MidAmerican Energy Holdings reaches farther than its name implies. The company generates, transmits, and distributes electricity and natural gas to 7 million customers across the US and the UK, primarily through subsidiaries MidAmerican Energy Company and PacifiCorp. UK regional distribution subsidiary Northern Powergrid serves about 3.8 million electricity customers. MidAmerican Energy Holdings also has independent power production operations as well as real estate (HomeServices of America) and gas exploration, production, and pipeline operations (Kern River Gas Transmission and Northern Natural Gas). It operates 38,600 miles of natural gas pipeline.
MidAmerican Energy Holdings operates eight separate, primarily regulated energy businesses: PacifiCorp; MidAmerican Funding (primarily MidAmerican Energy); Northern Natural Gas; Kern River; Northern Powergrid Holdings; CalEnergy Philippines (which controls the Casecnan project in the Philippines); MidAmerican Renewables, LLC; and HomeServices.
The two largest revenue generators, which accounted for more than 70% of its 2011 total revenues, are regulated utilities PacifiCorp and MidAmerican Energy Company.
With a generating capacity of about 10,500 MW, PacifiCorp serves 1.7 million retail electric customers in California, Idaho, Oregon, Washington, Wyoming, and Utah. MidAmerican Energy Company (with 7,680 MW of capacity) distributes electricity in Iowa, South Dakota, and Illinois, and it distributes natural gas in those three states plus Nebraska. It also sells wholesale energy to other utilities and marketers.
MidAmerican Energy Holdings' residential real estate brokerage, HomeServices of America (formerly HomeServices.Com), operates 300 broker offices in the US. Subsidiary CalEnergy Philippines has more than 1,500 MW of gross capacity from independent power projects in the US and the Philippines.
The company's natural gas pipeline subsidiaries ship 7.7 billion cu. ft. of natural gas per day.
MidAmerican Energy Holdings operates primarily in the UK and the US (about 20 states from New York to California, and Hawaii), and it also has power assets in the Philippines.
In 2011 MidAmerican Energy Holdings reported flat revenues, primarily due to weak natural gas prices hurting the performance of its natural gas utility, and the weaker performance of its wholesale power business due to lower wholesale power prices. However, net income improved by 8%, thanks to higher retail power prices, increased sales of renewable energy credits, and the strong performance of its Northern Powergrid Holdings unit (net income up by 41%), which benefited from higher rates and favorable changes in the UK regulatory environment.
MidAmerican Energy Holdings uses its diverse portfolio of companies to ride out downturns in particular segments by seeking growth opportunities in other areas. A player in US renewable energy market, in 2012 it dramatically boosted its position in the solar power market, by buying the 550 MW Topaz Solar Farm (being built in San Luis Obispo County, California) from First Solar. When completed in 2015 the more than $2 billion project will generate enough renewable energy to power 160,000 homes.
In 2011 the company owned and operated 2,909 MW of wind-powered generation, primarily in Iowa and Wyoming. It also had more than 400 MW of wind power projects under development.
In 2010 MidAmerican Energy Holdings expanded its Kern River Gas Transmission Company system through two projects that provided 411 million cu. ft. of natural gas equivalent per day of new transportation service (Wyoming to California/Nevada) and 400 million cu. ft. per day of transportation service to locations in southern Nevada.
Berkshire Hathaway controls the company. – less