Warren Buffett's 1999 Utility Bet Now Worth $90B: The Success Story Of Berkshire Hathaway Energy
Portfolio Pulse from Benzinga Newsbot
Warren Buffett's 1999 investment in MidAmerican Energy, now Berkshire Hathaway Energy, has grown into a $90 billion asset. The company is one of the largest electric utilities in the U.S., serving 5.2 million customers, and is the second-largest owner of renewable energy. It also operates a large U.K. utility, a leading natural-gas pipeline, and the U.S. real estate brokerage business HomeServices of America. The company recently increased its stake in the Maryland LNG facility, Cove Point, to 75% by purchasing a 50% interest for $3.3 billion from Dominion Energy.
July 13, 2023 | 4:08 am
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Dominion Energy sold a 50% interest in Cove Point to Berkshire Hathaway Energy for $3.3 billion.
Dominion Energy's sale of a 50% interest in Cove Point to Berkshire Hathaway Energy could potentially impact its revenues and profitability. However, the financial impact of this transaction on Dominion Energy is not clear from the news.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Berkshire Hathaway's subsidiary, Berkshire Hathaway Energy, has grown significantly since its acquisition in 1999 and is now valued at $90 billion. The company's recent acquisition of a 50% interest in Cove Point from Dominion Energy further expands its operations.
The news highlights the success of Berkshire Hathaway's investment in Berkshire Hathaway Energy, which has grown significantly over the years. The recent acquisition of a 50% interest in Cove Point further expands the company's operations, which could potentially boost its revenues and profitability in the future.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100