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Berkshire Hathaway Energy

Public Utility Commission Rejects Switch’s Exit from NV Energy

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The state of Nevada’s Public Utility Commission (PUC) voted 2-1 to reject Switch Communication’s application to leave NV Energy, a subsidiary of Berkshire Hathaway Energy (BHE). Switch is a developer and operator of data center facilities.

Despite the rejection, it looks inevitable that Switch will move to another energy supplier, and it is all just a matter determining the appropriate exit fee.

The PUC had proposed a $27 million exit fee, and Switch asked to only pay $18.5 million.

Casinos Want to Leave Too

Switch Communications is not the only one pushing to leave the utility. Caesars, Wynn Las Vegas, MGM Resorts International, and Las Vegas Sands Corp. are all now planning to purchase their power from another “qualified energy provider,” using the exit provision passed by the Nevada Legislature in 2001.

Heated Accusations from Wynn Las Vegas

In testimony before the PUC, Matt Maddox, president of Wynn Resorts, accused NV Energy of reaping huge profits from Nevada customers and taking the profits back to parent company Berkshire Hathaway. The accusation is inaccurate, at least as to the ultimate destination of any profits, as Berkshire Hathaway lets BHE retain all of its earnings.

A big part of the conflict is related to who will bear the cost of closing the Reid Gardner coal-fired units in Moapa, Nevada. NV Energy has announced it will end its use of coal for electricity generation by 2019. The move is in accordance with Nevada’s Senate Bill 123 of the 2013 session that required NV Energy to close its lower-cost coal-fired generation facility.

The estimated $100 million in plant closing costs will be borne by ratepayers, and the casinos and Switch are hoping to leave before those costs are passed on to consumers.

© 2015 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 performance.

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Berkshire Hathaway Energy

Central United States in Berkshire’s Solar Plans

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Berkshire Hathaway Energy, which is already a leader in solar energy generation in California and Arizona, is looking to the central U.S. to locate a new solar farm development. The company filed its land acquisition plans with the Midcontinent Independent System Operator (MISO), a Regional Transmission Organization that covers the transfer of energy along the interconnected transmission system in 15 states and the Canadian province of Manitoba.

According to the filing, BHE has acquired a site for solar generation development in MISO’s central region, consisting of 74 individual locations not to exceed 1 megwatt each.

The precise location of the land has not been released.

Currently Berkshire Hathaway Energy, through its subsidiary BHE Renewables, has 1,271 megawatts of owned solar generation.

© 2015 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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Berkshire Hathaway Energy

Berkshire’s NV Energy Faces Major Defectors

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Berkshire Hathaway’s 2014 $5.6 billion all-cash acquisition of Nevada electric utility NV Energy looked like a home run at the time. After all, who needs loads of electricity more than the neon-bright Las Vegas Casinos?

Well, the casinos need electricity but they are now pushing to get it elsewhere.

Wynn Las Vegas, MGM Resorts International and Las Vegas Sands Corp. are now planning to purchase their power from another “qualified energy provider,” using the exit provision passed by the Nevada Legislature in 2001.

Letters of intent to file applications to leave Nevada Power and its parent company, NV Energy, were submitted to Nevada state regulators in March.

Also looking to leave is Nevada-based Switch Communications, a developer and operator of data center facilities.

As they push for the change, Las Vegas Sands Corp., Wynn Resorts Ltd., Switch, and rooftop solar-energy providers Sunrun and SolarCity have collectively formed the Nevada Coalition to Protect Ratepayers.

Leaving Nevada Power can come with a hefty exit fee. The Public Utility Commission is proposing a $27.7 million exit fee for Switch to leave Nevada Power, and Switch is pushing for an exit fee more in the range of $18.5 million.

At the time of the NV Energy acquisition, MidAmerican (now Berkshire Hathaway Energy) looked at Nevada as a growth market, however, the defections could take a major bite out of NV Energy’s consumer demand.

The Battle Over Net Metering

NV Energy has also been in a battle with rooftop solar providers over Net Metering legislation, which currently caps the cumulative capacity of all net metering systems operating in Nevada at 3 percent of the total peak capacity of all electric utilities in the state. There are already over 3,300 residential systems that feed power in the electric grid, and solar providers are worried that the current cap would severely limit the market for rooftop solar panels.

Under legislation which just passed the Nevada State Senate, S.B. 374 “revises the amount of cumulative capacity for which utilities are required to offer net metering in accordance with existing law.”

The bill allows 235 megawatts of residential systems to qualify under net metering through the end of 2015. It also empowers the state’s public utilities commission to set a new rate structure for solar.

