10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2024

or

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______ to _______

	Exact name of registrant as specified in its charter
	State or other jurisdiction of incorporation or organization
Commission	Address of principal executive offices	IRS Employer
File Number	Registrant's telephone number, including area code	Identification No.
001-14881	BERKSHIRE HATHAWAY ENERGY COMPANY	94-2213782
	(An Iowa Corporation)
	666 Grand Avenue
	Des Moines, Iowa 50309-2580
	515-242-4300
001-05152	PACIFICORP	93-0246090
	(An Oregon Corporation)
	825 N.E. Multnomah Street, Suite 1900
	Portland, Oregon 97232
	888-221-7070
333-90553	MIDAMERICAN FUNDING, LLC	47-0819200
	(An Iowa Limited Liability Company)
	666 Grand Avenue
	Des Moines, Iowa 50309-2580
	515-242-4300
333-15387	MIDAMERICAN ENERGY COMPANY	42-1425214
	(An Iowa Corporation)
	666 Grand Avenue
	Des Moines, Iowa 50309-2580
	515-242-4300
000-52378	NEVADA POWER COMPANY	88-0420104
	(A Nevada Corporation)
	6226 West Sahara Avenue
	Las Vegas, Nevada 89146
	702-402-5000
000-00508	SIERRA PACIFIC POWER COMPANY	88-0044418
	(A Nevada Corporation)
	6100 Neil Road
	Reno, Nevada 89511
	775-834-4011
001-37591	EASTERN ENERGY GAS HOLDINGS, LLC	46-3639580
	(A Virginia Limited Liability Company)
	10700 Energy Way
	Glen Allen, Virginia 23060
	804-613-5100
333-266049	EASTERN GAS TRANSMISSION AND STORAGE, INC.	55-0629203
	(A Delaware Corporation)
	10700 Energy Way
	Glen Allen, Virginia 23060
	804-613-5100
	N/A
	(Former name, former address and former fiscal year, if changed since last report)

Registrant	Securities registered pursuant to Section 12(b) of the Act:
BERKSHIRE HATHAWAY ENERGY COMPANY	None
PACIFICORP	None
MIDAMERICAN FUNDING, LLC	None
MIDAMERICAN ENERGY COMPANY	None
NEVADA POWER COMPANY	None
SIERRA PACIFIC POWER COMPANY	None
EASTERN ENERGY GAS HOLDINGS, LLC	None
EASTERN GAS TRANSMISSION AND STORAGE, INC.	None

Registrant	Name of exchange on which registered:
BERKSHIRE HATHAWAY ENERGY COMPANY	None
PACIFICORP	None
MIDAMERICAN FUNDING, LLC	None
MIDAMERICAN ENERGY COMPANY	None
NEVADA POWER COMPANY	None
SIERRA PACIFIC POWER COMPANY	None
EASTERN ENERGY GAS HOLDINGS, LLC	None
EASTERN GAS TRANSMISSION AND STORAGE, INC.	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Registrant	Yes	No
BERKSHIRE HATHAWAY ENERGY COMPANY	☒
PACIFICORP	☒
MIDAMERICAN FUNDING, LLC		☒
MIDAMERICAN ENERGY COMPANY	☒
NEVADA POWER COMPANY	☒
SIERRA PACIFIC POWER COMPANY	☒
EASTERN ENERGY GAS HOLDINGS, LLC	☒
EASTERN GAS TRANSMISSION AND STORAGE, INC.	☒

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes  x  No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Registrant	Large accelerated filer	Accelerated filer	Non-accelerated filer	Smaller reporting company	Emerging growth company
BERKSHIRE HATHAWAY ENERGY COMPANY	☐	☐	☒	☐	☐
PACIFICORP	☐	☐	☒	☐	☐
MIDAMERICAN FUNDING, LLC	☐	☐	☒	☐	☐
MIDAMERICAN ENERGY COMPANY	☐	☐	☒	☐	☐
NEVADA POWER COMPANY	☐	☐	☒	☐	☐
SIERRA PACIFIC POWER COMPANY	☐	☐	☒	☐	☐
EASTERN ENERGY GAS HOLDINGS, LLC	☐	☐	☒	☐	☐
EASTERN GAS TRANSMISSION AND STORAGE, INC.	☐	☐	☒	☐	☐

If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

Indicate by check mark whether the registrants are a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐  No  x

All shares of outstanding common stock of Berkshire Hathaway Energy Company are privately held by a limited group of investors. As of May 2, 2024, 75,627,913 shares of common stock, no par value, were outstanding.

