UNITED STATES
`SECURITIES AND EXCHANGE COMMISSION
`Washington, D.C. 20549
`
`FORM 10-K
`
`☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
`
`For the fiscal year ended December 31, 2024
`or
`☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
`
`
`
`
`
`
`
`Commission
`File Number
`001-14881
`
`001-05152
`
`
`
`
`333-90553
`
`333-15387
`
`000-52378
`
`000-00508
`
`001-37591
`
`333-266049
`
`For the transition period from ______ to _______
`Exact name of registrant as specified in its charter;
`State or other jurisdiction of incorporation or organization
`BERKSHIRE HATHAWAY ENERGY COMPANY
`(An Iowa Corporation)
`1615 Locust Street
`Des Moines, Iowa 50309-3037
`515-242-4300
`PACIFICORP
`(An Oregon Corporation)
`825 N.E. Multnomah Street
`Portland, Oregon 97232
`888-221-7070
`MIDAMERICAN FUNDING, LLC
`(An Iowa Limited Liability Company)
`1615 Locust Street
`Des Moines, Iowa 50309-3037
`515-242-4300
`MIDAMERICAN ENERGY COMPANY
`(An Iowa Corporation)
`1615 Locust Street
`Des Moines, Iowa 50309-3037
`515-242-4300
`NEVADA POWER COMPANY
`(A Nevada Corporation)
`6226 West Sahara Avenue
`Las Vegas, Nevada 89146
`702-402-5000
`SIERRA PACIFIC POWER COMPANY
`(A Nevada Corporation)
`6100 Neil Road
`Reno, Nevada 89511
`775-834-4011
`EASTERN ENERGY GAS HOLDINGS, LLC
`(A Virginia Limited Liability Company)
`10700 Energy Way
`Glen Allen, Virginia 23060
`804-613-5100
`EASTERN GAS TRANSMISSION AND STORAGE, INC.
`(A Delaware Corporation)
`10700 Energy Way
`Glen Allen, Virginia 23060
`804-613-5100
`
`IRS Employer
`Identification No.
`94-2213782
`
`
`
`
`
`
`
`93-0246090
`
`
`
`
`47-0819200
`
`42-1425214
`
`88-0420104
`
`88-0044418
`
`46-3639580
`
`55-0629203
`
`

`

`Registrant
`BERKSHIRE HATHAWAY ENERGY COMPANY
`PACIFICORP
`MIDAMERICAN FUNDING, LLC
`MIDAMERICAN ENERGY COMPANY
`NEVADA POWER COMPANY
`SIERRA PACIFIC POWER COMPANY
`EASTERN ENERGY GAS HOLDINGS, LLC
`EASTERN GAS TRANSMISSION AND STORAGE, INC.
`Registrant
`BERKSHIRE HATHAWAY ENERGY COMPANY
`PACIFICORP
`MIDAMERICAN FUNDING, LLC
`MIDAMERICAN ENERGY COMPANY
`NEVADA POWER COMPANY
`SIERRA PACIFIC POWER COMPANY
`EASTERN ENERGY GAS HOLDINGS, LLC
`EASTERN GAS TRANSMISSION AND STORAGE, INC.
`Registrant
`BERKSHIRE HATHAWAY ENERGY COMPANY
`PACIFICORP
`MIDAMERICAN FUNDING, LLC
`MIDAMERICAN ENERGY COMPANY
`NEVADA POWER COMPANY
`SIERRA PACIFIC POWER COMPANY
`EASTERN ENERGY GAS HOLDINGS, LLC
`EASTERN GAS TRANSMISSION AND STORAGE, INC.
`
`Securities registered pursuant to Section 12(b) of the Act:
`None
`None
`None
`None
`None
`None
`None
`None
`Name of exchange on which registered:
`None
`None
`None
`None
`None
`None
`None
`None
`Securities registered pursuant to Section 12(g) of the Act:
`None
`None
`None
`None
`Common Stock, $1.00 stated value
`Common Stock, $3.75 par value
`None
`None
`
`Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
`Registrant
`Yes
`BERKSHIRE HATHAWAY ENERGY COMPANY
`☐
`PACIFICORP
`☒
`MIDAMERICAN FUNDING, LLC
`☐
`MIDAMERICAN ENERGY COMPANY
`☒
`NEVADA POWER COMPANY
`☒
`SIERRA PACIFIC POWER COMPANY
`☐
`EASTERN ENERGY GAS HOLDINGS, LLC
`☒
`EASTERN GAS TRANSMISSION AND STORAGE, INC.
`☐
`
`No
`☒
`☐
`☒
`☐
`☐
`☒
`☐
`☒
`
`Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
`Registrant
`Yes
`No
`BERKSHIRE HATHAWAY ENERGY COMPANY
`☒
`☐
`PACIFICORP
`☒
`☐
`MIDAMERICAN FUNDING, LLC
`☒
`☐
`MIDAMERICAN ENERGY COMPANY
`☒
`☐
`NEVADA POWER COMPANY
`☒
`☐
`SIERRA PACIFIC POWER COMPANY
`☒
`☐
`EASTERN ENERGY GAS HOLDINGS, LLC
`☒
`☐
`EASTERN GAS TRANSMISSION AND STORAGE, INC.
`☒
`☐
`
`