Nevada leads the nation in solar power, the big question is will it be coming from NV Energy.

Transmission Lines a Valuable Asset

No matter who produces the power that flows into the grid, NV Energy will continue to make money from its ownership of the transmission lines, and ownership of transmission lines has been a key area of acquisition for Berkshire Hathaway Energy. In 2014, BHE acquired AltaLink, L.P., a transmission lines company serving Alberta, Canada.

© 2015 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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Berkshire Hathaway Energy

Acquisition of Geronimo Energy Projects Power Berkshire’s Midwest Energy Expansion

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Edina, Minnesota-based Geronimo Energy, LLC, has announced the sale of a portfolio of Midwest renewable energy projects to Berkshire Hathaway Energy’s subsidiary BHE Renewables, LLC.

The projects include the soon to be developed Grande Prairie Wind Farm in Holt County, Nebraska; the soon to be developed Walnut Ridge Wind Farm in Bureau County, Illinois; and a portfolio of future Minnesota solar projects.

About Grand Prairie

Scheduled for completion in 2016, Grand Prairie Wind Farm will produce 400 megawatts of power, and will cover approximately 54,250 acres of land in portions of Willowdale, Antelope, Grattan, Iowa, Scott, and Steel Creek Townships. The wind farm will have up to 266 wind turbines with capacities ranging for 1.5 to 3 megawatts a piece. Grand Prairie will be the largest wind energy project in the state of Nebraska, and will up the state’s wind energy capacity by approximately 50 percent.

About Walnut Ridge

Other projects acquired from Geronimo Energy include the Walnut Ridge Wind Farm, a 123-turbine 225 megawatt wind farm development to be located in north central Illinois that was originally a joint venture between Geronimo Wind Energy and the Mesa Grande Band of Mission Indians of California. The Federal Government’s General Services Administration has already entered into a Power Purchase Agreement for 140 megawatts of Walnut Ridge’s capacity. The facility is scheduled to be constructed in 2016, pending the resolution of a lawsuit brought by area property owners over the visual impact of the wind farm.

Solar Portfolio

An additional Solar Portfolio made up of Minnesota solar projects was also acquired by BHE Renewables. The portfolio includes seven solar developments throughout the state of Minnesota, which are part of Xcel Energy’s Community Solar Garden Program.

Construction of the Solar Portfolio is scheduled for 2016. It is being marketed towards Xcel Energy’s Solar Rewards Community Program. Current subscribers to the Solar Portfolio include, but are not limited to, St. Paul Public Housing Agency, St. Olaf College and District Cooling St. Paul (an affiliate of District Energy St. Paul).

© 2015 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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Berkshire Hathaway Energy

Berkshire Hathaway Energy Takes Stake in eVolution Networks

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Warren Buffett has always been tech averse, proclaiming that he doesn’t understand technology companies, so he has no basis to make an investment. But, that doesn’t mean that Berkshire Hathaway avoids tech companies. In addition to its ownership of 79,565,115 shares of IBM, Berkshire through its subsidiaries takes stakes in tech companies that relate to its various businesses.

IES Holding, a subsidiary of Berkshire Hathaway Energy, has taken a stake in eVolution Networks, an innovator in energy savings solutions for Mobile Network Operators (MNOs).

Based in Israel, the company bills itself as the first company to provide operators with a purely software-based solution that slashes energy consumption on the base station level.

IES Holding’s $22.5 million investment was done jointly with GE Ventures.

According to eVolution Networks, the company plans to expand its worldwide presence and promote its solutions to new industries, such as data center energy management.

“Energy costs are a huge problem for mobile operators,” said Roy Morad, CEO of eVolution Networks. “Operators are constantly forced to expand their network to support the growing data demand from subscribers and the Internet of Things (IOT). However, the way networks are designed today doesn’t allow operators to wisely “right size” their energy use according to live traffic demand. eVolution Networks’ Smart Energy Solution eliminates this problem.”

eVolution Networks’ Smart Energy Solution is a software-based solution that analyzes the mobile network’s traffic needs and adjusts the use of the network’s resources based on real-time demand from subscribers. This adaptive and unique approach to managing the network’s resources has been deployed by Tier-1 operators such as Telefonica Group and has proven to save millions of dollars annually on energy bills.

“This team’s management experience and strong technical background have helped establish eVolution Networks as a leader in the telecommunications energy efficiency market. eVolution Networks is poised for tremendous growth as more customers and business partners realize the benefits provided by the technology,” said Bill Fehrman, president of Berkshire Hathaway Energy subsidiary IES Holding. “This funding will be used to capitalize on this potential, boost the company’s growth worldwide and establish eVolution Networks products and technology as an industry standard.”

eVolution Networks notes that worldwide figures show the telecommunications industry is responsible for 3 percent of the global energy consumption. This translates to an estimated $20 billion spent yearly by mobile network operators. Smart Energy Solution offers an answer by making the networks as efficient as possible through data analysis and advanced load management.

