Berkshire Hathaway Energy

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Berkshire Hathaway Energy Company
FormerlyMidAmerican Energy Holdings Company (1971-2014)
Company typeSubsidiary
IndustryElectricity
Founded1971; 55 years ago (1971)
Headquarters
Des Moines, Iowa
,
U.S.
Key people
RevenueIncrease US$25.15 billion (2021)
Decrease US$2.331 billion (2023)
Decrease US$2.721 billion (2022)
Number of employees
24,000 (2023)
ParentBerkshire Hathaway
Websitebrkenergy.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]

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

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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

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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

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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

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