RELEASE: NV Energy Shareholders Approve Accountability Measure Backed by Retirees

 

FOR IMMEDIATE RELEASE

May 3, 2011
Contact: Rita Weisshaar, 775-722-2788

 

***NEWS RELEASE***



NV Energy Shareholders Approve Accountability Measure Backed by Retirees

Over one hundred Nevadans rally to support retirees and their efforts to usher
 in a new era of accountability at the embattled utility 


LAS VEGAS, NV – Over the objection of the NV Energy Board of Directors, a group of retirees were successful in passing their shareholder proposal to bring more accountability to the embattled utility. With sixty percent of the vote and backed by over 2,500 online petition signatures collected through the nearly 27,000 member-strong Shame on NV Energy Facebook page, retirees passed Proposal 9 which urges the utility’s Board of Directors to amend company bylaws to allow holders of 15% of outstanding shares of common stock to call a special meeting of stockholders. 


For pictures of the rally, visit our Facebook gallery by clicking here.

“This is an incredible victory for shareholder rights in Nevada and, most importantly, a victory that aims to usher in a new era of accountability at NV Energy,” said Ron Borst, an NV Energy retiree and President of the Reno/Sparks Retiree Club. “As a rate payer and a retired journeyman lineman, today’s victory means Nevada is better able to ensure that NV Energy walks the line.” 

NV Energy has eliminated electric line crews throughout Nevada and closed all but one customer service office in the state. These cuts earned NV Energy the worst customer service rating in the West according to J.D. Power and Associates.

NV Energy pushed these unprecedented service cuts while making $227 million last year, a near 25% increase from the year before. And CEO Michael Yackira just got a raise, now making $5.3 million a year – a 42% increase from just three years ago. Yet, NV Energy charges Nevadans the highest residential electricity rates of any Mountain State.

“We sent a strong message to CEO Michael Yackira and the other corporate executives,” said Rita Weisshaar, a retired NV Energy employee. “Our fellow shareholders, the over 2,500 people who signed our online petition and our nearly 27,000 Facebook supporters demand you pull the plug on your shameless greed.”

The Shame on NV Energy Facebook page – which was instrumental in collecting the over 2,500 petition signatures – has fast become one of the largest Facebook advocacy communities in the state of Nevada.

For more information on today’s victory, contact NV Energy retiree Rita Weisshaar at rweisshaar@att.net or by calling 775-722-2788. You can also learn more by visiting www.ShameOnNVEnergy.com.

 


###

The International Brotherhood of Electrical Workers Local 1245 has represented workers at NV Energy since 1945. Overall, the union represents roughly 20,000 energy workers in Nevada and California.