All shares of outstanding common stock of PacifiCorp are indirectly owned by Berkshire Hathaway Energy Company. As of May 2, 2024, 357,060,915 shares of common stock, no par value, were outstanding.

All of the member's equity of MidAmerican Funding, LLC is held by its parent company, Berkshire Hathaway Energy Company, as of May 2, 2024.

All shares of outstanding common stock of MidAmerican Energy Company are owned by its parent company, MHC Inc., which is a direct, wholly owned subsidiary of MidAmerican Funding, LLC. As of May 2, 2024, 70,980,203 shares of common stock, no par value, were outstanding.

All shares of outstanding common stock of Nevada Power Company are owned by its parent company, NV Energy, Inc., which is an indirect, wholly owned subsidiary of Berkshire Hathaway Energy Company. As of May 2, 2024, 1,000 shares of common stock, $1.00 stated value, were outstanding.

All shares of outstanding common stock of Sierra Pacific Power Company are owned by its parent company, NV Energy, Inc. As of May 2, 2024, 1,000 shares of common stock, $3.75 par value, were outstanding.

All of the member's equity of Eastern Energy Gas Holdings, LLC is held indirectly by its parent company, Berkshire Hathaway Energy Company, as of May 2, 2024.

All shares of outstanding common stock of Eastern Gas Transmission and Storage, Inc. are owned by its parent company, Eastern Energy Gas Holdings, LLC, which is an indirect, wholly owned subsidiary of Berkshire Hathaway Energy Company. As of May 2, 2024, 60,101 shares of common stock, $10,000 par value, were outstanding.

This combined Form 10-Q is separately filed by Berkshire Hathaway Energy Company, PacifiCorp, MidAmerican Funding, LLC, MidAmerican Energy Company, Nevada Power Company, Sierra Pacific Power Company, Eastern Energy Gas Holdings, LLC and Eastern Gas Transmission and Storage, Inc. Information contained herein relating to any individual company is filed by such company on its own behalf. Each company makes no representation as to information relating to the other companies.

TABLE OF CONTENTS

PART I

Item 1.	Financial Statements	1
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	2
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	186
Item 4.	Controls and Procedures	186

PART II

Item 1.	Legal Proceedings	187
Item 1A.	Risk Factors	197
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	197
Item 3.	Defaults Upon Senior Securities	197
Item 4.	Mine Safety Disclosures	197
Item 5.	Other Information	197
Item 6.	Exhibits	197
Signatures		201

i

Definition of Abbreviations and Industry Terms

When used in Forward-Looking Statements, Part I - Items 2 through 3, and Part II - Items 1 through 6, the following terms have the definitions indicated.

Berkshire Hathaway Energy Company and Related Entities
BHE	Berkshire Hathaway Energy Company
Berkshire Hathaway	Berkshire Hathaway Inc.
Berkshire Hathaway Energy or the Company	Berkshire Hathaway Energy Company and its subsidiaries
PacifiCorp	PacifiCorp and its subsidiaries
MidAmerican Funding	MidAmerican Funding, LLC and its subsidiaries
MidAmerican Energy	MidAmerican Energy Company
NV Energy	NV Energy, Inc. and its subsidiaries
Nevada Power	Nevada Power Company and its subsidiaries
Sierra Pacific	Sierra Pacific Power Company and its subsidiaries
Nevada Utilities	Nevada Power Company and its subsidiaries and Sierra Pacific Power Company and its subsidiaries
Eastern Energy Gas	Eastern Energy Gas Holdings, LLC and its subsidiaries
EGTS	Eastern Gas Transmission and Storage, Inc. and its subsidiaries
Registrants	Berkshire Hathaway Energy Company, PacifiCorp and its subsidiaries, MidAmerican Funding, LLC and its subsidiaries, MidAmerican Energy Company, Nevada Power Company and its subsidiaries, Sierra Pacific Power Company and its subsidiaries, Eastern Energy Gas Holdings, LLC and its subsidiaries and Eastern Gas Transmission and Storage, Inc. and its subsidiaries
Northern Powergrid	Northern Powergrid Holdings Company and its subsidiaries
BHE Pipeline Group	BHE GT&S, LLC, Northern Natural Gas Company and Kern River Gas Transmission Company
BHE GT&S	BHE GT&S, LLC and its subsidiaries
Northern Natural Gas	Northern Natural Gas Company
Kern River	Kern River Gas Transmission Company
BHE Transmission	BHE Canada Holdings Corporation and BHE U.S. Transmission, LLC
BHE Canada	BHE Canada Holdings Corporation and its subsidiaries
AltaLink	AltaLink, L.P.
BHE U.S. Transmission	BHE U.S. Transmission, LLC and its subsidiaries
BHE Renewables	BHE Renewables, LLC and its subsidiaries
HomeServices	HomeServices of America, Inc. and its subsidiaries
Utilities	PacifiCorp and its subsidiaries, MidAmerican Energy Company, Nevada Power Company and its subsidiaries and Sierra Pacific Power Company and its subsidiaries
Cove Point	Cove Point LNG, LP
Iroquois	Iroquois Gas Transmission System, L.P.

