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Energy

Warren Buffett, Wind Investor? (BRK-A, GE)

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By Douglas A. McIntyre Updated Published
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Mid-American Energy, a holding of Berkshire Hathaway Inc. (NYSE: BRK-A) and a holding of Warren Buffett, is about to get into the U.K. offshore wind power business if the reportsfrom the weekend in the U.K’s Times Online are accurate. The new plan is meant to go off in phases off the coast of Kent in the U.K. and this round is said to be approximately 1 billion pounds.  That is $1.61 billion in today’s dollars and is actually only about one-twelfth of the total estimated size of the auctions that will be made in the coming months and years.

This capital intensive plan is also said to require hundreds of miles of new undersea cables needed in order to bring the electric power from the project on to the U.K.’s power grid.  General Electric Co. (NYSE: GE) just bought a technology company that is specific for offshore wind power projects.  The future value of that sale is looking more and more as though the company will have a steadier and steadier flow of revenues.

We have been wondering which American firms would try to get in on this U.K. venture.  General Electric Co. (NYSE: GE) was one company we expected to take part, as was Mid-American.  This project may have dozens of companies, mostly British and European, involved by the time it is all said and done.

Berkshire will be only one of many companies here.  Maybe Buffett will get to sing a Limerick at his next annual meeting, “There was a man from Kent…”

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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