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Berkshire Hathaway Energy

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Berkshire Hathaway Energy
Company typeSubsidiary
PredecessorMidAmerican Energy Holdings Company
Headquarters
Des Moines, Iowa
Key people
RevenueIncrease $25.15 billion (2021)[1]
Increase $4.25 billion (2012)[2]
Increase $2.57 billion (2012)[2]
OwnerBerkshire Hathaway (100%)
ParentBerkshire Hathaway
Websitewww.brkenergy.com

Berkshire Hathaway Energy (previously known as MidAmerican Energy Holdings Company until 2014) is a holding company and subsidiary of Berkshire Hathaway, which owns 100% of the company. Berkshire has owned a controlling stake since 1999.[3] The company also controls power distribution companies in the United Kingdom and Canada.[4]

Greg Abel is chairman; Scott W. Thon is president and CEO. David L. Sokol was CEO until 2008.

Until 2014, it was known as MidAmerican Energy Holdings Company from its root as MidAmerican Energy Company; it took on the name of its parent to reflect the diversity of its portfolio.[5]

As of 2019, BHE "serves 4.9 million retail customers, generates 29 gigawatts of power and transports 8.2 billion cubic feet of natural gas per day over 16,400 miles of regulated pipeline."[4]

In 2023, a jury ordered BHE subsidiary PacifiCorp to pay $70 million in punitive damages to 17 homeowners negatively impacted by wildfires that afflicted Oregon in 2020.[6]

In October 2024, Berkshire Hathaway purchased the remaining 8% stake they did not already own from the family Walter Scott Jr. following his death three years prior.[7][8]

Subsidiaries & investments

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Berkshire Hathaway Energy owns the following companies:

In 2017, BHE's proposed acquisition of Oncor Electric Delivery Company LLC[17] was terminated after BHE was outbid by Sempra.[18][19]

BHE investigates producing up to 90 thousand tonnes of lithium carbonate per year (and other minerals) from its 350 MW geothermal power plants in the Lithium Valley next to the Salton Sea in California.[20][21]

References

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  1. ^ "Berkshire Hathaway Energy: Operating revenue 2021".
  2. ^ a b "Financial filing" (PDF). www.berkshirehathawayenergyco.com. 2012. Archived from the original (PDF) on 15 December 2017. Retrieved 7 July 2017.
  3. ^ News, Bloomberg (26 October 1999). "Berkshire Hathaway and Others Plan to Buy MidAmerican Energy". The New York Times – via NYTimes.com. {{cite news}}: |last= has generic name (help)
  4. ^ a b Conrad, Roger. "Berkshire Utilities' Next Big Utility Bite". Forbes. Retrieved 19 August 2020.
  5. ^ "Buffett's MidAmerican Energy adopts Berkshire name". Reuters. 30 April 2014.
  6. ^ "Oregon jury: PacifiCorp must pay punitive damages for fires, plus award that could reach billions". AP NEWS. 14 June 2023. Retrieved 17 June 2023.
  7. ^ "Warren Buffett Buys Rest of Berkshire Hathaway's Utilities, but Investors Must Guess at the Price". Associated Press. Retrieved 6 October 2024.
  8. ^ "Berkshire CEO-designate Abel sells stake in energy company he led for $870 million". CNBC. 6 August 2022.
  9. ^ "Wind Energy". midamericanenergy.com. Archived from the original on 1 December 2017. Retrieved 30 June 2017.
  10. ^ Goldstein, Steve. "Berkshire Hathaway's $9.4B deal".
  11. ^ "Kern River Gas Transmission Company : Berkshire Hathaway Energy". www.berkshirehathawayenergyco.com. Retrieved 30 June 2017.
  12. ^ "Northern Natural Gas". www.northernnaturalgas.com. Retrieved 7 July 2017.
  13. ^ "Berkshire Hathaway Annual Letter to Shareholders" (PDF). Retrieved 24 March 2022.
  14. ^ "Home - Metalogic Inspection Services". Metalogic Inspection Services. Retrieved 30 June 2017.
  15. ^ "Consultancy, Servicing, Maintenance and Fault Finding | Heat Pumps, Solar Panels & Biomass Boilers - Intelligent Energy Solutions". www.intelligentenergysolutions.com. Retrieved 30 June 2017.
  16. ^ "Berkshire Hathaway Energy Purchases SNC-Lavalin's Equity in AltaLink". Marketwired.com. 1 May 2014. Retrieved 22 August 2018.
  17. ^ CNBC (7 July 2017). "Berkshire Hathaway Energy to buy Oncor". CNBC. Retrieved 7 July 2017.
  18. ^ "Sempra's Purchase of Oncor Approved by FERC". www.power-eng.com.
  19. ^ "Berkshire Hathaway Energy Agreement to Acquire Oncor Terminated". Berkshire Hathaway Energy, Inc. Retrieved 18 May 2018.
  20. ^ Besseling, Eric (15 November 2018). "Lithium Recovery from Geothermal Brine - 17-GRDA-01". BHE Renewables. p. 5.
  21. ^ Baker, David R. (19 November 2020). "California Wants Its Imperial Valley to Be 'Lithium Valley'". Bloomberg Business. Retrieved 19 November 2020.
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