Regulated electric utility that provides an essential service to Las Vegas and the surrounding area, and has relatively stable cash flows. Generally constructive regulatory framework. Limited geographic and regulatory diversity. Core financial measures that are consistent with the significant financial risk profile. Some variability in cash flow due to regulatory lag, though this is somewhat mitigated by credit-supportive cost recovery mechanisms. Elevated capital spending in coming years as a result of construction projects. Discretionary cash flow after capital spending and dividends expected to be positive. The stable rating outlook on Nevada Power Co. (NPC) is based on that of parent Berkshire Hathaway Energy Co. (BHE). This reflects our expectation that management will continue to focus on its core utility operations
