Nevada approves SolarCity, Berkshire unit's rooftop solar pact
- Top 10 News for 9/26 - 9/30: Deutsche Bank Soars on Settlement; Twitter Back in the M&A Fray; Nike 'Just Didn't Do It' in Q1
- Wall Street rallies, led by Deutsche Bank, financials
- Viacom (VIAB) Forms Special Committee; Will Explore Potential Combination with CBS (CBS)
- Deutsche Bank (DB) Said Near $5.4B Settlement with U.S. - AFP
- Oil up second straight month on OPEC-fueled rally
Elon Musk, Chairman of SolarCity and CEO of Tesla Motors, speaks at SolarCity's Inside Energy Summit in Manhattan, New York October 2, 2015. REUTERS/Rashid Umar Abbasi/File Photo
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
(Reuters) - Nevada's utility regulator on Friday approved a settlement between SolarCity Corp (NASDAQ: SCTY) and the NV Energy unit of Warren Buffett's Berkshire Hathaway Inc
The 3-0 vote by the Nevada Public Utilities Commission came nine months after that body, with NV Energy's support, approved new charges and reduced subsidies for people who had installed or applied to install rooftop solar.
That decision had prompted SolarCity, run by technology entrepreneur Elon Musk, and other solar installers to leave the state.
But NV Energy later endorsed the grandfather provision, despite having argued that the old rates forced its customers to subsidize those using green power.
Nevada Governor Brian Sandoval, a Republican, also supported the accord.
"This is an important step to establish regulatory certainty in Nevada for customers," Sean Gallagher, vice president of state affairs for the Solar Energy Industries Association trade group, said in a statement.
(Reporting by Jonathan Stempel in New York and Nichola Groom in Los Angeles)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Betting on the U.S. election via the 'Trump ETF'
- Fidelity Contrafund continues to slash stake in struggling Chipotle
- AVEO Oncology (AVEO) Enters Proposed Settlement Over Stockholder Litigation
Create E-mail Alert Related CategoriesGeneral News, Litigation, Reuters
Related EntitiesWarren Buffett
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!