The fortune article is more informative and paints a long standing problem. A lot of the issue is that the region has competing government controls being spread across California for rates, Nevada for power, and feds for doing whatever they do. This is the energy company's side of it:

>Katie Jo Collier, a spokesperson for the utility, said the transition was rooted in a longtime understanding with Liberty “well before data center load growth was a consideration,” calling it “a planned transition for many years, not a reaction to recent developments.” NV Energy sold its California electric assets to Liberty in 2009 and agreed to keep supplying power temporarily. That arrangement was extended in 2015, again in 2020, and once more in late 2025, and each time because Liberty had not yet secured an independent supply, a timeline corroborated by regulatory documents reviewed by Fortune.

>But independent experts have questioned whether NV Energy’s own demand projections are reliable. In testimony filed with Nevada regulators in Oct. 2024, energy economist Rose Anderson of Synapse Energy Economics warned that NV Energy’s major-project load forecast is ‘highly uncertain’ and that existing customers could end up paying for infrastructure built to serve industrial demand that never materializes.

>In statement to Fortune, NV Energy reiterated its spokesperson’s statement about the transition having been planned for years. “It is important to note that the NV Energy’s wholesale agreement with Liberty Utilities was always intended to be temporary and transitional, with a clear timeline and multiple extensions over the years to support Liberty’s long-term planning efforts to secure its own access to energy supply. To ensure reliable ongoing service to Lake Tahoe customers, NV Energy agreed in 2025 to continue providing energy service to Liberty’s customers until their transmission access is available and/or until Greenlink is online.”

>“NV Energy has provided reliable service to Liberty’s customers in the Lake Tahoe Basin for years and fully intends to continue that commitment while Liberty secures its own transmission access and energy to supply those customers,” the utility added. “NV Energy has taken proactive steps to ensure there is no service disruption to Liberty customers, now or in the future.”

>Rates were already climbing

>The supply crisis arrives on top of an existing affordability fight. In its 2025 general rate case, Liberty originally sought a 19.1% revenue increase—about $37.51 more per month for the average residential customer, according to CPUC filings. The CPUC approved a smaller increase: 11.4%, with a 9.75% return on equity rather than Liberty’s requested 11%.