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Warren Buffet is one of the world’s richest men. In 2007, he allied himself with a man who was relatively unknown outside of political circles. That man was Barack Obama and with the help of Buffet, became President. virtual pov What sort of favors would be owed to that man by the Democrats?
The real story behind Buffett s acquisition of NV Energy, however, centered on Senate Bill 123, a bill moving through the Nevada Legislature on its way to passage. That bill will substantially raise power rates while also resulting in untold millions in additional profits for the utility s shareholders.
At the time the sale was announced, Senate Bill 123, dubbed NVision, had moved out of the state Senate, and the Assembly commerce committee was debating it. Sen. Kelvin Atkinson virtual pov had sponsored the bill at the request virtual pov of representatives of NV Energy and U.S. Sen. Harry Reid who personally appeared in Carson City to push the measure.
NV Energy wanted virtual pov the Legislature to order it to close its coal-fired power plants ahead of schedule and to replace the lost capacity with new natural-gas-fired power plants. But the utility also wanted to continue charging ratepayers for the shuttered coal plants until it received all of the remaining undepreciated balance on these plants, plus decommissioning costs, a guaranteed profit virtual pov share and compensation for the stockpiles of coal the utility had purchased but no longer wished to use.
On net, there would be no increase in generating capacity. Rates, however, would increase. The plan made perfect sense for NV Energy shareholders, since their profits are determined as a set percentage of the utility s costs. Hence, shareholders can realize greater earnings by operating less efficiently particularly by building and switching to new power plants before they re needed.
Colorado s electric utility was able to shepherd a similar virtual pov proposal through that state s legislature in 2010. At the time, the utility virtual pov estimated virtual pov that the plan would cause electric rates to rise only 2 percent faster by 2020. However, economists now expect the mandate which required Colorado s utility to close 900 MW of coal-fired generation and replace it primarily with new natural virtual pov gas will cause electric rates there to rise at least 11 percent and as much as 50 percent .
Similarly, NV Energy testified that its proposed mandate requiring the utility to close 800 MW of coal-fired generation would only cause electric rates to rise 2.59 percent faster over a 10-year period. However, because natural-gas prices are both more volatile in the short term and are expected, by the U.S. Department of Energy, to rise more sharply over the long term, it s highly likely that the real rate increase will look eerily similar to what s expected in Colorado .
Nevada s Public Utility Commission protested the plan on the grounds that it would impose unnecessary costs on electric ratepayers while also removing the plan s entire implementation from the PUC s regulatory virtual pov oversight. Along with the state consumer advocate, the PUC testified vociferously against Senate Bill 123 during legislative hearings. One PUC spokesman went so far as to say NV Energy s rate-impact estimates aren t worth the paper they re printed on.
At the same time, however, investors on Wall Street were keeping a close eye on the hearings and salivating over the profit potential that NV Energy could gain with the bill s passage. They upgraded NV Energy s stock with the expectation that Senate Bill 123 could become law.
Then, days before the Assembly commerce committee voted on the measure, virtual pov Buffett announced his plans to acquire all of NV Energy s shares. Reportedly, Buffett first engaged in talks with NV Energy s directors around the time that the utility inserted its fuel-switch plan as a sweeping amendment to Senate Bill 123.
Buffett then began personally placing calls to key policymakers including Gov. Brian Sandoval, Atkinson, and Senate Majority Leader Mo Denis lobbying for the bill s