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Berkshire Hathaway — 2024 Berkshire Hathaway Energy Investor Presentation (company IR deck)
Berkshire Hathaway (BRK.B) · 0 slides · Filed Oct 29, 2026
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Slide 1 — EEI Financial Conference
EEI Financial Conference November 2024
Slide 2 — Forward-Looking Statements
This presentation 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 Berkshire Hathaway Energy Company 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, or Eastern Gas Transmission and Storage, Inc. and its subsidiaries (collectively, the Registrants), as applicable, current intentions, 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; Forward-Looking Statements 2
Slide 3 — Forward-Looking Statements
– 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; – 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 paid 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, receipt of required permits and authorizations, 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 United States Securities and Exchange Commission (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. 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. This presentation includes certain non-Generally Accepted Accounting Principles (GAAP) financial measures as defined by the SEC’s Regulation G. Refer to the Appendix in this presentation for a reconciliation of those non-GAAP financial measures to the most directly comparable GAAP measures. Forward-Looking Statements 3
Slide 4 — Charles Chang
Charles Chang Senior Vice President and Chief Financial Officer
Slide 5 — Berkshire Hathaway Energy
Berkshire Hathaway Energy 5 Vision To be the best energy company in serving our customers, while delivering sustainable energy solutions Culture Personal responsibility to our customers Strategy Reinvest in our businesses • Continue to invest in our employees and operations, maintenance and capital programs for property, plant and equipment • Position our regulated businesses to meet changing customer expectations and retain customers by providing excellent service and competitive rates • Advance the reliability and resilience of our systems, including cybersecurity and physical security • Deliver sustainable energy solutions by reducing our emissions, transitioning to renewables, pursuing energy storage and employing innovative technology Invest in internal growth • Grow our portfolio of low-cost renewable energy solutions • Pursue value-enhancing additions to the electric grid and gas pipeline infrastructure • Deploy energy storage, electric vehicle infrastructure and innovative technologies Acquire companies • Additive to our business Competitive Advantage Berkshire Hathaway ownership
Slide 6 — Organizational Structure
2023 Berkshire Hathaway Inc. ($ billions) $364.5 Revenue $96.2 Net Income(1) $561.3 Shareholders’ Equity 2023 Berkshire Hathaway Energy ($ billions) $25.6 Revenue $3.0 Earnings on Common Shares $48.4 Common Shareholders’ Equity Organizational Structure 6 Holding Company Contracted Non-utility Power Generation A2/A- Regulated Natural Gas Transmission Northern Powergrid (Northeast) plc A3/A U.K. Regulated Electric Distribution Northern Powergrid (Yorkshire) plc A3/A U.K. Regulated Electric Distribution NR/BBB+ Holding Company A2/A(2) Regulated Electric Utility A-/A(3) Canada Regulated Electric Transmission Holding Company Nevada Power Company A2/A(2) Regulated Electric Utility Sierra Pacific Power Company A3/A(2) Regulated Electric and Gas Utility Real Estate Brokerage, Mortgage and Franchises A3/A- Aa2/AA 100% Aa2/A(2) Regulated Electric and Gas Utility Holding Company Regulated Electric Transmission Eastern Energy Gas Holdings, LLC Baa1/A- Modular LNG, Other Minor Assets Cove Point LNG 75% Interest EGTS (A3/A-), Carolina Gas Regulated Natural Gas Transmission Regulated Electric Transmission BERKSHIRE HATHAWAY (1) As disclosed in Berkshire Hathaway’s 2023 10-K filing, 2023 net earnings attributable to Berkshire Hathaway shareholders of $96.2 billion including after-tax gains on investments and derivative contracts of $58.9 billion (2) Ratings for PacifiCorp, MidAmerican, Nevada Power and Sierra Pacific are senior secured ratings (Moody’s and S&P) (3) Ratings for AltaLink, L.P. are senior secured ratings (S&P and DBRS) Regulated Natural Gas Transmission
Slide 7 — Diversity in Our Portfolio
Diversity in Our Portfolio 7 Our integrated utilities serve approximately 5.3 million U.S. customers; Northern Powergrid has 4.0 million end-users in northern England, making it the third-largest distribution company in Great Britain ELECTRIC DISTRIBUTION We own significant transmission infrastructure in 17 states and the province of Alberta. With our assets at PacifiCorp, NV Energy and AltaLink, we are the largest transmission owner in the Western Interconnection ELECTRIC TRANSMISSION BHE Pipeline Group owns assets in 27 states and transported approximately 15% of the total natural gas consumed in the U.S. during 2023 PIPELINES As of September 30, 2024, we owned 36,892 MWs of generation capacity in operation and under construction, with resource diversity and a growing renewable portfolio GENERATION As of September 30, 2024, we had invested $40.6 billion in storage, and wind, solar, geothermal and biomass generation, and have plans to invest an additional $4.5 billion through 2026 RENEWABLES Berkshire Hathaway Energy’s regulated energy businesses serve customers and end-users across geographically diverse service territories, including 28 states located throughout the U.S. and in Great Britain and Canada
Slide 8 — Energy Assets
Energy Assets 8 As of and for the LTM ended 9/30/2024 $140 billion $26 billion $4.2 billion Financial Strength • Assets • Revenue • Adjusted Earnings on Common Shares(1) 47% $40.6 billion Environmental Respect • Noncarbon Power(2) • Invested in Renewable Generation and Storage 9.3 million 19 years Customer Service • Total Customers(3) • #1 Pipeline Ranking Regulatory Integrity Working with regulators to support timely recovery of investments in clean energy and wildfire mitigation 23,800 0.52 Employee Commitment • Employees • OSHA Incident Rate 213,200 miles 49,500 miles 37,000 MWs Operational Excellence • Electric T&D • Natural Gas T&D • Power Capacity(2) (1) See appendix for detailed reconciliation (2) Total owned generation capacity, operating and under construction, as of September 30, 2024 (3) Includes both electric and natural gas customers and end-users worldwide. Additionally, AltaLink serves approximately 85% of Alberta, Canada’s population
Slide 9 — Competitive Advantage
• Diversified portfolio of regulated assets – Weather, customer, regulatory, generation, economic and catastrophic risk diversification • Berkshire Hathaway ownership – Access to capital from Berkshire Hathaway allows us to take advantage of market opportunities – Berkshire Hathaway is a long-term holder of assets, which promotes stability and helps make Berkshire Hathaway Energy the buyer of choice in many circumstances – Tax appetite of Berkshire Hathaway has allowed us to receive significant cash tax benefits from our parent, including $1.3 billion in the nine months ended September 30, 2024, and $1.5 billion in 2023 • No dividend requirement – Cash flow is retained within the business and used to help fund growth and strengthen our balance sheet – We retain more dollars of earnings than any other U.S. electric utility Competitive Advantage 9
Slide 10 — Destination Net Zero
Destination Net Zero 10 Striving to Achieve Net Zero Greenhouse Gas Emissions by 2050 • Focused on customer affordability in a manner our regulators will allow and technology advances support • As of December 31, 2023, we had reduced our annual carbon emissions by more than 34% as compared to 2005 levels • Increasing noncarbon generation and energy storage, investing in transmission infrastructure and reducing utilization of coal units • PacifiCorp and the California ISO launched the EIM in November 2014. NV Energy joined in December 2015. Berkshire Hathaway Energy’s cumulative customer benefits through September 2024, totaled $1.5 billion • Cease coal generation by 2049 and natural gas by 2050 • Achieving a 50% reduction in CO2 emissions by 2030 from 2005 levels Leading in Renewable Generation • Combined, Berkshire Hathaway Energy’s businesses are No.1 among investor-owned utilities with clean power in operation(1) • As of September 30, 2024, 47% of owned generation capacity (operating and under construction) comes from noncarbon resources BHE plans to cease coal generation by 2049 and natural gas generation by 2050 Coal Units Removed from Service Investing in Renewable Energy $40.6 billion invested in renewable generation and storage through September 30, 2024, with plans to invest an additional $4.5 billion through 2026 Transparent Reporting • Annual environmental and climate-related disclosures are made in investor presentations and are publicly available • Additional information can be found at: www.brkenergy.com/esg-sustainability/governance.aspx 2024-2049 2006-2023 20 6 PacifiCorp 6 5 MidAmerican 2 7 NV Energy 28 18 Total (1) As of December 31, 2023, per American Clean Power Association (October 2024)
Slide 11 — Western Electric Transmission Investment
• Berkshire Hathaway Energy plans to invest more than $26 billion (of which $8.3 billion had been invested as of September 30, 2024) developing a more interconnected electric transmission grid in the western U.S. and Canada, thereby providing a conduit for increased renewable energy to be delivered • PacifiCorp plans to invest approximately $13.0 billion on major transmission projects – primarily located in Wyoming, Utah, Idaho and Oregon – including Windstar-Hemingway, Aeolus- Mona/Clover and Boardman-Hemingway, of which $5.2 billion had been invested as of September 30, 2024 • NV Energy’s Greenlink Nevada projects include a 350-mile, 525-kV transmission line (Greenlink West) and a 235-mile, 525-kV transmission line (Greenlink North), with a combined expected cost of approximately $4.2 billion, of which approximately $0.3 billion had been invested as of September 30, 2024 • PacifiCorp, NV Energy and BHE Transmission plan to invest $9.3 billion in other electric transmission projects, of which $2.8 billion had been invested as of September 30, 2024 Western Electric Transmission Investment Commitment to Support Renewables 11 Existing Lines Future Lines Sigurd Red Butte Boardman Lethbridge Great Falls Hemingway Cedar Hill Borah Populus Ben Lomond Terminal Oquirrh Aeolus Windstar Shirley Basin Bridger/ Anticline Eldorado (Cal ISO) Harry Allen Northwest Robinson Summit Comstock Meadows Ft. Churchill Mira Loma McNary Wallula Limber Midpoint Troutdale Swift Emery Spanish Fork Mercer Purgatory Flat Three Peaks Mona/ Clover
Slide 12 — Capital Expenditures and Cash Flows
$- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 2019A 2020A 2021A 2022A 2023A 2024F 2025F 2026F ($ millions) BHE Cash Flow from Operations BHE Total Capital Expenditures BHE Operating Capital Expenditures • Berkshire Hathaway Energy and its subsidiaries will spend approximately $30.8 billion from 2024-2026 for growth and operating capital expenditures, which primarily consist of new renewable generation projects, electric battery storage projects, and electric transmission and distribution capital expenditures – In 2023, cash from operations declined primarily due to wildfire settlement payments at PacifiCorp and tax payments related to the sale of BYD stock Capital Expenditures and Cash Flows 12 2024 – 2026: $14.1 Billion Free Cash Flow above Operating Capex Free Cash Flow
Slide 13 — U.S. Regulatory Overview
U.S. Regulatory Overview Adjustment Mechanisms 13 (1) PacifiCorp has relied on both historical test periods with known and measurable adjustments, as well as forecast test periods (2) Beginning January 1, 2022, Washington law allows utilities to file multiyear rate plans Forward Test Year Decoupling Energy Efficiency Rider Transmission Rider Renewable Rider Wildfire Mitigation Cost Mechanism Capital Recovery Mechanism Fuel Recovery Mechanism PacifiCorp (1) Utah (1) Wyoming Idaho Oregon (2) Washington California MidAmerican Iowa – Electric Illinois – Electric South Dakota – Electric Iowa – Gas Illinois – Gas South Dakota – Gas NV Energy Nevada Power Sierra Pacific – Electric Sierra Pacific – Gas
