Nevada regulators to vote on NV Energy sale

Published on NewsOK Modified: December 15, 2013 at 3:47 pm •  Published: December 15, 2013
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CARSON CITY, Nev. (AP) — Nevada regulators are scheduled to vote on the sale of NV Energy to a company owned by billionaire Warren Buffett.

The vote Monday by the Public Utilities Commission comes after the chairwoman of the panel recommended approval of the deal.

A draft order released last week by PUC Chairwoman Alaina Burtenshaw said the $5.6 billion purchase by Buffett's MidAmerican Energy is in the public interest, the Las Vegas Sun reported (http://bit.ly/18GhrrB ).

The draft order will be presented to the full three-member commission for final action.

NV Energy is Nevada's largest utility with 2.4 million customers. It's the parent company of Nevada Power Co. in Las Vegas and Sierra Pacific Power Co. in Reno. Sierra Pacific also provides natural gas to some consumers.

An agreement to shield ratepayers from costs associated with the deal was reached earlier by MidAmerican, the Nevada Consumer Protection Bureau, PUC staff and NV Energy. Under the deal, consumers will not have to pay $2 billion of the $5.6 billion purchase price, which was initially proposed by the companies.

Burtenshaw's draft order says customers should be refunded a combined $20 million through credits to their bills and that ratepayers not fund pay raises for NV Energy senior executives for 24 months. The order also said the new company should investigate how to improve service to the Las Vegas area.



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