Latest news with #MidAmerican
Yahoo
20-05-2025
- Climate
- Yahoo
Weather prompts Sioux City-area power outage
SIOUX CITY, Iowa (KCAU) — MidAmerican is reporting a power outage in Northwest Iowa. The MidAmerican power outage map says 935 people in the Sioux City metropolitan area are experiencing a power outage as of 9:20 p.m. The map marks the outage spot to be just outside of Salix. This story will be updated as information changes. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Los Angeles Times
08-05-2025
- Business
- Los Angeles Times
Warren Buffett's successor got his start selling clean energy. Now he defends coal
Warren Buffett has invested tens of billions of dollars in fossil fuels, propping up some of the nation's dirtiest coal plants as well as major oil and gas suppliers even as the climate crisis threatens human civilization. But when Buffett announced last weekend that he plans to retire later this year, he recommended that Berkshire Hathaway's board name a new chief executive with a long, little-known history in renewable power. Greg Abel, who leads Berkshire's energy division, joined the staff of California Energy Co., or CalEnergy, in 1992. The firm primarily owned geothermal power plants that produced 24/7, pollution-free electricity by drilling into pockets of underground heat — which are plentiful in California. Most of CalEnergy's facilities sold electricity to Southern California Edison and were located at the Salton Sea or the China Lake Naval Air Weapons Station. Abel scaled the ranks, from controller to chief accounting officer to president. In 1999, CalEnergy acquired Iowa utility company MidAmerican for $4 billion. Soon after, Berkshire led a group of investors in a $9-billion purchase of MidAmerican, bringing Buffett into the energy business — and Abel into the legendary investor's orbit. A quarter-century later, Berkshire still owns the Salton Sea geothermal fleet. But Abel has embraced oil and gas. And like his mentor, he sees a long, profitable future for coal. At Berkshire Hathaway's annual meeting in Buffett's hometown of Omaha on Saturday, a 17-year-old high school student asked Abel about a Reuters investigation showing that Berkshire's coal plants emit more nitrogen oxide pollution than those of any other major U.S. company. Nitrogen oxides are poisonous gases that help form lung-damaging soot particles, which can travel hundreds of miles. Coal plants are also the dirtiest fossil fuel in terms of planet-warming carbon dioxide emissions. What could Abel say, the student asked, to young people forced to live with the consequences of climate change? Abel focused his answer on MidAmerican's Iowa operations, explaining how the utility decided in the early 2000s to meet the state's energy needs by building a coal plant, a gas plant and what was then the nation's largest wind farm. He said the mix of resources was based on discussions with the governor and was 'consistent with what the state wanted' — a reality that has also applied in other states where Berkshire owns utilities, he suggested. 'One, we absolutely have to meet the requirements and the law that's laid out federally. But most importantly, we had to recognize we implement public policy across these states,' Abel said. Rose Monahan, an Oakland-based staff attorney at the Sierra Club, described that answer as infuriating. 'Berkshire has teams of aggressive lobbyists and lawyers who fight against any regulation on the state and federal levels that would incentivize transitions to clean energy,' she said. Indeed, Berkshire spent more than $65 million lobbying the federal government over the last decade, according to data compiled by a nonprofit research group. The company regularly urges federal agencies to adopt weaker air pollution regulations and has sued federal and state officials over environmental rules. Buffett's successor is 'speaking to the public as if their hands are tied,' Monahan said. Abel made other excuses for the company's climate-wrecking ways. He noted, for instance, that Berkshire has invested $16 billion in renewable energy in Iowa, while closing five coal units in the state (with five units still operating). He suggested coal is needed to keep the lights on 24/7. 