Slide 14 — Financial Diversification
Financial Diversification 14 • Diversified revenue sources reduce regulatory concentrations • For the 12 months ended September 30, 2024, approximately 80% of adjusted earnings were from investment-grade regulated subsidiaries. Most of the remaining nonregulated adjusted earnings were from contracted assets at Cove Point and BHE Renewables BHE LTM 9/30/2024 Energy Revenue(1): $21 Billion PacifiCorp 16% MidAmerican Funding 22% NV Energy 9% Northern Powergrid 8% BHE Pipeline Group 28% BHE Transmission 6% BHE Renewables 10% HomeServices 1% BHE LTM 9/30/2024 Adj. Earnings to Common(2): $4.2 Billion Nevada 20% Iowa 14% Utah 14% Oregon 7% Wyoming 4% California 4% Illinois 2% Washington 2% Idaho 2% FERC 13% Great Britain 7% Alberta 3% Other 8% (1) Excludes HomeServices and equity income, which add further diversification (2) Percentages exclude Corporate/Other
Slide 15 — Earnings on Common Shares
Earnings on Common Shares 15 (1) See appendix for a detailed reconciliation of earnings on common shares adjustments ($ millions) LTM Years Ended Earnings on common shares 9/30/2024 12/31/2023 12/31/2022 PacifiCorp 754 $ 797 $ 969 $ MidAmerican 983 980 947 NV Energy 392 394 427 Northern Powergrid 385 165 385 BHE Pipeline Group 1,275 1,079 1,040 BHE Transmission 262 246 247 BHE Renewables 445 518 643 HomeServices 32 13 100 BHE and Other (292) (446) (495) Adjusted earnings on common shares(1) 4,236 3,746 4,263 PacifiCorp Wildfire losses, net of recoveries and income taxes (194) (1,265) (48) HomeServices Settlement, net of income taxes (140) - - Gain/(loss) on BYD, net of income taxes 133 505 (1,540) Earnings on common shares 4,035 $ 2,986 $ 2,675 $
Slide 16 — Berkshire Hathaway Energy
• Since being acquired by Berkshire Hathaway in March 2000, Berkshire Hathaway Energy has realized significant growth in its assets, equity, net income and cash flows Berkshire Hathaway Energy Financial Summary 16 $6.5 $89.8 $93.0 $99.2 $102.8 $0 $30 $60 $90 $120 2001 2021 2022 2023 9/30/2024 ($ billions) $0.1 $3.9 $4.3 $3.7 $4.2 -$0.5 $0.5 $1.5 $2.5 $3.5 $4.5 2001 2021 2022 2023 LTM 9/30/2024 ($ billions) $0.8 $8.7 $9.4 $7.1 $7.5 $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 2001 2021 2022 2023 LTM 9/30/2024 ($ billions) $1.7 $46.7 $46.8 $48.4 $49.3 $0 $10 $20 $30 $40 $50 2001 2021 2022 2023 9/30/24 ($ billions) Adjusted Earnings on Common(1) BHE Shareholders’ Equity Property, Plant and Equipment, Net Cash Flows From Operations (1) See appendix for a detailed reconciliation of earnings on common shares adjustments
Slide 17 — Transforming Our Generation Portfolio
• Berkshire Hathaway Energy’s energy mix has changed significantly since 2005 • Pro forma for the acquisitions of PacifiCorp (2006) and NV Energy (2013), noncarbon generation increased from 15% of total generation in 2005 to 46% of total generation over the 12 months ended September 30, 2024, and is expected to grow to approximately 60% by 2030 Transforming Our Generation Portfolio 17 Coal 71% Natural Gas 14% Nuclear and Other 5% Wind 1% Hydro 6% Geothermal 3% LTM 9/30/2024 Power Generation Owned and Purchased 2005 Power Generation Owned and Purchased Coal 22% Natural Gas 32% Nuclear and Other 3% Wind 30% Solar 6% Hydro 4% Geothermal 3% 2030 Power Generation Owned and Purchased Coal 20% Natural Gas 21% Nuclear and Other 3% Wind 33% Solar 15% Hydro 4% Geothermal 4%
Slide 18 — Low-Cost Competitive Electric Rates
Low-Cost Competitive Electric Rates 18 Highest Average Rates ($/kWh) by State(1): Hawaii – $0.3920; Connecticut - $0.3071; Massachusetts – $0.3036; New Hampshire - $0.2955; California - $0.2835 2023 Weighted Average Retail Rate ($/kWh) Company $0.1329 U.S. National Average(1) 21% lower than the U.S. National Average $0.1055 Pacific Power 36% lower than the U.S. National Average $0.0850 Rocky Mountain Power 42% lower than the U.S. National Average $0.0770 MidAmerican 12% higher than the U.S. National Average $0.1487 Nevada Power 2% higher than the U.S. National Average $0.1354 Sierra Pacific (1) Source: U.S. Energy Information Administration Investor-Owned Utility Sales (Full Year 2023) • Nevada Power and Sierra Pacific electric retail rates continue to drop each quarter due to decreasing fuel and deferred energy costs, and returned to below the national average in July 2024
Slide 19 — Berkshire Hathaway Energy
Berkshire Hathaway Energy Large Customer Driven Load Growth 19 0 50,000 100,000 150,000 200,000 250,000 300,000 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 2023A 2024F 2025F 2026F 2027F 2028F 2029F 2030F Generation (GWh) Data Center Generation Capacity (MW) Data Center Capacity Contracted & Requested Retail Load w/Data Centers Requested • If all data center requests to connect to our utilities were accepted, load capacity would increase more than 9x by 2030 from our 2023 data center load, resulting in 11% total retail load growth per year • Our low-cost competitive rates will continue to be attractive to hyper-scalers
Slide 20 — Berkshire Hathaway Energy
Berkshire Hathaway Energy Large Customer Driven Load Growth 20 0 30,000 60,000 90,000 120,000 150,000 0 3,000 6,000 9,000 12,000 Generation (GWh) Data Center Generation Capacity (MW) PacifiCorp Data Center Capacity Contracted & Requested Retail Load w/Data Centers Requested 0 10,000 20,000 30,000 40,000 0 1,000 2,000 3,000 Generation (GWh) Data Center Generation Capacity (MW) Sierra Pacific Data Center Capacity Contracted & Requested Retail Load w/Data Centers Requested Average Retail Rate Pacific Power ($/kWH) $0.1055 Average Retail Rate Rocky Mountain Power ($/kWH) $0.0850 Average Retail Rate Sierra Pacific ($/kWH) $0.1354 Average Retail Rate MidAmerican ($/kWH) $0.0770 0 20,000 40,000 60,000 80,000 0 1,500 3,000 4,500 6,000 Generation (GWh) Data Center Generation Capacity (MW) MidAmerican Data Center Capacity Contracted & Requested Retail Load w/Data Centers Requested 0 10,000 20,000 30,000 0 50 100 150 200 Generation (GWh) Data Center Generation Capacity (MW) Nevada Power Data Center Capacity Contracted & Requested Retail Load w/Data Centers Requested Average Retail Rate Nevada Power ($/kWH) $0.1487 Data Center connection requests are substantial; however, we will manage the growth with innovative solutions to minimize risk and impact to existing customers
Slide 21 — Supportive Credit Profile
Supportive Credit Profile 21 (1) Moody’s/S&P/DBRS. Ratings are issuer or senior unsecured ratings unless otherwise noted (2) Refer to the appendix for the calculations of key ratios (3) Ratings are senior secured ratings (4) Credit ratios are based on U.S. GAAP financial reporting Credit Metrics FFO / Debt FFO Interest Coverage Debt / Total Capitalization Credit Ratings(1) Average LTM 9/30/2024 2023 2022 Average LTM 9/30/2024 2023 2022 LTM 9/30/2024 2023 2022 Berkshire Hathaway Energy(2) A3 / A- 15.5% 14.8% 15.0% 16.5% 4.5x 4.2x 4.5x 4.9x 53% 53% 51% Regulated U.S. Utilities PacifiCorp(2) (3) A2 / A 17.0% 13.2% 15.1% 22.6% 4.5x 3.5x 4.3x 5.7x 57% 55% 47% MidAmerican Energy(2) (3) Aa2 / A 23.5% 20.6% 22.6% 27.3% 6.7x 5.6x 6.7x 7.7x 48% 48% 44% Nevada Power(2) (3) A2 / A 21.4% 20.7% 20.1% 23.3% 4.8x 4.4x 4.5x 5.5x 44% 46% 49% Sierra Pacific Power(2) (3) A3 / A 18.6% 12.2% 18.0% 25.5% 4.6x 3.2x 4.5x 6.1x 44% 39% 36% Regulated Pipelines and Electric T&D Northern Natural Gas A2 / A- 33.9% 31.4% 38.6% 31.8% 9.0x 8.7x 9.7x 8.6x 40% 33% 36% Eastern Energy Gas Holdings(2) Baa1 / A- 28.3% 33.8% 31.0% 20.2% 7.8x 9.1x 7.9x 6.3x 30% 30% 33% Eastern Gas Transmission and Storage(2) A3 / A- 31.4% 32.4% 26.0% 36.0% 8.2x 8.4x 6.8x 9.2x 38% 37% 38% AltaLink, L.P.(3) – / A- / A 12.5% 13.0% 12.7% 12.2% 4.3x 4.2x 4.5x 4.2x 57% 57% 57% Northern Powergrid Holdings(4) – / BBB+ 22.4% 25.1% 18.9% 23.1% 6.9x 7.5x 6.6x 6.6x 42% 43% 41% Northern Powergrid (Northeast) A3 / A Northern Powergrid (Yorkshire) A3 / A
Slide 22 — Capital Investment Plan
Capital Investment Plan 22 $9,077 $9,806 $10,393 $11,148 $11,332 $11,052 $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 2024 Current 2024 Prior 2025 Current 2025 Prior 2026 Current 2026 Prior ($ millions) PacifiCorp MidAmerican Funding NV Energy Northern Powergrid BHE Pipeline Group BHE Transmission BHE Renewables HomeServices and Other Variance Prior Plan 2024-2026 Current Plan 2024-2026 Capex by Type ($ millions) $ (40) $ 6,921 $ 6,881 Electric Transmission 461 6,925 7,386 Electric Distribution (1,981) 4,899 2,918 Wind Generation (148) 1,853 1,705 Solar Generation 19 2,876 2,895 Natural Gas T&S (99) 949 850 Storage 668 1,332 2,000 Wildfire Mitigation (84) 6,251 6,167 Other $ (1,204) $ 32,006 $ 30,802 Total Variance Prior Plan 2024-2026 Current Plan 2024-2026 Capex by Business ($ millions) $ (48) $ 9,148 $ 9,100 PacifiCorp (1,639) 7,507 5,868 MidAmerican Funding 767 6,654 7,421 NV Energy (506) 2,806 2,300 Northern Powergrid 143 3,471 3,614 BHE Pipeline Group (160) 1,205 1,045 BHE Transmission 313 1,035 1,348 BHE Renewables (74) 180 106 HomeServices and Other $ (1,204) $ 32,006 $ 30,802 Total $9,077 $9,806 $10,393 $11,148 $11,332 $11,052 $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 2024 Current 2024 Prior 2025 Current 2025 Prior 2026 Current 2026 Prior ($ millions) Electric Transmission Electric Distribution Wind Generation Solar Generation Natural Gas Transmission and Storage Storage Wildfire Mitigation Other
Slide 23 — Business Update
Business Update
Slide 24 — PacifiCorp
PacifiCorp 24 3/31/06 9/30/24 72% 37% Coal 13% 31% Natural Gas 0% 24% Wind 15% 8% Hydro and other • Fully regulated subsidiary operating in six-state service territory: Utah, Idaho, Wyoming, Oregon, Washington and California covering 141,500 square miles of service territory • 5,100 employees, 2.1 million retail electric customers • 17,100 transmission line miles, 66,300 miles of distribution lines and 900 substations • 12,231 MWs(1) owned generation capacity as of September 30, 2024 – 2023 IRP Update anticipates full exit from coal by the end of 2042 • Owned generation capacity by fuel type: (1) Net MWs owned in operation and under construction as of September 30, 2024
Slide 25 — PacifiCorp
• Actual retail load for the nine months ended September 30, 2024, was 44,073 GWh; a 1,386 GWh (3.2%) increase compared with the same time period last year, primarily due to favorable customer usage in the commercial and industrial classes • PacifiCorp continues to execute its regulatory and financial stabilization strategy across its six states, with a focus on more conservative and safer operating practices, creating supplemental insurance funds and limiting liability to mitigate exposure to existing and future wildfire risk. Successfully settled and paid $1.2 billion in wildfire claims • Utah passed favorable legislation which allows for the creation of a fund for supplemental wildfire coverage and caps damages for wildfire claims; PacifiCorp is pursuing similar legislation in its other states • Energy Gateway South and Gateway West Windstar-Shirley Basin transmission projects are on track for completion in December 2024 • Final permitting for the Boardman-Hemingway 500-kV transmission line remains on track. Current in-service target is year-end 2027 • PacifiCorp acquired the 50-MW Rock River I wind project in February 2023; major construction activities are complete; the project was placed in-service September 23, 2024, ahead of schedule and under budget • Construction is progressing on the 190-MW Rock Creek I and 400-MW Rock Creek II wind projects, with planned in- service dates of December 31, 2024, and September 1, 2025, respectively • PacifiCorp was selected to negotiate three major cost-share grants with the U.S. Department of Energy (DOE) under the Infrastructure Investment and Jobs Act totaling $360 million: two grants totaling $150 million to offset certain wildfire mitigation projects, $210 million to support transmission upgrades. PacifiCorp has received approval to proceed with due diligence on a $3 billion federal loan guarantee from the Loan Program Office • The DOE announced that nine PacifiCorp hydroelectric developments were selected to collectively receive over $38 million in grants from the Maintaining and Enhancing Hydroelectricity Incentives program. These are in addition to $14 million in grants announced in February through the Hydroelectric Efficiency Improvement Incentives program, for which negotiations are ongoing PacifiCorp Business Update 25
