, the three major casinos will have to pay a hefty 126.6 million dollar exit fee to leave the energy company, a price that does not leave the casinos happy. The reasoning behind the exit fees is to prevent the remaining NV Energy ratepayers from having to pay an increased rate to compensate from the major loss. It is estimated that the Casino companies generate around seven percent of business for the energy company with MGM Resorts, holding an estimated 4.86 percent alone.
The exit fees would cost MGM Resorts the most at 86.9 million, 15.7 million for Wynn Resorts and 23.9 million for Las Vegas Sands. The three companies have a combined dozen hotels and casinos on the Las Vegas Strip and are expected to fully break away by February 1, 2016.
All three casinos are looking into alternative methods to combat the needs for the exit fees but have expressed that they still intend to leave the energy company by the beginning of the 2016 year.
The Wynn Resort has expressed ideas to turn to solar for their energy needs. The resort plans to build large solar arrays that would allow its facilities to rely on 100 percent renewable energy in the future. A major push by the Las Vegas casino industries to leave the monopoly energy company and look for a use of renewable energy could lead to other companies to follow suit and make Las Vegas a leading city in the use of solar.
We at Sol-Up are excited to see how this decision shapes the need for renewable energy in Las Vegas and hopes that this is the push the city needs to pursue solar as a leading provider of electricity. Contact us today to receive a solar quote and learn how you can save money on your bills each month.