`

`Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
`Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to
`file such reports), and (2) has been subject to such filing requirements for the past 90 days.
`
`Registrant
`BERKSHIRE HATHAWAY ENERGY COMPANY
`PACIFICORP
`MIDAMERICAN FUNDING, LLC
`MIDAMERICAN ENERGY COMPANY
`NEVADA POWER COMPANY
`SIERRA PACIFIC POWER COMPANY
`EASTERN ENERGY GAS HOLDINGS, LLC
`EASTERN GAS TRANSMISSION AND STORAGE, INC.
`
`Yes
`☒
`☒
`☐
`☒
`☒
`☒
`☒
`☒
`
`No
`☐
`☐
`☒
`☐
`☐
`☐
`☐
`☐
`
`Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be
`submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such
`shorter period that the registrants were required to submit such files). Yes ☒ No ☐
`
`Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller
`reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer,"
`"smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
`
`Registrant
`BERKSHIRE HATHAWAY ENERGY COMPANY
`PACIFICORP
`MIDAMERICAN FUNDING, LLC
`MIDAMERICAN ENERGY COMPANY
`NEVADA POWER COMPANY
`SIERRA PACIFIC POWER COMPANY
`EASTERN ENERGY GAS HOLDINGS, LLC
`EASTERN GAS TRANSMISSION AND STORAGE, INC.
`
`Emerging
`Smaller
`Non-
`Large
`growth
`reporting
`accelerated
`Accelerated
`accelerated
`company
`company
`filer
`filer
`filer
`☐
`☐
`☒
`☐
`☐
`☐
`☐
`☒
`☐
`☐
`☐
`☐
`☒
`☐
`☐
`☐
`☐
`☒
`☐
`☐
`☐
`☐
`☒
`☐
`☐
`☐
`☐
`☒
`☐
`☐
`☐
`☐
`☒
`☐
`☐
`☐
`☐
`☒
`☐
`☐
`If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period
`for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
`Act. ☐
`Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the
`effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.
`7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐
`
`If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the
`registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
`
`Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-
`based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to
`§240.10D-1(b). ☐
`
`Indicate by check mark whether the registrants are a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
`
`ll shares of outstanding common stock of Berkshire Hathaway Energy Company are held by its parent company, Berkshire
`Hathaway Inc. As of January 31, 2025, 1 share of common stock, no par value, was outstanding.
`
`☒ A
`
`

