Holding company
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]
History
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]
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.[17]
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.[3]
References
External links
