Homepage

News > Fortune 500
    SAVE   |   EMAIL   |   PRINT   |   RSS  
Buffett may up investment in energy
Report: Berkshire sees more opportunities in the utilities industry, including nuclear power.
June 22, 2005: 5:54 AM EDT

NEW YORK (CNN/Money) - Berkshire Hathaway Inc. is willing to invest more money in the U.S. energy sector than the $10 billion to $15 billion previously discussed, according to The Wall Street Journal Wednesday.

At a conference of utility commissioners from Western states, Warren Buffett said he would invest in power-transmission lines and undertake other efforts to improve electricity reliability after the PacifiCorp deal closes, according to the report.

Berkshire (Research) plans to buy U.S. utility PacifiCorp from Britain's Scottish Power PLC for $5.1 billion, the paper said.

But according to the Journal, Buffett said he sees more opportunities in the utilities industry, including nuclear power.

"We'll put every dime into the business that is needed -- and it'll need a lot," he said.

"The bigger, the better," he said. "It's better to do a $10 billion deal than 10 $1 billion deals."

Warren Buffett's General Re is talking to the government about settling a fraud case. Click here for more.  Top of page

graphic


YOUR E-MAIL ALERTS
Warren Buffett
Berkshire Hathaway Incorporated
Energy
PacifiCorp
Manage alerts | What is this?