Thursday, April 23, 2009 | 7:09 a.m.
NV Energy Inc. of Las Vegas today announced plans to sell its operations in the Lake Tahoe area of California for about $116 million.
NV Energy subsidiary Sierra Pacific Power Co. is selling its California electric distribution and generation assets to California Pacific Electric Co., a newly formed company jointly owned by Algonquin Power Income Fund and Emera Inc.
The California system serves about 47,000 customers.
"We are proud to have been serving this area of California for well over 100 years. As we previously announced, our recent renaming and rebranding initiatives call for more concentration on our activities within the state of Nevada. We are very pleased that Algonquin, Emera and Calpeco are committed to continuing safe and reliable electric service to the citizens of this community and I can assure everyone that our dedicated employees will continue to do the same during the transition that lies ahead," NV Energy Chief Executive Michael Yackira said in a statement.
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