By Mark Chediak and Noah Buhayar, Bloomberg Businessweek
When Warren Buffett’s Berkshire Hathaway bought Nevada’s main utility, NV Energy, three years ago, it inherited a lucrative customer base: the neon-lit, air-conditioned casino-hotels on the Las Vegas Strip. Now they’re in the midst of a costly split. Lured by the prospect of cheaper, cleaner energy elsewhere, two of the Strip’s biggest power users, MGM Resorts International and Wynn Resorts, told regulators in May they’re willing to pay millions in fees to ditch NV Energy’s services . . . The Public Utilities Commission determined MGM must pay $86.9 million to NV Energy, based on its usage. The company has entered into a power purchase contract with Nebraska-based Tenaska Power Services, which markets natural gas and electric power. “It is our objective to reduce MGM’s environmental impact by decreasing the use of energy and aggressively pursuing renewable energy sources,” MGM Executive Vice President John McManus wrote in a May 19 letter to regulators. Read more here.