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Berkshire Hathaway Energy

Website:

www.brkenergy.com/
Location:

Des Moines, IA
Tax ID:

94-2213782
Type:

Utility Holding Company
Revenue (2022):

$26.3 billion

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Berkshire Hathaway Energy is a holding company 1 whose subsidiaries include energy, utility, and pipeline operations and a real estate brokerage. 2 Berkshire Hathaway, whose chairman and CEO is Warren Buffett, owns 92 percent of Berkshire Hathaway Energy. 3

Shortly after buying the state of Nevada’s largest electric utility, 4 NV Energy, for $5.6 billion in cash in 2013, 5 Warren Buffett told a crowd at an industry conference he was planning to build his energy empire “as far as the eye can see.” 6 The Los Angeles Times reported in 2017 that Buffett viewed utilities as “recession resistant” and was buying utilities, natural gas pipelines and had “tapped into clean energy production.” 7

Berkshire Hathaway Energy reported a negative income-tax rate for five consecutive years from 2018 through 2022 due to billions of dollars of tax credits. 8 In 2014, Buffett had told an Omaha, Nebraska audience that he would do anything that the law allows to cut Berkshire’s tax rate. 9 He cited the tax credits his business is awarded for building wind farms. “That’s the only reason to build them,” Buffett said. “They don’t make sense without the tax credit.” 10

In 2020, there were wildfires in Oregon for which PacifiCorp, a Berkshire Hathaway Energy subsidiary, was found responsible, because the company’s toppled power lines had probably started the fires. 11 Berkshire Hathaway faced lawsuits, with total damages potentially in the billions of dollars. 12

Background

Warren Buffett invested in energy for the first time when Berkshire Hathaway purchased MidAmerican Energy Holdings Co. in 1999. 13 Buffett, David Sokol, and Walter Scott, Jr. offered $2.35 billion in stock and other securities and took on $7 billion in MidAmerican Energy’s debt. 14

The Omaha World-Herald reported in 1999 that Berkshire Hathaway would own 75 percent of MidAmerican Energy and Scott and Sokol would own the other 25 percent. 15 The paper reported that the group planned to use MidAmercan Energy to “expand into the increasingly deregulated electricity and natural-gas industries worldwide.” 16

In his 2021 letter to shareholders, Buffett stated that Berkshire Hathaway Energy had no wind or solar generation in 2000 and was then regarded as a “relatively new and minor participant in the huge electric utility industry.” 17

Buffett said at the time the purchase of MidAmerican Energy was “right in our sweet spot.” 18 Sokol said that Buffett had realized the deregulation of the U.S. electric and gas industry was “the largest deregulation that has ever taken place around the world” and would create a lot of opportunities for the consolidation of energy companies. 19

In its 2022 annual report, Berkshire Hathaway Energy listed its operations under eight business segments: PacifiCorp, MidAmerican Funding, NV Energy, Northern Powergrid, BHE Pipeline Group, BHE Transmission, BHE Renewables and HomeServices. 20 Through those businesses, BHE owns four utility companies in the U.S. that serve customers in 11 states, two electricity distribution companies in Great Britain, five interstate natural gas pipeline companies in the U.S., an electric transmission business in Canada, a weather-dependent energy business, and one of the largest residential real-estate brokerage firms and franchise networks in the U.S. 21

BHE had approximately 24,000 employees as of December 2022. 22

Financials

Berkshire Hathaway Energy earned $4.4 billion in 2022, up from $122 million in 2000. 23 Reuters called Berkshire Hathaway Energy a “steady earnings generator” in May 2023. 24

Focus on Wind and Solar

CNBC reported in April 2023 that Berkshire Hathaway Energy was “moving rapidly” to shift its mix of energy to wind and solar. 25 BHE stated that 41 percent of its energy generation capacity in operation or under construction consisted of wind and solar, 31 percent was natural gas, 23 percent was coal, and 4 percent was hydroelectric and geothermal as of 2022. 26

Berkshire Hathaway vice chairman Greg Abel said there was an “energy transition” going on in the U.S. at the company’s annual shareholders’ meeting in May 2023. 27 Abel said the company wanted to reduce its carbon footprint by 50 percent by 2030 compared to its 2005 levels 28 and was investing in weather-dependent energy generation as well as extending transmission lines. 29

BHE has a total of $31.6 billion invested in its wind, solar, and geothermal generating facilities as of 2022 30 BHE stated in September 2023 it would invest $3.9 billion toward more wind and solar projects. 31

BHE subsidiary PacifiCorp stated it plans to retire, or convert to natural gas, all its coal-fueled generation by 2042. 32

Tax Incentives

Berkshire Hathaway Energy reported a negative income-tax rate for five consecutive years from 2018 through 2022, due to billions of dollars in tax credits for producing weather-dependent energy. 33

