Berkshire Hathaway Energy
A Berkshire Hathaway-owned energy holding company operating regulated electric and gas utilities, renewable-energy businesses, and interstate natural-gas infrastructure.
Last updated August 27, 2026
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Overview
Berkshire Hathaway Energy (BHE) is a privately held energy holding company and a wholly owned subsidiary of Berkshire Hathaway Inc. Headquartered in Des Moines, Iowa, it owns and operates regulated utility, energy infrastructure, renewable-generation, and energy-services businesses in the United States, the United Kingdom, and Canada. Its principal utility operations include MidAmerican Energy in the American Midwest, PacifiCorp in the western United States, NV Energy in Nevada, and Northern Powergrid in northern England. The group also owns renewable-energy assets, natural-gas pipelines and storage businesses, electricity transmission infrastructure, and related operating companies. The company traces its modern corporate history to the 1999 acquisition of MidAmerican Energy Holdings by an investor group led by Berkshire Hathaway and including Walter Scott Jr., David L. Sokol, and Gregory E. Abel. The transaction took the company private while retaining its existing operating structure. Berkshire initially held a minority economic interest, but increased its ownership over time. In 2005–2006, the company expanded substantially through its acquisition of PacifiCorp from ScottishPower. The transaction added a large regulated electric utility serving customers in several western states and established a platform for long-term investment in transmission, generation, and emissions-control infrastructure. The group broadened its gas-infrastructure portfolio through acquisitions including Northern Natural Gas, Kern River Gas Transmission, and, in 2020, Dominion Energy's gas-transmission and storage assets. It also expanded its international electricity-transmission activities through Northern Powergrid in the United Kingdom and AltaLink in Canada. In 2014, MidAmerican Energy Holdings adopted the Berkshire Hathaway Energy name. The rebranding connected the operating group more visibly with Berkshire Hathaway while leaving major subsidiaries such as PacifiCorp, NV Energy, MidAmerican Energy, and Northern Powergrid under their established local identities. BHE's business model is centered on long-duration ownership, regulated returns, reinvestment, and operational autonomy. Its utilities serve millions of retail electricity and natural-gas customers, while its generation portfolio includes wind, solar, geothermal, hydroelectric, natural gas, and coal facilities. Reference materials describe approximately 5.3 million retail customers, about 29 gigawatts of generating capacity, and a gas-transmission network extending roughly 21,000 miles. The company has also investigated mineral extraction, including lithium carbonate production, from geothermal brines associated with its facilities in California's Salton Sea region. Renewable energy and the transition away from coal are central parts of BHE's current investment narrative. Through 2023, the company reported investing approximately $34.1 billion in renewable projects and retiring or ceasing coal operations at 18 coal-fired stations, with further closures planned between 2025 and 2030. At the same time, its continued operation of large coal plants has generated criticism from environmental and public-health advocates. A 2025 Reuters investigation characterized several BHE-operated coal facilities as among the most polluting in the United States and reported criticism of plans to operate some plants for decades. BHE therefore occupies a complex position: it is one of the largest U.S. utility investors in renewable generation, but it remains exposed to coal, gas, regulatory proceedings, wildfire liabilities, and the capital requirements of grid modernization.