Slide 26 — PacifiCorp
• Pacific Power – In California, a base rate increase of $19 million or 17.7% went into effect in January 2024, from the first phase of PacifiCorp’s 2022 general rate case (GRC); a decision on recovery of $36 million in deferred wildfire mitigation costs is expected in late-2024. PacifiCorp has an authorized ROE of 10.0% on 52.25% equity – In Oregon, a 2024 GRC was filed in February 2024. Surrebuttal testimony in August 2024, seeking a net rate increase of $208 million, or 11.2%, which reflects a requested ROE of 9.65% on 50% equity – In Washington, the first year of a two-year rate-plan went into effect in April 2024, for PacifiCorp’s 2023 GRC. The new rates reflect an increase of $11 million, or 2.7%. PacifiCorp will update for capital and net power costs for the year two rates to be effective April 2025 • Rocky Mountain Power – In Idaho, PacifiCorp filed a GRC in May 2024, seeking an increase of $92 million, or 26.8%, to be implemented over two years to phase in base net power costs, with the first-year increase of 19.4% effective January 1, 2025. PacifiCorp requested 10.3% ROE and cost of long-term debt of 5.08% on 50% equity. In October 2024, the Idaho Public Utilities Commission granted a staff motion for a 60-day extension of the first-year effective date and PacifiCorp’s request for a deferral for the extension period – In Utah, PacifiCorp filed a GRC in June 2024, seeking an increase of $667 million to be implemented over two years. PacifiCorp requested a 9.65% ROE on a capital structure with 50% equity. In August 2024, PacifiCorp amended its request to eliminate the second year of the increase, requesting an overall rate increase of $394 million, or 16.7%, to be effective February 2025 – In Wyoming, PacifiCorp filed a GRC in August 2024, seeking an increase of $124 million, or 14.7%, to be effective June 1, 2025. PacifiCorp requested a 9.65% ROE on 50% equity • Energy cost adjustment mechanisms exist in all six states where PacifiCorp operates • PacifiCorp terminated the Framework Issues Workgroup under the 2020 PacifiCorp Inter-Jurisdictional Allocation Protocol after determining that in negotiations, its participants would not reach a consensus agreement on a new allocation methodology that would meet each state’s energy policy and ensure cost recovery for the company • Utah’s governor has formally requested a report from PacifiCorp by November 13, 2024, that outlines the options, challenges and opportunities associated with a corporate realignment. The report will address the scope of issues and review required to analyze restructuring, along with an initial identification of the required approvals. Any restructuring would require unanimous approval from all state commissions, FERC, and shareholders and must balance the interests of customers and the company PacifiCorp Regulatory Update 26
Slide 27 — PacifiCorp
• Aeolus – Mona – 416 miles of 500-kV; investment of $2.1 billion; planned in-service 2024 – Allows interconnection of an additional 1,920 MWs of renewable generation resources in eastern Wyoming deliverable across PacifiCorp’s system • Windstar – Shirley Basin – 59 miles of new build and 58 miles of rebuild of 230-kV; investment of $0.3 billion; planned in-service 2024 – Allows interconnection of 765 MWs of renewable generation resources in the Dave Johnston/Windstar area near Glenrock, Wyoming (included in the total 1,920 MWs for eastern Wyoming) • Oquirrh – Terminal – 14 miles of 345-kV; investment of $0.1 billion; planned in-service 2024 • Limber – Terminal – 40 miles of 500-kV; investment of $0.8 billion; planned in-service 2030 • Boardman – Hemingway – Joint project with Idaho Power – 290 miles of 500-kV; investment of $1.1 billion (PacifiCorp’s share); planned in-service 2027 • Central Utah Reinforcements – 60 miles; investment of $0.4 billion; planned in-service 2028 PacifiCorp Major Transmission Projects 27 • Anticline – Populus ‒ 200 miles of 500-kV; investment of $1.7 billion; planned in-service 2034 • Anticline – Shirley Basin ‒ 143 miles of 500-kV; investment of $1.1 billion; planned in-service 2035 • Populus – Hemingway ‒ 502 miles of 500-kV; investment of $3.1 billion; planned in-service 2036 PacifiCorp's Energy Gateway transmission projects represent plans to build an estimated 2,299 miles of new high-voltage transmission lines with estimated $13.0 billion of investment. Of that total project investment, PacifiCorp has placed in-service 575 miles with an approximate cost of $2.3 billion Sigurd Red Butte Boardman Hemingway Cedar Hill Borah Populus Ben Lomond Terminal Oquirrh Mona/ Clover Aeolus Windstar Bridger/ Anticline Midpoint Wallula McNary Shirley Basin Existing Lines Future Lines Limber
Slide 28 — PacifiCorp
• In April 2024, PacifiCorp filed its 2023 IRP Update which includes modifications to the assumed operational life of certain thermal generating resources relative to the 2023 IRP, with full exit from coal by the end of 2042, as well as adjustments to PacifiCorp’s near-term resource acquisition strategy, customer demand forecasts and general resource pricing updates • PacifiCorp’s 2023 IRP Update anticipates all coal units to cease coal generation by the end of 2042 and all gas units are anticipated to cease operation by 2049 • PacifiCorp is pursuing ownership and development of the following projects with in-service dates between 2024 and 2025; both wind projects qualify for 110% PTCs – Rock River I, 50 MW – an acquire and repower project in eastern Wyoming; placed in-service in September 2024, ahead of schedule; investment of $99 million – Rock Creek I & II, 590 MWs – new wind projects in eastern Wyoming; investment of $1.3 billion; in- service 2024/2025 • PacifiCorp terminated its 2022 All-Source Request for Proposals in April 2024. As PacifiCorp’s operational, regulatory and financial environments are changing, terminating the RFP was the most prudent decision for the company, allowing PacifiCorp to adapt to changing conditions while making critical decisions for the long-term benefit of our system and customers • To maintain reliable service and reduce reliance on the market, PacifiCorp has negotiated contracts with third parties for 920 MWs of battery capacity that is scheduled to achieve commercial operation by summer 2026 PacifiCorp Generation Portfolio Transition 28
Slide 29 — MidAmerican
MidAmerican 29 • Headquartered in Des Moines, Iowa • 3,500 employees • 1.6 million electric and natural gas customers in four Midwestern states • 4,700 transmission line miles, 25,500 miles of distribution lines and 340 substations • 12,010 MWs (1) of owned generation capacity • Owned generation capacity by fuel type: 12/31/2000 9/30/2024 0% 62% Wind 70% 22% Coal 19% 11% Natural Gas 11% 5% Nuclear and other (1) Net MWs owned and in operation as of September 30, 2024 IOWA MidAmerican service area Major generating facilities Operational wind farms Operational solar farms
Slide 30 — MidAmerican
• Actual retail load for nine months ended September 30, 2024, was 22,563 GWh; a 140 GWh (0.6%) increase compared with the same period last year, primarily due to improved industrial sales and substantially offset by the unfavorable impact of weather • MidAmerican’s electric rates – 42% below the national average – coupled with a high renewable concentration have been a significant factor in attracting retail load, particularly from data centers and other large customers; sales to MidAmerican’s largest customers on individual rates increased 3.5% for the nine months ended September 30, 2024, over the same period in 2023 • In June 2023, MidAmerican filed a request with the Iowa Utilities Commission (IUC) for an increase in its Iowa retail natural gas rates, which would increase revenue by $39 million annually or increase retail customer’s bills by an average of 6.1%; interim rates of $31 million annually, or an average increase to customer’s bills of 4.8%, were effective in June 2023. In January 2024, MidAmerican filed a non-unanimous settlement with the Office of Consumer Advocate, which would allow for an increase in revenue of $30 million annually, or an average increase to customer’s bills of 4.6%. In March 2024, the IUC approved the non-unanimous settlement agreement; final rates were implemented July 1, 2024 MidAmerican Business Update 30
Slide 31 — MidAmerican
MidAmerican Wind and Solar Energy Investment 31 • MidAmerican is the largest owner in the U.S. of rate-regulated wind capacity, with 7,758 MWs (7,392 MWs of net capacity) in operation as of December 31, 2023 • As of December 2023, MidAmerican had invested approximately $15 billion in new-wind generation, wind-repowering projects and solar generation projects across Iowa • In 2022, MidAmerican met its goal to provide 100% renewable energy to its Iowa customers due to a record-setting wind resource in 2022 and MidAmerican’s decades-long commitment to investing in renewable energy for its customers • MidAmerican participates in the Midcontinent Independent System Operator (MISO); the size of MISO’s non-renewable installed capacity enables MidAmerican to continue developing wind and solar generation while maintaining reliability; non- renewable sources account for 80% of MISO’s capacity Cumulative Investment ($ billions)(3) MWs Installed Capacity(2) $7.0 4,048 2016 Actual $8.3 4,388 2017 Actual $10.0 5,215 2018 Actual $11.9 6,262 2019 Actual $12.8 7,037 2020 Actual $13.9 7,335 2021 Actual $14.7 7,555 2022 Actual $15.4 7,758 2023 Actual MidAmerican’s Iowa Wind and Solar Generation(1) (1) Includes investment in repowered facilities (2) Wind generation MWs are representative of nameplate capacity (3) Includes investments associated with future wind and solar generation projects
Slide 32 — NV Energy
• Provides electric and gas services to northern Nevada • 380,000 electric customers and 185,000 gas customers • 1,368 MWs(1) of owned generation capacity • Last coal-generation station in Nevada to cease coal operations by 2025 • Provides electric service to southern Nevada • 1 million electric customers • 5,330 MWs(1) of owned generation capacity Nevada Power Sierra Pacific • Headquartered in Las Vegas, Nevada • 2,600 employees • 1.4 million electric customers and 185,000 natural gas customers • 6,100 transmission line miles, 23,900 miles of distribution lines and 430 substations • Provides service to the majority of Nevada’s population • 6,698 MWs(1) of owned generation capacity (93% natural gas, 4% coal, 3% renewable/other) NV Energy 32 (1) Net MWs owned in operation and under construction as of September 30, 2024
Slide 33 — NV Energy
• Retail Load Growth – Nevada Power: Actual retail load for nine months ended September 30, 2024, was 19,799 GWh; a 1,425 GWh increase (7.8%) compared with the same period last year, primarily due to increases in customers and favorable weather driving an increase in residential and commercial customer usage relative to the same period in 2023 – Sierra Pacific: Actual retail load for nine months ended September 30, 2024, was 8,758 GWh; a 332 GWh increase (3.9%) compared with the same period last year, primarily due to increases in customers and favorable weather driving an increase in residential and commercial customer usage relative to the same period in 2023 • Nevada Economy – Nevada has been successful in attracting industries such as data centers, renewable energy and manufacturing. These efforts aim to create a more resilient and diversified economy. In terms of renewable energy and data centers, Nevada has made significant progress by hosting large solar power plants and encouraging investment in clean energy – Gaming industry has had a record-breaking year in 2024, with more than a 4% increase in revenues compared to the previous year – Northern Nevada continued positive trends with the Tesla Gigafactory II facility expansion for the manufacturing of the Tesla semi-truck and Redwood Materials receiving a $2 billion DOE loan for a new large battery recycling facility – Industrial development both in northern and southern Nevada continues to be robust, being driven by relatively low industrial vacancy rates and strong demand • Sierra Pacific GRC – Sierra Pacific filed a GRC in February 2024. A final order was issued in September 2024 granting Sierra Pacific a $40 million revenue requirement increase for electric ($8 million for gas) and an authorized return of 9.65% on a capital structure with 52.4% equity for electric (9.5% for gas on a capital structure with 52.4% equity), effective October 1, 2024. Nevada Power’s return on equity remains authorized at 9.5%, with plans to file a rate case in February 2025 • Future Investments – NV Energy is investing in infrastructure to access lower-cost market purchases, self-generate power, and increase the utilization of renewable energy and storage. The Greenlink Nevada initiative will enhance renewable energy transmission to support Nevada’s goal of achieving 100% renewable energy by 2050, improving air quality and public health, as well as to help stabilize the grid. NV Energy introduced an additional safeguard to enhance response to wildfires, which involves implementing emergency de-energization of power lines when active wildfire approaches our equipment • Customer Empowerment – NV Energy is empowering customers to manage their energy costs through tools like home energy assessments, programmable thermostats and incentives for energy efficiency projects NV Energy Business Update 33
