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Berkshire Hathaway’s NV Energy will be powering Las Vegas’s newest entertainment venue, Sphere, with renewable energy. NV Energy and MSG Las Vegas LLC have jointly applied for approval from the Public Utility Commission for a 25-year agreement.
The ground-breaking Sphere is billed as a next-generation entertainment medium that will bring wonder to the world and redefine the future of live entertainment. Sphere will be powered by cutting-edge technologies that ignite the senses and transport audiences to places both real and imagined. The first Sphere venue is currently under construction in Las Vegas and is expected to open in fall 2023. Once open, Sphere will host a wide variety of events, including concerts and residencies from the world’s biggest artists; Sphere Experiences from leading Hollywood creatives; and premier marquee events.
Sphere will be a “model for renewable energy use by entertainment venues around the country,” according to the company.
Rich Claffey, Executive Vice President and Chief Operations Officer of Sphere, noted, “Just as Sphere is setting a new standard for immersive live entertainment, the venue is also setting an industry standard when it comes to renewable energy. From the outset, we designed Sphere to minimize environmental impact and to help create a sustainable operation well into the future. We’re proud to enter into this agreement with NV Energy and partner with them to achieve both of those important goals.”
An estimated 70% of the power needed by the entertainment venue will be derived from dedicated solar and battery resources.
The new NV Energy solar and battery facility, if approved by the Public Utilities Commission of Nevada, will serve Sphere and additional NV Energy customers.
© 2023 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell a stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.