'We still need those five coal units to keep the system stable,' he said. California's experience tells a different story. The Golden State gets less than 2% of its power from coal — a number that will drop nearly to zero this summer, when the city of Los Angeles shuts down its Intermountain coal plant in Utah. And although California dealt with brief rolling blackouts during an August 2020 heat wave, the power grid has been remarkably stable the last few years, thanks in part to an influx of large-scale, lithium-ion batteries that store solar energy for after dark. California also relies on gas-fired power plants. But in the spring and summer, the state's utilities are increasingly keeping the lights on with 100% carbon-free electricity, mostly solar and wind — which are cheaper than coal. Despite those realities, one of Berkshire's utility companies, PacifiCorp, continues to operate six of the 30 or so coal plants still running in the Western U.S. Those plants serve customers of PacifiCorp subsidiaries Pacific Power and Rocky Mountain Power in parts of Northern California, Idaho, Oregon, Utah, Washington and Wyoming. Two years ago, the company forecast it would close its Utah coal plants, Hunter and Huntington, by 2032. Last year, it pushed out the closure estimates to 2036 and 2042. Then in a new power supply plan finalized in March — shortly after President Trump previewed an executive order to boost coal — it changed course again, dropping its plans to close either plant, so long as Trump manages to scrap a Biden-era rule to reduce carbon emissions. Another Biden-era rule would require Hunter and Huntington to add pollution-control devices that limit nitrogen oxide emissions — which, in addition to being terrible for human health, lead to hazy air and ruined views at Utah national parks including Zion and Canyonlands. Although the devices are common at many coal plants, PacifiCorp has asked the Trump administration not to require them, documents obtained by the Sierra Club show. 'They don't have a strategy for actually transitioning to a sustainable system,' the Sierra Club's Monahan said. A similar story is playing out in Wyoming, where PacifiCorp operates four coal plants. Projected retirement dates for those plants have been pushed from 2027 to indefinitely, from 2039 to indefinitely and from 2037 to 2042. PacifiCorp spokesperson David Eskelsen told me, essentially, not to take the retirement dates in any power supply plan too seriously. He said they're not a 'hard commitment,' and that expectations change regularly. Eskelsen pointed out that coal declined to 23% of PacifiCorp's electricity mix in 2024, from 43% in 2022. He noted that the company plans to add 4,359 megawatts of solar and wind farms by 2030, and twice that much by 2045 — although I wonder if, like the coal retirement dates, I shouldn't take those numbers too seriously. 'The company understands and supports prudent policies that address climate change,' he said in an email. I suspect Berkshire's definition of prudent differs from that of climate experts, who have determined humanity's best chance of avoiding frightening temperature increases — including far worse heat waves, droughts, wildfires and storms — involves the U.S. phasing out coal power by 2030 and reaching 100% clean electricity by 2035. As Abel takes the reins, he might also keep in mind that some of Buffett's fossil fuel investments have flopped. Clark Williams-Derry, an analyst at the Institute for Energy Economics and Financial Analysis, pointed to Buffett's massive bet on Occidental Petroleum — Berkshire is the oil and gas company's biggest shareholder — as an epic blunder. Berkshire has purchased billions of dollars of Occidental stock since 2019, but in a haphazard pattern — at first buying when prices were high, then selling when prices dropped, then buying as they rose again. 'It's the exact opposite of the typical Buffett play,' Williams-Derry said. Recently, Occidental stock is down again. Williams-Derry estimated Berkshire's total losses at $4.5 billion. Buffett's mistake, he believes, is common among investors: It's tempting to assume, in an energy-hungry world, that being able to produce lots of energy will lead to profits. But ever since the fracking boom, global oil and gas supplies have usually outpaced demand, causing low prices — and thus low profits. Fossil fuel suppliers typically perform well only briefly, during geopolitical crises that constrain supply, such as Russia's invasion of Ukraine. Overall, the fossil fuel industry has dramatically underperformed the stock market over the last decade. 'You can be a brilliant investor, and you can also make mistakes,' Williams-Derry said. It's been three decades since Abel got his start selling climate-friendly power in Southern California. Maybe after he takes over for the Oracle of Omaha, he'll draw on those experiences and make some wiser choices. A columnist can dream. On this week's podcast, I talk with my L.A. Times colleague Tony Briscoe. When he and a few other members of our climate desk realized that federal agencies wouldn't be testing properties burned in the Eaton and Palisades fires for toxic metals in the soil, they came up with an outside-the-box idea: They would do some testing themselves. Read their startling findings here. And listen to my conversation with Tony on Apple Podcasts, Spotify or YouTube. This is the latest edition of Boiling Point, a newsletter about climate change and the environment in the American West. Sign up here to get it in your inbox. And listen to our 'Boiling Point' podcast here. For more climate and environment news, follow @Sammy_Roth on X and @ on Bluesky.
