Buffett Letters
Electric UtilitiesAcquired 2006

PacifiCorp

PacifiCorp is a major western US electric utility serving six states, acquired by Berkshire Hathaway Energy in 2006. Like all regulated utilities, PacifiCorp earns stable, predictable returns on invested capital — the inverse of Buffett's preference for asset-light businesses, but acceptable given the regulated return structure and the long-duration capital needs Berkshire can uniquely finance.