Tag: Berkshire Hathaway Energy

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Berkshire Hathaway Energy

Environmental Approval Moves Berkshire’s TransCanyon’s Cross-Tie Project Another Step Forward

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TransCanyon LLC, a joint venture between Berkshire Hathaway Energy’s BHE U.S. Transmission and Pinnacle West Capital Corporation, has achieved a significant step in the development of its Cross-Tie Project. The Bureau of Land Management (BLM) and the U.S. Forest Service recently announced the availability of the Final Environmental Impact Statement (FEIS) for the project, a critical milestone for this major energy infrastructure initiative.

The Cross-Tie 500-kV Transmission Project is designed to enhance energy transmission in the western U.S., increasing the grid’s resilience and enabling the delivery of renewable energy across regional markets. Stretching approximately 214 miles, the high-voltage line will connect central Utah’s Clover Substation to the Robinson Summit Substation in Nevada, with a capacity of 1,500 megawatts.

The FEIS, released on September 20, 2024, outlines the project’s environmental impacts and proposed alternatives, as well as key mitigation measures to be followed during construction and operation. Michael Gates, BLM West Desert District Manager, emphasized the project’s role in improving grid reliability and advancing renewable energy delivery in the region.

TransCanyon looks forward to the final Record of Decision, expected in winter 2024, and aims to provide enhanced energy access, reduce congestion on current lines, and connect to the CAISO energy market by 2027.

© 2024 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 a 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.

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Berkshire Hathaway Energy

Berkshire Hathaway Acquires Full Ownership of Energy Division

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Berkshire Hathaway has invested $3 billion to acquire 4.42 million shares of Berkshire Hathaway Energy (BHE) previously owned by the family of Walter Scott, Jr. This purchase now gives Berkshire full ownership of its energy division. Scott, who passed away on September 25, 2021, at the age of 90, had a long-standing relationship with Berkshire, serving as a board member and close friend of CEO Warren Buffett. Beyond his ties to Berkshire, Scott was a prominent businessman, leading Kiewit Corporation as CEO and serving as chairman of Level 3 Communications.

© 2024 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 a 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.

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Berkshire Hathaway Energy

BHE Renewables and Powin Partner on Landmark Solar Microgrid in West Virginia

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Berkshire Hathaway’s BHE Renewables has partnered with Powin, a global energy storage leader, to develop one of the largest solar and storage microgrids in Ravenswood, West Virginia. This innovative project will supply renewable energy to Titanium Metals Corporation (TIMET), a Berkshire subsidiary, to support titanium production for the aerospace industry.

Powin will provide a 50 MW Centipede™ Stack800 battery system as part of the microgrid, which also includes a 106 MW solar array. The battery system can discharge energy continuously for 10 to 12 hours, highlighting the capability of lithium-ion phosphate batteries for long-duration use. This is one of Powin’s first projects that align with domestic content requirements under the Inflation Reduction Act, supporting U.S. economic growth.

The microgrid project will be completed in phases, with initial deliveries in 2025 and full capacity by 2027. This is the second collaboration between Powin and BHE Renewables, further advancing renewable energy solutions and economic revitalization in the U.S.

© 2024 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 a 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.

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Berkshire Hathaway Energy

Biden Administration Greenlights NV Energy’s Major Transmission Project

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The Biden administration has approved Berkshire Hathaway’s subsidiary, NV Energy, to move forward with the Greenlink West project, a major transmission initiative aimed at boosting Nevada’s energy infrastructure. This project is part of a broader plan to enhance energy reliability, support renewable energy development, and promote economic growth across the state.

Greenlink West, a 525 kV line, will span approximately 350 miles from Las Vegas to Yerington, with construction slated to begin in early 2025. It is expected to be operational by May 2027.

Another part of the initiative, which is still in the permitting stage, Greenlink North, will stretch 235 miles from Ely to Yerington and is set to be completed by December 2028. Additionally, three 345 kV lines will connect Yerington to the Reno area.