`

`All shares of outstanding common stock of PacifiCorp are indirectly held by Berkshire Hathaway Energy Company. As of
`January 31, 2025, 357,060,915 shares of common stock, no par value, were outstanding.
`
`All of the member's equity of MidAmerican Funding, LLC is held by its parent company, Berkshire Hathaway Energy
`Company, as of January 31, 2025.
`
`All shares of outstanding common stock of MidAmerican Energy Company are held by its parent company, MHC Inc., which is
`a direct, wholly owned subsidiary of MidAmerican Funding, LLC. As of January 31, 2025, 70,980,203 shares of common
`stock, no par value, were outstanding.
`
`All shares of outstanding common stock of Nevada Power Company are held by its parent company, NV Energy, Inc., which is
`an indirect, wholly owned subsidiary of Berkshire Hathaway Energy Company. As of January 31, 2025, 1,000 shares of
`common stock, $1.00 stated value, were outstanding.
`
`All shares of outstanding common stock of Sierra Pacific Power Company are held by its parent company, NV Energy, Inc. As
`of January 31, 2025, 1,000 shares of common stock, $3.75 par value, were outstanding.
`
`All of the member's equity of Eastern Energy Gas Holdings, LLC is held indirectly by its parent company, Berkshire
`Hathaway Energy Company, as of January 31, 2025.
`
`All shares of outstanding common stock of Eastern Gas Transmission and Storage, Inc. are held by its parent company,
`Eastern Energy Gas Holdings, LLC, which is an indirect, wholly owned subsidiary of Berkshire Hathaway Energy Company.
`As of January 31, 2025, 60,101 shares of common stock, $10,000 par value, were outstanding.
`
`Berkshire Hathaway Energy Company, PacifiCorp, MidAmerican Funding, LLC, MidAmerican Energy Company, Nevada
`Power Company, Sierra Pacific Power Company, Eastern Energy Gas Holdings, LLC and Eastern Gas Transmission and
`Storage, Inc. meet the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and are therefore filing portions
`of this Form 10-K with the reduced disclosure format specified in General Instruction I(2) of Form 10-K.
`
`This combined Form 10-K is separately filed by Berkshire Hathaway Energy Company, PacifiCorp, MidAmerican Funding,
`LLC, MidAmerican Energy Company, Nevada Power Company, Sierra Pacific Power Company, Eastern Energy Gas Holdings,
`LLC and Eastern Gas Transmission and Storage, Inc. Information contained herein relating to any individual company is filed
`by such company on its own behalf. Each company makes no representation as to information relating to the other companies.
`
`

`

`
`
`
`Item 1.
`Item 1A.
`Item 1B.
`Item 1C.
`Item 2.
`Item 3.
`Item 4.
`
`
`
`Item 5.
`
`Item 6.
`Item 7.
`Item 7A.
`Item 8.
`Item 9.
`Item 9A.
`Item 9B.
`
`
`
`Item 10.
`Item 11.
`Item 12.
`Item 13.
`Item 14.
`
`
`TABLE OF CONTENTS
`
`PART I
`
`
`Business
`Risk Factors
`Unresolved Staff Comments
`Cybersecurity
`Properties
`Legal Proceedings
`Mine Safety Disclosures
`
`
`PART II
`
`
`Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of
`Equity Securities
`[Reserved]
`Management's Discussion and Analysis of Financial Condition and Results of Operations
`Quantitative and Qualitative Disclosures About Market Risk
`Financial Statements and Supplementary Data
`Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
`Controls and Procedures
`Other Information
`
`
`PART III
`
`
`Directors, Executive Officers and Corporate Governance
`Executive Compensation
`Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
`Certain Relationships and Related Transactions, and Director Independence
`Principal Accountant Fees and Services
`
`
`PART IV
`
`
`Item 15.
`Item 16.
`Signatures
`
`
`Exhibits and Financial Statement Schedules
`Form 10-K Summary
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`
`1
`75
`89
`90
`91
`92
`105
`
`106
`
`107
`107
`107
`108
`497
`497
`497
`
`498
`498
`498
`498
`499
`
`500
`500
`525
`
`i
`
`

