Regulated electric utility that provides an essential service to Las Vegas and the surrounding area, and has relatively stable cash flows. Generally supportive regulatory framework, as demonstrated by recent successful rate cases. Recent increase in the amount of owned generation, which has mitigated market exposure. Discretionary cash flow that is positive after capital spending and dividends. Some variability in cash flow due to regulatory lag, though this is somewhat mitigated by mechanisms included in recent rate cases. Financial measures that have improved somewhat but are still in line with our assessment of the financial risk profile. The stable rating outlook on parent Berkshire Hathaway Energy Co. (BHE) and utility Nevada Power Co. (NPC) reflect our expectation that management will continue
