NV Energy won't pass sale costs on to customers

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Updated: 11/08/2013 7:10 pm

LAS VEGAS (AP) — NV Energy Inc. has abandoned its plan to charge customers for part of the price of its acquisition by Warren Buffett's Berkshire Hathaway.

The company announced Friday that it had reached a settlement with the state Public Utilities Commission, which objected to the plan.

The settlement also bars senior managers from accepting raises for two years.

In May, Berkshire Hathaway's MidAmerican Energy said it would buy the Nevada electric and natural gas company for $5.6 billion.

The plan was for shareholders to put in $3.6 billion, and customers to pick up the remaining $2 billion.

The deal is expected to close sometime in the first quarter of next year. It will be one of MidAmerican's biggest deals.

NV Energy earned about $322 million on revenue of $3 billion in 2012.

 

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 This material may not be published, broadcast, rewritten, or redistributed.

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