According to the company, eVolution Networks’ Smart Energy Solution reduces up to 35% of the annual energy consumption of mobile operators by analyzing the network’s needs in real time and managing the network resources accordingly from the base station to the data center.

Already in Action

The company’s Smart Energy Solution has already been successfully deployed by tier-1 operators such as Telefonica group.

“Given that energy costs are the largest portion of operating expenses for telecom operators, a 35 percent reduction in energy usage with Smart Energy Solution will have a significant impact on profitability,” said Jonathan Pulitzer, Senior Director at GE Ventures. “GE Ventures is investing in eVolution Networks because of this potential for savings and the positive impact on global energy consumption.”

About IES

Berkshire Hathaway Energy’s IES Holding is an operating subsidiary that integrates, aggregates and manages residential and commercial load, generation and storage assets and related technologies in concert with economic or market based constructs to reduce overall energy system costs and improve grid reliability.

© 2015 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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Berkshire Hathaway Energy Special Report

Special Report: Is the Tesla Battery a Threat to Berkshire Hathaway?

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Elon Musk’s recent announcement of Tesla’s new home and industry battery business, which will enable the storage of solar and wind energy, would seem to directly threaten Berkshire Hathaway Energy’s role as one of the world’s largest energy producers.

But not so fast.

Let’s Look at the Big Picture

First, Tesla’s leading-edge automobiles have done a lot to popularize plug-in electric vehicles. These vehicles draw their power primarily from electric utilities, and as the technology takes hold with more mainstream automobile producers, such as Toyota, GM, and Ford, the total demand for electric power will skyrocket. Sure, some of the power may come from home-based electric generation through solar panels, but the total demand for electric power will rise as consumers switch from gas and diesel powered vehicles.

Secondly, for home and industry battery applications, Berkshire may benefit in multiple ways. Its minority ownership in Chinese battery maker BYD Co Ltd could prove a very wise investment, as the company adds 6 gigawatts per year of battery production capability over the next 3 years.

The End of the Utility?

Will solar panels linked to a Tesla Powerwall mean that the centralized distribution offered by utilities will be irrelevant? Maybe for someone living in the backwoods, or far out in the desert, but not for anyone still hooked up to the grid.

Net metering, which feeds excess electricity consumers produce back into the grid, and creates a billing mechanism that credits consumers, makes the batteries irrelevant, as they produce no cost-saving or other advantage.

Berkshire Hathaway Energy’s CEO Greg Abel thinks that Tesla’s storage technology would have to drop greatly in price for it to be applicable to BHE’s transmission business.

Abel called the technology, “not game-changing, and it’s because of the cost structure,” during a panel discussion put on by the Calgary Chamber of Commerce. “Is there an opportunity to now implement that into our systems, into our transmission and distribution systems? Absolutely. And is it completely cost-effective, no. It’s got to get cheaper.”

Don’t Forget Duracell

Berkshire’s acquisition of P&G’s Duracell unit, may shake things up if it can get Duracell to transition from the alkaline battery business to newer battery technologies, the company might be in just the right place to market products similar to Tesla. It certainly has the resources to do it, as the P&G deal includes $1.8 billion in cash.

Lastly, large-scale battery storage is just what Berkshire Hathaway Energy’s solar and wind farms need, be it the 550-megawatt photovoltaic Topaz Solar Farm in San Luis Obispo County, California, or the just announced 400-megawatt Grande Prairie Wind Farm in Holt County, Nebraska. The ability to store energy for the times that the sun isn’t shining and the wind isn’t blowing is just what utilities need to fully pull away from fossil fuel based energy generation.

In summary, new home and industry storage battery technology will give Berkshire Hathaway new competition for its existing companies, but it will also bring new opportunities.

(This article contains updated information)

© 2015 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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Berkshire Hathaway Energy

BHE Renewables to Build 440-Megawatt Wind Farm

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BHE Renewables, a subsidiary of Berkshire Hathaway Energy, will add to its wind generating capacity with the acquisition of the Grande Prairie project from Geronimo Energy.

The 400-megawatt wind farm will be located about 12 miles northeast of O’Neill, Nebraska, and will begin construction this summer. The completion date will be in 2016. The new wind farm will be the largest in the state and will increase Nebraska’s wind energy capacity by nearly 50 percent.

