Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK.B) announced Friday that it will pay $9 billion, all-cash offer, to pick up from bankruptcy and reorganize Energy Future Holdings Corp. the parent company of Oncor Electric Delivery Co. It is one Texas’s largest electricity-transmission operators.
Berkshire generates about 12 percent of its total income from energy companies, and this latest announcement comes after major in investments in wind energy and other infrastructure in the U.S. and Canada which were announced in recent years.
Greg Abel, chief executive officer of Berkshire Hathaway Energy said in the statement announcing the deal “This partnership combines the strengths of two companies that share a common goal of providing exceptional customer service and a commitment to invest in critical infrastructure.”
“I’d be surprised if 10 years from now we don’t have significantly more money in, not only wind and solar, but we probably own more utility systems than we own now,” Buffett said, citing the “extraordinary” job by Abel and his team. “It’s hard to imagine a better-run operation.”