The company reported an income-tax rate of 13 percent in 2016 and below 6 percent in 2017. Berkshire Hathaway Energy reported its income-tax rate was -18 percent in 2018, -20 percent in 2019, -41 percent in 2020, -37 percent in 2021 and -52 percent in 2022. 34 The energy company reported a $450 tax million tax benefit in 2018, a more than $500 million tax benefit in 2019, a $1 billion tax benefit in 2020, a $1.2 billion tax benefit in 2021 and a $3.4 billion tax benefit in 2022. 35 The company said its income-tax rates were impacted by “significant production tax credits from wind-powered electricity generation.” 36

Controversies

Madison County, Iowa

Berkshire Hathaway Energy subsidiary MidAmerican Energy originally proposed a 52-turbine wind farm in Madison County, Iowa. 37 Madison County officials proposed that wind turbines be no closer than 1.5 miles from the nearest home in 2019. 38 The Madison County Board of Health recommended that wind turbines be built farther away from homes  and said the current commercial wind-turbine distances are “inadequate to protect public health.” 39 MidAmerican Energy said if other counties adopted Madison County’s proposal, it would “wipe out” wind development in the state. 40

MidAmerican Energy went to court and sued the county to force it to accept more wind turbines. 41 MidAmerican Energy at that point had reduced the size of the proposal to 30 turbines that potentially entitled the company to $81 million in tax credits. 42 However, in July 2022, MidAmerican Energy abandoned plans for the wind farm. 43

Woodbury County, Iowa

Opponents of wind turbines presented the Woodbury County board of supervisors a petition in 2022 with 900 signatures supporting doubling the setback distance of wind turbines from 1,250 feet to 2,500 feet. 44 The board of supervisors approved the change in August 2022. The change “almost entirely” eliminated the potential to build wind turbines in the county, according to Iowa Public Radio. 45 A later board of supervisors’ decision increased setback distances for wind turbines from 600 feet to two miles around incorporated towns. 46

MidAmerican Energy stated in August 2023 that it would go forward with plans to add 100 wind turbines in Woodbury County. 47 As of August 2023, MidAmerican had over 3,400 wind turbines in 33 Iowa counties. 48 Opponents of the wind project said they would work to ban wind turbines from being built in the county if “substantial” distance between turbines and homes were not required. 49

Wind Turbine Blade Separations

A 174-foot blade separated from a 262-foot-tall MidAmerican Energy wind turbine in Webster County, Iowa, and fell into a farm field in February 2023. 50  No one was injured, and no other property was damaged. MidAmerican Energy stated it had fewer than 10 incidents where blades separated or broke over the past decade among 3,400 wind turbines in 37 sites in 32 counties. 51

In October 2020, a MidAmerican Energy 175-feet long wind-turbine blade broke and fell into a harvested field in Greene County, Iowa. 52

In September 2020, a MidAmerican Energy wind-turbine blade broke off and fell into a cornfield in Adair County, Iowa. 53 MidAmerican Energy also had wind-turbine blades break off in April 2020 and October 2019 in Adair County. 54 After the incidents in September and October of 2020, MidAmerican Energy shut down 46 wind turbines for safety checks. 55

Oregon Wildfires

A Multnomah County Circuit Court jury awarded more than $73 million in June 2023 to 17 homeowners who filed a lawsuit against BHE subsidiary PacifiCorp. 56 The jury also stated its liability finding applied to other homeowners of nearly 2,500 properties that were damaged. It was estimated damages could range into billions of dollars. 57

PacifiCorp agreed to a $299 million settlement in December 2023 over wildfires that destroyed homes in Oregon .58 The settlement involved 463 plaintiffs and ended claims made by homeowners that PacifiCorp’s equipment started the fires in September 2020 in Douglas County, Oregon. 59 The fires reportedly “burned more than 131,000 acres and destroyed more than 100 residences.” 60 Federal agencies investigated the fires and stated that power lines operated by PacifiCorp probably caused the fires. 61

In December 2023, PacifiCorp agreed to pay $250 million to logging companies whose commercial timber burned during the 2020 wildfires. 62

In January 2024, an Oregon state jury ordered PacifiCorp to pay at least $62 million to nine homeowners who had property damaged due to the wildfires. 63 PacifiCorp said that it would appeal the verdict and added it would settle “reasonable” claims. 64

There were approximately 5,000 homeowners and businesses 65 that filed several lawsuits stating PacifiCorp did not heed hazardous weather warnings and shut off power in service areas where toppled power lines started the fires. 66 PacifiCorp stated it didn’t believe it was necessary to shut off the power based on what it knew at the time. 67