ii

Certain Industry Terms
2020 Wildfires	Wildfires in Oregon and Northern California that occurred in September 2020
2022 McKinney Fire	A wildfire that began in the Oak Knoll Ranger District of the Klamath National Forest in Siskiyou County, California in July 2022
Wildfires	2020 Wildfires and 2022 McKinney Fire
AFUDC	Allowance for Funds Used During Construction
AUC	Alberta Utilities Commission
BART	Best Available Retrofit Technology
CCR	Coal Combustion Residuals
CPUC	California Public Utilities Commission
CSAPR	Cross-State Air Pollution Rule
D.C. Circuit	United States Court of Appeals for the District of Columbia Circuit
Dth	Decatherm
EPA	United States Environmental Protection Agency
FERC	Federal Energy Regulatory Commission
FIP	Federal Implementation Plan
GAAP	Accounting principles generally accepted in the United States of America
GTA	General Tariff Application
GWh	Gigawatt Hour
IPUC	Idaho Public Utilities Commission
IRP	Integrated Resource Plan
IUB	Iowa Utilities Board
kV	Kilovolt
LNG	Liquefied Natural Gas
MATS	Mercury and Air Toxics Standards
MISO	Midcontinent Independent System Operator, Inc.
MW	Megawatt
MWh	Megawatt Hour
NAAQS	National Ambient Air Quality Standards
NOx	Nitrogen Oxides
Ofgem	Office of Gas and Electric Markets
OPUC	Oregon Public Utility Commission
PTC	Production Tax Credit
PUCN	Public Utilities Commission of Nevada
RFP	Request for Proposals
RPS	Renewable Portfolio Standards
SCR	Selective Catalytic Reduction
SEC	United States Securities and Exchange Commission
SIP	State Implementation Plan
SO2	Sulfur Dioxide
UPSC	Utah Public Service Commission
WPSC	Wyoming Public Service Commission
WUTC	Washington Utilities and Transportation Commission

iii

Forward-Looking Statements

This report contains statements that do not directly or exclusively relate to historical facts. These statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by the use of forward-looking words, such as "will," "may," "could," "project," "believe," "anticipate," "expect," "estimate," "continue," "intend," "potential," "plan," "forecast" and similar terms. These statements are based upon the relevant Registrant's current intentions, estimates, assumptions, expectations and beliefs and are subject to risks, uncertainties and other important factors. Many of these factors are outside the control of each Registrant and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, among others:

•general economic, political and business conditions, as well as changes in, and compliance with, laws and regulations, including income tax reform, initiatives regarding deregulation and restructuring of the utility industry and reliability and safety standards, affecting the respective Registrant's operations or related industries;

•changes in, and compliance with, environmental laws, regulations, decisions and policies, whether directed towards protection of environmental resources, present and future climate considerations or social justice concerns that could, among other items, increase operating and capital costs, reduce facility output, accelerate facility retirements or delay facility construction or acquisition;

•the outcome of regulatory rate reviews and other proceedings conducted by regulatory agencies or other governmental and legal bodies and the respective Registrant's ability to recover costs through rates in a timely manner;

