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Warren Buffett Buys NVEnergy
Warren Buffett Buys NVEnergy

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AIR DATE: May 30, 2013

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Steve Jordon, reporter, Omaha World-Herald

Clay Masters, reporter, Iowa Public Radio

BY MARIE ANDRUSEWICZ -- What did NV Energy do to merit inclusion in Warren Buffet’s portfolio along with global bigwigs like Coca Cola?

Good management, good potential for growth and the likelihood that they’ll still be around in 20 years, according to reporters who cover Buffet.

“I spoke with Greg Abel, CEO of (Buffet's company) MidAmerican. It’s a good fit.  (Buffet) had admired the company for some time because of the potential in Nevada for development and growth,” says Steve Jordon, reporter for the Omaha World-Herald.

The MidAmerican-NVEnergy synergy is expected to yield greater diversity in renewable energy sources here in Nevada. NVEnergy has already launched a plan to move away from coal-fired plants to include more wind and solar. Midland Energy has made investments in wind energy in Iowa to the tune of $1.5 billion.

“Right now 20 percent of the energy generated in Iowa comes from wind energy,” says Iowa Public Radio reporter Clay Masters. “And it’s said by those companies that that helps keep the price of energy down.”

Not only is Buffet’s acquisition of NV Energy a good sign for renewables, if the billionaire’s past actions are any indicator, it’s good news for management and employees of the power company – Buffet takes a hands-off approach, and leaves the managing to the leadership already in place.

“He only has 24 people in his office,” says Jordon. “He tends to rely on the people on the ground.”

 

 

 

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    COMMENTS:
    Horrah! MidAmerican has a much better reputation with rate payers than NVEnergy. On Yelp NV Energy has the lowest rating of any utility in Las Vegas. - 1.5 stars out of 5. Very poor customer service and heavy handed payment and deposit requirements. If Buffet fired some of the top brass because they were redundant I would actually be happy!
    RatepayerMay 30, 2013 16:52:42 PM
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