`

`Definition of Abbreviations and Industry Terms
`
`When used in Forward-Looking Statements, Part I - Items 1 through 4, Part II - Items 5 through 7A, and Part III - Items 10
`through 14, the following terms have the definitions indicated.
`
`Entity Definitions
`BHE
`Berkshire Hathaway
`Berkshire Hathaway Energy or the
`Company
`PacifiCorp
`MidAmerican Funding
`MidAmerican Energy
`NV Energy
`Nevada Power
`Sierra Pacific
`
`Nevada Utilities
`EEGH
`Eastern Energy Gas
`EGTS
`Registrants
`
`Subsidiary Registrants
`
`Northern Powergrid
`BHE GT&S
`Northern Natural Gas
`Kern River
`CGT
`BHE Canada
`AltaLink
`BHE U.S. Transmission
`HomeServices
`BHE Pipeline Group or Pipeline
`Companies
`BHE Transmission
`BHE Renewables
`ETT
`Domestic Regulated Businesses
`
`Regulated Businesses
`
`Berkshire Hathaway Energy Company
`Berkshire Hathaway Inc.
`Berkshire Hathaway Energy Company and its subsidiaries
`
`PacifiCorp and its subsidiaries
`MidAmerican Funding, LLC and its subsidiaries
`MidAmerican Energy Company
`NV Energy, Inc. and its subsidiaries
`Nevada Power Company and its subsidiaries
`Sierra Pacific Power Company and its subsidiaries
`Nevada Power Company and its subsidiaries and Sierra Pacific Power Company and
`its subsidiaries
`Eastern Energy Gas Holdings, LLC
`Eastern Energy Gas Holdings, LLC and its subsidiaries
`Eastern Gas Transmission and Storage, Inc. and its subsidiaries
`Berkshire Hathaway Energy Company, PacifiCorp and its subsidiaries,
`MidAmerican Funding, LLC and its subsidiaries, MidAmerican Energy Company,
`Nevada Power Company and its subsidiaries, Sierra Pacific Power Company and its
`subsidiaries, Eastern Energy Gas Holdings, LLC and its subsidiaries and Eastern
`Gas Transmission and Storage, Inc. and its subsidiaries
`PacifiCorp and its subsidiaries, MidAmerican Funding, LLC and its subsidiaries,
`MidAmerican Energy Company, Nevada Power Company and its subsidiaries,
`Sierra Pacific Power Company and its subsidiaries, Eastern Energy Gas Holdings,
`LLC and its subsidiaries and Eastern Gas Transmission and Storage, Inc. and its
`subsidiaries
`Northern Powergrid Holdings Company and its subsidiaries
`BHE GT&S, LLC and its subsidiaries
`Northern Natural Gas Company
`Kern River Gas Transmission Company
`Carolina Gas Transmission, LLC
`BHE Canada Holdings Corporation and its subsidiaries
`AltaLink, L.P.
`BHE U.S. Transmission, LLC and its subsidiaries
`HomeServices of America, Inc. and its subsidiaries
`BHE GT&S, LLC, Northern Natural Gas Company and Kern River Gas
`Transmission Company
`BHE Canada Holdings Corporation and BHE U.S. Transmission, LLC
`BHE Renewables, LLC and its subsidiaries
`Electric Transmission Texas, LLC
`PacifiCorp and its subsidiaries, MidAmerican Energy Company, Nevada Power
`Company and its subsidiaries, Sierra Pacific Power Company and its subsidiaries,
`BHE GT&S, LLC and its subsidiaries, Northern Natural Gas Company and Kern
`River Gas Transmission Company
`PacifiCorp and its subsidiaries, MidAmerican Energy Company, Nevada Power
`Company and its subsidiaries, Sierra Pacific Power Company and its subsidiaries,
`BHE GT&S, LLC and its subsidiaries, Northern Natural Gas Company, Kern River
`Gas Transmission Company and AltaLink, L.P.
`
`ii
`
`