•changes in economic, industry, competition or weather conditions, as well as demographic trends, new technologies and various conservation, energy efficiency and private generation measures and programs, that could affect customer growth and usage, electricity and natural gas supply or the respective Registrant's ability to obtain long-term contracts with customers and suppliers;

•performance, availability and ongoing operation of the respective Registrant's facilities, including facilities not operated by the Registrants, due to the impacts of market conditions, outages and associated repairs, transmission constraints, weather, including wind, solar and hydroelectric conditions, and operating conditions;

•the effects of catastrophic and other unforeseen events, which may be caused by factors beyond the control of each respective Registrant or by a breakdown or failure of the Registrants' operating assets, including severe storms, floods, fires, extreme temperature events, wind events, earthquakes, explosions, landslides, an electromagnetic pulse, mining incidents, costly litigation, wars, terrorism, pandemics, embargoes, and cyber security attacks, data security breaches, disruptions, or other malicious acts;

•the risks and uncertainties associated with wildfires that have occurred, are occurring or may occur in the respective Registrant's service territory; the damage caused by such wildfires; the extent of the respective Registrant's liability in connection with such wildfires (including the risk that the respective Registrant may be found liable for damages regardless of fault); investigations into such wildfires; the outcomes of any legal proceedings, demands or similar actions initiated against the respective Registrant; the risk that the respective Registrant is not able to recover losses from insurance or through rates; and the effect of such wildfires, investigations and legal proceedings on the respective Registrant's financial condition and reputation;

•the outcomes of legal or other actions and the effects of amounts to be paid to complainants as a result of settlements or final legal determinations associated with the Wildfires, which could have a material adverse effect on PacifiCorp's financial condition and could limit PacifiCorp's ability to access capital on terms commensurate with historical transactions or at all and could impact PacifiCorp's liquidity, cash flows and capital expenditure plans;

•the respective Registrant's ability to reduce wildfire threats and improve safety, including the ability to comply with the targets and metrics set forth in its wildfire mitigation plans; to retain or contract for the workforce necessary to execute its wildfire mitigation plans; the effectiveness of its system hardening; ability to achieve vegetation management targets; and the cost of these programs and the timing and outcome of any proceeding to recover such costs through rates;

•the ability to economically obtain insurance coverage, or any insurance coverage at all, sufficient to cover losses arising from catastrophic events, such as wildfires;

•a high degree of variance between actual and forecasted load or generation that could impact a Registrant's hedging strategy and the cost of balancing its generation resources with its retail load obligations;

•changes in prices, availability and demand for wholesale electricity, coal, natural gas, other fuel sources and fuel transportation that could have a significant impact on generating capacity and energy costs;

iv

•the financial condition, creditworthiness and operational stability of the respective Registrant's significant customers and suppliers;

•changes in business strategy or development plans;

•availability, terms and deployment of capital, including reductions in demand for investment-grade commercial paper, debt securities and other sources of debt financing and volatility in interest rates and credit spreads;

•changes in the respective Registrant's credit ratings, changes in rating methodology and placement on negative outlook or credit watch;

•risks relating to nuclear generation, including unique operational, closure and decommissioning risks;

•hydroelectric conditions and the cost, feasibility and eventual outcome of hydroelectric relicensing proceedings;

•the impact of certain contracts used to mitigate or manage volume, price and interest rate risk, including increased collateral requirements, and changes in commodity prices, interest rates and other conditions that affect the fair value of certain contracts;

•the impact of inflation on costs and the ability of the respective Registrants to recover such costs in regulated rates;

•fluctuations in foreign currency exchange rates, primarily the British pound and the Canadian dollar;

•increases in employee healthcare costs;

•the impact of investment performance, certain participant elections such as lump sum distributions and changes in interest rates, legislation, healthcare cost trends, mortality, morbidity on pension and other postretirement benefits expense and funding requirements;

•changes in the residential real estate brokerage, mortgage and franchising industries, regulations that could affect brokerage, mortgage and franchising transactions and the outcomes of legal or other actions and the effects of amounts to be paid to complainants as a result of settlements or final legal determinations;

•the ability to successfully integrate future acquired operations into a Registrant's business;

•the impact of supply chain disruptions and workforce availability on the respective Registrant's ongoing operations and its ability to timely complete construction projects;

•unanticipated construction delays, changes in costs, receipt of required permits and authorizations, ability to fund capital projects and other factors that could affect future facilities and infrastructure additions;

•the availability and price of natural gas in applicable geographic regions and demand for natural gas supply;

•the impact of new accounting guidance or changes in current accounting estimates and assumptions on the financial results of the respective Registrants; and

•other business or investment considerations that may be disclosed from time to time in the Registrants' filings with the SEC or in other publicly disseminated written documents.

