Berkshire Hathaway Energy

Last updated

Berkshire Hathaway Energy
Type Subsidiary
PredecessorMidAmerican Energy Holdings Company
Headquarters
Key people
RevenueIncrease2.svg $25.15 billion (2021) [1]
Increase2.svg $4.25 billion (2012) [2]
Increase2.svg $2.57 billion (2012) [2]
Owner Berkshire Hathaway (92%)
Walter Scott Jr. family (8%)
Parent Berkshire Hathaway
Website www.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 92% 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] The remaining 8% is owned by the family of Walter Scott Jr. [5]

Contents

Greg Abel serves as 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. [6]

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. [7]

Subsidiaries & investments

Berkshire Hathaway Energy owns the following companies:

In 2017, BHE's proposed acquisition of Oncor Electric Delivery Company LLC [16] was terminated after BHE was outbid by Sempra. [17] [18]

BHE investigates producing up to 90 thousand tonnes of lithium carbonate per year (and other minerals) from its 350 MW geothermal power plants in California (Salton Sea). [19] [20]

Related Research Articles

<span class="mw-page-title-main">Berkshire Hathaway</span> American multinational conglomerate holding company

Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float in a broad portfolio of subsidiaries, equity positions and other securities. The company has been overseen since 1965 by its chairman and CEO Warren Buffett and vice chairman Charlie Munger, who are known for their advocacy of value investing principles. Under their direction, the company's book value has grown at an average rate of 20%, compared to about 10% from the S&P 500 index with dividends included over the same period, while employing large amounts of capital and minimal debt.

<span class="mw-page-title-main">Scottish Power</span> British energy company

Scottish Power is a vertically integrated energy company based in Glasgow, Scotland. It is a subsidiary of Spanish utility firm Iberdrola.

Enbridge Inc. is a Canadian multinational pipeline and energy company headquartered in Calgary, Alberta, Canada. Enbridge owns and operates pipelines throughout Canada and the United States, transporting crude oil, natural gas, and natural gas liquids, and also generates renewable energy. Enbridge's pipeline system is the longest in North America and the largest oil export pipeline network in the world. Its crude oil system consists of 28,661 kilometres of pipelines. Its 38,300 kilometre natural gas pipeline system connects multiple Canadian provinces, several US states, and the Gulf of Mexico. The company was formed by Imperial Oil in 1949 as the Interprovincial Pipe Line Company Limited to transport Alberta oil to refineries. Over time, it has grown through acquisition of other existing pipeline companies and the expansion of their projects.

<span class="mw-page-title-main">Southern California Gas Company</span> Natural gas utility company in California

The Southern California Gas Company is a utility company based in Los Angeles, California, and a subsidiary of Sempra. It is the primary provider of natural gas to Los Angeles and Southern California.

<span class="mw-page-title-main">Constellation Energy</span> Energy company headquartered in Baltimore, Maryland

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.

<span class="mw-page-title-main">NV Energy</span> Public utility in the 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.

<span class="mw-page-title-main">Kern River Pipeline</span> Gas pipeline

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.

<span class="mw-page-title-main">Sempra</span> Utility holding company

Sempra is a North American public utility holding company based in San Diego, California. The company is one of the largest utility holding companies in the United States with nearly 40 million consumers. Sempra's focus is on electric and natural gas infrastructure and its operating companies include: Southern California Gas Company (SoCalGas) and San Diego Gas & Electric (SDG&E) in Southern California; Oncor Electric Delivery Company in Texas; and Sempra Infrastructure, with offices in California.

<span class="mw-page-title-main">PacifiCorp</span> Electric power company serving the Western United States

PacifiCorp is an electric power company in the western United States.

MidAmerican Energy Company is an energy company based in Des Moines, Iowa. Its service area includes almost two-thirds of Iowa, as well as portions of Illinois, South Dakota, and Nebraska. Its territory is wholly encompassed by the territory of the Midcontinent Independent System Operator. Major cities in MidAmerican Energy's service territory are Des Moines, Sioux City, Sioux Falls, Council Bluffs, Waterloo, Iowa City, and the Quad Cities.

<span class="mw-page-title-main">Dominion Cove Point LNG</span> LNG terminal in the 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.

<span class="mw-page-title-main">Dominion Energy</span> American energy company

Dominion Energy, Inc., commonly referred to as Dominion, is an American energy company headquartered in Richmond, Virginia that supplies electricity in parts of Virginia, North Carolina, and South Carolina and supplies natural gas to parts of Utah, Idaho and Wyoming, West Virginia, Ohio, Pennsylvania, North Carolina, South Carolina, and Georgia. Dominion also has generation facilities in Indiana, Illinois, Connecticut, and Rhode Island.

<span class="mw-page-title-main">Topaz Solar Farm</span>

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.

<span class="mw-page-title-main">Oncor Electric Delivery</span> Oncor Electric utility company in the United States

Oncor Electric Delivery Company is the largest transmission and distribution electric utility in the state of Texas and the 5th largest utility company in the US. Their service territory includes east, west, and north-central Texas, including Dallas, Fort Worth, Irving, Plano, Arlington, Beeville, Midland, Odessa, Killeen, Waco, Wichita Falls, Tyler, and other cities throughout Texas. In 2018, Sempra Energy acquired a majority stake in Oncor for US$9.45 billion.

<span class="mw-page-title-main">Copper Mountain Solar Facility</span> Solar power plant in Nevada, United States

The Copper Mountain Solar Facility is a 802 megawatt (MWAC) solar photovoltaic power plant in Boulder City, Nevada, United States. The plant was developed by Sempra Generation. When the first unit of the facility entered service on December 1, 2010, it was the largest photovoltaic plant in the U.S. at 58 MW. With the opening of Copper Mountain V in March 2021, it again became the largest in the United States. It is co-located with the 64 MW Nevada Solar One, 150 MW Boulder Solar, and 300 MW Techren Solar projects in the Eldorado Valley, thus forming a more than 1 gigawatt (GW) solar generating complex. By comparison, generating capacity at the nearby Hoover Dam is about 2 GW.

Uptake is an industrial artificial intelligence (AI) software company. Built around a foundation of data science and machine learning, Uptake’s core products include an Asset Performance Management application and a fully managed platform.

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.

References

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