The Greenlink project will significantly improve energy reliability by allowing NV Energy to efficiently transport electricity across the state. This expanded infrastructure will help Nevada meet growing energy demands driven by its rapid population and business growth.

Greenlink will also unlock access to over 4,000 megawatts of untapped renewable energy resources, enabling Nevada to expand its renewable energy portfolio and meet its decarbonization goals. Economically, the project is expected to generate $690 million in economic activity and create nearly 4,000 jobs, many of which will be unionized and located in rural areas.

© 2024 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 a 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.

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Berkshire Hathaway Energy

BHE Montana to Develop 100-Megawatt Solar Park and 75-Megawatt Battery System

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BHE Montana, a subsidiary of Berkshire Hathaway Energy, is set to develop two new clean energy projects in Montana: the Glacier Solar Park, a 100-megawatt solar project, and the Glacier Battery System, a 75-megawatt battery storage facility. The company will also open a new office and control room in Great Falls, Montana.

Nancy Murray, president of BHE Montana, expressed excitement about these new developments, emphasizing the company’s commitment to expanding energy resources in Montana and supporting local communities with a clean, resilient energy grid.

Montana Governor Greg Gianforte welcomed the investment, highlighting Montana’s leadership in energy innovation and its commitment to affordable and reliable energy.

The Glacier Battery System, located near Ethridge, Montana, will support real-time scheduling of renewable energy from BHE Montana’s wind and solar assets, enhancing grid resilience. It is expected to be operational by the end of 2025. The Glacier Solar Park, to be built on 1,000 acres in north-central Montana, will feature 200,000 solar panels, adding 100 megawatts of renewable energy to the state’s grid by the end of 2026. Both projects will connect to the Montana-Alberta Tie Line.

The new Great Falls office will support 15 employees and include a 24/7 control room to manage BHE Montana’s generation assets and provide services to other energy generators and transmission providers.

In addition to these projects, BHE Montana operates several wind farms in the region, including the 189-megawatt Rim Rock windfarm and the Glacier I and II windfarms, which collectively contribute over 200 megawatts of clean energy to Montana’s grid.

© 2024 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 a 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.

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Berkshire Hathaway’s NV Energy to Power Google with Geothermal Energy

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Berkshire Hathaway’s NV Energy is set to supply geothermal energy to Google’s data centers and office campuses in Nevada. This groundbreaking collaboration aims to set a new benchmark for clean energy integration in the US.

Central to this partnership is the introduction of the ‘Clean Transition Tariff’ (CTT), a new clean energy rate currently under review by the Public Utilities Commission of Nevada. If approved, the CTT will enable Google and other large energy consumers to meet their power needs with clean, reliable energy. This model could inspire similar initiatives across other states.

NV Energy, a subsidiary of Berkshire Hathaway Energy, has formed a unique energy supply agreement with Google, featuring enhanced geothermal power developed in collaboration with Fervo Energy. This initiative will provide 115 MW of new geothermal capacity specifically for Google. This effort supports Google’s ambition to achieve 24/7 carbon-free energy by 2030 and enhances the resilience of Nevada’s power grid.

Doug Cannon, President and CEO of NV Energy, highlighted the importance of this partnership: “Our collaboration with Google to bring enhanced geothermal energy to Nevada’s grid is significant. This proposal not only supports Google’s clean energy goals but also benefits our other customers by introducing greener energy resources to Nevada.”

The partnership builds on Google’s successful pilot project with Fervo Energy in Nevada, which proved the commercial viability of enhanced geothermal power. Following the pilot, Fervo has significantly improved its drilling processes, leading to a nearly 25-fold increase in geothermal capacity. This capacity will now support Google’s operations in Nevada.

Cannon added, “If approved, this proposal provides a blueprint for other utilities and large customers in Nevada to accelerate their clean energy goals. We are excited to advance this regulatory process and share these advancements, enhancing economic opportunities for our state.”

© 2024 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 a 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.