`

`Utilities
`
`Northern Powergrid Distribution
`Companies
`Topaz
`Topaz Project
`Agua Caliente
`Agua Caliente Project
`Bishop Hill II
`Bishop Hill Project
`Pinyon Pines I
`Pinyon Pines II
`Pinyon Pines Projects
`Jumbo Road
`Jumbo Road Project
`Solar Star Funding
`Solar Star Projects
`Solar Star I
`Solar Star II
`Cove Point
`Iroquois
`DEI
`Liquefaction Facility
`
`Certain Industry Terms
`2020 Wildfires
`2022 McKinney Fire
`
`Wildfires
`AESO
`AFUDC
`AOCI
`ARO
`ASC
`AUC
`BART
`Bcf
`BTER
`California ISO
`CCR
`CPUC
`CSAPR
`D.C. Circuit
`DEAA
`DOE
`Dodd-Frank Reform Act
`DOT
`Dth
`
`PacifiCorp and its subsidiaries, MidAmerican Energy Company, Nevada Power
`Company and its subsidiaries and Sierra Pacific Power Company and its subsidiaries
`Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc
`
`Topaz Solar Farms LLC
`550-megawatt solar project in California
`Agua Caliente Solar, LLC
`290-megawatt solar project in Arizona
`Bishop Hill Energy II LLC
`81-megawatt wind-powered generating facility in Illinois
`Pinyon Pines Wind I, LLC
`Pinyon Pines Wind II, LLC
`168-megawatt and 132-megawatt wind-powered generating facilities in California
`Jumbo Road Holdings, LLC
`300-megawatt wind-powered generating facility in Texas
`Solar Star Funding, LLC
`A combined 586-megawatt solar project in California
`Solar Star California XIX, LLC
`Solar Star California XX, LLC
`Cove Point LNG, LP
`Iroquois Gas Transmission System, L.P.
`Dominion Energy, Inc.
`A natural gas export/liquefaction facility
`
`Wildfires in Oregon and Northern California that occurred in September 2020
`A wildfire that began in the Oak Knoll Ranger District of the Klamath National
`Forest in Siskiyou County, California in July 2022
`2020 Wildfires and 2022 McKinney Fire
`Alberta Electric System Operator
`Allowance for Funds Used During Construction
`Accumulated Other Comprehensive Income (Loss)
`Asset Retirement Obligation
`Accounting Standards Codification
`Alberta Utilities Commission
`Best Available Retrofit Technology
`Billion cubic feet
`Base Tariff Energy Rate
`California Independent System Operator Corporation
`Coal Combustion Residuals
`California Public Utilities Commission
`Cross-State Air Pollution Rule
`U.S. Court of Appeals for the District of Columbia Circuit
`Deferred Energy Accounting Adjustment
`U.S. Department of Energy
`Dodd-Frank Wall Street Reform and Consumer Protection Act
`U.S. Department of Transportation
`Decatherm
`
`iii
`
`

`

`DSM
`EAC
`EBA
`ECAC
`ECAM
`EEIR
`EEPR
`EIM
`EPA
`ERCOT
`FERC
`FIP
`GAAP
`GEMA
`GHG
`GWh
`ICC
`IPUC
`IRP
`IUC
`kV
`LNG
`LDC
`MATS
`MISO
`MW
`MWh
`NAAQS
`NERC
`NOx
`NRC
`OATT
`OCI
`Ofgem
`OPUC
`PCAM
`PGA
`PSPS
`PTAM
`PTC
`PUCN
`RCRA
`REC
`RFP
`RPS
`RTO
`SCR
`
`Demand Side Management
`Energy Adjustment Clause
`Energy Balancing Account
`Energy Cost Adjustment Clause
`Energy Cost Adjustment Mechanism
`Energy Efficiency Implementation Rate
`Energy Efficiency Program Rate
`Energy Imbalance Market
`U.S. Environmental Protection Agency
`Electric Reliability Council of Texas
`Federal Energy Regulatory Commission
`Federal Implementation Plan
`Accounting principles generally accepted in the United States of America
`Gas and Electricity Markets Authority
`Greenhouse Gases
`Gigawatt Hour
`Illinois Commerce Commission
`Idaho Public Utilities Commission
`Integrated Resource Plan
`Iowa Utilities Commission
`Kilovolt
`Liquefied Natural Gas
`Local Distribution Company
`Mercury and Air Toxics Standards
`Midcontinent Independent System Operator, Inc.
`Megawatt
`Megawatt Hour
`National Ambient Air Quality Standards
`North American Electric Reliability Corporation
`Nitrogen Oxides
`Nuclear Regulatory Commission
`Open Access Transmission Tariff
`Other Comprehensive Income (Loss)
`Office of Gas and Electric Markets
`Oregon Public Utility Commission
`Power Cost Adjustment Mechanism
`Purchased Gas Adjustment Clause
`Public Safety Power Shutoff
`Post Test-year Adjustment Mechanism
`Production Tax Credit
`Public Utilities Commission of Nevada
`Resource Conservation and Recovery Act
`Renewable Energy Credit
`Request for Proposals
`Renewable Portfolio Standards
`Regional Transmission Organization
`Selective Catalytic Reduction
`
`iv
`
`