Further details of the potential risks and uncertainties affecting the Registrants are described in the Registrants' filings with the SEC, including Part II, Item 1A and other discussions contained in this Form 10-Q. Each Registrant undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing factors should not be construed as exclusive.

v

Item 1.Financial Statements

Berkshire Hathaway Energy Company and its subsidiaries
Report of Independent Registered Public Accounting Firm	4
Consolidated Balance Sheets	5
Consolidated Statements of Operations	7
Consolidated Statements of Comprehensive Income	8
Consolidated Statements of Changes in Equity	9
Consolidated Statements of Cash Flows	10
Notes to Consolidated Financial Statements	11
PacifiCorp and its subsidiaries
Report of Independent Registered Public Accounting Firm	50
Consolidated Balance Sheets	51
Consolidated Statements of Operations	53
Consolidated Statements of Changes in Shareholders' Equity	54
Consolidated Statements of Cash Flows	55
Notes to Consolidated Financial Statements	56
MidAmerican Energy Company
Report of Independent Registered Public Accounting Firm	76
Balance Sheets	77
Statements of Operations	79
Statements of Changes in Shareholder's Equity	80
Statements of Cash Flows	81
Notes to Financial Statements	82
MidAmerican Funding, LLC and its subsidiaries
Report of Independent Registered Public Accounting Firm	90
Consolidated Balance Sheets	91
Consolidated Statements of Operations	93
Consolidated Statements of Changes in Member's Equity	94
Consolidated Statements of Cash Flows	95
Notes to Consolidated Financial Statements	96
Nevada Power Company and its subsidiaries
Report of Independent Registered Public Accounting Firm	109
Consolidated Balance Sheets	110
Consolidated Statements of Operations	111
Consolidated Statements of Changes in Shareholder's Equity	112
Consolidated Statements of Cash Flows	113
Notes to Consolidated Financial Statements	114
Sierra Pacific Power Company and its subsidiaries
Report of Independent Registered Public Accounting Firm	129
Consolidated Balance Sheets	130
Consolidated Statements of Operations	131
Consolidated Statements of Changes in Shareholder's Equity	132
Consolidated Statements of Cash Flows	133
Notes to Consolidated Financial Statements	134
Eastern Energy Gas Holdings, LLC and its subsidiaries
Report of Independent Registered Public Accounting Firm	151
Consolidated Balance Sheets	152
Consolidated Statements of Operations	154
Consolidated Statements of Comprehensive Income	155
Consolidated Statements of Changes in Equity	156
Consolidated Statements of Cash Flows	157
Notes to Consolidated Financial Statements	158
Eastern Gas Transmission and Storage, Inc. and its subsidiaries
Report of Independent Registered Public Accounting Firm	170
Consolidated Balance Sheets	171
Consolidated Statements of Operations	173
Consolidated Statements of Comprehensive Income	174
Consolidated Statements of Changes in Shareholder's Equity	175
Consolidated Statements of Cash Flows	176
Notes to Consolidated Financial Statements	177

1

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

Berkshire Hathaway Energy Company and its subsidiaries	30
PacifiCorp and its subsidiaries	68
MidAmerican Funding, LLC and its subsidiaries and MidAmerican Energy Company	100
Nevada Power Company and its subsidiaries	122
Sierra Pacific Power Company and its subsidiaries	143
Eastern Energy Gas Holdings, LLC and its subsidiaries	165
Eastern Gas Transmission and Storage, Inc. and its subsidiaries	183

2

Berkshire Hathaway Energy Company and its subsidiaries

Consolidated Financial Section

3

PART I

Item 1.Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

Berkshire Hathaway Energy Company

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Berkshire Hathaway Energy Company and subsidiaries (the "Company") as of March 31, 2024, the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2023, and the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated February 23, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Des Moines, Iowa