Slide 34 — NV Energy
‐‐‐ 345-kV Under Development ‐‐‐ 525-kV Under Development 525-kV In Service • Combined expected cost of approximately $4.2 billion • Greenlink West – Fort Churchill substation to Northwest substation 525-kV. In-service planned for May 2027 – Northwest substation to Harry Allen substation 525-kV. In-service planned for December 2028 • Greenlink North – Fort Churchill substation to Robinson Summit substation 525-kV. In-service planned for December 2028 • Common Ties – Fort Churchill 525, 345, 230 and 120-kV substation expansion – Fort Churchill substation to Mira Loma substation 345-kV – Fort Churchill substation to Comstock Meadows substation 1, 345-kV – Fort Churchill substation to Comstock Meadows substation 2, 345-kV – Common Ties in-service planned for May 2027 • Benefits for customers and Nevada – Creates access to resource-rich renewable energy zones containing over 5,000 MWs of renewable resources that could not previously be developed due to lack of necessary transmission infrastructure – Facilitates ability to meet Nevada’s renewable development and carbon- reduction goals – Positions Nevada to benefit from renewable energy when other future regional transmission projects interconnect to the Greenlink substation terminals and collector stations – Strengthens electric reliability for Nevada – Aligns with long-term statewide economic growth in northern and southern Nevada – Positions Nevada as an energy leader in western U.S. NV Energy Greenlink Nevada Transmission Project 34 Greenlink Nevada
Slide 35 — NV Energy
• NV Energy is committed to renewable energy through the pursuit of power purchase agreements for solar photovoltaic plus storage, grid-connected battery storage, geothermal, and wind, as well as self-development of renewable energy and storage projects • NV Energy plans to utilize Inflation Reduction Act benefits to provide the most economical projects to its customers • Renewable projects include: • Sierra Solar will be the largest self-developed solar plus battery storage project in the company’s portfolio • NV Energy is pursuing approximately 1,500 MWs of additional contracted renewables and storage resources to meet the native load and large customers’ energy supply agreement needs NV Energy Renewable Projects and Battery Storage 35 In-Service Date Capacity (MWs) Nevada Region Owned or Purchased Technology Status Project December 2023 220 two-hour storage Southern Owned Grid-connected Battery Storage In-Service Reid Gardner Storage March 2024 150 solar + 100 four-hour storage Southern Owned Solar + Battery Storage In-Service Dry Lake Solar 2025 – 2028 120 Northern Purchase Conventional Geothermal Approved Geothermal Portfolio Storage 2026 Solar 2027 400 solar + 400 four- hour storage Northern Owned Solar + Battery Storage Approved Sierra Solar December 2026 200 solar + 200 four- hour storage Southern Purchase Solar + Battery Storage Pending PUCN Approval Dry Lake East June 2027 128 solar + 128 four- hour storage Southern Purchase Solar + Battery Storage Pending PUCN Approval Boulder Solar III December 2027 700 solar + 700 four- hour storage Northern Purchase Solar + Battery Storage Pending PUCN Approval Libra Solar & Storage January 2030 115 Northern Purchase Advanced Geothermal Pending PUCN Approval Corsac Generating Station 2
Slide 36 — Northern Powergrid
Northern Powergrid 36 Company Profile 4.0 million Customers (Regulated Power Network) 3,000 Employees 61,000 miles Length of distribution lines 260 MWs Renewables capacity 2023 2024 Key Financial Metrics (£, millions) 4,222 4,658 Regulatory Asset Value (as of March 31) 784 903 Total revenue (1) 611 763 Regulated revenue 78% 85% Regulated % of revenue 137 307 Net Income (1) 177 292 Regulated net income 129% 95% Regulated % of net income (1) For the nine months ended September 30
Slide 37 — Northern Powergrid
Northern Powergrid RIIO-ED2 Price Control Update 37 • 2023-2028 price control settlement settled in first quarter 2024 – Successfully appealed Ofgem’s decision – adding approximately £100 million to base allowances – Output targets remain but outperformance incentives are weaker – Charges remain approximately 5% of the typical average annual residential bill • ED2 financial framework was shaped by 2021 network price control appeals – Real equity returns are lower – Debt cost index increased to reflect higher market rates – Inflation protection now linked to CPI-H (vs. RPI previously) – Inflation-linkage unchanged following Ofgem consultation • Cost allowances were increased by at least 20% – Ofgem’s baseline allowances assume a relatively low (conservative) decarbonization scenario – Adjustment mechanisms are designed to provide additional funding in the event of faster uptake of low carbon technologies £469 £566 £676 £716 £728 £- £250 £500 £750 £1,000 ED1 System Transformation (Ofgem) CCC Headwinds (NPg Base View) Planning Scenario (NPg Best View) Widespread Engagement (Ofgem ED3) (£ millions) DECARBONIZATION PATHWAYS (ANNUAL AVERAGE EXPENDITURE – 2020/2021 PRICES) ED1 (2015-23) ED2 (2023-28) Regulatory Parameters 6.00% 5.23% Real Allowed Equity Returns 2.03% 3.07% Real Allowed Cost of Debt 65% 60% Gearing (Debt-to-RAV) 3.42% 3.93% Real WACC (post-tax equity/pretax debt) RPI CPI-H Inflation link 20-45 45 Regulatory Asset Life (years) 1.3% 3.8% Average RAV growth (real) 6.1% 5.5% Average RAV growth (nominal)
Slide 38 — BHE Pipeline Group
BHE Pipeline Group 38 21.1 Bcf Design Capacity 515.6 Bcf Working Gas Storage Capacity 21,000 miles Miles of Pipe Operated 2.1 million HP Total Compression Geographic diversity and scale – industry leading customer satisfaction for 19 consecutive years(1) (1) Mastio & Company customer satisfaction survey, Major Organizational Groups Customer Satisfaction Index
Slide 39 — BHE Pipeline Group
• 2023 Carolina Gas Transmission (CGT) Rate Case: – In November 2023, CGT filed a general Section 4 rate case. Previous rates were established by a 2011 FERC-approved settlement – In July 2024, agreement in principle was reached with the related parties – Final settlement filed with FERC in August 2024 – With the settled transmission rates CGT – Zone 1 rates will increase from its previously filed rates • 30% during the period of June 1, 2024 – August 31, 2025 • 37.5% during the period September 1, 2025 – October 31, 2027 • 34.5% on November 1, 2027 – In 2025, this represents a revenue uplift of approximately $25 million BHE Pipeline Group Business Update 39
Slide 40 — BHE GT&S
BHE GT&S 40 • Headquartered in Glen Allen, Virginia • 1,600 employees • 5,400 miles of operational natural gas transmission, storage and gathering pipelines • Approximately 12.6 Bcf per day of transmission design capacity and total operating storage design capacity of 420 Bcf, of which approximately 307 Bcf is company-owned working storage capacity • 96% of transmission and storage revenue (excluding Cove Point LNG revenue) through September 30, 2024, was contracted based on fixed amounts (demand charges) that are not dependent on the volumes transported – Eastern Gas Transmission and Storage’s transmission and storage contracts have a weighted average remaining contract term of six years and four years, respectively – Carolina Gas Transmission’s transmission contracts have a weighted average contract term of eight years • Eastern Gas Transmission and Storage ranked second among mega-pipelines in the 2024 Mastio & Company customer satisfaction surveys • Carolina Gas Transmission ranked second among interstate pipelines in the 2024 Mastio & Company customer satisfaction surveys • Includes Cove Point LNG, an import and export liquification facility with storage capacity of approximately 14.6 Bcf- equivalent with a pipeline connecting the facility to upstream pipelines – Long-term take or pay tolling contracts with two offtake customers supported by international investment-grade counterparties represents approximately 86% of annual revenue with an approximate 14-year remaining contract life – No direct commodity exposure Cove Point LNG, LP (75%) Pipeline LNG Terminal Eastern Gas Transmission and Storage, Inc. Pipeline Storage Facility Carolina Gas Transmission, LLC Iroquois Gas Transmission System L.P. (50%) Modular LNG Holdings, Inc. Utica Shale Marcellus Shale
Slide 41 — Northern Natural Gas
• Headquartered in Omaha, Nebraska • 1,000 employees • 14,200-mile interstate natural gas transmission pipeline system • 6.3 Bcf per day of Market Area design capacity, 1.7 Bcf per day Field Area capacity to Demarcation and 1.5 Bcf per day of Field Area capacity in the West Texas Region • More than 79 Bcf of firm service and operational storage cycle capacity in five storage facilities • 93% of transportation and storage through September 30, 2024, was contracted based on fixed amounts (demand charges) that are not dependent on the volumes transported −Market Area transportation contracts have a weighted average contract term of six years −Storage contracts have a weighted average contract term of five years • $4.1 billion asset modernization program to enhance the integrity and reliability of the pipeline – $1.4 billion spent in 2016-2023 – $2.7 billion planned in 2024-2033 • Ranked No. 1 among mega-pipelines and No. 3 among interstate pipelines in the 2024 Mastio & Company customer satisfaction survey Northern Natural Gas 41
Slide 42 — Kern River
• Headquartered in Salt Lake City, Utah • 140 employees • 1,400-mile interstate natural gas transmission pipeline system • Design capacity of 2.2 million Dth per day of natural gas • Ranked No.1 among interstate pipelines in the 2024 Mastio & Company customer satisfaction survey • Delivered nearly 25%(1) of California’s natural gas demand in 2023 • 84% of revenue through September 30, 2024, was based on demand charges • Long-term contracted capacity has a weighted average contract term of approximately eight years • 100% equity financed (no debt) Kern River 42 CALIFORNIA NEVADA ARIZONA UTAH WYOMING (1) 2024 California Gas Report
Slide 43 — BHE Transmission
• BHE Transmission owns approximately 8,500 miles of transmission lines and 320 substations (excluding joint ventures), and had total assets of $9.6 billion as of September 30, 2024 • 760 employees • AltaLink owns and operates regulated electricity transmission facilities in the province of Alberta, Canada – Supplies electricity to approximately 85% of Alberta’s population – No volume or commodity price exposure – Revenue from AA- rated Alberta Electric System Operator (AESO) – Mid-year 2024 forecast rate base of C$7.4 billion and CWIP of C$139 million as per 2024-2025 General Tariff Application • BHE U.S. Transmission is engaged in various joint ventures to develop, own and operate transmission assets – Owns a 50% interest in Electric Transmission Texas (ETT). ETT owns and operates transmission assets in the Electric Reliability Council of Texas, with total assets of $3.9 billion as of September 30, 2024 – Owns a 25% interest in Prairie Wind Transmission, LLC in Kansas, with total assets of $0.1 billion as of September 30, 2024 BHE Transmission 43 • BHE Transmission owns and operates four wind farms across Montana and Alberta totaling 529 MWs, a 20-MW natural gas peaking facility in Alberta, a 214-mile single circuit 230-kV transmission line which connects Alberta and Montana, and plans to construct solar and energy storage facilities in Montana – Total unregulated assets of $0.7 billion as of September 30, 2024
