WARREN BUFFETT Quote : Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.
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Wednesday, December 18, 2013

Buffett's Big Energy Bets Go Beyond ExxonMobil

The Oracle of Omaha is certainly not guilty of a lack of energy in the remaining days of 2013.

Warren Buffett grabbed his share of recent headlines when he disclosed a $3.45 billion stake in ExxonMobil. And although this story received large amounts of attention from the media, it's only fair to acknowledge Berkshire Hathaway's subsidiary, MidAmerican Energy Holdings, which has also been busy lately.

Green with NV                                                                                              
On Monday night, Nevada utility regulators approved the sale of the state's largest electric utility, NV Energy (NYSE: NVE  ) , to MidAmerican Energy for $5.6 billion. Before being finalized, the deal needs to be approved by the Federal Energy Regulatory Commission, but that is expected to be coming any day. The acquisition of NV Energy will add approximately 2.4 million customers to MidAmerican Energy's current 6.4 million electricity and 700,000 natural gas customers.

An investment in NV Energy is an investment in renewable energy. Nevada's renewable portfolio standard states that at least 25% of the company's retail energy sales are derived from renewable sources by 2025. Working toward that goal, NV Energy reached 1 GW of renewable energy under contract. Further demonstrating its commitment to renewable energy sources, NV Energy is working toward bringing its Crescent Dunes Solar Thermal project online in 2014. The 110 MW, concentrated solar thermal project will be able to store energy and provide it to customers at night or when it's cloudy.
Warren Buffett
Warren Buffett