OK, as a Nevada resident, how do I take the news of Warren Buffet buying Nevada Energy? The CFO and two politicians were raving about how great this was for the consumer on the news tonight. Yet when the news anchor asked the reporter how this all worked out in Portland Oregon, the reporter stated the rates in Portland went up 50%. I am still researching this to see if it is true.
I hate Big Energy in general. I see utility companies crying to their state officials that they need rate increases and then companies like Nevada Energy double their profit, as they did in 2012.
Warren Buffet would not have purchased Nevada Energy if it was not profitable. All the while, most of the news media is spinning the acquisition as if it will keep our rates down. I don’t buy it.
Rates will continue to rise even when we as locals, assume the big energy generation projects like the monster solar projects under development will keep our rates down. You see, many of these projects are being developed to sell energy abroad.
Maybe this acquisition of Nevada Energy is a good thing, but I will have to see. Time will tell.