Slide 44 — AltaLink
• 2024+ Generic Cost of Capital (GCOC) – AUC Proceeding – In October 2023, the AUC issued its decision on the GCOC for 2024 and beyond, approving a set equity ratio and a formula to determine return on equity. The 2023 approved levels were 37% equity thickness and 8.5% ROE – In November 2023, the AUC confirmed an ROE of 9.28% and an equity ratio of 37% through the end of 2024 – In November 2024, the AUC initiated a proceeding to determine the ROE for the year 2025, calculated at 8.97% in accordance with the approved formula • 2024-2025 General Tariff Application (GTA) and 2021-2022 Direct Assign Capital Deferral Account Application (DACDA) – In April 2023, AltaLink filed its 2024-2025 GTA and 2021-2022 DACDA application, which included: • Capital replacement and upgrade projects, wildfire, information technology, cybersecurity and physical security projects, with a requested net capital expenditure of C$410 million and C$161 million of direct assign projects over the two-year period • Requests that the AUC deem prudent the actual salvage related costs of approximately C$99 million incurred in 2019-2021 and recover the associated returns over the same period – In December 2023, AltaLink filed its Negotiated Settlement Agreement with the AUC. AltaLink also filed an application requesting the commission to approve the settlement agreement and provided rationale for the various aspects of the settlement agreement, particularly why AltaLink agreed to certain reductions. Reductions during the 2024-2025 test period include C$7 million of operating costs and C$39 million of capital expenditures; specifically, C$25 million of capital maintenance expenditures, C$13 million of IT/Security capital expenditures, and C$1 million of wildfire mitigation plan (WMP) capital expenditures. The AUC approved the settlement agreement between AltaLink and the parties to the negotiated settlement process, which includes approval of AltaLink’s C$156 million 2021-2022 DACDA and the other deferral reconciliations filed with the 2024-2025 GTA – In June 2024, the AUC issued its decision on AltaLink’s 2024-2025 GTA. In its decision, the commission provided reasons for the approval of the negotiated settlement and its findings on the five matters excluded from the negotiated settlement and instead considered during the oral hearing • 2024-2025 forecast and 2019-2023 actual salvage expenditures were approved as filed • AltaLink’s request to recover C$11 million in returns over the 2022-2023 test period applicable to 2019-2021 actual salvage expenditures was denied, as it would constitute impermissible retroactive ratemaking • Approved an increase in 2024-2025 WMP spending of C$9 million to C$29 million, inclusive of capitalized salvage, versus 2022-2023 approved spending of C$20 million. AltaLink’s request to accelerate WMP spending in the 2024-2025 test period was denied • The AUC denied the establishment of a Wildfire Damages Deferral Account. The commission provided comments on the layers of protection that it viewed AltaLink having to address the risk of liability for wildfire-related third-party damages AltaLink Regulatory Update 44
Slide 45 — BHE Transmission
BHE Transmission Growth Opportunities 45 • Montana Alberta Transmission Line (MATL) – MATL is a 214-mile, 230-kV merchant transmission line connecting Great Falls, Montana and Lethbridge, Alberta – MATL is the only physical intertie that connects Alberta and the U.S. – Developing potential project to increase MATL’s capacity from 300 MWs to 468 MWs • BHE Montana, LLC – Three windfarms in Montana with total generation capacity of 399 MWs and 300 MWs of long-term (50+) years northbound transmission rights on MATL beginning in 2026 – BHE Montana has committed to a 75-MW energy storage project with targeted commercial operation in 2025 and a 100-MW solar project with targeted commercial operation in 2027 • Cross-Tie Electric Transmission Line – Proposed 500-kV, 214-mile electric transmission line being developed by TransCanyon, LLC (a joint venture between BHE U.S. Transmission and Pinnacle West Capital Corporation), connecting Utah and Nevada. The line is planned to be placed in-service in 2028, with an estimated cost of $992 million; however, in-service could be delayed – In April 2024, TransCanyon and the U.S. DOE executed agreements under the Transmission Facilitation Program. The program authorizes the DOE to use $2.5 billion to enter anchor customer capacity contracts with eligible transmission projects selected through a competitive solicitation process • AlbertaEx Limited Partnership – Commercial operations are scheduled to begin in January 2025 to operate as a cross- border operations center to optimize the dispatch of BHE Canada and BHE U.S. Transmission’s existing physical generation assets on the MATL line – Provide real-time southbound power sales, utilizing 50-MW firm southbound transmission rights on MATL beginning in January 2025 – Optimizing merchant power and environmental offset sales from BHE Montana’s generation assets (including 300 MWs of long-term firm northbound transmission rights on MATL, inclusive of southbound non-firm redirection rights) beginning in May 2026
Slide 46 — BHE Renewables
Net Owned Capacity (MW)(1) Net Capacity (MW) Power Purchaser PPA Expiration Installed Location SOLAR 586 586 SCE 2035 2013-2015 CA Solar Star 1 & 2 550 550 PG&E 2039 2013-2014 CA Topaz 142 290 PG&E 2039 2012-2013 AZ Agua Caliente 110 110 CPS 2042 2017 TX Alamo 6 98 98 Various 2041-2043 2016-2018 MN Community Solar Gardens 50 50 CPS 2042 2017 TX Pearl 48 48 CPA 2045 Est. 2025 CA Solar Star 3 & 4 1,584 1,732 WIND 400 400 OPPD 2036 2016 NE Grande Prairie 300 300 SCE 2035 2012 CA Pinyon Pines I & II 300 300 Austin 2033 2015 TX Jumbo Road 300 300 Various 2038 2018 TX Santa Rita 230 230 N/A N/A 2016 TX Mariah North 212 212 US GSA 2028 2018 IL Walnut Ridge 200 200 Shaw 2038 2019 TX Flat Top 158 158 Kraft-Heinz 2034 2019 TX Fluvanna II 81 81 Ameren 2032 2012 IL Bishop Hill II 72 72 Various 2036 2016 KS Marshall Wind 54 54 CIPCO 2041 2021 IA Independence 2,307 2,307 GEOTHERMAL 345 345 Various Various 1982-2000 CA Imperial Valley HYDROELECTRIC 10 10 HELCO 2028 1993 HI Wailuku NATURAL GAS 512 512 N/A N/A 2001 IL Cordova 140 140 N/A N/A 1988 TX Power Resources 196 245 N/A N/A 1994 NY Saranac 50 50 N/A N/A 1994 AZ Yuma 898 947 5,144 5,341 Total Owned BHE Renewables 46 (1) Net MWs owned and in operation and under construction as of September 30, 2024 Solar Geothermal Natural Gas Wind Hydro Under Development/Construction Wind 52% Solar 24% Geothermal 13% Natural Gas 11% Hydro 0% LTM 9/30/24 Power Generation
Slide 47 — BHE Renewables
Lithium • Conducting testing to confirm the commercial viability of recovering lithium from geothermal brine and converting it to battery-grade lithium carbonate – Conducting pilot testing in 2024 with new technology – A joint venture with Oxy Low Carbon Ventures was formed in June 2024 – Demonstration-scale testing planned for 2026 – If successful, commercial construction could begin as early as 2027 BHE Renewables Lithium Development 47
Slide 48 — BHE Renewables
Ravenswood Microgrid • Developing a first-of-its-kind solar and battery storage microgrid in Jackson County, West Virginia – Microgrid will serve Precision Castparts Corp. – a Berkshire Hathaway company – which is developing a titanium melt plant on the site – Unique partnership with state of West Virginia to redevelop former site of aluminum manufacturing plant – Commercial operations anticipated to phase in starting mid-2025 Geothermal expansion • Developing three new geothermal plants for a combined net capacity of approximately 350 MWs – The California Public Utilities Commission’s final order determining which resources can be centrally procured through the Department of Water Resources included conventional geothermal – The central procurement process is anticipated to begin in early-2026 Solar Star 3 and 4 • Developing and constructing a 48-MW solar and battery storage project in Kern County, California – Offtake agreements with Clean Power Alliance were executed in June 2024 – Commercial operation anticipated by third quarter 2025 BHE Renewables Business Update 48
Slide 49 — Financing Plan
• PacifiCorp debt offering is being evaluated as either a senior secured or junior subordinated debt offering Financing Plan 49 Anticipated Use of Proceeds Anticipated Issue Date Issuance (millions) Company Fund capital expenditures Q1 2025 $1,000 PacifiCorp Recapitalize capital structure due to increased Cove Point ownership Q1 2025 $1,200 Eastern Energy Gas Holdings Fund capital expenditures Q1 2025 $300 Nevada Power Repay £235 million of debt maturing in 2025, and manage capital structure Q3 2025 £750 Northern Powergrid Fund capital expenditures Q4 2025 $300 Sierra Pacific
Slide 50 — Wildfire Litigation and Mitigation Update
50 Wildfire Litigation and Mitigation Update
Slide 51 — Coordinating Wildfire Efforts
Coordinating Wildfire Efforts 51 • Develop federal solutions modeled after other successful regimes – Federal wildfire fund – Federal backstop insurance • Electricity Subsector Coordinating Council working with federal agencies and labs on: – Federal rights of way policies – Wildfire mitigation technologies – Wildfire response and restoration • Industrywide sharing of best practices and establishment of collective actions to mitigate wildfire risk • All Edison Electric Institute members have committed to developing and publishing a wildfire mitigation plan • Coordination and collaboration required with government and all sectors to address wildfire risk – Regulators (National Association of Regulatory Utility Commissioners) – State legislators – Insurance industry – Credit rating agencies – Financial investors Industry Coordination Stakeholder Partnerships Federal Support
Slide 52 — U.S. Regulatory
U.S. Regulatory Wildfire Mitigation Plans 52 AltaLink NV Energy PacifiCorp Policies Public Safety Shutoff Program Situational Awareness Aerial Surveillance Enhanced Fire Risk Protection Settings Encroachment Vegetation Management Periodic Inspection Hardening Assets Pole Enhancement or Replacement N/A Undergrounding N/A Covered Conductor
Slide 53 — PacifiCorp
PacifiCorp Wildfire Legal Proceedings 53 Settlements – Over $1.2 billion Litigation • Archie Creek Complex Fire (2020) ‒ In 2022 and 2023, PacifiCorp settled approximately $605 million in claims with numerous individual plaintiffs, including companies with timber interests and insurance subrogation plaintiffs • Slater Fire (2020) ‒ In 2023 and 2024, PacifiCorp settled approximately $104 million in claims with numerous individual plaintiffs, insurance subrogation plaintiffs and Siskiyou County ‒ In June 2024, PacifiCorp reached a global settlement with the remaining 378 plaintiffs for $150 million • McKinney Fire (2022) ‒ In 2024, PacifiCorp settled approximately $44 million in claims with numerous individual plaintiffs, insurance subrogation plaintiff and Siskiyou County ‒ PacifiCorp is actively exploring settlement opportunities with remaining plaintiffs • James Class Action and related fire cases (2020) ‒ In 2023 and 2024, PacifiCorp settled approximately $136 million in claims with insurance subrogation plaintiffs, commercial timber plaintiffs, four wrongful death cases and one personal injury ‒ In 2024, PacifiCorp settled approximately $188 million in claims with numerous individual plaintiffs who opted out of the James class action lawsuit • Archie Creek Complex Fire (2020) ‒ Mediation with the federal and state government is in process • Slater Fire (2020) ‒ The U.S. Forest Service claim is being reviewed • McKinney Fire (2022) – A bellwether trial is scheduled for March 10, 2025 – A wrongful death trial is set for April 28, 2025 • Winery Cases (2020) ‒ PacifiCorp is defending several cases filed on behalf of various wineries alleging smoke damage from the 2020 Labor Day fires • James Class Action and related fire cases (2020) ‒ No damages-only trials are currently scheduled in the James proceeding for the remainder of 2024 ‒ Plaintiffs filed Mass Short Form Complaint #5, identifying 93 new plaintiffs. Total short-form complaint universe is now 1,536 plaintiffs ‒ The court set nine jury trials in 2025 with approximately 10 plaintiffs per trial; the first trial is scheduled to begin February 2025
