BHE

As of December 31, 2025

Company overview

Wholly owned subsidiary of Berkshire Hathaway and a holding company headquartered in Des Moines, Iowa.
Operates eight business segments:
- PacifiCorp
- MidAmerican Funding (primarily MidAmerican Energy)
- NV Energy (primarily Nevada Power and Sierra Pacific)
- Northern Powergrid (Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc)
- BHE Pipeline Group (primarily BHE GT&S, Northern Natural Gas, Kern River)
- BHE Transmission (BHE Canada, including AltaLink, and BHE U.S. Transmission)
- BHE Renewables
- HomeServices
Portfolio includes regulated utilities, interstate natural gas pipelines, an electric transmission business in Canada, wind/solar/geothermal/hydro projects, a large residential real estate brokerage, and a nationwide residential real estate services business.

Utilities serve approximately 5.4 million electric and natural gas customers across 11 U.S. states.
PacifiCorp serves approximately 2.1 million retail electric customers across portions of Utah, Oregon, Wyoming, Washington, Idaho and California (operating as Rocky Mountain Power and Pacific Power in different areas).
Northern Powergrid serves about 4.0 million end-users in northern England.
AltaLink serves approximately 85% of Alberta, Canada’s population.
HomeServices provides real estate services across all 50 U.S. states.

Total employees: approximately 23,900.
- ~14,800 (62%) in electric and natural gas operations
- ~5,200 (22%) in real estate services
- ~3,900 (16%) in corporate services
HomeServices employs about 35,000 real estate agents who are independent contractors.
About 9,100 employees are covered by union contracts, primarily in Utilities.

Total generation capacity owned or under construction: approximately 38,800 MW.
- ~32,400 MW owned by regulated electric utility businesses.
- ~6,400 MW owned by nonregulated subsidiaries (largely under long-term contract with utilities).
Generation mix (by capacity): roughly 44% wind and solar; 33% natural gas; 18% coal; 4% hydroelectric and geothermal; 1% nuclear and other.
Cumulative investments in owned wind, solar and geothermal facilities and battery storage: about $38.0 billion.
Cumulative wind projects sponsored by third parties (tax equity investments): about $7.1 billion.

Electric transmission: about 36,700 miles of transmission lines; 50% interest in ETT with about 2,100 miles.
Electric distribution: about 179,600 miles of distribution lines and about 2,900 substations.
BHE Pipeline Group operates about 20,900 miles of natural gas pipelines with a design capacity of about 21.6 Bcf per day.
Pipelines transported roughly 15% of the total natural gas consumed in the U.S. during 2025.
Storage and LNG facilities: 22 natural gas storage facilities with total working gas capacity of about 515.6 Bcf, including an LNG export, import and storage facility.

Approximately 80% of the company’s consolidated adjusted earnings on common shares during 2025 were generated from rate-regulated businesses.

PacifiCorp asset sale (February 15, 2026): PacifiCorp, Portland General Electric (PGE) and an affiliate of PGE entered into an Asset Purchase and Service Area Transfer Agreement to sell PacifiCorp assets and liabilities related to PacifiCorp’s Washington retail service area to the PGE entities for $1.9 billion in cash plus additional consideration for certain assets, subject to customary closing adjustments and regulatory approvals.
- Washington service area assets involved include: Chehalis combined-cycle natural gas–fueled generating facility; Goodnoe Hills wind facility (Goldendale, WA); Marengo wind facility (Dayton, WA).
- Expected closing: first half of 2027. Approvals required include Hart-Scott-Rodino, FERC, and six state public utility commissions.