CARSON CITY, Nev. (AP) — Nevada utility regulators gave their approval Monday for the sale of the state's largest electric utility to a company controlled by billionaire Warren Buffett.
The Public Utilities Commission approved the $5.6 billion deal for MidAmerican Energy Holdings Co., headquartered in Des Moines, Iowa, to buy NV Energy Inc.
MidAmerican Energy is a subsidiary of Omaha, Neb.-based Berkshire Hathaway Inc. Buffett is Berkshire Hathaway's chairman and CEO.
PUC Commissioners Rebecca Wagner and David Noble joined with Chairwoman Alaina Burtenshaw to support an order Burtenshaw wrote last week concluding the buyout was in the public's interest.
The deal still requires approval by the Federal Energy Regulatory Commission, which could come any day.
"We believe they'll make a decision this week," Mary Simmons, NV Energy vice president of external affairs, said after Nevada regulators gave their OK.
NV Energy has 2.4 million customers and is the parent company of Nevada Power Co. in Las Vegas and Sierra Pacific Power in northern Nevada. Sierra Pacific also provides natural gas to some customers.
NV Energy will retain its name, Simmons said.
Monday's approval came with little discussion after a stipulation was reached earlier that settled more contentious aspects of the deal.