BHE Renewables currently owns and operates a number of wind farm projects, including the 300-megawatt Jumbo Road project near Hereford, Texas; 168-megawatt Pinyon Pines I and 132-megawatt Pinyon Pines II projects, located near Tehachapi, California; and the 81-megawatt Bishop Hill II project in Henry County, Illinois.

“We are excited to be constructing this wind farm in Holt County, our first project in the state,” said Bill Fehrman, president and CEO of BHE Renewables. “The Grande Prairie project will have a major impact on Nebraska’s economy and energy future while helping our customer, Omaha Public Power District, meet its long-term renewable goals.”

BHE Renewables also acquired the 225-megawatt Walnut Ridge Project in Illinois, and plans to begin construction in 2016.

Founded in 2011, BHE Renewables owns and operates more than 3,400 megawatts of wind, solar, geothermal and hydro resources that produce energy for customers under long-term power purchase agreements. The company has invested more than $10 billion in renewable energy resources and will have more than 1,300 megawatts of wind generation capacity in operation when recent acquisitions are complete.

In addition to its investments in wind generation, BHE Renewables owns 1,271 megawatts of solar-powered generation in Arizona and California, 10 geothermal facilities in California’s Imperial Valley, and two hydroelectric facilities, one in Hawaii and one in the Philippines.

© 2015 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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Berkshire Hathaway Energy

Topaz Solar Farm Shines as One of World’s Largest

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Berkshire Hathaway Energy’s Topaz Solar Farm in San Luis Obispo County, California, is now one of the largest photovoltaic solar farms in the world.

The plant went substantially on line in 2014, providing power to Pacific Gas and Electric Company’s customers in California under a long term power purchase agreement.

The 550 megawatt solar plant was built by First Solar for Berkshire subsidiary BHE Renewables, and produces enough power to supply the needs of 181,000 average-sized California homes. BHE Renewables completed the acquisition of Topaz Solar Farms from First Solar in January 2012.

Worldwide, First Solar has built over 10 gigawatts of installed solar power to date.

Topaz Solar Farm uses 8.4 million First Solar advanced thin-film photovoltaic modules that generate electricity without emissions, waste or water use. First Solar claims the technology has the smallest carbon footprint of any photovoltaic technology.

A host of Environmental Benefits

The solar plant was built on previously disturbed agricultural land, and provides additional environmental benefits as well as clean power.

“Topaz functions as a productive grassland habitat for native plants and animals — some of which are endangered and protected — while being used for passive farming of the sun’s energy,” said Bill Fehrman, president of BHE Renewables.

According to the company, “BHE Renewables provided wildlife mitigation corridors throughout the project and protected more than 17,000 acres of surrounding land as native species habitat.”

California, Land of Renewable Energy

Solar power is playing a big part in California’s ambitious renewable energy plans.

On November 17, 2008, Governor Arnold Schwarzenegger signed Executive Order S-14-08 requiring that “retail sellers of electricity shall serve 33 percent of their load with renewable energy by 2020.”

Decreasing Cost of Construction

The cost of producing solar power is declining rapidly. According to PV Magazine, the cost of producing solar power fell 60% in just an 18 month period, and the overall cost of producing solar power in 2013 was 60% cheaper than in 2011.

Low Cost of Operation

According to First Solar, its Cadmium Telluride (CdTe) thin film technology has the lowest energy pricing on a total cost basis.

“Total cost of electricity pricing includes the levelized cost of electricity (LCOE) and economic externalities such as environmental impacts. With the smallest carbon footprint, fastest energy payback time, and lowest life cycle water use, CdTe PV has the lowest externalities of all solar and conventional energy technologies, resulting in the lowest energy price on a total cost basis.”

Another of the advantages of photovoltaic power production is its low cost of ongoing operation. BHE Renewables’s comparably sized Solar Star I and 2 projects, in Rosamond, California, only have 15 full-time site positions to run the entire facility.

About BHE Renewables

A subsidiary of Berkshire Hathaway Energy, BHE Renewables has 3,470 megawatts of renewable energy owned or under construction in 6 states, and runs BHE Solar, BHE Wind, BHE Geothermal, and BHE Hydro. The company also operates and maintains a power plant on the Philippine island of Luzon.

© 2015 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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Buffett Successors Todd Combs and Ted Weschler Warren Buffett

Are Ajit Jain and Greg Abel the Successors to Warren Buffett and Charlie Munger?

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Despite Warren Buffett being a spry age 84, and Charlie Munger a youthful 91, the question of the successor or successors that will lead Berkshire Hathaway continues to be on analysts’ and commentators’ minds.

“Both the board and I believe we now have the right person to succeed me as CEO — a successor ready to assume the job the day after I die or step down,” Buffett has said.

