Warren Buffett says Berkshire Hathaway plans to double its spending on solar and wind.
“We’ve poured billions into [the utility businesses] and will continue to do so,” Buffett said at the Edison Electric Institute’s annual utilities conference in Las Vegas, according to SNL’s Glen Boshart.
Buffett added that renewables “may not make you rich, it can help you stay rich. And we’ve stayed rich.”
“The maths is making sense for us” and therefore “we will be happy to deploy a lot more money” in the electric utility sector, Buffett explained.
Here’s how Bloomberg’s Noah Buhayar and Jim Polson reported Buffett’s remarks:
Warren Buffett briefly lost track of how many billions of dollars his Berkshire Hathaway Inc. is spending to build wind and solar power in the U.S. That didn’t stop him from vowing to double the outlay.
Describing the company’s increasing investment in renewable energy at the Edison Electric Institute’s annual convention in Las Vegas yesterday, Buffett had to rely on a deputy, Greg Abel, to remind him just how much they’d committed: $US15 billion.
Without missing a beat, Buffett responded: “There’s another $US15 billion ready to go, as far as I’m concerned.”
“We’re going to keep doing that as far as the eye can see,” Buffett added. “We’ll just keep moving.”
Last year, Berkshire’s MidAmerican Energy purchased the largest set of solar arrays in the world, an industrial facility near Bakersfield, California. Abel said the firm can use the tax credits it gets from renewables investments to offset profit at its other businesses. The credits are set to expire in 2016.