Berkshire Hathaway operating profit rises 21% - Netscape Money & Business
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Berkshire Hathaway operating profit rises 21%
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Berkshire defends $8 bln Texas power proposal to combat blackouts Source: By Jonathan Stempel, Reuters • Posted: Monday, May 3, 2021
Berkshire Hathaway Inc on Saturday defended its $8 billion proposal to build natural gas plants in Texas to help reduce the threat of devastating blackouts such as those in February.
“When you look at the power sector (in Texas), it fundamentally let the citizens down,” Greg Abel, a Berkshire vice chairman and previously chief executive of Berkshire Hathaway Energy, said at the conglomerate’s annual shareholder meeting.
“We’ve gone to Texas with what we believe is a good solution,” he added. “The health and welfare of Texas was at risk, and we needed to effectively have an insurance policy in place for them.”