Tatler Asia
07-05-2025
- Business
- Tatler Asia
Who is Warren Buffett's successor at Berkshire Hathaway? 5 Things to know about Greg Abel
Warren Buffett has named Greg Abel as his successor at Berkshire Hathaway. Here's what to know about Abel's career, leadership style and what to expect from him as CEO Warren Buffett may be stepping back, but the Berkshire Hathaway story is far from over. Enter Greg Abel, the low-key Canadian exec who's been running much of the empire behind the scenes—and who's now officially been named Buffett's successor. While he may not be a household name (yet), Abel has been steering key parts of the business for years. Who exactly is he—and what can we expect when he takes over for Buffett? Here's a quick guide to the man about to inherit one of the biggest roles in global business. Don't miss: House tour: Warren Buffett's former vacation home gets a beautiful modern renovation Greg Abel's rise through the ranks has been steady and strategic. Born in Edmonton, Canada in 1962, Abel began his career at PricewaterhouseCoopers before joining CalEnergy in 1992, a small power producer that would later become MidAmerican Energy. After Berkshire Hathaway acquired a controlling interest in MidAmerican in 1999, Abel quickly moved into leadership roles. By 2008, he was CEO of MidAmerican. In 2014 MidAmerican was rebranded as Berkshire Hathaway Energy (BHE), and under Abel's leadership, it became one of the conglomerate's most successful and sustainable assets. Four years later, Warren Buffett promoted Abel to Vice Chairman of Berkshire's non-insurance businesses—putting him in charge of operations across multiple major subsidiaries. By 2021, Buffett confirmed that Abel would be his successor as CEO, telling CNBC, 'The directors are in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning.' Speaking at the 2025 Berkshire Hathaway annual shareholders meeting, Buffett joked, 'It's working way better with Greg Abel than with me, because I don't want to work as hard as he works.' Others echo this sentiment. 'He's an absolute workaholic. He does more in every hour of every day than any person I've ever met,' said Dawn Farrell, CEO of TransAlta Corp, in an interview with Canadian newspaper Globe and Mail in 2019. Abel's leadership is highly engaged. When asked how his management approach to subsidiaries would be, Abel simply replied that he would be 'more active.' Executives who have worked with Abel say that he closely scrutinises details and asks perceptive questions that help him understand the business. Speaking with Reuters after the announcement, Chris Kelly, chief executive of real estate brokerage firm HomeServices of America, said that Abel's questions 'ensure you are thinking through directives and plans as a company' and that 'you come away smarter from having a conversation with him.' He built an energy empire within Berkshire Much of Abel's success has stemmed from his tenure at Berkshire Hathaway Energy. Under his leadership, the company expanded significantly, serving over 11 million customers and generating approximately 10 percent of Berkshire's total earnings by 2015. Indeed, Abel oversaw BHE's expansion through major deals—including a US$5.6 billion purchase of Nevada's NV Energy in 2013—and directed more than US$5 billion into wind farms across Iowa. The results are tangible: Berkshire's Iowa utility now generates 64 per cent of the state's wind-powered electricity, and Iowa is so proud of this achievement that its driver's licenses feature wind turbines—a fact Abel often highlights. Berkshire vice chairman Charlie Munger once predicted that Berkshire Hathaway Energy would become 'the biggest utilities business in the United States,' largely due to Abel's aggressive growth strategy and commitment to sustainability. In case you missed it: What you need to know about sustainable energy investment While energy is Abel's specialty, his role at Berkshire is far broader. As the vice-chair overseeing all non-insurance operations, he manages a diverse portfolio of businesses, from the BNSF Railway freight railroad to brands like Dairy Queen. This has given Abel experience in a wide range of industries and demonstrated his ability to scale Berkshire's unique management approach across dozens of companies. It's no coincidence that Berkshire moved to buy out the remaining minority stakes in BHE by 2024, bringing the unit fully under Berkshire's wing, a testament to the value Abel helped create there. Trusted by Buffett and Munger to 'keep the culture' Warren Buffett and Charlie Munger have offered glowing endorsements of Abel over the years. In 2023, Buffett remarked that Berkshire is 'so damn lucky' to have Abel ready to take the helm. He further said that shareholders shouldn't worry about the future of the company, as he was confident that Abel do a great job and that Berkshire will still follow the same model of allowing its subsidiaries to largely run themselves. Buffett has repeatedly praised Abel's abilities and integrity, even quipping in 2023, 'Greg will be more successful than I have been, and if I said otherwise, my nose would grow.' What to expect from the post-Warren Buffett Berkshire Industry watchers expect a smooth transition, with continuity rather than disruption. Abel has been working closely with Buffett for years and has already assumed significant responsibilities, including oversight of capital allocation across many of Berkshire's subsidiaries. He is not known as a stock picker, but he has gradually taken on more investment oversight. Buffett said last year he would also want Abel to have final say on decisions regarding Berkshire's portfolio of public stocks, marking a quiet but crucial shift in the company's financial governance. Challenges remain: with nearly 400,000 employees, US$347.7 billion in cash reserves and a conglomerate that is worth about US$1.18 trillion, Abel will need to identify smart acquisitions and investment opportunities that align with Berkshire's ethos. While no one expects him to replicate The Oracle of Omaha's legendary returns, most agree he is the right person to steer the conglomerate into its next chapter. Warren Buffett, now 94, will remain as chairman to guide the transition—but make no mistake: Greg Abel is now at the helm.
