
(18)	Preferred Securities of Subsidiaries

The total outstanding preferred stock of PacifiCorp, which does not have mandatory redemption requirements, is $41 million as of December 31, 2011 and 2010, is included in noncontrolling interests on the Consolidated Balance Sheets and accrues annual dividends at varying rates between 4.52% to 7.0%. Generally, this preferred stock is redeemable at stipulated prices plus accrued dividends, subject to certain restrictions. In the event of voluntary liquidation, all preferred stock is entitled to stated value or a specified preference amount per share plus accrued dividends. Upon involuntary liquidation, all preferred stock is entitled to stated value plus accrued dividends. Dividends on all preferred stock are cumulative. Holders also have the right to elect members to the PacifiCorp Board of Directors in the event dividends payable are in default in an amount equal to four full quarterly payments.

The total outstanding cumulative preferred securities of MidAmerican Energy are not subject to mandatory redemption requirements, may be redeemed at the option of MidAmerican Energy at prices which, in the aggregate, totaled $28 million as of December 31, 2011 and 2010, and is included in noncontrolling interests on the Consolidated Balance Sheets. The securities accrue annual dividends at varying rates between 3.30% to 4.80%. The aggregate total the holders of all preferred securities outstanding as of December 31, 2011 and 2010 were entitled to upon involuntary bankruptcy was $27 million plus accrued dividends.

The total outstanding 8.061% cumulative preferred securities of a subsidiary of Northern Powergrid Holdings, which are redeemable in the event of the revocation of the subsidiary's electricity distribution license by the Secretary of State, was $56 million as of December 31, 2011 and 2010 and is included in noncontrolling interests on the Consolidated Balance Sheets.