May 3, 2024

4

BERKSHIRE HATHAWAY ENERGY COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions)

	As of
	March 31,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	3,744	$	1,565
Investments and restricted cash and cash equivalents	1,265		1,253
Trade receivables, net	2,465		2,667
Inventories	1,605		1,509
Mortgage loans held for sale	492		451
Regulatory assets	1,366		1,398
Other current assets	1,295		1,355
Total current assets	12,232		10,198
Property, plant and equipment, net	99,871		99,248
Goodwill	11,508		11,547
Regulatory assets	4,204		4,167
Investments and restricted cash and cash equivalents and investments	9,305		9,510
Other assets	3,115		3,170
Total assets	$	140,235	$	137,840

The accompanying notes are an integral part of these consolidated financial statements.

5

BERKSHIRE HATHAWAY ENERGY COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

(Amounts in millions)

	As of
	March 31,		December 31,
	2024		2023
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	2,602	$	3,175
Accrued interest	752		625
Accrued property, income and other taxes	756		828
Accrued employee expenses	381		354
Short-term debt	1,528		4,148
Current portion of long-term debt	3,133		2,740
Other current liabilities	1,942		1,551
Total current liabilities	11,094		13,421
BHE senior debt	12,703		13,101
BHE junior subordinated debentures	100		100
Subsidiary debt	41,092		36,231
Regulatory liabilities	6,709		6,644
Deferred income taxes	12,343		12,437
Other long-term liabilities	5,935		6,166
Total liabilities	89,976		88,100
Commitments and contingencies (Note 9)
Equity:
BHE shareholders' equity:
Common stock - 115 shares authorized, no par value, 76 shares issued and outstanding	—		—
Additional paid-in capital	5,573		5,573
Retained earnings	45,417		44,765
Accumulated other comprehensive loss, net	(2,031)		(1,904)
Total BHE shareholders' equity	48,959		48,434
Noncontrolling interests	1,300		1,306
Total equity	50,259		49,740
Total liabilities and equity	$	140,235	$	137,840

The accompanying notes are an integral part of these consolidated financial statements.

6

BERKSHIRE HATHAWAY ENERGY COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Energy	$	5,245	$	5,471
Real estate	866		875
Total operating revenue	6,111		6,346
Operating expenses:
Energy:
Cost of sales	1,670		1,955
Operations and maintenance	1,235		1,183
Wildfire losses, net of recoveries (Note 9)	—		359
Depreciation and amortization	1,013		1,050
Property and other taxes	212		212
Real estate	1,086		920
Total operating expenses	5,216		5,679
Operating income	895		667
Other income (expense):
Interest expense	(691)		(586)
Capitalized interest	46		24
Allowance for equity funds	83		49
Interest and dividend income	116		86
(Losses) gains on marketable securities, net	(123)		699
Other, net	31		40
Total other income (expense)	(538)		312
Income before income tax expense (benefit) and equity income (loss)	357		979
Income tax expense (benefit)	(371)		(162)
Equity income (loss)	(39)		(38)
Net income	689		1,103
Net income attributable to noncontrolling interests	36		114
Net income attributable to BHE shareholders	653		989
Preferred dividends	—		8
Earnings on common shares	$	653	$	981

The accompanying notes are an integral part of these consolidated financial statements.

7

BERKSHIRE HATHAWAY ENERGY COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Net income	$	689	$	1,103
Other comprehensive (loss) income, net of tax:
Unrecognized amounts on retirement benefits, net of tax of $4 and $(3)	11		(4)
Foreign currency translation adjustment	(145)		99
Unrealized gains (losses) on cash flow hedges, net of tax of $2 and $(20)	7		(55)
Total other comprehensive (loss) income, net of tax	(127)		40
Comprehensive income	562		1,143
Comprehensive income attributable to noncontrolling interests	36		114
Comprehensive income attributable to BHE shareholders	$	526	$	1,029

The accompanying notes are an integral part of these consolidated financial statements.