Now, in his letter published in the 2014 Annual Report, Charlie Munger seems to hint that Ajit Jain or Greg Abel could be in line to provide the leadership that will carry Berkshire forward.

“For instance, Ajit Jain and Greg Abel are proven performers who would probably be under-described as “world-class.” “World-leading” would be the description I would choose. In some important ways, each is a better business executive than Buffett.

And I believe neither Jain nor Abel would (1) leave Berkshire, no matter what someone else offered or (2) desire much change in the Berkshire system.”

While neither Buffett nor Munger has officially revealed the next leader or leaders of Berkshire Hathaway, both Jain and Abel would seem to fit the bill.

First, they would be promoted from inside the company, and thus are steeped in Berkshire’s unique corporate culture.

Secondly, they are both young enough to have long reigns at a company that certainly has no interest in a mandatory retirement age, and each of them would bring essential skill sets to the job.

Both have played important leadership roles heading two of Berkshire’s largest units.

Ajit Jain, as the man who has built Berkshire’s insurance and reinsurance empire, is better equipped than almost anyone in the world to take on the important task of making sure Berkshire’s insurance companies don’t try to grow by taking on undue risk.

Greg Abel, as the head of Berkshire Hathaway Energy, certainly knows about capital allocation. Under his leadership, BHE has grown into one of the world’s largest energy providers and a leader in renewable energy generation. He also sits on the Board of Heinz, and BHE includes Berkshire Hathaway Home Services, Berkshire’s rapidly expanding real estate sales unit. Both of these companies give him additional insight into consumer markets.

As for their ages, Jain is age 63, and Abel is only 52, so they hopefully would have many years to put their stamps on Berkshire.

So which one is it?

Why not both of them?

Well, while Buffett spoke in the singular, he has already stated that his replacement would probably see his various roles filled by several people.

The job of managing Berkshire’s $125 billion and growing stock portfolio will almost certainly fall to Ted Weschler and Todd Combs, who Buffett has been grooming by giving each a multi-billion dollar stock portfolio to manage.

Together, Jain and Abel would also be sounding boards and counter balances for each other in much the same way that Buffett has used Munger.

While Warren Buffett rightly gets the lion’s share of credit for Berkshire’s phenomenal growth, Charlie Munger’s sage advice has often been overlooked by the press.

It certainly hasn’t been overlooked by Buffett.

While the latest buzz comes from Munger, Buffett has repeatedly praised both Jain and Abel.

On Jain, Buffett said “It is impossible to overstate how valuable Ajit [Jain] is to Berkshire. Don’t worry about my health; worry about his.”

On Abel, Buffett has highlighted the impact that he and Mathew Rose (CEO of BNSF) have had on Berkshire, stating “I am also both proud and grateful for what they have accomplished for Berkshire shareholders.”

So, if Ajit Jain and Greg Abel are indeed the future leaders of Berkshire, shareholders can look forward to continued smart and capable leadership.

And we shouldn’t forget BNSF’s executive chairman Mathew Rose, who is only in his mid-fifties. He is certainly a prime contender as well.

© 2015 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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Berkshire Hathaway Energy

Berkshire’s NV Energy Doubles its Renewable Energy RFP

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NV Energy, a unit of Berkshire Hathaway Energy, has issued a new RFP (Request for Proposals) seeking an additional 100 megawatts of renewable energy resources for its Southern Nevada customers.

NV Energy’s 2014 renewable energy RFP called for adding 100 megawatts of renewable energy, The new RFP combines the 2014 RFP with a new 2015 RFP to bring the total requested renewable energy to 200 megawatts.

The move comes after the Public Utilities Commission of Nevada pushed NV Energy to develop additional renewable energy resources before the expiration of federal energy tax credits and other public-interest benefits.

Fear of Tax Credit Reduction Accelerates Solar Plans

The current solar Investment Tax Credit will plunge from 30% to only 10% for utility-scale solar projects in 2017 unless Congress steps in.

Large scale solar projects have gone mainstream in recent years due in part to favorable tax credits, and Berkshire Hathaway has been a major player.

Among its acquisitions, MidAmerican Energy Holdings Company purchased two large-scale solar photovoltaic power plants from SunPower in 2013.

According to the company, bidders responding to the original 2014 RFP will be provided an opportunity to refresh their original proposals.

NV Energy, Inc., brings energy services to 1.3 million Nevada customers, and its renewable energy sources include 20 geothermal energy plants, nine solar energy projects, six hydro facilities, a large windfarm and a variety of biomass, methane and waste-heat recovery projects.

© 2015 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.