Warren Buffett is building up a 'recession resistant' energy powerhouse
From California to the Midwest, billionaire investor Warren Buffett is steadily building an energy powerhouse.
Buffett’s Berkshire Hathaway Energy subsidiary has gobbled up utilities and natural gas pipelines and tapped into clean energy production, including from Southern California’s abundant geothermal resources.
The latest move by Berkshire Hathaway Energy is the planned $9-billion purchase of Dallas-based Oncor, a regulated electricity service provider with 10 million customers and more than 3,700 employees. It’s one of the nation’s largest power transmission companies.
“Oncor is an excellent fit for Berkshire Hathaway, and we are pleased to make another long-term investment in Texas,” Buffett said in a statement announcing the deal, which is expected to close by the end of the year. ”When we invest in Texas, we invest big!”