- SolarCity (OTCPK:SCTY -0.8%) says it will cut 550 jobs in Nevada, two weeks after the state's utilities commission approved changes that would reduce credits customers receive for selling excess solar power to the grid.
- "I contacted Governor Sandoval multiple times after the ruling because I am convinced that he and the PUC didn't fully understand the consequences of this decision," CEO Lyndon Rive said. "I'm still waiting to speak to the Governor."
- The company, which has more than 13K employees, will relocate affected employees to business-friendly states where possible.
- Previously: SolarCity confirms Nevada exit, promises to "fight" PUC's decision (Dec. 23 2015)