Yahoo
07-05-2025
- Business
- Yahoo
Who is Greg Abel, Warren Buffett's successor at Berkshire Hathaway?
Berkshire Hathaway's Warren Buffett over the weekend announced plans to step down as chief executive starting next year. Greg Abel, the vice chairman of non-insurance operations at Berkshire, received unanimous approval from the board to succeed Buffett, who, after more than half a century, plans to relinquish the top job. Abel will start his tenure as Berkshire's new CEO on Jan. 1, 2026. Buffett's planned successor has held his current position at Berkshire since January 2018 and chairs Berkshire Hathaway Energy, the subsidiary that owns firms such as PacifiCorp, Northern Natural Gas and BHE Renewables. Greg Abel, center, is currently the vice chairman of non-insurance operations at Berkshire Hathaway. Abel has a long history in the energy sector, having worked at CalEnergy and later MidAmerican Energy Holdings Company after CalEnergy bought it and assumed its name in the late 1990s. Warren Buffett To Step Down As Ceo Of Berkshire Hathaway By End Of The Year Read On The Fox Business App He joined Berkshire in 1999, when the conglomerate purchased a majority interest in MidAmerican Energy Holdings Company. He was president of MidAmerican at the time of that deal and would eventually become CEO of the firm. His first job out of college was at PricewaterhouseCoopers, according to the Horatio Alger Association of Distinguished Americans, a nonprofit where he holds the role of president. Abel, a Canadian, attended the University of Alberta, obtaining a commerce degree. Business Leaders React To Warren Buffett Stepping Down As Ceo Of Berkshire Hathaway: 'Only G.o.a.t' Prior to recommending Abel to become Berkshire's next CEO, Buffett had made clear on numerous occasions that Abel was his top choice for a successor. Berkshire Hathaway shareholders walk by a video screen at the company's annual meeting in Omaha, Nebraska, on May 4, 2013. The "Oracle of Omaha" told CNBC in 2021 that Berkshire's directors were "in agreement that if something were to happen to me tonight, it would be Greg who'd take over tomorrow morning." Warren Buffett attends the "Becoming Warren Buffett" World Premiere at The Museum of Modern Art on Jan. 19, 2017 in New York City. Buffett wrote in his 2023 letter to shareholders that Abel "in all respects is ready to be CEO of Berkshire tomorrow." Additionally, more recently, in his 2024 letter, he said it "won't be long before Greg Abel replaces me as CEO and will be writing the annual letters." Buffett Talks Mortality And Philanthropy In Surprise Shareholder Letter Berkshire said Buffett will stay chairman when Abel assumes the CEO job at the start of next year. The conglomerate generated $89.7 billion in total revenues in the first quarter. Berkshire's market capitalization hovered north of $1 trillion as of late Monday morning. Original article source: Who is Greg Abel, Warren Buffett's successor at Berkshire Hathaway?