Slide 54 — PacifiCorp
PacifiCorp Wildfire Investments & Mitigation 54 • PacifiCorp develops and updates its wildfire and extreme weather mitigation plans in partnership with local and statewide authorities and emergency services leaders and incorporates the use of state-of-the-art technology • Asset Hardening in Fire High Consequence Areas (FHCA) make up most of the investment. Examples include: – Rebuilding overhead lines with covered conductor or converting to underground, reducing exposure to interference from trees or other objects – Replacing electro-mechanical relays with microprocessor relays to provide quicker fault detection that limits the amount of arc-energy (heat) present in a fault event – Installing additional field reclosers with upgraded fault detection (similar to relays) and remote setting capability that reduces wildfire risk while minimizing outage impacts to customers – Recloser plan phasing accomplishes 100% of FHCA by year-end of 2025; additional reclosers are for increased sectionalizing – Efforts to further accelerate delivery of system hardening continue PacifiCorp has invested over $600 million through 2023, with an additional $500 million in 2024. PacifiCorp has accelerated and nearly doubled wildfire mitigation investment from prior plan, with planned investment of approximately $2 billion from 2025 to 2027 Total 2027 2026 2025 2024 Pre-2024 Wildfire Mitigation Projects 2,447 690 595 470 292 400 Line Rebuild (miles) 872 32 112 106 148 474 Relay / Recloser Installs (devices) 638 19 28 50 90 451 Weather Station Installs (stations)
Slide 55 — PacifiCorp
PacifiCorp Wildfire Mitigation Expansion 55 • Programs have expanded to entire service territory to mitigate wildfire risk anytime of the year anywhere across the service territory • The entire service territory has risk modeling conducted and is monitored for fire weather conditions that trigger operational practices • Enhanced Safety Settings are fast de- energization settings activated for devices when an area reaches elevated weather conditions • Experience with conducting Public Safety Power Shutoffs (PSPS) across the service territory. The last PSPS was successfully executed in 2022 during a significant wind event in Oregon • Wildfire Encroachment Policy: All fires within 10 miles of assets are monitored and readied for de-energization, based on specific threshold distances to assets 2020 (55 weather stations) 2024 (541 weather stations) Service territory shown in blue; identified FHCA shown in red. Black dots represent weather station locations % FHCA OH Covered OH Bare Underground FHCA Total Asset Line Miles 12% n/a 2,025 0 2,025 17,100 Transmission 14% 424 5,265 3,776 9,465 66,300 Distribution
Slide 56 — PacifiCorp
PacifiCorp Wildfire Policies and Procedures 56 Highlights Policy • Describes inputs to the decision-making process • Notification processes for before, during and after an event PSPS Execution Playbook • 24/7 monitoring • All fires within 10 miles of assets are tracked for fire growth • Fires within a predetermined minimum distance of assets results in an operator requirement to immediately de-energize; no approvals are required • More conservative de-energization can be taken outside the predetermined minimum policy distances Governing Wildfire Policy • Re-energization authority after a transmission line has opened • Disabling reclosing • Patrol requirements before energizing • De-energized segments where possible in high fire risk area Wildfire Encroachment and De-Energizing Assets • Enhanced Safety Settings (EFR) • Outage restoration authority • Patrol requirements before energizing Operating Transmission Assets During Periods of Elevated Risk • Daily evaluation of fire risk across entire service territory • Notes cross-departmental procedures based on fire risk such as EFR, patrols and re-energization authority Operating Distribution Assets During Periods of Elevated Risk PacifiCorp has a suite of wildfire policies and procedures that are used to trigger operational practices, including Enhanced Safety Settings, PSPS, de-energization and re-energization
Slide 57 — PacifiCorp
PacifiCorp Enhanced Safety Settings 57 22 • Enhanced Safety Settings are enabled when weather and vegetation conditions show the potential for a spreading wildfire • Enabled conservatively sooner in high impact areas Fire Season is a condition… not a date Modeling is completed daily for the entire service territory through the entire year to determine conditions of risk Very Low Fire Risk Low Fire Risk Elevated Fire Risk Significant Fire Risk Extreme Fire Risk • Modified Hot-Dry-Windy Index above the 60th percentile • Windy weather relative to normal above 60th percentile (~20 to 30 mph gusts) • Slightly dry vegetation, dead fuel moisture 14-16% • Vegetation grasslands curing Enhanced Safety Settings Enabled in high fire risk areas • Modified Hot-Dry-Windy Index above the 80th percentile • Abnormally windy relative to normal above 80th percentile (~30 to 35mph gusts) • Dry vegetation, dead fuel moisture 12-14% Enhanced Safety Settings Enabled on Circuits PSPS Potential • Modified Hot-Dry-Windy Index above the 95th percentile • Very strong winds relative to normal above 95th percentile ( > 40 mph gusts) • Very dry vegetation, dead fuel moisture lower than 10% Percentage of Utility Related Catastrophic Wildfires 0% 100% of the fires are in Significant or Extreme Fire Risk conditions based on 30 years of utility related wildfires (over 2,000 wildfires) in the western U.S. Increased safety buffer for enabling Enhanced Safety Settings Situational awareness monitors conditions every day of the year and applies mitigation responses with a conservative safety buffer in advance of conditions that are associated with catastrophic wildfires
Slide 58 — PacifiCorp
PacifiCorp Wildfire Encroachment Policy 58 The Wildfire Encroachment Policy utilizes conservative assumptions based on worst-case fire spread rates and associated de-energization distances. Year-to-date September 2024, there have been 118 emergency de-energization events this year • The closest SCADA controlled device would be used to de-energize • De-energization will occur if distances are broached; additional information will be collected after de-energization to inform next steps EMERGENCY DE-ENERGIZATION Wind (mph) Fire Risk (Fuel Moisture) > 30 miles 15 to 30 miles < 15 miles 4 3 2 Low (In FHCA) 4 3 2 Elevated 6 4 2 Significant Any wildfire within 6 miles Extreme Conservative Approach: • Provides at least 30 minutes for SCADA remote de-energization, which only requires 10 minutes • Assumes worst-case fire spread rate (grassland wildfires)
Slide 59 — PacifiCorp
PacifiCorp Wildfire Mitigation: Vegetation Management 59 Program Elements • Three-year cycle throughout service territory • In FHCAs: Increased clearances Annual inspections Annual clearing of equipment poles Hazard tree removal on and off the right-of-way Example of transmission corridor fuel reduction through partnership with forest management Areas Under Evaluation and Implementation LiDAR and Satellite Imagery to detect clearances and vegetation health Fuel reduction programs in partnership with public land managers to create resilient transmission corridors (wider right-of-way with less trees within strike distance) PacifiCorp’s Vegetation Management program has grown from $52 million in 2018 to $148 million in 2024 Vegetation management continues to expand with leveraging technology to inform program such as right-of-way clearing, hazard tree identification and documentation of clearances
Slide 60 — NV Energy
NV Energy Service Territory 60 • NV Energy’s service territory is comprised of 30,410 overhead transmission and distribution line miles • Tier 3 (high-risk/high-consequence) represents 1%, or 321 miles, of NV Energy’s total overhead line miles – Nevada Power’s share includes 20 miles of distribution-only, with no Tier 2 or Tier 1E (i.e., elevated) risk areas • 100% of Tier 3 conventional expulsion fuses were replaced with non-expulsion fuses • Overhead bare lines in Tier 3 areas have Fast Trip Fireseason Mode (FTFM) fully enabled to de- energize the lines rapidly if a fault is detected • NV Energy has Public Utilities Commission of Nevada (PUCN) approval to spend approximately $330 million in wildfire mitigation for 2024-2026 Sierra Pacific Nevada Power OH Covered OH Bare Underground Total Asset Line Miles 6,100 Transmission n/a 26 0 26 Tier 3 Fire Risk Transmission Lines (0.4% of total) n/a 113 0 113 Tier 2 Fire Risk Transmission Lines (1.9% of Total) 23,900 Distribution 12 175 108 295 Tier 3 Fire Risk Distribution Lines (1.2% of total) 2 318 295 615 Tier 2 Fire Risk Distribution Lines (2.6% of total)
Slide 61 — Nevada Power
Nevada Power Service Territory Climatology 61 Prior to 2020, no weather stations or fire cameras were dedicated to monitor Nevada Power’s electric system Through 2024, Nevada Power owns or has full access to 31 weather stations and 20 fire cameras to monitor conditions on the electric system Nevada Power is scheduled to install 16 additional weather stations and 16 additional fire cameras over the next two years
Slide 62 — Sierra Pacific
Sierra Pacific Service Territory Climatology 62 Prior to 2020, no weather stations or fire cameras were dedicated to monitor Sierra Pacific’s electric system Through 2024, Sierra Pacific owns or has use of 82 weather stations and 70 fire cameras to monitor conditions on the electric system Sierra Pacific is scheduled to install 55 additional weather stations, 40 additional fire cameras and two long-range mobile wildfire cameras over the next two years
Slide 63 — NV Energy
• Actions taken – Executed initial Natural Disaster Protection Plan (NDPP), with $250 million in spend in 2019-2023 – Executed Public Safety Outage Management (PSOM) based on forecast high-risk weather conditions – Executed Emergency De-Energization Wildfire Policy for active wildfire encroachment infrastructure – Implemented covered conductor, undergrounding and fast trip settings from wildfire risk areas – Expanded wildfire safety inspections and more frequent vegetation management cycles – Continued replacement of conventional expulsion fuses with non-expulsion fuse alternatives – Collaborated industrywide and leveraged Berkshire Hathaway Energy’s wildfire mitigation best practices – Increased NV Energy’s separate commercial wildfire insurance coverage in addition to its coverage through Berkshire Hathaway Energy’s consolidated policies • Next Steps – PUCN approved the new NDPP with approximately $330 million in spend for 2024-2026 – File an amendment to the NDPP to incorporate enhanced fire season protocols, additional situational awareness technology, and a resource plan for NDPP oversite and management – Continue to execute seven key areas of risk mitigation: risk-based approach and analytics, operational practices, inspections and corrections, system hardening, vegetation management, situational awareness and PSOM – File with the PUCN in fourth quarter 2024 to establish additional wildfire insurance funding – Seek legislative support for additional wildfire insurance funding in 2025, as necessary NV Energy Wildfire Risk Mitigation 63
Slide 64 — AltaLink