`

`SEC
`SIP
`SO2
`TAM
`UPSC
`WECC
`WPSC
`WUTC
`ZEC
`
`U.S. Securities and Exchange Commission
`State Implementation Plan
`Sulfur Dioxide
`Transition Adjustment Mechanism
`Utah Public Service Commission
`Western Electricity Coordinating Council
`Wyoming Public Service Commission
`Washington Utilities and Transportation Commission
`Zero Emission Credit
`
`v
`
`

`

`Forward-Looking Statements
`
`•
`
`•
`
`•
`
`•
`
`•
`
`•
`
`This report contains statements that do not directly or exclusively relate to historical facts. These statements are "forward-
`looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
`Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by the use of forward-
`looking words, such as "will," "may," "could," "project," "believe," "anticipate," "expect," "estimate," "continue," "intend,"
`"potential," "plan," "forecast" and similar terms. These statements are based upon the relevant Registrant's current intentions,
`estimates, assumptions, expectations and beliefs and are subject to risks, uncertainties and other important factors. Many of
`these factors are outside the control of each Registrant and could cause actual results to differ materially from those expressed
`or implied by such forward-looking statements. These factors include, among others:
`•
`general economic, political and business conditions, as well as changes in, and compliance with, laws and regulations,
`including income tax reform, initiatives regarding deregulation and restructuring of the utility industry and reliability
`and safety standards, affecting the respective Registrant's operations or related industries;
`changes in, and compliance with, environmental laws, regulations, decisions and policies, whether directed towards
`protection of environmental resources, present and future climate considerations or social justice concerns that could,
`among other items, increase operating and capital costs, reduce facility output, accelerate facility retirements or delay
`facility construction or acquisition;
`the outcome of regulatory rate reviews and other proceedings conducted by regulatory agencies or other governmental
`and legal bodies and the respective Registrant's ability to recover costs through rates in a timely manner;
`changes in economic, industry, competition or weather conditions, as well as demographic trends, new technologies
`and various conservation, energy efficiency and private generation measures and programs, that could affect customer
`growth and usage, electricity and natural gas supply or the respective Registrant's ability to obtain long-term contracts
`with customers and suppliers;
`performance, availability and ongoing operation of the respective Registrant's facilities, including facilities not
`operated by the Registrants, due to the impacts of market conditions, outages and associated repairs, transmission
`constraints, weather, including wind, solar and hydroelectric conditions, and operating conditions;
`the effects of catastrophic and other unforeseen events, which may be caused by factors beyond the control of each
`respective Registrant or by a breakdown or failure of the Registrants' operating assets, including severe storms, floods,
`fires, extreme temperature events, wind events, earthquakes, explosions, landslides, an electromagnetic pulse, mining
`incidents, costly litigation, wars, terrorism, pandemics, embargoes, and cyber security attacks, data security breaches,
`disruptions, or other malicious acts;
`the risks and uncertainties associated with wildfires that have occurred, are occurring or may occur in the respective
`Registrant's service territory; the damage caused by such wildfires; the extent of the respective Registrant's liability in
`connection with such wildfires (including the risk that the respective Registrant may be found liable for damages
`regardless of fault); investigations into such wildfires; the outcomes of any legal proceedings, demands or similar
`actions initiated against the respective Registrant; the risk that the respective Registrant is not able to recover losses
`from insurance or through rates; and the effect of such wildfires, investigations and legal proceedings on the respective
`Registrant's financial condition and reputation;
`the outcomes of legal or other actions and the effects of amounts to be paid to complainants as a result of settlements
`or final legal determinations associated with the Wildfires, which could have a material adverse effect on PacifiCorp's
`financial condition and could limit PacifiCorp's ability to access capital on terms commensurate with historical
`transactions or at all and could impact PacifiCorp's liquidity, cash flows and capital expenditure plans;
`the respective Registrant's ability to reduce wildfire threats and improve safety, including the ability to comply with
`the targets and metrics set forth in its wildfire mitigation plans; to retain or contract for the workforce necessary to
`execute its wildfire mitigation plans; the effectiveness of its system hardening; ability to achieve vegetation
