October 2, 2014
Regulators said Wednesday that staffers should continue to keep an eye on investments in Nevada-based Sierra Pacific Resources by Horizon Asset Management of New York - currently the utility's biggest investor.
The state Public Utilities Commission acted after getting a report from staff analysts that Horizon isn't violating a state law requiring PUC approval for investors to own more than 25 percent of a Nevada-based utility's stock.
Horizon owns about 17 percent of the outstanding shares of Sierra Pacific, the holding company for Nevada Power Co. of Las Vegas and Sierra Pacific Power Co. of Reno.
Kinetics Asset Management, which shares offices, employees and a
key officer, holds just under 8 percent of the company's shares.
The interests when combined are within the 25 percent limit.
PUC staffers couldn't determine whether an "affiliate relationship" exists between the two businesses. If that relationship existed, the combined interest would appear to be just below the level requiring PUC approval.
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