NV Energy acquisition provides cash for executives while ratepayers pick up the tab

Is it really about clean energy or just cleaning up?

Warren Buffett’s $5.6 billion acquisition of NV Energy by his MidAmerica Energy Holdings will provide a number of NV Energy executives a princely sum of cash.

According to a proxy filing with the Security and Exchange Commission, CEO Michael Yackira is expected to cash out his stock, stock options, etc. for $21.2 million. Other execs will share $58 million in cash. Paul Kaleta, corporate secretary is slated for a cool $7.6 million and Philip Satre, chairman of the board of directors, should collect $2.7 million if the deal goes through.

In exchange, Buffett gets a company that is practically guaranteed by law (SB123) to make handsome profits for decades to come, because every dime spent will provide a return on equity

For some reason, Nevada’s Sen. Harry Reid is all in for the acquisition, even writing a letter to FERC touting Buffett’s history of renewable energy. “This matter will impact Nevada’s clean energy future and is important to investments in the infrastnicture (sic) necessary to integrate greater amounts of clean energy into our grid. MidAmerican has extensive experience building clean, efficient generation and transmission and they have committed to deploying this experience to the benefit of Nevadans,” Reid wrote.

Never mind that all that “green” energy will cost Nevadans dearly in higher power bills to save the planet from global warming, which stopped 17 years ago, even though carbon output continued apace.

Though Yackira has said he expects to remain CEO under Buffett and other current executives should remain in place, there is a golden parachute awaiting if that’s not the case.

According to that SEC proxy filing, Yackira could collect $23.9 million if he is ousted. Kaleta would be in line for $8.8 million. Others also could fetch multi-million golden parachutes.

It’s good to be the boss and not the one who gets stuck with the bill.