History
Berkshire Hathaway Energy's corporate history is rooted in MidAmerican Energy Holdings. On October 24, 1999, the company agreed to a merger with an investor consortium led by Berkshire Hathaway and involving Walter Scott Jr., David L. Sokol, and Gregory E. Abel. The transaction valued the equity at approximately $2.2 billion, while the acquiring group assumed roughly $7 billion in existing debt. Berkshire committed more than $1.2 billion for common and convertible preferred stock and separately funded trust-preferred securities. After completion, the company became privately held and its existing management and operating arrangements were largely preserved. The first major expansion under the new ownership came with the purchase of Northern Natural Gas from Dynegy in 2002. In 2005, MidAmerican agreed to acquire PacifiCorp from ScottishPower. The transaction was announced at a cash value of approximately $5.1 billion, alongside assumed debt and preferred-stock obligations of about $4.3 billion. Regulatory approvals from state utility commissions, the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission, and the U.S. Department of Justice were obtained during the following ten months. The acquisition closed in March 2006. MidAmerican committed to significant future investment in PacifiCorp's transmission network, generation fleet, and emissions-reduction equipment. The company continued to build a gas-infrastructure division. In 2006 it acquired Kern River Gas Transmission for approximately $960 million. These assets complemented Northern Natural Gas and helped establish a national interstate-pipeline platform. In 2014, the group acquired AltaLink in Canada for approximately C$3.24 billion, adding a large electricity-transmission business. Its international portfolio also includes Northern Powergrid, which operates electricity-distribution networks in northern England. In April 2014, MidAmerican Energy Holdings changed its name to Berkshire Hathaway Energy. The decision was intended to associate the energy group with Berkshire Hathaway's capital base and long-term ownership philosophy. The operating companies continued to use established market-facing names. At the time, the company reported billions of dollars in annual revenue and profit, held approximately $70 billion in assets, and served millions of customers. BHE's portfolio expanded again in 2020 when it acquired Dominion Energy's gas-transmission and storage business for approximately $9.7 billion. The transaction added interstate pipeline and storage assets but also increased the group's exposure to regulatory scrutiny, natural-gas demand, and energy-transition risk. The company attempted to acquire Oncor Electric Delivery in 2017, but that proposal was terminated after Sempra outbid BHE. This episode illustrated the competitive nature of U.S. utility consolidation and the importance of regulatory approval in large infrastructure transactions. Ownership has progressively consolidated under Berkshire Hathaway. Berkshire acquired an additional 1% from Gregory Abel in August 2022. In October 2024, it purchased the remaining 8% held by the family of Walter Scott Jr., reportedly bringing BHE to full Berkshire ownership. BHE has simultaneously increased its renewable-energy investments and reduced reliance on coal. Through 2023, it reported approximately $34.1 billion invested in renewable projects and the cessation of coal operations at 18 stations, with additional closures planned from 2025 through 2030. The company nevertheless continues to operate coal-fired facilities. Environmental groups and investigative reporting have criticized the pollution profile of some plants and the length of their planned operating lives. This tension between decarbonization investment and continued fossil-fuel operation remains a defining issue in BHE's present-day strategy.
- 2024
Berkshire reaches full ownership
[1]Berkshire Hathaway acquired the remaining outside interest associated with the Walter Scott Jr. family.
- 2022
Berkshire increases ownership
[1]Berkshire Hathaway purchased an additional 1% interest from Gregory Abel.
- 2020
Dominion gas-transmission and storage assets acquired
[1]BHE completed a major acquisition of Dominion Energy's gas-transmission and storage business.
- 2017
Oncor acquisition proposal terminated
[1]BHE's proposed purchase of Oncor Electric Delivery ended after Sempra submitted a higher bid.
- 2014
Corporate name changed to Berkshire Hathaway Energy
[1]MidAmerican Energy Holdings adopted the Berkshire Hathaway Energy name.
- 2006
PacifiCorp acquisition completed
[1]The transaction closed after approvals from state and federal regulators, with planned investment in infrastructure and emissions controls.
- 2006
Kern River Gas Transmission acquired
[1]The acquisition added another major interstate natural-gas pipeline business.
- 2005
PacifiCorp acquisition agreed
[1]MidAmerican agreed to buy PacifiCorp from ScottishPower in a major expansion of its regulated electric-utility portfolio.
- 2002
Northern Natural Gas acquired
[1]The company acquired Northern Natural Gas from Dynegy, expanding its interstate gas-transmission platform.
- 1999
Berkshire-led consortium agrees to acquire MidAmerican Energy Holdings
[1]A consortium led by Berkshire Hathaway agreed to acquire the company in a transaction that took it private and retained its operating structure.
Products and positioning
A long-term, Berkshire Hathaway-backed energy owner emphasizing regulated utilities, infrastructure reinvestment, operational autonomy, and a growing renewable-generation portfolio.
Electric utility
Regulated electricity utilities
BHE owns regulated electric utilities including PacifiCorp, MidAmerican Energy, and NV Energy. These businesses generate, transmit, distribute, and sell electricity across large service territories in the western and central United States. Their portfolios include renewable, hydroelectric, natural-gas, coal, and other generation resources, supported by regulated transmission and distribution networks.
