How to clean up your yard after the Dominion Energy Virginia Energy deal
Dominion Energy has agreed to sell its assets in Nevada to the state’s utility for $15.5 billion, but the deal is a complicated one.
Dominion will own more than 70 percent of Nevada’s electric utility.
Nevada Governor Brian Sandoval announced the deal on Monday, but not until after a state meeting on Wednesday.
Nevada’s state auditor said he plans to release his report on the deal this week.
It will not be complete for another six months, and Nevada is likely to hold a vote on whether to approve the deal in 2018.
Dominion Energy owns more than 100 percent of the electricity in Nevada, according to the Nevada Public Utilities Commission.
The utility’s shareholders include billionaire investor John Malone and his wife, Sheryl.
In a statement released to News24, the company said the sale would provide for an enhanced level of certainty to shareholders and the public.
Nevada residents can expect to be able to continue using their existing electricity, but Dominion Energy will be buying power from Nevada Power in exchange for a 50 percent stake in the utility.
Dominion’s new utility is expected to be about half the size of the utility it already is, according a company statement.