Berkshire Hathaway Energy

Last updated
Berkshire Hathaway Energy Company
FormerlyMidAmerican Energy Holdings Company (1971-2014)
Company type Subsidiary
Industry Electricity
Founded1971;54 years ago (1971)
Headquarters,
Key people
RevenueIncrease2.svg US$25.15 billion (2021)
Decrease2.svg US$2.331 billion (2023)
Decrease2.svg US$2.721 billion (2022)
Number of employees
24,000 (2023)
Parent Berkshire Hathaway
Website brkenergy.com
Footnotes /references
[1] [2] [3] [4]

Berkshire Hathaway Energy (BHE) is an American energy holding company and a wholly owned subsidiary of Berkshire Hathaway. The company is headquartered in Des Moines, Iowa. BHE owns and operates a diverse portfolio of utility and energy businesses, providing electricity and natural gas to more than 5 million customers across the United States, the United Kingdom, and Canada. Its subsidiaries include MidAmerican Energy Company, NV Energy, PacifiCorp, and Northern Powergrid, among others, serving regions ranging from the Western and Midwestern U.S. to parts of the U.K. through regulated utility operations and renewable energy initiatives. [2]

Contents

BHE serves approximately 5.3 million retail customers and has a generating capacity of 29 gigawatts. The company transports 8.2 billion cubic feet of natural gas per day and owns five U.S. interstate natural gas pipeline companies, which operate 21,000 miles of pipeline with a combined design capacity of 21 billion cubic feet of natural gas per day. [2] It is also exploring the production of lithium carbonate and other minerals from its 350-megawatt geothermal power plants located in Lithium Valley near the Salton Sea in California. [5]

History

The company was formed as a holding company for MidAmerican Energy Company. In 1999, Berkshire acquired a controlling stake. [6]

David L. Sokol was CEO until early 2008. [7] He left Berkshire in 2011 after he personally made a $3 million profit from Berkshire Hathaway's purchase of Lubrizol. [8]

In 2014, the company changed its name from MidAmerican Energy Holdings Company to Berkshire Hathaway Energy. [9]

In August 2022, Berkshire Hathaway acquired a 1% stake in the company from Greg Abel for $870 million. [10]

In October 2024, Berkshire Hathaway purchased the remaining 8% stake from the family of Walter Scott Jr. following his death three years prior, bringing the company's ownership to 100%. [11]

Subsidiaries

Berkshire Hathaway Energy owns the following companies:

In August 2017, BHE's proposed acquisition of Oncor Electric Delivery was terminated after BHE was outbid by Sempra. [20]

Environmental issues

Through 2023, the company has invested $34.1 billion in renewable energy projects and has ceased coal operations at 18 coal-fired power stations. The company plans to cease coal operations at 15 more stations between 2025 and 2030. [2]

References

  1. "Berkshire Hathaway". Forbes .
  2. 1 2 3 4 "US SEC: Form 10-K Berkshire Hathaway Inc" (PDF). U.S. Securities and Exchange Commission. February 25, 2024.
  3. "Berkshire Hathaway Energy: Operating revenue 2021".
  4. "Berkshire Hathaway Energy | Company Overview & News". Forbes. Retrieved 2025-11-01.
  5. Baker, David R. (November 19, 2020). "California Wants Its Imperial Valley to Be 'Lithium Valley'" . Bloomberg News .
  6. "Berkshire Hathaway and Others Plan to Buy MidAmerican Energy" . The New York Times . Bloomberg News. 26 October 1999.
  7. Frye, Andrew; Liu, Betty (August 24, 2010). "Berkshire Hathaway Exec Can't Break Away". The Guardian .
  8. Rushe, Dominic (April 30, 2011). "Warren Buffett admits 'I made a big mistake' over David Sokol's purchase of Lubrizol shares". The Guardian .
  9. "Buffett's MidAmerican Energy adopts Berkshire name". Reuters . 30 April 2014.
  10. "Berkshire CEO-designate Abel sells stake in energy company he led for $870 million". CNBC . 6 August 2022.
  11. "Warren Buffett Buys Rest of Berkshire Hathaway's Utilities, but Investors Must Guess at the Price". U.S. News & World Report . Associated Press. October 1, 2024.
  12. Goldstein, Steve (May 24, 2005). "Berkshire Hathaway's $9.4B deal" . MarketWatch .
  13. "Kern River Pipeline being sold for $960 million". The Bakersfield Californian . February 10, 2006.
  14. Sorkin, Andrew Ross (July 30, 2002). "Berkshire to Buy a Gas Pipeline From Dynegy" . The New York Times .
  15. "Dominion Energy Agrees to Sell Gas Transmission, Storage Assets to Berkshire Hathaway Energy-- Strategic Repositioning Toward 'Pure-Play' State-Regulated, Sustainability-Focused Utility Operations". investors.dominionenergy.com. Retrieved 2025-03-27.
  16. "The latest insider report from "Hong Kong Exchanges and Clearing Limited"".
  17. Sweet, Cassandra (May 29, 2013). "Berkshire Unit to Buy Utility" . The Wall Street Journal .
  18. "The Powerhouse Six: Berkshire's most profitable non-insurance-businesses" . Omaha Herald . February 25, 2017.
  19. "Berkshire Hathaway Energy Purchases SNC-Lavalin's Equity in AltaLink" (Press release). GlobeNewswire. May 1, 2014.
  20. "Berkshire Hathaway Energy Agreement to Acquire Oncor Terminated" (Press release). Business Wire. August 21, 2017.