Formerly | MidAmerican Energy Holdings Company (until 2014) |
---|---|
Company type | Subsidiary |
Headquarters | |
Key people | |
Revenue | $25.15 billion (2021) [1] |
$2.331 billion (2023) | |
2,721,000,000 United States dollar (2022) | |
Number of employees | 24,000 (2023) |
Parent | Berkshire Hathaway |
Website | www |
Footnotes /references [2] [3] |
Berkshire Hathaway Energy (BHE) is a holding company and wholly-owned subsidiary of Berkshire Hathaway that, along with affiliates, generates, transmits, stores, distributes and supplies energy. [3]
BHE serves 5.3 million retail customers, generates 29 gigawatts of power and transports 8.2 billion cubic feet of natural gas per day. It owns five U.S. interstate natural gas pipeline companies with 21,000 miles of operated pipeline and with a design capacity of 21 billion cubic feet of natural gas per day. [3] BHE is investigating producing lithium carbonate and other minerals from its 350 MW geothermal power plants in the Lithium Valley next to the Salton Sea in California. [4]
The company was formed as a holding company for MidAmerican Energy Company. In 1999, Berkshire acquired a controlling stake. [5]
David L. Sokol was CEO until early 2008. [6] He left Berkshire in 2011 after he personally made a $3 million profit from Berkshire Hathaway's purchase of Lubrizol. [7]
In 2014, the company changed its name from MidAmerican Energy Holdings Company to Berkshire Hathaway Energy. [8]
In August 2022, Berkshire Hathaway acquired a 1% stake in the company from Greg Abel for $870 million. [9] 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%. [10]
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. [17]
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. [3]
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional companies. Before its bankruptcy on December 2, 2001, Enron employed approximately 20,600 staff and was a major electricity, natural gas, communications, and pulp and paper company, with claimed revenues of nearly $101 billion during 2000. Fortune named Enron "America's Most Innovative Company" for six consecutive years.
Warren Edward Buffett is an American businessman, investor, and philanthropist who currently serves as the chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. As of October 2024, he had a net worth of $147 billion, making him the eighth-richest person in the world.
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Founded in 1839 as a textile manufacturer, it transitioned into a major conglomerate starting in 1965 under the management of chairman and CEO Warren Buffett and vice chairman Charlie Munger (1924-2023). Greg Abel now oversees most of the company's investments has been named as the successor to Buffett. Buffett personally owns 38.4% of the Class A voting shares of Berkshire Hathaway, representing a 15.1% overall economic interest in the company.
InterNorth Inc. was a large energy company headquartered at the Northern Natural Gas Building in Omaha, Nebraska, in the United States, specializing in natural gas pipelines but also a force in the plastics industry, coal and petroleum exploration and production. It was a predecessor to Enron Corporation.
Energy Future Holdings Corporation is an electric utility company headquartered in Energy Plaza in Downtown Dallas, Texas, United States. The majority of the company's power generation is through coal and nuclear power plants. From 1998 to 2007, the company was known as TXU Corporation until its $45 billion leveraged buyout by Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs Capital Partners. That purchase was the largest leveraged buyout in history. As of 2019, TXU Energy is a subsidiary of publicly traded Vistra Energy.
Dynegy Inc. is an electric company based in Houston, Texas. It owns and operates a number of power stations in the U.S., all of which are powered by fossil fuels. Dynegy was acquired by Vistra Corp on April 9, 2018. The company is located at 601 Travis Street in Downtown Houston. The company was founded in 1984 as Natural Gas Clearinghouse. It was originally an energy brokerage, buying and selling natural gas supplies. It changed its name to NGC Corporation in 1995 after entering the electrical power generation business.
Constellation Energy Corporation is an American energy company headquartered in Baltimore, Maryland. The company provides electric power, natural gas, and energy management services. It has approximately two million customers across the continental United States.
NV Energy is a public utility which generates, transmits and distributes electric service in northern and southern Nevada, including the Las Vegas Valley, and provides natural gas service in the Reno–Sparks metropolitan area of northern Nevada. Based in Las Vegas, Nevada, it serves about 1.3 million customers and over 40 million tourists annually.
Nevada Power Company (NPC) was a Las Vegas-based company that produced, distributed, and sold electricity in the southern part of the state of Nevada. In 2005, it had over 700,000 electric customers in parts of three Nevada counties — a service area of more than 4,000 square miles (10,000 km2). In 1998, Nevada Power merged with Nevada's other major utility, Sierra Pacific Resources. It continued as a subsidiary of Sierra Pacific until 2005, when the company changed its name to NV Energy.
Kern River Pipeline is a 1,679-mile (2,702 km) long natural gas pipeline line extending from southwestern Wyoming to its terminus near Bakersfield, California. The pipeline supplies local gas distribution companies, power plants, and heavy industry in Utah, Nevada, and California. It is owned and operated by the Kern River Gas Transmission Company, a subsidiary of Berkshire Hathaway Energy. Its FERC code is 99.
Lee Enterprises, Inc. is a publicly traded American media company. It publishes 77 daily newspapers in 26 states, and more than 350 weekly, classified, and specialty publications. Lee Enterprises was founded in 1890 by Alfred Wilson Lee and is based in Davenport, Iowa.
Kinder Morgan, Inc. is one of the largest energy infrastructure companies in North America. The company specializes in owning and controlling oil and gas pipelines and terminals.
PacifiCorp is an electric power company based in the Lloyd Center Tower in Portland, Oregon with operations in the western United States.
Cove Point LNG Terminal is an offshore liquid natural gas shipping terminal operated by BHE GT&S, a Berkshire Hathaway Energy company. It is located near Lusby, Maryland, United States, on the western shore of the Chesapeake Bay, and exports liquefied natural gas (LNG) and also stores gas. LNG is exported on specially designed ships known as LNG carriers.
HomeServices of America is the United States' largest residential real estate services company, based on closed transactions. The company provides real estate brokerage services, mortgage loan origination, franchising, title insurance/escrow and closing services, home warranties, property insurance, casualty insurance, and relocation services.
The Lubrizol Corporation is an American provider of specialty chemicals for the transportation, industrial and consumer markets. These products include additives for engine oils and other transportation-related fluids, additives for industrial lubricants, and additives for gasoline and diesel fuel. In addition, Lubrizol makes ingredients and additives for personal care products, pharmaceuticals and medical devices, specialty materials, including plastics technology, and coatings in the form of specialty resins and additives.
Topaz Solar Farm is a 550 megawatt (MWAC) photovoltaic power station in San Luis Obispo County, California, United States. Construction on the project began in November 2011 and ended in November 2014. It is one of the world's largest solar farms. The $2.5 billion project includes 9 million CdTe photovoltaic modules based on thin-film technology, manufactured by U.S. company First Solar. The company also built, operates and maintains the project for MidAmerican Renewables, a Berkshire Hathaway company. Pacific Gas and Electric will buy the electricity under a 25-year power purchase agreement. According to First Solar, it created about 400 construction jobs.
David L. Sokol is an American business executive. He is a Chairman of Teton Capital LLC, headquartered in Wilson, Wyoming. He served as chairman, president, and CEO of NetJets, as well as a chairman of MidAmerican Energy Holdings Company, of which Berkshire Hathaway holds a 100% and 89.8% stake respectively.
Gregory Edward Abel is a Canadian businessman, chairman and CEO of Berkshire Hathaway Energy, and vice-chairman of non-insurance operations of Berkshire Hathaway since January 2018.