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Berkshire Weekend: Buffett on MidAmerican and Wind Power

|Includes: Berkshire Hathaway Inc (BRK.A), BRK.B

Liz Claman of Fox Business Channel quotes or paraphrases the Berkshire chairman and vice chairman:

Question:  When will we see return on investment on MidAmerican Energy’s wind farms?

Buffett: We’re the largest in terms of wind capacity of any utility. But the wind only blows about 35% of the time in Iowa… so you can’t count on it for your baseload. But Iowa has been very receptive and progressive in encouraging us to bring them a lot of wind capacity. We are a net exporter of electricity. We have not increased our rates at all for more than a decade. That’s been achieved by efficiencies and wind generation. Part of that return comes in the form of a tax credit - that’s given to anyone in the U.S. that develops wind power generation. We’re doing it at Pacific Corp. I think we’ll continue to be a leader. One advantage we have over some people is that we’re a big taxpayer so we don’t have to worry if the tax credits are usual. You’ll see more and more wind generation by the MidAmerican companies. Constellation didn’t work out…I wish it had.