Electricity distribution
Northern Powergrid
Northern Powergrid operates electricity-distribution networks in northern England through regulated regional businesses. The operation provides the physical network connecting generators and transmission systems with homes, businesses, and other end users.
Renewable energy
BHE Renewables
BHE Renewables develops and operates renewable-generation projects, including wind, solar, geothermal, and hydroelectric assets. Its geothermal facilities near California's Salton Sea have also been associated with investigations into recovering lithium and other minerals from geothermal brines.
Natural-gas infrastructure
BHE Pipeline Group
The pipeline group owns interstate natural-gas transportation and storage businesses, including Northern Natural Gas, Kern River Gas Transmission, and assets acquired from Dominion Energy. Reference material describes a network of approximately 21,000 miles and substantial daily transport and design capacity.
Electricity transmission · 2014
AltaLink
AltaLink is BHE's Canadian electricity-transmission business. It owns and operates high-voltage transmission infrastructure in Alberta and supports the movement of electricity between generation resources and distribution systems.
Controversies
2025
Criticism over coal-plant pollution and operating timelines
A Reuters investigation reported that several BHE-operated coal-fired plants are among the most polluting in the United States. The company faced criticism from environmental and public-health perspectives for plans that could keep some facilities operating for many years despite its substantial renewable-energy investments.
Brand decisions
2020
Acquisition of Dominion Energy gas-transmission and storage assetsM&ABackground
The transaction expanded BHE's interstate natural-gas transportation and storage platform.
Action taken
BHE acquired Dominion Energy's gas-transmission and storage business.
Aftermath
The acquisition strengthened BHE's position in U.S. gas infrastructure while increasing exposure to gas-market demand and regulatory transition risks.
Purchase price. $9.7 billion (2020 transaction)
2017
Oncor acquisition proposal terminatedM&ABackground
BHE sought to expand its regulated transmission and distribution holdings through the acquisition of Oncor Electric Delivery.
Action taken
BHE's proposal was terminated after Sempra offered a higher bid.
Aftermath
BHE did not acquire Oncor, and Sempra became the successful buyer.
- Sempra — Sempra submitted the higher competing offer and acquired Oncor.
2014
Rebrand from MidAmerican Energy Holdings to Berkshire Hathaway EnergyStrategyBackground
The group sought to associate its corporate identity with Berkshire Hathaway's capital strength and long-term ownership model.
Action taken
The holding company adopted the Berkshire Hathaway Energy name while preserving the established brands and local management of major subsidiaries.
Aftermath
BHE became the umbrella identity for Berkshire Hathaway's energy businesses without replacing the customer-facing names of its operating utilities.
2005
Agreement to acquire PacifiCorpM&ABackground
The acquisition would give BHE a much larger regulated electric-utility footprint in the western United States.
Action taken
BHE agreed to acquire PacifiCorp from ScottishPower for approximately $5.1 billion in cash, in addition to assumed debt and preferred-stock obligations.
Aftermath
After regulatory approval, the transaction closed in March 2006 and PacifiCorp became one of BHE's principal utility subsidiaries.
Announced cash purchase price. $5.1 billion (2005 announcement)
Recent events
Berkshire Hathaway Energy completes acquisition of Dominion gas transmission and storage business[3]
Berkshire Hathaway Energy completed its acquisition of Dominion Energy’s Gas Transmission and Storage business in the eastern region. The business became a standalone subsidiary of Berkshire Hathaway Energy’s Pipeline Group.
Berkshire Hathaway Energy agrees to acquire Dominion Energy gas assets[4]
Reported:
Berkshire Hathaway Energy announced that it had signed a definitive agreement to acquire Dominion Energy's natural gas transmission and storage businesses and specified related interests. The transaction's enterprise value was approximately $9.7 billion.
Berkshire Hathaway announces acquisition of Dominion Energy natural gas assets[5]
Reported:
Berkshire Hathaway announced that Berkshire Hathaway Energy would acquire natural gas business assets from Dominion Energy in a transaction valued at nearly $10 billion, including specified subsidiaries and ownership stakes.
Sources5 sources
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