`management targets; and the cost of these programs and the timing and outcome of any proceeding to recover such
`costs through rates;
`the ability to economically obtain insurance coverage, or any insurance coverage at all, sufficient to cover losses
`arising from catastrophic events, such as wildfires;
`a high degree of variance between actual and forecasted load or generation that could impact a Registrant's hedging
`strategy and the cost of balancing its generation resources with its retail load obligations;
`changes in prices, availability and demand for wholesale electricity, coal, natural gas, other fuel sources and fuel
`transportation that could have a significant impact on generating capacity and energy costs;
`
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`the financial condition, creditworthiness and operational stability of the respective Registrant's significant customers
`and suppliers;
`changes in business strategy or development plans;
`availability, terms and deployment of capital, including reductions in demand for investment-grade commercial paper,
`debt securities and other sources of debt financing and volatility in interest rates and credit spreads;
`changes in the respective Registrant's credit ratings, changes in rating methodology and placement on negative outlook
`or credit watch;
`risks relating to nuclear generation, including unique operational, closure and decommissioning risks;
`hydroelectric conditions and the cost, feasibility and eventual outcome of hydroelectric relicensing proceedings;
`the impact of certain contracts used to mitigate or manage volume, price and interest rate risk, including increased
`collateral requirements, and changes in commodity prices, interest rates and other conditions that affect the fair value
`of certain contracts;
`the impact of inflation on costs and the ability of the respective Registrants to recover such costs in regulated rates;
`fluctuations in foreign currency exchange rates, primarily the British pound and the Canadian dollar;
`increases in employee healthcare costs;
`the impact of investment performance, certain participant elections such as lump sum distributions and changes in
`interest rates, legislation, healthcare cost trends, mortality, morbidity on pension and other postretirement benefits
`expense and funding requirements;
`changes in the residential real estate brokerage, mortgage and franchising industries, regulations that could affect
`brokerage, mortgage and franchising transactions and the outcomes of legal or other actions and the effects of amounts
`to be repaid to complainants as a result of settlements or final legal determinations;
`the ability to successfully integrate future acquired operations into a Registrant's business;
`the impact of supply chain disruptions and workforce availability on the respective Registrant's ongoing operations and
`its ability to timely complete construction projects;
`unanticipated construction delays, changes in costs, delays in or the inability to receive required permits and
`authorizations, including the impact of new regulations or actions taken to implement or rescind U.S. federal executive
`orders, ability to fund capital projects and other factors that could affect future facilities and infrastructure additions;
`the availability and price of natural gas in applicable geographic regions and demand for natural gas supply;
`the impact of new accounting guidance or changes in current accounting estimates and assumptions on the financial
`results of the respective Registrants; and
`other business or investment considerations that may be disclosed from time to time in the Registrants' filings with the
`SEC or in other publicly disseminated written documents.
`
`Further details of the potential risks and uncertainties affecting the Registrants are described in the Registrants' filings with the
`SEC, including Item 1A and other discussions contained in this Form 10-K. Each Registrant undertakes no obligation to
`publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
`The foregoing factors should not be construed as exclusive.
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`vii
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`Item 1.
`
`Business
`
`GENERAL
`
`PART I
`
`BHE, a wholly owned subsidiary of Berkshire Hathaway, is a holding company headquartered in Iowa that has investments in a
`highly diversified portfolio of locally managed and operated businesses principally engaged in the energy industry. The
`Company's operations are organized as eight business segments: PacifiCorp, MidAmerican Funding (which primarily consists
`of MidAmerican Energy), NV Energy (which primarily consists of Nevada Power and Sierra Pacific), Northern Powergrid
`(which primarily consists of Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc), BHE Pipeline Group
`(which primarily consists of BHE GT&S, Northern Natural Gas and Kern River), BHE Transmission (which consists of BHE
`Canada (which primarily consists of AltaLink) and BHE U.S. Transmission), BHE Renewables and HomeServices. BHE,
