Buffett's MidAmerican changes name
MidAmerican Energy Holdings Company (MEHC), the energy arm of billionaire Warren Buffett’s business empire and a major wind and solar developer, has changed its name to Berkshire Hathaway Energy.
The move is effective immediately.
Berkshire Hathaway, which owns 89.8% of MEHC, is America’s largest holding company with $162.46bn in sales in 2012. MEHC generated 7.2% of Berkshire’s revenue that year and posted $1.47bn net income.
"This new name more accurately reflects our growing, diversified mix of businesses and the customers they serve,” Berkshire says in a statement. “It also reinforces the company’s strategy to own and operate a portfolio of high-quality assets, grow and diversify through a disciplined acquisition strategy, and build and maintain strong stakeholder relationships.”
The businesses of Berkshire Hathaway Energy will continue to be managed locally. Their names and operations will not be affected.
These include rate-regulated utilities MidAmerican Energy Company, NV Energy, Rocky Mountain Power and Pacific Power; natural gas pipeline companies Kern River Gas Transmission Company and Northern Natural Gas, and electricity distribution company Northern Powergrid in northeast England.
MidAmerican Renewables, which was formed in January 2012 to support and manage MEHC’s ambitious push into the unregulated renewables market, owns solar, wind, geothermal and hydroelectric assets.
In less than two years, the unit has accumulated a 1.27GW portfolio of utility-scale solar projects. They include what will be the world’s largest PV array, the 579MW (AC) Solar Star 1 and 2 in California; the 550Mw (AC) Topaz, also in California; and 49% of Arizona’s 290Mw (AC) Agua Caliente.
MidAmerican Energy Company is investing $1.9bn in 1.05GW of wind by the end of 2015, to add to its existing 2.285GW portfolio.
MEHC overall has committed $13bn to renewable energy.
“Our vision remains unchanged – to be the best energy company in serving our customers, while delivering sustainable energy solutions,” says Greg Abel, chief executive of Berkshire Hathaway Energy.