In Nevada, Monarch Casino and Resort Incorporated has reportedly become the latest casino firm to apply for permission to have one of its local properties leave the state’s NV Energy public utility so that it may purchase electricity on the open market.
Operator wants to leave by April:
According to a Friday report from The Nevada Independent news website, the petition from the Reno-based operator was filed with the western state’s Public Utilities Commission last month in hopes of having its Atlantis Casino Resort Spa exit the orbit of NV Energy by April.
Move would save cash:
Monarch Casino and Resort Incorporated reportedly declared that its Nevada properties consume in excess of the state-required 8.76 million kilowatt hours every year while the firm’s Chief Operating Officer, David Farahi, stated that the move would allow the company to save significant amounts of cash.
Farahi to The Nevada Independent…
“It’s not super-complicated. Whenever you can have competition for anything that you’re buying, it’s a good thing. Competition is good, monopolies are not.”
Latest firm to file exit application:
Monarch Casino and Resort Incorporated detailed that it was already involved in negotiations with several new potential electricity providers while the news website explained that the operator’s move, which needs to be approved by the Public Utilities Commission, follows similar efforts from the likes of MGM Resorts International, Station Casinos, Caesars Entertainment Corporation and Peppermill Casinos Incorporated.
Petition precedes possible November ballot question:
The Nevada Independent moreover reported that the casino operator’s request comes just months before local voters may be asked to decide whether to pass the Energy Choice Initiative. This proposed measure could purportedly appear on the November ballot while its passage would alter the state constitution and allow companies to pick their own electricity suppliers from 2023.
But, Farahi proclaimed that ‘2023 is a long time from now’ and that Monarch Casino and Resort Incorporated was prepared to pay an ‘exit fee’ levied by the Public Utilities Commission in order to switch its electricity provider sooner.
Utility vows to protect other users:
NV Energy spokesperson, Andrea Smith, told The Nevada Independent that her firm’s electricity prices were lower than the national average and that the provider was prepared to take steps in order to protect its other customers from ‘significant consequences.’
Smith to The Nevada Independent…
“NV Energy values every one of our customers. However, as the Atlantis [Casino Resort Spa] has in this case, certain customers may apply to the Public Utilities Commission for approval of a transaction with an alternative energy supplier. These transactions can have significant consequences for remaining customers and NV Energy will participate in the regulatory process to ensure they are not financially impacted.”