Submission + - "Eco-friendly" Buffett Seeks to "Squash" Nevada Rooftop Solar (bloomberg.com)
Berkshire's NV Energy, the state's dominant utility, opposes the proposal to increase a cap on the amount of energy that can be generated with solar panels by residents who sell power back to the grid in a practice known as net metering.
While the billionaire's famed holding company has reaped tax credits from investing in wind farms and solar arrays, net metering is often seen by utilities as a threat. Buffett wants his managers to protect competitive advantages, said Jeff Matthews, an investor and author of books about Berkshireâ¦
In an April presentation to investors, NV Energy laid out its strategy for addressing the growth of home solar. The utility said it would "lobby to hold the subsidized net-metering cap at current 3 percent of peak demand"...
Sellers of rooftop-solar panels are pushing Nevada legislators to raise the cap, and one plan called for the ceiling to be lifted to 10 percent. Nevada State Senator Patricia Farleysaid she is proposing that Nevada's utility regulator study the issue before lawmakers act.
"Across the country the utility industry is pressuring regulators and elected officials to limit solar energy's growth, and the same thing is happening in Nevada," said Gabe Elsner, executive director of the Energy & Policy Institute, a Washington, D.C.-based clean energy think tank. "NV Energy is trying to protect their monopoly by squashing competitors."
The bottom line: it's all about the bottom line for Buffett.