• AltaLink’s service territory is comprised of 8,326 transmission line miles – AltaLink’s transmission lines have sensitive relay protection settings that de-energize lines rapidly throughout the entire service territory – Approximately 15% of transmission lines and 17% of structures are in HRFA • Invested over C$60 million in wildfire mitigation from 2019-2023, with an additional C$29 million planned for 2024- 2025 • Alberta has 100 public weather stations throughout AltaLink’s territory. To increase weather resolution, AltaLink installed an additional 17 weather stations from 2019- 2024 and plans to add an additional eight weather stations in 2025-2027 • AltaLink is the first Canadian utility to have a commission-approved wildfire mitigation plan as an incremental and separate workstream focused on managing ignition risk from its assets, including an implemented PSPS protocol AltaLink Service Territory 64 % HRFA OH (Covered) OH (Bare) Underground HRFA Total Asset Line Miles 15 0 1,242 12 1,254 8,300 Transmission HRFA LINES Grassland Forest Area Urban 50% 23% 27% Service territory shown with dark blue border; High Risk Fire Areas (HRFA) shown in red. AltaLink Transmission Lines are light blue
Slide 65 — Positioning Our Business to
Positioning Our Business to Create a Sustainable Energy Future
Slide 66 — We Put Our Energy Into a
We Put Our Energy Into a Sustainable Future 66 Social Stakeholder Focus • Targeting zero workforce incidents/accidents • Creating inclusive teams • Partnering with and supporting our communities Governance Sustainable Value • Keeping costs stable and affordable through disciplined management • Enhancing reliability and resiliency • Upholding strong ethical and business processes that enhance value Environmental Cleaner Energy • Increasing clean energy • Striving to achieve net zero greenhouse gas emissions by 2050; 50% reduction by 2030 • Expanding transmission • Supporting transportation electrification Enhancing the culture of sustainability within each core principle
Slide 67 — Cease Coal-Fueled Operations by 2049
PacifiCorp MidAmerican NV Energy Year Plant MWs Plant MWs Plant MWs 2013(1) 6,081 3,326 1,073 2014 Riverside 3 (4) Reid Gardner 1-3 (300) 2015 Carbon 1 & 2 (172) Riverside 5 (2) (124) Walter Scott 1 & 2 (124) 2016 Neal 1 & 2 (390) 2017 Reid Gardner 4 (257) 2019 Naughton 3 (2) (280) Navajo (255) 2020 Cholla 4 (395) 2023 Jim Bridger 1 & 2 (2) (713) 12/31/2023 4,521 2,684 261 2025 Craig 1 (82) Valmy 1 & 2 (2) (261) Naughton 1 & 2 (2) (357) Colstrip 3 (3) - 12/31/2025 4,082 - 2027 Dave Johnston 3 (220) Hayden 2 (33) 2028 Hayden 1 (44) Craig 2 (79) Dave Johnston 1 & 2 (195) 2029 Colstrip 4 (3) (148) 12/31/2030 3,363 2036 Huntington 1 & 2 (909) 2039 Wyodak (266) Dave Johnston 4 (330) Jim Bridger 3 & 4 (2) (700) 2042 Hunter 1-3 (1,158) 12/31/2042 - • We plan to cease coal operations at the 28 remaining coal units by 2049, including the last two coal units at NV Energy by 2025, 20 coal units at PacifiCorp by 2042 and six coal units at MidAmerican by 2049 Cease Coal-Fueled Operations by 2049 67 (1) Adjusted for re-rating of coal plants between December 31, 2013, and September 30, 2024, including plants still in operation and retired (2) Removed from coal service to be converted to natural gas-fueled facilities; Riverside 5 was retired in January 2021 (3) In 2026, subject to negotiations, PacifiCorp’s 74 MW minority share in Colstrip 3 will be exchanged for a 74 MW minority share in Colstrip 4. The total 148 MWs in Colstrip 4 will be divested in 2029 All units to cease coal operations by 2049
Slide 68 — Industry Leader
- 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Berkshire Hathaway Energy Xcel Energy Southern California Edison Pacific Gas & Electric Evergy Duke Energy Alliant Energy NextEra Energy Inc. American Electric Power Co. Dominion Energy Operating Capacity Purchased (MWs) Top 10 Investor Owned Utilities with Clean Power on System Wind Solar Storage Industry Leader in Regulated Renewable Energy 68 Source: As of December 31, 2023, per American Clean Power Association (October 2024)
Slide 69 — Power Diversification
• As of September 30, 2024, Berkshire Hathaway Energy owned 36,892 MWs of generation capacity in operation and under construction – 30,939 MWs of generation capacity are owned by the regulated electric utility businesses – 5,953 MWs of generation capacity are owned by the nonregulated subsidiaries, the majority of which provides power to utilities under long-term contracts – As of September 30, 2024, 47% of owned generation capacity (operating and under construction) was from noncarbon resources Power Diversification 69 Coal 20% Natural Gas 33% Nuclear and Other 1% Wind 36% Solar 6% Hydro 3% Geothermal 1% Noncarbon 47%
Slide 70 — Supporting a Cleaner Energy Future
Q3 2024A 2026E $25.6 $27.9 $7.5 $9.0 $1.3 $1.3 $5.8 $5.8 $0.4 $1.1 $40.6 $45.1 Wind Solar Geothermal and Other Wind Tax Equity Storage Supporting a Cleaner Energy Future $45 Billion Renewable Investments 70 Remaining capital to be deployed • $2.3 billion – Wind development • $1.5 billion – Solar development • $0.7 billion – Storage ($ billions)
Slide 71 — Sustainability
• PacifiCorp’s generation portfolio transformation plan reflected in the 2023 IRP Update indicates a significant reduction in coal generation and the addition of renewables, advanced nuclear and battery storage. Highlights of the plan include: – 9,818 MWs of new wind resources – 4,016 MWs of storage resources, including batteries co-located with solar generation, standalone batteries and pumped hydro storage resources – 3,763 MWs of new solar resources, most paired with battery storage – 500 MWs of advanced nuclear (NatriumTM reactor demonstration project) in 2030 Sustainability PacifiCorp 71 (1) Forecast system load, pre-demand side management and net of sales (2) Includes storage, demand response, energy efficiency, existing purchases and front-office transactions 78.0% 36.0% 25.9% 17.8% 8.4% 0.3% 7.8% 22.1% 20.0% 19.0% 19.0% 8.0% 9.5% 6.2% 6.3% 5.5% 4.7% 4.3% 3.6% 3.2% 3.0% 0.9% 24.5% 33.8% 37.8% 56.3% 60.3% 3.8% 11.2% 14.0% 16.3% 8.4% 24.1% 0% 20% 40% 60% 80% 100% 2005 2023 2025 2030 2035 2040 PacifiCorp 2023 IRP Update- Forecast Generation as a Percent of Demand(1) Coal Natural Gas Hydro Nuclear Renewables (excl. Hydro) Other (2)
Slide 72 — Sustainability
• MidAmerican has retired five of its 11 coal units as of September 30, 2024, and plans to cease all coal operations by 2049 • To finance a portion of its renewable energy development in Iowa, MidAmerican has issued $6.35 billion of green bonds Sustainability MidAmerican 72 LTM 9/30/2024 Power Generation Owned and Purchased Coal 78% Natural Gas 3% Nuclear 15% Wind 4% 2005 Power Generation Owned and Purchased Wind 65% Coal 19% Nuclear, Solar & Hydro 10% Natural Gas 6%
Slide 73 — Sustainability
65.8% 41.6% 31.5% 20.1% 13.2% 8.4% 7.0% 6.1% 3.3% 2.8% 2.4% 9.5% 0.9% 8.0% 13.3% 23.6% 20.9% 18.4% 26.0% 37.5% 45.5% 47.1% 62.0% 70.5% 0.4% 7.7% 7.9% 8.8% 6.5% 1.6% (0.1%) (0.9%) (1.5%) (2.4%) (5.0%) (8.4%) (20%) 0% 20% 40% 60% 80% 100% 120% 2025 2030 2035 2040 2045 2050 NV Energy 2024 IRP - Forecast Generation as Percent of Demand Firm Dispatchable Geothermal, Hydro & Other Wind Solar Standalone & Storage Hybrid Market Excess Energy • NV Energy’s IRP reflects meeting all Nevada RPS requirements (e.g., 50% by 2030) and the state’s 2050 net carbon-zero clean energy goal Sustainability NV Energy 73 (1) (2) (1) Firm dispatchable resources represent technologies that can supply electricity reliably on demand for hours, days or weeks at a time. For purposes of the 2024 IRP, this resource type was modeled with the characteristics of gas turbines due to the lack of sound data on proven, appropriate low-carbon alternatives. In the future, firm dispatchable resources could include the use of hydrogen as a fuel, fuel cells or biofuel combustion units (2) In the decarbonizing portfolio with dramatic amounts of solar resources, there are hours in which the resource output exceeds customer demand (e.g., early afternoon hours in the spring). This excess energy is reflected as a negative number in the table. Some excess energy will be mitigated through off- system sales and through more optimal utilization of storage technologies
Slide 74 — Decarbonization of the Balance Sheet
52% 41% 6% 1% • Berkshire Hathaway Energy is growing its renewable energy portfolio and continues to de-risk its balance sheet as it relates to carbon-based generation assets. As of December 31, 2023, only 4% of our overall net investment in property, plant and equipment was invested in coal generation assets, minimizing the risk of stranded asset recovery Decarbonization of the Balance Sheet 74 67% 24% 4% 5% Electric T&D, Gas Pipelines and Other Noncarbon Generation Coal Generation Natural Gas Generation Net PP&E as of December 31, 2023 Berkshire Hathaway Energy PacifiCorp MidAmerican Energy 64% 18% 11%7% 65% 31% 4% Nevada Power 85% 13% 2% Sierra Pacific
Slide 75 — Creating Inclusive Teams
Creating Inclusive Teams 75 To continue building an inclusive work environment that celebrates the differences of our employees, ensures everyone feels valued, respected and empowered, and enhances the connections we have to the communities in which we live and work S T R AT E G I C PA RT N E R S H I P S Adopt strategic partnerships with the community, regulators, labor unions and diverse suppliers C W O R K F O R C E Attract, engage, promote and retain a diverse workforce B I N C L U S I V E C U LT U R E Champion an inclusive culture A C O M M U N I C AT I O N S Promote our commitment through internal and external communications D A C C O U N TA B I L I T Y Engage leadership and hold leaders accountable E FIVE OBJECTIVES VISION:
Slide 76 — Our Customers and Communities
Our Customers and Communities 76 Affordable, Clean and Reliable Energy We focus on making sure we deliver exceptional service while keeping costs low. Our customers’ energy rates are well below the U.S. average The global pandemic and subsequent economic conditions underscore the sensitivity our customers have to energy costs and the need for reliable service. We are optimizing our business to control costs without sacrifice to exceptional customer service Partnering in Our Communities Berkshire Hathaway Energy has a long history of supporting our communities with our time and talent, as well as making an impact through community giving In 2023, we enhanced our view by adding diversity and sustainability lenses to assess the populations served in our communities through our contributions of approximately $22.1 million By partnering with organizations certified as diverse, we focused on enhancing the diversity and sustainability of our supply chain, expanding our reach and establishing connections with businesses we may not have previously partnered with – these partnerships bring benefits to our customers, communities and businesses We are a founding partner of the American Council on Renewable Energy’s Accelerate program, helping improve diversity, equity and inclusion within the renewable energy sector and reduce barriers for participants from underrepresented groups Customer Service We are focused on delivering reliability, dependability, low prices and exceptional service to our customers. We are committed to providing innovative solutions that our customers want and need.
Slide 77 — Our Employees Are the Difference
Our Employees Are the Difference 77 Safe and Secure Berkshire Hathaway Energy achieved a safety incident rate of 0.52 for the nine months ended September 2024, which was industry- leading Employee Commitment We equip employees with the resources and support they need to be successful. We encourage teamwork and provide a safe, rewarding, equitable and inclusive work environment. We make no compromise when it comes to safety and security Military Friendly Employer Gold Embracing inclusion Our journey of inclusion and commitment seeks to empower people to become difference-makers and create belonging across our businesses We believe diversity, equity and inclusion are essential components for every employee, business and community we serve. Our purpose is to demonstrate and set the pace of continuously growing and strengthening successful relationships with clients, organizations and suppliers who share our inclusion journey Energy difference makers Berkshire Hathaway Energy and IBEW engaged the Center for Energy Workforce Development to execute an established vision by: – Developing relationships with community-based organizations focusing on adults from nontraditional and historically marginalized communities – Organizing a series of informational workshops – Connecting successful program participants with Berkshire Hathaway Energy team members to continue learning about opportunities in energy