`through these locally managed and operated businesses, has investments in four utility companies in the U.S. serving customers
`in 11 states, two electricity distribution companies in Great Britain, five interstate natural gas pipeline companies in the U.S.,
`one of which owns an LNG export, import and storage facility, an electric transmission business in Canada, interests in electric
`transmission businesses in the U.S., a renewable energy business primarily investing in wind, solar, geothermal and
`hydroelectric projects, one of the largest residential real estate brokerage firms and residential real estate brokerage franchise
`networks in the U.S.
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`BHE's highly diversified portfolio of primarily regulated businesses generate, transmit, store, distribute and supply energy and
`serve customers and end-users across geographically diverse service territories, including 28 states located throughout the U.S.
`and in Great Britain and Canada.
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`Approximately 80% of the Company's consolidated adjusted earnings on common shares during 2024 was
`generated from rate-regulated businesses.
`The Utilities serve 5.3 million electric and natural gas customers in 11 states in the U.S., Northern Powergrid
`serves 4.0 million end-users in northern England and AltaLink serves approximately 85% of Alberta, Canada's
`population.
`As of December 31, 2024, the Company owns approximately 37,400 MWs of generation capacity in operation and
`under construction:
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`Approximately 31,300 MWs of generation capacity is owned by its regulated electric utility businesses;
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`Approximately 6,100 MWs of generation capacity is owned by its nonregulated subsidiaries, the majority
`of which provides power to utilities under long-term contracts;
`Owned generation capacity in operation and under construction consists of 42% wind and solar, 33%
`natural gas, 20% coal, 4% hydroelectric and geothermal and 1% nuclear and other; and,
`Cumulative investments in (i) owned wind, solar and geothermal generation facilities of $35.4 billion and
`(ii) wind projects sponsored by third parties, commonly referred to as tax equity investments, of
`$7.3 billion.
`The Company owns approximately 36,800 miles of electric transmission lines, a 50% interest in ETT that has
`approximately 2,100 miles of electric transmission lines, approximately 178,400 miles of electric distribution lines
`and approximately 2,900 substations.
`The BHE Pipeline Group operates approximately 21,000 miles of pipeline with a design capacity of
`approximately 21.5 Bcf of natural gas per day, transported approximately 14% of the total natural gas consumed
`in the U.S. during 2024 and owns assets in 27 states. The BHE Pipeline Group also operates 22 natural gas storage
`facilities with a total working gas capacity of 515.6 Bcf and an LNG export, import and storage facility.
`HomeServices closed approximately $138.8 billion of home sales in 2024 and has brokerage, mortgage and
`franchise services in all 50 states. HomeServices' franchise business has 270 franchisees primarily in the U.S.
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`Human Capital
`
`The Registrants are committed to attracting, retaining and developing the highest quality of employees; maintaining a safe,
`diverse and inclusive work environment; offering competitive compensation and benefit programs; and providing employees
`with opportunities for growth and development.
`
`1
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`Employees
`
`As of December 31, 2024, the Company had approximately 23,800 employees, consisting of approximately 14,600 (61%)
`electric and natural gas operations employees, approximately 5,400 (23%) real estate services employees and approximately
`3,800 (16%) corporate services employees. HomeServices has approximately 37,700 real estate agents who are independent
`contractors. As of December 31, 2024, approximately 9,000 employees were covered by union contracts. The majority of the
`union employees are employed by the Utilities and are represented by the International Brotherhood of Electrical Workers, the
`Utility Workers Union of America, the United Utility Workers Association and the International Brotherhood of Boilermakers.
`
`Safety and Security
`
`Safety and security are integral to the Registrants' culture and will always be a part of the Registrants' top priorities. The
`Registrants' safety, cyber and physical security programs are built on personal ownership, compliance with standards,
`accountability for performance, and continuous improvement. The Registrants provide training to ensure that all employees
`understand the risks and have thorough and specific knowledge to protect themselves, as well as the Registrants' assets,
`information and operations.
`
`The Registrants use the recordable incident rate to measure employee safety. The recordable incident rate is defined a