Yahoo
05-05-2025
- Business
- Yahoo
Warren Buffett delivered more than a 5,000,000% return to investors. This guy is going to replace him
Those who have followed Berkshire Hathaway have long-anticipated that the day would come when legendary investor and CEO Warren Buffett called it quits. But the news came unexpectedly at Berkshire's annual shareholder meeting on Saturday, as the 94-year-old Oracle of Omaha waited until the end of the event to announce he would step down at year's end and would officially recommend Greg Abel to take his place. The board approved the plan, naming Abel as Berkshire's next CEO when Buffett steps down at the end of this year, CNBC reported Monday. Buffett will remain the company's executive chairman. Naming Abel, a 25-year veteran of Berkshire, as his successor was not exactly surprising news. Buffett said in May 2021 that Abel would be next in line to lead the $1.1 trillion conglomerate. 'The directors are in agreement that if something were to happen to me tonight it would be Greg who'd take over tomorrow morning,' Buffett told CNBC at the time. Abel, 62, currently serves as the chairman and CEO of Berkshire Hathaway Energy and vice-chairman of non-insurance operations. The Edmonton, Alberta-born businessman will take over as Berkshire Hathaway's CEO in 2026. No pressure: The guy Abel is replacing is the world's most famed investor, who delivered a 5,500,000% return to investors during his tenure. Unlike Buffett, who started investing at the age of 11, Abel didn't get an early start to a career in business while growing up in Edmonton. Buffett has called Abel 'a proud Albertan' and that his Edmonton roots come out when he speaks to the board of directors at management meetings. 'They know he came from Canada. They know he likes hockey and they know his Uncle Sid (Abel of the Detroit Red Wings) was a hell of a hockey player,' Buffett said in a video from the University of Alberta, which honored Abel in 2013 as a distinguished alumnus after he graduated in 1984 with a bachelor's degree in accounting. Abel's professional career began at consulting firm PricewaterhouseCoopers in Edmonton, before moving to the company's San Francisco office. In 1992, he joined CalEnergy, a utilities company run at the time by David Sokol, who himself was once considered the top candidate to succeed Buffett. In 1998, CalEnergy acquired Des Moines, Iowa-based MidAmerican Energy Holdings (which was renamed Berkshire Hathaway Energy in 2014) for $4 billion, and at the request of Sokol, Abel became president of the combined companies under MidAmerican's name. In 2000, an investor group that included Berkshire Hathaway, Sokol, Abel and Walter Scott — a former Berkshire Hathaway director and major shareholder in MidAmerican — acquired the electric and natural gas utility company and took it private. Buffett had tapped Sokol to turn around the failing Berkshire subsidiary NetJets in 2009, leaving Abel to step up in Sokol's place as MidAmerican's next CEO. For years, Buffett praised both Abel and Sokol as 'brilliant managers' and 'huge assets' to Berkshire. (Sokol would later resign after it was disclosed he made a questionable investment in specialty chemical company Lubrizol, which he had recommended Berkshire purchase for about $9.7 billion.) MidAmerican would be renamed Berkshire Hathaway Energy in 2014 with Abel leading 11 subsidiaries. Abel would join Berkshire's board of directors in 2018 and lead the non-insurance operations. He continues to reside in Des Moines, where Berkshire Hathaway Energy is still headquartered. During the Saturday shareholder meeting's afternoon Q&A session, CNBC host Becky Quick fielded a question for Abel to describe his approach in dealing with Berkshire's subsidiaries compared to Buffett's. Before Abel could answer, Buffett interjected wryly with his own answer: 'better.' But Abel answered the question by describing himself as 'more active, but hopefully in a very positive way.' 'You really need someone that behaves well on top and is not playing games for their own benefit, and we get a lot of managers that bend over backward to not do that sort of thing and then we get some that bend forward,' Buffett said. 'Greg does something about it and I've generally been lax in doing something about it.' Praise in Abel's abilities hasn't just come from Buffett. In an interview with CNBC in February 2023, former Berkshire vice-chairman Charlie Munger described Abel as 'just sensational at being a business leader, both as a thinker and as a doer. And he's also sensationally good at smoothly getting things done through other people. So, he's a very remarkable human being and Berkshire is very lucky to have him.' Munger also called Abel 'a tremendous learning machine' and that one could 'argue that he's just as good as Warren in learning all kinds of things.' In 2021, Munger said, 'Greg will keep the culture.' Abel says he learned how to be curious from observing Buffett. That curiosity helps in understanding how Berkshire's businesses run. 'Warren talks about the curiosity being important as you go through things. That would be my style, to have questions and comments around their business, their frameworks,' Abel said. He's already received approval from some Berkshire board members. 'Greg is ready. I have no doubt about it. We've known it for a long time,' Ron Olson, who has been a Berkshire board member since 1997, told CNBC on Saturday after Buffett's announcement. 'People don't realize that, since 2018, he has been learning the businesses that we have.' While it's unclear if Abel can handle seeing his face plastered on various merchandise like Buffett has enjoyed for 60 years, he got an encouraging comment Saturday from another high-profile CEO of a company that Berkshire has long admired. 'There's never been someone like Warren, and countless people, myself included, have been inspired by his wisdom. It's been one of the great privileges of my life to know him,' Apple CEO Tim Cook posted on X. 'And there's no question that Warren is leaving Berkshire in great hands with Greg.' CNN's Luciana Lopez, Robert Ilich and Chris Isidore contributed to this report. Sign in to access your portfolio