Slide 78 — Governance
Governance 78 We adhere to a policy of strict regulatory compliance, supported by strong governance and robust controls and informed by the integration of environmental, social and human goals Our privately held ownership structure is a major source of financial strength; along with the stability created by Berkshire Hathaway’s long-term ownership perspective comes adherence to strong principles of business conduct and ethics Our vision to be the best energy company in serving our customers, while delivering sustainable energy solutions, is embedded in our core principles and provides the framework for our businesses to deliver sustainable energy solutions for generations
Slide 79 — Appendix
Appendix
Slide 80 — Rate Base
$9.1 $9.6 $9.8 $10.1 $0.0 $3.0 $6.0 $9.0 $12.0 2021A 2022A 2023A 2024F $17.0 $17.3 $17.6 $19.0 $0.0 $5.0 $10.0 $15.0 $20.0 2021A 2022A 2023A 2024F ($ billions) $7.2 $7.3 $7.9 $8.9 $0.0 $3.0 $6.0 $9.0 2021A 2022A 2023A 2024F ($ billions) $14.8 $15.6 $15.7 $16.9 $0.0 $6.0 $12.0 $18.0 2021A 2022A 2023A 2024F ($ billions) NV Energy MidAmerican PacifiCorp BHE Pipeline Group Rate Base 80 ($ billions) Northern Natural Gas Kern River BHE GT&S
Slide 81 — Rate Base
Rate Base 81 £3.7 £4.1 £4.6 £4.9 £0.0 £1.0 £2.0 £3.0 £4.0 £5.0 2021A 2022A 2023A 2024F (£ billions) $7.6 $7.5 $7.4 $7.5 C$0.0 C$2.0 C$4.0 C$6.0 C$8.0 2021A 2022A 2023A 2024F AltaLink, L.P. Northern Powergrid Berkshire Hathaway Energy $60.4 $62.0 $63.7 $68.2 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 2021A 2022A 2023A 2024F PacifiCorp MidAmerican NV Energy Northern Powergrid BHE Pipeline Group BHE Transmission ($ billions) (C$ billions)
Slide 82 — Retail Electric Sales – Weather Normalized
Retail Electric Sales – Weather Normalized 82 Year-to-Date September 30 Variance (GWh) 2024 2023 Actual Percent PacifiCorp Residential 13,516 13,325 191 1.4% Commercial 16,048 15,184 864 5.7% Industrial and Other 14,247 13,595 652 4.8% Total 43,811 42,104 1,707 4.1% MidAmerican Residential 5,223 5,265 (42) (0.8)% Commercial 2,966 2,997 (31) (1.0)% Industrial and Other 14,394 14,101 293 2.1% Total 22,583 22,363 220 1.0% Nevada Power Residential 8,069 8,077 (8) (0.1)% Commercial 3,855 3,768 87 2.3% Industrial and Other 4,917 4,572 345 7.5% Distribution-Only Service 2,168 2,197 (29) (1.3)% Total 19,009 18,614 395 2.1% Sierra Pacific Power Residential 2,037 1,960 77 3.9% Commercial 2,382 2,295 87 3.8% Industrial and Other 2,118 2,019 99 4.9% Distribution-Only Service 2,180 2,083 97 4.7% Total 8,717 8,357 360 4.3% Northern Powergrid Residential 8,715 8,441 274 3.2% Commercial 2,552 2,573 (21) (0.8)% Industrial and Other 11,736 11,827 (91) (0.8)% Total 23,003 22,841 162 0.7%
Slide 83 — Retail Electric Sales – Actual
Retail Electric Sales – Actual 83 Year-to-Date September 30 Variance (GWh) 2024 2023 Actual Percent PacifiCorp Residential 13,728 13,724 4 0.0% Commercial 16,104 15,336 768 5.0% Industrial and Other 14,241 13,627 614 4.5% Total 44,073 42,687 1,386 3.2% MidAmerican Residential 5,207 5,310 (103) (1.9)% Commercial 2,962 3,012 (50) (1.7)% Industrial and Other 14,394 14,101 293 2.1% Total 22,563 22,423 140 0.6% Nevada Power Residential 8,678 7,897 781 9.9% Commercial 3,951 3,745 206 5.5% Industrial and Other 4,979 4,547 432 9.5% Distribution-Only Service 2,192 2,185 7 0.3% Total 19,800 18,374 1,426 7.8% Sierra Pacific Power Residential 2,073 2,023 50 2.5% Commercial 2,385 2,303 82 3.6% Industrial and Other 2,119 2,019 100 5.0% Distribution-Only Service 2,180 2,082 98 4.7% Total 8,757 8,427 330 3.9% Northern Powergrid Residential 8,699 8,417 282 3.4% Commercial 2,543 2,566 (23) (0.9)% Industrial and Other 11,735 11,827 (92) (0.8)% Total 22,977 22,810 167 0.7%
Slide 84 — Berkshire Hathaway Energy
Berkshire Hathaway Energy Adjusted Earnings on Common Shares 84 9/30/2024 LTM ($ millions) Earnings on Common Shares (adjusted) PacifiCorp Wildfire Losses, net of Recoveries HomeServices Settlement Gain on BYD Earnings on Common Shares (reported) PacifiCorp 754 $ (194) $ - $ - $ 560 $ MidAmerican 983 - - - 983 NV Energy 392 - - - 392 Northern Powergrid 385 - - - 385 BHE Pipeline Group 1,275 - - - 1,275 BHE Transmission 262 - - - 262 BHE Renewables 445 - - - 445 HomeServices 32 - (140) - (108) BHE and Other (292) - - 133 (159) Earnings on Common Shares 4,236 $ (194) $ (140) $ 133 $ 4,035 $ Operating revenue 25,577 $ - $ - $ - $ 25,577 $ Total operating costs and expenses 21,041 257 192 - 21,490 Operating income 4,536 (257) (192) - 4,087 Interest expense (2,672) - - - (2,672) Capitalized interest and other, net 1,128 - - 168 1,296 Income tax (benefit) expense (1,718) (63) (52) 35 (1,798) Equity loss (328) - - - (328) Noncontrolling interests 137 - - - 137 Preferred dividends 9 - - - 9 Earnings on Common Shares 4,236 $ (194) $ (140) $ 133 $ 4,035 $
Slide 85 — Berkshire Hathaway Energy
Berkshire Hathaway Energy Adjusted Earnings on Common Shares 85 2023 ($ millions) Earnings on Common Shares (adjusted) PacifiCorp Wildfire Losses, net of Recoveries Gain on BYD Earnings on Common Shares (reported) PacifiCorp 797 $ (1,265) $ - $ (468) $ MidAmerican 980 - - 980 NV Energy 394 - - 394 Northern Powergrid 165 - - 165 BHE Pipeline Group 1,079 - - 1,079 BHE Transmission 246 - - 246 BHE Renewables 518 - - 518 HomeServices 13 - - 13 BHE and Other (446) - 505 59 Earnings on Common Shares 3,746 $ (1,265) $ 505 $ 2,986 $ Operating revenue 25,602 $ - $ - $ 25,602 $ Total operating costs and expenses 21,145 1,677 - 22,822 Operating income 4,457 (1,677) - 2,780 Interest expense (2,415) - - (2,415) Capitalized interest and other, net 957 - 639 1,596 Income tax (benefit) expense (1,421) (412) 134 (1,699) Equity loss (288) - - (288) Noncontrolling interests 352 - - 352 Preferred dividends 34 - - 34 Earnings on Common Shares 3,746 $ (1,265) $ 505 $ 2,986 $
Slide 86 — Berkshire Hathaway Energy
Berkshire Hathaway Energy Adjusted Earnings on Common Shares 86 2022 ($ millions) Earnings on Common Shares (adjusted) PacifiCorp Wildfire Losses, net of Recoveries Loss on BYD Earnings on Common Shares (reported) PacifiCorp 969 $ (48) $ - $ 921 $ MidAmerican 947 - - 947 NV Energy 427 - - 427 Northern Powergrid 385 - - 385 BHE Pipeline Group 1,040 - - 1,040 BHE Transmission 247 - - 247 BHE Renewables 643 - - 643 HomeServices 100 - - 100 BHE and Other (495) - (1,540) (2,035) Earnings on Common Shares 4,263 $ (48) $ (1,540) $ 2,675 $ Operating revenue 26,337 $ - $ - $ 26,337 $ Total operating costs and expenses 21,032 64 - 21,096 Operating income 5,305 (64) - 5,241 Interest expense (2,216) - - (2,216) Capitalized interest and other, net 338 - (1,950) (1,612) Income tax (benefit) expense (1,490) (16) (410) (1,916) Equity loss (185) - - (185) Noncontrolling interests 423 - - 423 Preferred dividends 46 - - 46 Earnings on Common Shares 4,263 $ (48) $ (1,540) $ 2,675 $
Slide 87 — Berkshire Hathaway Energy
Berkshire Hathaway Energy Non-GAAP Financial Measures 87 (1) Debt includes short-term debt, Berkshire Hathaway Energy senior debt and subsidiary debt (including current maturities) ($ in millions) LTM FFO 9/30/2024 2023 2022 Net cash flows from operating activities 7,463 $ 7,132 $ 9,359 $ +/- changes in other operating assets and liabilities 901 (899) (1,262) + Wildfire losses, net of recoveries 257 1,677 64 + HomeServices settlement 192 - - + Cash tax payments on BYD stock sales 300 655 125 +/- net power cost deferrals (including amortization) (471) 275 933 Less: Cove Point minority distributions (158) (388) (515) FFO 8,484 $ 8,452 $ 8,704 $ Debt(1) 57,330 $ 56,220 $ 52,654 $ FFO to Debt 14.8% 15.0% 16.5% Adjusted Interest Expense Interest expense 2,672 $ 2,415 $ 2,216 $ Less: interest expense on subordinated debt (5) (5) (5) Adjusted Interest Expense 2,667 $ 2,410 $ 2,211 $ Adjusted FFO Interest Coverage 4.2x 4.5x 4.9x Capitalization Berkshire Hathaway Energy common shareholders’ equity 49,319 $ 48,434 $ 45,982 $ Berkshire Hathaway Energy preferred shareholders’ equity - - 850 Debt(1) 57,330 56,220 52,654 Subordinated debt - 100 100 Noncontrolling interests 1,282 1,306 3,807 Capitalization 107,931 $ 106,060 $ 103,393 $ Debt to Total Capitalization 53% 53% 51%
Slide 88 — PacifiCorp
PacifiCorp Non-GAAP Financial Measures 88 ($ in millions) LTM FFO 9/30/2024 2023 2022 Net cash flows from operating activities 304 $ 700 $ 1,819 $ +/- changes in other operating assets and liabilities 970 (1,089) (224) + Wildfire losses, net of recoveries 257 1,677 64 +/- net power cost deferrals (including amortization) 283 529 382 FFO 1,814 $ 1,817 $ 2,041 $ Adjusted Debt Debt 13,752 $ 12,014 $ 9,666 $ Less: excess cash from 12/2022 debt issuance - - (641) Adjusted Debt 13,752 $ 12,014 $ 9,025 $ FFO to Debt 13.2% 15.1% 22.6% Interest expense 718 $ 546 $ 431 $ FFO Interest Coverage 3.5x 4.3x 5.7x Capitalization PacifiCorp shareholders’ equity 10,349 $ 9,972 $ 10,741 $ Debt 13,752 12,014 9,666 Capitalization 24,101 $ 21,986 $ 20,407 $ Debt to Total Capitalization 57% 55% 47%
Slide 89 — MidAmerican Energy
MidAmerican Energy Non-GAAP Financial Measures 89 ($ in millions) LTM FFO 9/30/2024 2023 2022 Net cash flows from operating activities 1,825 $ 2,217 $ 2,174 $ +/- changes in other operating assets and liabilities 103 (237) (62) FFO 1,928 $ 1,980 $ 2,112 $ Debt 9,360 $ 8,766 $ 7,729 $ FFO to Debt 20.6% 22.6% 27.3% Interest expense 415 $ 346 $ 313 $ FFO Interest Coverage 5.6x 6.7x 7.7x Capitalization MidAmerican Energy shareholder’s equity 9,993 $ 9,603 $ 9,645 $ Debt 9,360 8,766 7,729 Capitalization 19,353 $ 18,369 $ 17,374 $ Debt to Total Capitalization 48% 48% 44%
Slide 90 — Nevada Power
Nevada Power Non-GAAP Financial Measures 90 ($ in millions) LTM FFO 9/30/2024 2023 2022 Net cash flows from operating activities 1,142 $ 761 $ 355 $ +/- changes in other operating assets and liabilities 114 (24) 10 +/- deferred energy (including amortization) (553) (54) 381 FFO 703 $ 683 $ 746 $ Debt 3,394 $ 3,392 $ 3,195 $ FFO to Debt 20.7% 20.1% 23.3% Interest expense 205 $ 196 $ 165 $ FFO Interest Coverage 4.4x 4.5x 5.5x Capitalization Nevada Power shareholder’s equity 4,357 $ 3,964 $ 3,354 $ Debt 3,394 3,392 3,195 Capitalization 7,751 $ 7,356 $ 6,549 $ Debt to Total Capitalization 44% 46% 49%
Slide 91 — Sierra Pacific
Sierra Pacific Non-GAAP Financial Measures 91 ($ in millions) LTM FFO 9/30/2024 2023 2022 Net cash flows from operating activities 443 $ 419 $ 109 $ +/- changes in other operating assets and liabilities (57) 14 14 +/- deferred energy (including amortization) (200) (200) 170 FFO 186 $ 233 $ 293 $ Debt 1,527 $ 1,293 $ 1,148 $ FFO to Debt 12.2% 18.0% 25.5% Interest expense 83 $ 66 $ 58 $ FFO Interest Coverage 3.2x 4.5x 6.1x Capitalization Sierra Pacific Power shareholder’s equity 1,964 $ 2,065 $ 2,048 $ Debt 1,527 1,293 1,148 Capitalization 3,491 $ 3,358 $ 3,196 $ Debt to Total Capitalization 44% 39% 36%
Slide 92 — Eastern Energy Gas
Eastern Energy Gas Non-GAAP Financial Measures 92 ($ in millions) LTM FFO 9/30/2024 2023 2022 Net cash flows from operating activities 1,254 $ 1,198 $ 1,349 $ +/- changes in other operating assets and liabilities 7 199 (48) Less: Cove Point minority distributions (158) (388) (515) FFO 1,103 $ 1,009 $ 786 $ Debt 3,261 $ 3,254 $ 3,892 $ FFO to Debt 33.8% 31.0% 20.2% Interest expense 137 $ 146 $ 147 $ FFO Interest Coverage 9.1x 7.9x 6.3x Capitalization Eastern Energy Gas shareholder’s equity 6,442 $ 6,233 $ 3,941 $ Debt 3,261 3,254 3,892 Noncontrolling interests 1,273 1,295 3,947 Capitalization 10,976 $ 10,782 $ 11,780 $ Debt to Total Capitalization 30% 30% 33%
Slide 93 — Eastern Gas Transmission and Storage
Eastern Gas Transmission and Storage Non-GAAP Financial Measures 93 ($ in millions) LTM FFO 9/30/2024 2023 2022 Net cash flows from operating activities 492 $ 418 $ 552 $ +/- changes in other operating assets and liabilities 21 (7) 17 FFO 513 $ 411 $ 569 $ Debt 1,584 $ 1,583 $ 1,582 $ FFO to Debt 32.4% 26.0% 36.0% Interest expense 69 $ 71 $ 69 $ FFO Interest Coverage 8.4x 6.8x 9.2x Capitalization EGTS shareholder’s equity 2,623 $ 2,688 $ 2,600 $ Debt 1,584 1,583 1,582 Capitalization 4,207 $ 4,271 $ 4,182 $ Debt to Total Capitalization 38% 37% 38%