Warren Buffet’s Utility Has A Plan To Make Nevada Pay More For Power

dailycaller.com ^ | 8/20/2015 | Michael Bastasch

[rktman]

The Warren Buffett-owned utility NV Energy has a plan that could pad the pockets of Berkshire Hathaway shareholders at the expense of Nevada residents by gaming the regulatory system meant to keep utilities in check, according to critics of the plan.

NV Energy, a major Nevada utility, seems to be intentionally creating a power shortfall into its three-year action plan in order to increase electricity rates for customers in order to build an expensive new power plant. Building the plant would mean a guaranteed rate of return for Berkshire Hathaway investors, but would also cause long-term energy price increases for Nevadans.

“NV Energy has filed a plan that would milk hundreds of millions of dollars from Nevada consumers to line the pockets of Berkshire Hathaway shareholders,” Malcolm Jacobson, the CEO of Griffith Energy, told The Daily Caller News Foundation in an interview.

Griffith is one of the energy providers NV Energy is trying to sever ties with by allowing their power purchasing agreement (PPA) to expire and opting instead to buy energy on the open market when needed. Griffith’s power plant provides NV with about 10 percent of its summer peak load electricity.

[rktman]

Pretty sure there are some folks who didn't know that NVEnergy is now owned by uncle warren.

[stephenjohnbanker]

Buffett is so tight he squeaks.

Mr. Leftie make Scrooge look generous.

[Eric in the Ozarks]

He also owns the former Iowa Power and Iowa Public Service utilities, of Des Moines and Sioux City. For decades, these entities benefitted from being protected businesses with no competition allowed in their areas of interest. The officers cashed in their stock and Buffet walked away with the deeds to power plants and power lines.

[Buckeye McFrog]

This kind of crony-capitalist sh*t is why I am convinced the country will eventually elect a full-blown Communist.