8

BERKSHIRE HATHAWAY ENERGY COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

(Amounts in millions)

	BHE Shareholders' Equity
									Accumulated
					Additional				Other
	Preferred		Common		Paid-in		Retained		Comprehensive		Noncontrolling		Total
	Stock		Stock		Capital		Earnings		Loss, Net		Interests		Equity
Balance, December 31, 2022	$	850	$	—	$	6,298	$	41,833	$	(2,149)	$	3,807	$	50,639
Net income	—		—		—		989		—		114		1,103
Other comprehensive income	—		—		—		—		40		—		40
Preferred stock dividend	—		—		—		(8)		—		—		(8)
Distributions	—		—		—		—		—		(125)		(125)
Contributions	—		—		—		—		—		2		2
Balance, March 31, 2023	$	850	$	—	$	6,298	$	42,814	$	(2,109)	$	3,798	$	51,651
Balance, December 31, 2023	$	—	$	—	$	5,573	$	44,765	$	(1,904)	$	1,306	$	49,740
Net income	—		—		—		653		—		36		689
Other comprehensive loss	—		—		—		—		(127)		—		(127)
Distributions	—		—		—		—		—		(40)		(40)
Other equity transactions	—		—		—		(1)		—		(2)		(3)
Balance, March 31, 2024	$	—	$	—	$	5,573	$	45,417	$	(2,031)	$	1,300	$	50,259

The accompanying notes are an integral part of these consolidated financial statements.

9

BERKSHIRE HATHAWAY ENERGY COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	689	$	1,103
Adjustments to reconcile net income to net cash flows from operating activities:
Losses (gains) on marketable securities, net	123		(699)
Depreciation and amortization	1,025		1,063
Allowance for equity funds	(83)		(49)
Equity (income) loss, net of distributions	87		68
Net power cost deferrals	63		(504)
Amortization of net power cost deferrals	81		130
Other changes in regulatory assets and liabilities	(42)		(26)
Deferred income taxes and investment tax credits, net	(81)		(11)
Other, net	(8)		15
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	67		161
Derivative collateral, net	(24)		(225)
Pension and other postretirement benefit plans	(2)		(7)
Accrued property, income and other taxes, net	(353)		(177)
Accounts payable and other liabilities	113		(106)
Wildfires insurance receivable	350		(41)
Wildfires liability	(19)		400
Net cash flows from operating activities	1,986		1,095
Cash flows from investing activities:
Capital expenditures	(2,153)		(1,848)
Purchases of marketable securities	(100)		(106)
Proceeds from sales of marketable securities	108		1,091
Purchases of U.S. Treasury Bills	—		(1,519)
Proceeds from maturities of U.S. Treasury Bills	—		623
Equity method investments	(17)		(19)
Other, net	13		—
Net cash flows from investing activities	(2,149)		(1,778)
Cash flows from financing activities:
Repayments of BHE senior debt	—		(400)
Proceeds from subsidiary debt	5,084		—
Repayments of subsidiary debt	(103)		(136)
Net (repayments of) proceeds from short-term debt	(2,618)		699
Distributions to noncontrolling interests	(40)		(126)
Other, net	(10)		(17)
Net cash flows from financing activities	2,313		20
Effect of exchange rate changes	(2)		1
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,148		(662)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,811		1,817
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	3,959	$	1,155

The accompanying notes are an integral part of these consolidated financial statements.

10

BERKSHIRE HATHAWAY ENERGY COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1)    General

Berkshire Hathaway Energy Company ("BHE") is a holding company that owns a highly diversified portfolio of locally managed and operated businesses principally engaged in the energy industry (collectively with its subsidiaries, the "Company") and is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway").

The Company's operations are organized as eight business segments: PacifiCorp and its subsidiaries ("PacifiCorp"), MidAmerican Funding, LLC and its subsidiaries ("MidAmerican Funding") (which primarily consists of MidAmerican Energy Company ("MidAmerican Energy")), NV Energy, Inc. and its subsidiaries ("NV Energy") (which primarily consists of Nevada Power Company and its subsidiaries ("Nevada Power") and Sierra Pacific Power Company and its subsidiaries ("Sierra Pacific")), Northern Powergrid Holdings Company and its subsidiaries ("Northern Powergrid") (which primarily consists of Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc), BHE Pipeline Group, LLC and its subsidiaries (which primarily consists of BHE GT&S, LLC and its subsidiaries ("BHE GT&S"), Northern Natural Gas Company ("Northern Natural Gas") and Kern River Gas Transmission Company ("Kern River")), BHE Transmission (which consists of BHE Canada Holdings Corporation and its subsidiaries ("BHE Canada") (which primarily consists of AltaLink, L.P. ("AltaLink")) and BHE U.S. Transmission, LLC and its subsidiaries), BHE Renewables, LLC and its subsidiaries ("BHE Renewables") and HomeServices of America, Inc. and its subsidiaries ("HomeServices"). The Company, through these locally managed and operated businesses, owns four utility companies in the U.S. serving customers in 11 states, two electricity distribution companies in Great Britain, five interstate natural gas pipeline companies in the U.S., one of which owns a liquefied natural gas ("LNG") export, import and storage facility, an electric transmission business in Canada, interests in electric transmission businesses in the U.S., a renewable energy business primarily investing in wind, solar, geothermal and hydroelectric projects, one of the largest residential real estate brokerage firms and residential real estate brokerage franchise networks in the U.S.

