Two of Berkshire Hathaway’s utilities, PacifiCorp and NV Energy, saved a combined $14.68 million so far this year through the western Energy Imbalance Market (EIM).
The California Independent System Operator (ISO) has released its western Energy Imbalance Market (EIM) 2018 first-quarter benefits report that shows total savings have reached $330.52 million since the market’s launch in November 2014.
The benefits for January, February and March 2018 were $42.08 million for the six participating members, and the gross benefits for Berkshire’s NV Energy was $4.17 million and PacifiCorp was $10.51 million.
The western EIM platform automatically finds and delivers low-cost energy to serve consumers in Arizona, California, Idaho, Nevada, Oregon, Utah, Washington and Wyoming. Optimizing diverse resources from a large geographic area enables more effective use of carbon-free generation besides reducing costs.
In 2014, Berkshire Hathaway Energy’s PacifiCorp agreed to become the first participant in the Energy Imbalance Market, and NV Energy joined in December 2015.
The market will continue to grow in the coming years, with the Balancing Authority of Northern California/Sacramento Municipal Utility District set to begin participating in April 2019. Salt River Project of Phoenix, Seattle City Light and the Los Angeles Department of Water and Power are slated to enter the market in April 2020.
© 2018 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.