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Berkshire Hathaway and Occidental Partner to Revolutionize Lithium Extraction

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Berkshire Hathaway-backed Occidental and BHE Renewables, a subsidiary of Berkshire Hathaway Energy, have joined forces to demonstrate and deploy TerraLithium’s Direct Lithium Extraction (DLE) technologies. This partnership aims to extract and commercially produce high-purity lithium compounds from geothermal brine, and will lead to Berkshire owning and operating commercial lithium production facilities in California.

TerraLithium, a subsidiary of Occidental, holds patents for DLE technologies capable of converting any lithium-containing brine into a high-purity, responsibly sourced lithium supply. BHE Renewables operates 10 geothermal power plants in California’s Imperial Valley, which handle 50,000 gallons of lithium-rich brine per minute, producing 345 megawatts of clean energy. The joint venture has initiated a project at BHE Renewables’ Imperial Valley facility to demonstrate TerraLithium’s DLE technology’s feasibility for environmentally safe lithium production.

“This joint venture with TerraLithium signifies a major step forward in BHE Renewables’ goal to produce lithium in an environmentally responsible and commercially viable way, benefiting the Imperial Valley community,” said Alicia Knapp, President and CEO of BHE Renewables. “We are thrilled to collaborate with Occidental on this opportunity to position the Imperial Valley as a global leader in lithium production.”

Upon successful demonstration, BHE Renewables plans to construct, own, and operate commercial lithium production facilities in the Imperial Valley and potentially license the technology for projects elsewhere.

“By integrating Occidental’s brine management expertise with BHE Renewables’ geothermal operations knowledge, we can advance a more sustainable form of lithium production,” said Richard Jackson, President of U.S. Onshore Resources and Carbon Management Operations at Occidental. “We are eager to work with BHE Renewables to showcase how DLE technology can produce a critical mineral essential for achieving net-zero goals.”

Lithium is crucial for batteries in electric vehicles, consumer electronics, and energy storage, as well as in the production of glass, ceramics, and pharmaceuticals. The International Renewable Energy Agency projects a tenfold increase in battery lithium demand from 2020 to 2030, driven by battery demand growth.

“Securing a reliable and domestic high-purity lithium supply is vital for the energy transition,” said Jeff Alvarez, President and General Manager of TerraLithium. “The partnership with BHE Renewables will accelerate the development and commercial deployment of our Direct Lithium Extraction technologies to meet the growing global lithium demand.”

© 2024 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 a 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.

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WEIM Generates Millions in Benefits for Berkshire’s Utilities Amidst Winter Challenges

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The Western Energy Imbalance Market (WEIM), which includes two Berkshire Hathaway utilities, continues to prove its worth, with cumulative benefits reaching an impressive $5.49 billion in the first quarter of 2024. Notably, its role in ensuring regional coordination became evident during a January cold snap that tested the Northwest’s grid reliability.

With 22 participants onboard, the WEIM yielded $436 million in benefits during this quarter alone, providing substantial relief on expenses for utilities and their customers. NV Energy and PacifiCorp, both subsidiaries of Berkshire Hathaway Energy, reaped significant rewards. NV Energy accrued $32.77 million, while PacifiCorp secured $73.83 million, further underlining the tangible advantages of active participation in the WEIM.

Its ability to efficiently transfer power across a vast and diverse landscape played a crucial role in meeting the heightened demand during the extreme cold spell from January 13-15, particularly in the Pacific Northwest. During this period, energy transfers from California and the Southwest proved invaluable, offering much-needed support to areas under strain due to increased electricity demand.

Established in 2014, the WEIM operates as a real-time electricity market, facilitating the buying and selling of power close to the time of generation and consumption. Powered by cutting-edge technology, the market excels in identifying and delivering the lowest-cost resources to meet immediate power needs while effectively managing congestion on transmission lines to uphold grid reliability.

© 2024 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.

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Shaw Industries Partners with BHE Renewables for Renewable Energy

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Berkshire Hathaway’s Shaw Industries Group, Inc., a leading global supplier of carpet, hardwood, tile, and other specialty products, signed a virtual power purchase agreement in Mid-February with BHE Renewables, a subsidiary of Berkshire Hathaway Energy. This landmark agreement reflects Shaw’s commitment to sustainability and its ongoing efforts to reduce its environmental footprint.

