NV Energy, owned by Warren Buffett's Berkshire Hathaway, holds a virtual monopoly on electricity in Nevada. For over 20 years, they overcharged customers more than $65 million. When Nevadans tried to break the monopoly in 2018, Buffett spent $63 million to defeat the ballot measure. The utility also changed net metering rules to kill the rooftop solar industry, protecting their profits at the expense of renewable energy.
Nevada was once a leader in rooftop solar. Then NV Energy changed the rules, destroyed the industry, and secured their monopoly on the sun.
In 2018, Nevadans had a chance to break NV Energy's monopoly and choose their own electricity provider. Warren Buffett spent $63 million to stop them—and won.
For over two decades, NV Energy systematically overcharged more than 80,000 Nevada customers. The utility capped refunds using rules that didn't apply, and the CEO quietly departed amid the scandal.