‘Potential to Dismantle’
NV Energy said in an Oct. 26 statement that it’s backing the coalition as a way "to make sure all Nevadans have the facts about this risky and costly constitutional amendment, which has the potential to dismantle an electricity system that already provides low costs, increased clean energy production, great customer service and industry-leading reliability.”

Berkshire didn’t respond to a request for comment left with Buffett’s assistant.

Not surprisingly, proponents of the initiative disagree. “As we have seen across the country, energy monopolies aren’t working for ratepayers,” said David Chase, with Nevadans for Affordable, Clean Energy Choices. “We think a competitive market will lower electric bills, create more jobs and be better for renewable energy.”

That group has raised almost $33 million in cash, including about $21.9 million from Las Vegas Sands and $10.9 million from data center provider Switch Inc. Las Vegas Sands and Adelson declined to comment for this story.

Meanwhile, even with the word "renewables" being tossed around liberally by both sides in the battle, companies that provide solar and wind remain largely uncommitted. Their concern: the devil is in the details.

Worrisome Thing
While the initiative authorizes energy choice, seen as a good thing, it leaves specifics as to how that might happen up to the state legislature, seen as a worrisome thing. At the same time, there’s uncertainly over the fate of existing power-purchase agreements with NV Energy in the event that the measure passes.

The Solar Energy Industries Association (SEIA) hasn’t taken a position on the initiative, according to Sean Gallagher, the group’s vice president of state affairs. “It’s not clear under a choice regime how things like the renewable portfolio standard or net-metering would apply,” Gallagher said. “It leaves a lot to be determined at a later date.”

NV Energy has signed a slew of deals in Nevada to buy cheap clean power. But Berkshire’s record in the state, as elsewhere, is mixed. While Berkshire isn’t shy about trumpeting its status as a major renewables owner -- it’s the second-biggest owner in the U.S. -- its Nevada utility three years ago backed the rollback of credits that had buoyed residential solar in the state. That effectively paralyzed the industry until Nevada’s outgoing governor signed a bill last year to restore the credits.

Years Coming
The push to break NV Energy’s monopoly has been years in the making. It came after casino owners Wynn Resort Ltd., MGM Resorts International and Caesars Entertainment Corp. paid millions to leave NV Energy and buy power from other providers. Las Vegas Sands, the company run by Adelson, declined to pay a fee to exit and instead backed the energy-choice initiative, known as Question 3 on the November ballot.

Nevada has flirted with deregulating its power market previously, though the most serious consideration before this recent push preceded Berkshire’s ownership of NV Energy. In the mid-1990s, Nevada was among the states that approved legislation to create a competitive power market. But the 2000 energy crisis in California and the ensuing Enron scandal contributed to the state halting that effort, according to a government document in July. So, the Silver State’s power sector remains vertically integrated.