In this year’s edition of his letter to Berkshire Hathaway shareholders, Warren Buffett had one more success story to share: the story of Berkshire Hathaway Energy, which this year celebrates 20 years under Berkshire ownership. The clients of the utility also have reason to celebrate: they are paying a lot less for electricity than, say, people in California, and they have been promised frozen rates until 2028. The secret behind the rate freeze and the low prices? Wind power. “The extraordinary differential between our rates and theirs is largely the result of our huge accomplishments in converting wind into electricity,” Buffett wrote. “In 2021, we expect BHE’s operation to generate about 25.2 million megawatt-hours of electricity (MWh) in Iowa from wind turbines that it both owns and operates. That output will totally cover the annual needs of its Iowa customers, which run to about 24.6 million MWh. In other […]