In order to accommodate such a large increase in intermittent energy from solar and wind, APS would need to close Palo Verde and replace it with natural gas, APS says.

If Palo Verde is replaced entirely by natural gas, carbon emissions in Arizona would increase by the equivalent of adding 2.8 million cars to the road.

Steyer’s wealth derives heavily from his investments in fossil fuels and renewables. A colleague of Steyer’s told The New York Times in 2014 that Steyer’s firm was “like an anchor in the Indonesian coal industry... By drawing money to an overlooked sector, they helped expand the coal industry there.”

Farallon invested heavily in natural gas owning millions in shares of Westport Innovations which makes natural gas engines; Fuel System Solution, and BP, according to investigative reporting done by Lachlan Markay, a reporter for Politico.

Steyer is also a long-time investor in renewables. In 2012, The New York Times reported, “Mr. Steyer, the founder of Farallon Capital Management, is the main financial backer of Greener Capital, a venture firm that invests in renewable energy start-ups.”

If Steyer remains invested in natural gas and/or renewables, he and his charities could benefit financially from the Arizona initiative he is financing.

Steyer acknowledged to The New York Times that he continued to make money from his investments even after stepping down as a manager of his investment firm. "He remains a passive investor," The Times reported Steyer's aides as having said, "though they declined to describe the size of his investment."

“Farallon is still invested in carbon-generating industries," reported the Times, "and [Steyer's] aides declined to say whether Mr. Steyer had asked it to sell those holdings, a request that would presumably hold significant sway given his role as a founder.”

Steyer and his spokespersons declined to comment on the impact of the ballot initiative on Palo Verde or his potential financial conflicts of interest.