The company may still settle larger litigation claims for billions of dollars, according to BNN Breaking. 68 That news service reported that Berkshire Hathaway Energy was selling U.S. investment-grade bonds to pay for the wildfire settlements. 69

PacifiCorp was bought by Berkshire Hathaway in 2006 for $9.4 billion. 70

West Virginia Microgrid-Powered Industrial Site

BHE Renewables, a Berkshire Hathaway Energy business, entered into an agreement with the state of West Virginia in September 2022 to build a “renewable energy microgrid-powered industrial site” on more than 2,000 acres in Ravenswood, West Virginia. 71 BHE Renewables will develop a titanium melt facility that will use 100 percent renewable energy to make titanium products for the aerospace industry. 72

West Virginia state lawmakers and Gov. Jim Justice (R) cut the Public Service Commission out of any oversight over BHE Renewables’ plan to use renewable energy. 73 By avoiding the Public Service Commission, Berkshire Hathaway Energy would function as a utility and power the businesses in the utility park and would negotiate rates with its customers “with little to no rate regulation from anyone,” according to Mountain State Spotlight. 74

Texas Natural Gas Plants Proposal

Berkshire Hathaway Energy proposed building 10 natural-gas plants in Texas in 2021 to help reduce the chance of blackouts that happened throughout the state earlier in that year. 75 Berkshire Hathaway’s proposal reportedly included provisions for a guaranteed 9.3 percent rate of return on the $8.3 billion investment, which would upset the “deregulated pricing model for Texas’ power market,” according to Reuters. 76

Texas State Sen. Charles Schwertner (R-Georgetown) formalized the plan when he introduced Senate Bill 2109 as a “starting point” in discussions about the proposal. 77 Bill Barnes, director of regulatory affairs at energy company NRG, was opposed to the legislation because he claimed that it gave an unfair advantage to Berkshire Hathaway Energy. 78 Schwertner’s bill did not pass. 79

The Texas Tribune reported that if the deal would have been approved, it would have ended “decades of a competitive electricity market in Texas,” in which all power generators in Texas are paid for the power they produce and then sell rather than what they could potentially generate. 80

Acquisitions

California Solar Farm

MidAmerican Energy Holdings bought a solar farm in California for $2 billion in 2011. 81 The Topaz Solar Farm in San Luis Obispo County has more than eight million modules installed over 4,700 acres and is considered one of the world’s largest solar farms. 82

Canada Electricity Transmission Company
Berkshire Hathaway Energy bought AltaLink from SNC-Lavalin Group Inc. for $2.9 billion in cash in 2014. 83 AltaLink is a Canadian regulated electricity-transmission company. 84 As of 2013, AltaLink’s assets included 280 substations and about 7,456 miles of transmission lines, and AltaLink served about 85 percent of the population of Alberta. 85

Natural Gas Transmission and Storage Business

Berkshire Hathaway Energy purchased Dominion Energy’s natural-gas transmission and storage business for approximately $8 billion in 2020. 86 The transaction included $2.5 billion in cash and Berkshire Hathway Energy taking on $5.6 billion of Dominion Energy’s debt. 87

Dominion Energy had planned to sell Berkshire Hathaway Energy its natural-gas pipeline in Utah as part of the 2020 deal. Berkshire Hathaway intended to buy Questar Pipeline for $1.3 billion in cash and for assuming $430 million in Questar debt. 88 But Dominion Energy abandoned the sale of Questar Pipeline because of uncertainty about whether antitrust regulators would approve the transaction. 89

Maryland Gas Plant

Berkshire Hathaway Energy bought a majority stake in a liquefied natural gas facility on the Chesapeake Bay in Maryland from Dominion Energy in 2023. 90 Berkshire Hathaway Energy paid $3.3 billion in cash for Dominion Energy’s 50 percent stake in the Cove Point facility. 91 Berkshire Hathaway Energy already operated the facility and upped its ownership stake to 75 percent. 92 The Cove Point facility provides liquefied natural gas that would replace coal-burning power plants as well as provide energy to 28 countries. 93

References

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  49. Connor Trett. “MidAmerican Continues To Receive Pushback Over Wind Turbines In Woodbury County”; KTIV. Aug. 15, 2023. Accessed Jan. 27, 2024. https://www.ktiv.com/2023/08/15/midamerican-continues-receive-pushback-woodbury-county-over-wind-turbines/
  50. Donnelle Elder. “MidAmerican Investigating Why 174-Foot Blade Dropped From Northwest Iowa Turbine”; Des Moines Register. Feb. 16, 2023. Accessed Jan. 27, 2024. https://www.desmoinesregister.com/story/money/business/2023/02/16/midamerican-investigates-why-blade-dropped-from-northwest-iowa-turbine/69910645007/
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