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Financial Strength

We are excellent stewards of our substantial financial resources. Backed by Berkshire Hathaway Inc., we invest in hard assets and focus on long-term opportunities that will contribute to the future strength of the company.


High Quality, Diversified Portfolio

Our portfolio of energy businesses provides significant geographic, regulatory and resource diversity with regulated utility operations in England, Canada, and 11 Western and Midwestern states. Our geographic scope limits exposure to the impacts of weather, local economies, regulation and natural disasters. Lenders and credit rating agencies view this favorably, as it improves the predictability of financial results and reduces business risk. In 2023, approximately 80% of adjusted earnings on common shares was from investment-grade regulated subsidiaries; no single jurisdiction provided more than 21% of energy revenue.


Berkshire Hathaway Ownership

Our privately held ownership structure is a major source of financial strength and a competitive advantage. With no dividend requirement, we are able to reinvest 100% of net income back into our businesses to better serve customers and pursue growth opportunities. Berkshire Hathaway’s long-term ownership perspective promotes stability and helps make us the buyer of choice in the eyes of certain sellers and regulators.


Strong Credit Ratings

All of our regulated businesses have credit ratings of A-/A3 or better, as measured by Standard & Poor’s Investors Service and Moody’s, respectively. When it’s necessary to raise capital, our strong credit ratings help us do so on favorable terms.

Our Core Principles


In alignment with our core principle of Environmental RESPECT, we support our sustainability efforts by aligning our financing strategy with our focus on minimizing the impacts of our operations on the environment. In addition, we participate in a voluntary industry ESG/Sustainability initiative advanced through the Edison Electric Institute in conjunction with members of the financial community, focused on providing emissions data in a consistent and transparent manner.