Under the terms of the agreement, Shaw will invest in renewable energy generated by BHE Renewables’ 200-megawatt Flat Top wind farm in Texas. The wind farm, operational since 2018, will provide Shaw with a sustainable energy source as it continues to supply residential and commercial markets worldwide.

Kellie Ballew, Shaw’s chief sustainability and innovation officer, emphasized the company’s dedication to combating climate change. “Shaw strives to be a positive force in the global effort to mitigate climate change,” Ballew stated. “That’s a fundamental component of our sustain[HUMAN]ability® strategy, which focuses on people and the planet. This latest endeavor builds upon our decades of work in this realm.”

Shaw’s investment in renewable energy aligns with its ambitious sustainability goals. The company aims to reduce its operational footprint by approximately 15 percent annually over the next 15 years, building on its significant achievements in reducing greenhouse gas emissions. Since 2010, Shaw has already decreased its Scope 1 and Scope 2 greenhouse gas emissions by more than 50 percent.

Moreover, this partnership with BHE Renewables marks a significant step toward Shaw’s objective of achieving net-zero operations (Scope 1 and 2) by 2030. Notably, Shaw’s commercial carpet operations worldwide have been carbon neutral since 2018, demonstrating the company’s proactive approach to sustainability.

Alicia Knapp, President and CEO of BHE Renewables, expressed pride in supporting Shaw’s sustainability vision. “We are proud to support Shaw and its vision to create a better future,” Knapp commented. “We share their commitment to people and the planet and look forward to delivering clean energy to help them achieve their sustainability goals.”

BHE Renewables owns more than 4,000 megawatts of solar, wind, geothermal and hydro projects nationwide, which produce clean energy for both the wholesale market and for customers under long-term power purchase agreements.

Through this collaboration, Shaw Industries, which has more than $7 billion in annual revenue and approximately 20,000 associates worldwide, reaffirms its position as an industry leader in sustainability, leveraging renewable energy to drive positive environmental change while continuing to deliver high-quality products to its customers worldwide.

© 2024 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 a 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.

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Berkshire Hathaway Acquires Major Renewable Energy Project

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In a significant move towards bolstering its renewable energy portfolio, Berkshire Hathaway has finalized the acquisition of the Arco Wind and Solar project from NorthRenew Energy. The project, located in southeastern Idaho’s Bingham and Bonneville counties, will eventually bring 1.2 gigwatts of power online and marks a strategic investment by Berkshire Hathaway Energy’s subsidiary, PacifiCorp, into clean energy infrastructure.

Upon completion, the Arco Wind and Solar project is expected to contribute 300 MW of power to the grid when it becomes operational in 2026. Furthermore, there are plans to potentially augment its capacity by an additional 800 MW of solar energy in the future.

Garth Klimchuk, Founder and Managing Partner of NorthRenew Energy, expressed enthusiasm about the acquisition, highlighting the collaboration with one of North America’s largest utility companies. He emphasized the joint effort to advance the Arco project towards construction, indicating a commitment to expanding renewable energy initiatives.

PacifiCorp, as part of Berkshire Hathaway, is a prominent player in the energy sector, particularly as the largest grid operator in the western United States. Serving customers across Oregon, Washington, California, Utah, Idaho, and Wyoming, PacifiCorp’s involvement underscores the company’s commitment to sustainable energy solutions.

With construction set to commence in 2025 and commercial operations scheduled for late 2026, the Arco Wind and Solar project represents a significant step forward in the region’s transition towards renewable energy sources. The project’s integration of wind, solar, and storage technologies showcases a comprehensive approach to clean energy generation and aligns with broader efforts to combat climate change.

Berkshire Hathaway’s acquisition of the Arco project not only underscores its commitment to environmental sustainability but also positions the company as a key player in driving the transition towards a greener energy landscape. As renewable energy continues to gain momentum globally, investments like these signal a paradigm shift towards a more sustainable and resilient energy future.

© 2024 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 a 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.