Commercial, Utilities - May 15, 2019
Venetian to stay with NV Energy
The Venetian Resort Las Vegas, part of Las Vegas Sands Corporation, and NV Energy announced today that they have reached a long-term energy supply agreement and have recommitted to a partnership that advances renewable energy and powers The Venetian’s world-class properties in an increasingly sustainable way.
“The team at NV Energy took a significant amount of time to listen to our concerns, understand our future business needs and sustainability goals and ultimately, we determined that they are the best energy partner for us going forward,” said George Markantonis, president and chief operating officer of The Venetian Resort, in a joint statement. “The Venetian looks forward to a long partnership with NV Energy as we work together to continue our leadership in renewable energy and environmental sustainability for the benefit of the millions of visitors who experience our properties each year and our community as a whole.”
“I am so pleased that NV Energy and The Venetian are able to come together to re-establish a positive business relationship. NV Energy is committed to meeting The Venetian’s energy needs and supporting their commitment to renewable energy,” said Doug Cannon, president and chief executive officer of NV Energy. “At NV Energy, we recognize that we must spend more time listening to what our customers tell us they need versus assuming we know what is best. I’m thrilled that we were able to reach an agreement and at the same time, move our business relationship forward with such a valued customer.”
According to a report by Electric Light & Power, Las Vegas Sands applied to leave NV Energy in 2016. The report noted that a year later, "the two sides squared off in nearly $100 million initiative battle that would have broken NV Energy's monopoly.” The Nevada Public Utilities Commission recently set a $23.9 million exit fee for Las Vegas Sands to leave NV Energy to compensate for costs on remaining ratepayers.
SED's View: Following a series of dramatic exits over the last two years by large NV Energy customers who wanted more renewable energy than the utility was willing to provide, the reversal of the Venetian's decision to exit NV Energy is notable.