First heard in the Senate at the beginning of April the bill has been scaled down considerably in its final, approved version.
Under the final bill NV Energy will retire 300MW of coal-fired power by the end of 2014, a further 250MW by the end of 2017 and a final additional 250MW by the end of 2019.
The utility must construct or acquire 550MW of its own renewable capacity by the end of 2021, with an initial proposal due in 2014 and construction to begin by 2018.
The initial, more ambitious proposal would have seen the entire NV Energy coal fleet to be replaced by 600MW of renewables and about 2000MW of natural gas-fired capacity by 2025.
NV Energy has 1073MW of coal generation, consisting of a 255MW stake at the Navajo plant, a 261MW stake in the Valmy plant and 557MW capacity at its Reid Gardner plant.
One of the most controversial aspects of the bill was the utility committing to divest its 11.3% stake in the 2250MW Las Vegas Navajo power plant in 2019, seven years ahead of schedule.
Los Angeles Department of Water and Power has already committed to divesting from the Navajo project.
The capacity of the Valmy plant does not come under the 800MW retired in the final bill because its units will remain on schedule to be retired in 2021 and 2025.
The Moapa Band of Paiutes Indians had long complained about the Reid Gardner plant which neighbors their land and they were thrilled with the bill’s passage on Monday.
“When we first started to call for the closure of Reid Gardner, we were told it couldn’t be done,” of Moapa Band of Paiutes health and environmental committee leading member Vickie Simmons told the Las Vegas Sun.
“Now, with this legislation, we are close to our goal. The coal plant that has for years poisoned our reservation will finally close and be cleaned up.”
Berkshire Hathaway's MidAmerican Energy utility says it will acquire NV Energy for $5.6 billion.
"This is a great fit for Berkshire Hathaway and we are pleased to make a long-term investment in Nevada's economy," chairman Warren Buffett said in a statement.
"We have found in NV Energy a great company with similar values, outstanding assets and a superb management team."
