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PUC Approves Buffet-NV Energy Deal

CARSON CITY, Nev. (AP) — Nevada utility regulators have given their stamp of approval for the sale of the state’s largest electric utility to a company owned by billionaire Warren Buffett.

The Public Utilities Commission on Monday approved the $5.6 billion deal for Buffett’s MidAmerican Energy to buy NV Energy Inc.

Commissioners adopted an order submitted last week by PUC Chairwoman Alaina Burtenshaw supporting the buyout and concluding it was in the public’s interest.

The deal still requires approval by the Federal Energy Regulatory Commission and is expected to be finalized early next year.

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.

 

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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