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in the Company's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

(2)    New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

11

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. The Company is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

(3)    Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
	Depreciable	March 31,		December 31,
	Life	2024		2023
Regulated assets:
Utility generation, transmission and distribution systems	5-80 years	$	96,675	$	96,195
Interstate natural gas pipeline assets	3-80 years	19,357		19,226
		116,032		115,421
Accumulated depreciation and amortization		(36,985)		(36,365)
Regulated assets, net		79,047		79,056
Nonregulated assets:
Independent power plants	2-50 years	8,518		8,484
Cove Point LNG facility	40 years	3,435		3,423
Other assets	2-30 years	2,877		2,874
		14,830		14,781
Accumulated depreciation and amortization		(3,916)		(3,856)
Nonregulated assets, net		10,914		10,925
		89,961		89,981
Construction work-in-progress		9,910		9,267
Property, plant and equipment, net		$	99,871	$	99,248

Construction work-in-progress includes $9.3 billion as of March 31, 2024 and $8.6 billion as of December 31, 2023, related to the construction of regulated assets.

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(4)    Investments and Restricted Cash and Cash Equivalents and Investments

Investments and restricted cash and cash equivalents and investments consists of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Investments:
BYD Company Limited common stock	$	2,081	$	2,218
U.S. Treasury Bills	1,010		996
Rabbi trusts	512		487
Other	342		338
Total investments	3,945		4,039
Equity method investments:
BHE Renewables tax equity investments	3,937		4,058
Electric Transmission Texas, LLC	694		673
Iroquois Gas Transmission System, L.P.	605		599
Other	361		381
Total equity method investments	5,597		5,711
Restricted cash and cash equivalents and investments:
Quad Cities Station nuclear decommissioning trust funds	813		767
Other restricted cash and cash equivalents	215		246
Total restricted cash and cash equivalents and investments	1,028		1,013
Total investments and restricted cash and cash equivalents and investments	$	10,570	$	10,763
Reflected as:
Other current assets	$	1,265	$	1,253
Noncurrent assets	9,305		9,510
Total investments and restricted cash and cash equivalents and investments	$	10,570	$	10,763

Investments

(Losses) gains on marketable securities, net recognized during the period consists of the following (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Unrealized (losses) gains recognized on marketable securities held at the reporting date	$	(124)	$	529
Net gains recognized on marketable securities sold during the period	1		170
(Losses) gains on marketable securities, net	$	(123)	$	699

13

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds restricted for debt service obligations for certain of the Company's nonregulated renewable energy projects. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	3,744	$	1,565
Investments and restricted cash and cash equivalents	201		224
Investments and restricted cash and cash equivalents and investments	14		22
Total cash and cash equivalents and restricted cash and cash equivalents	$	3,959	$	1,811

(5)    Recent Financing Transactions

Long-Term Debt

In January 2024, PacifiCorp issued $500 million of its 5.10% First Mortgage Bonds due February 2029, $700 million of its 5.30% First Mortgage Bonds due February 2031, $1.1 billion of its 5.45% First Mortgage Bonds due February 2034 and $1.5 billion of its 5.80% First Mortgage Bonds due January 2055 for a total of $3.8 billion. PacifiCorp initially used a portion of the net proceeds to repay outstanding short-term debt and intends to use the remaining net proceeds to fund capital expenditures and for general corporate purposes.

In January 2024, MidAmerican Energy issued $600 million of its 5.30% First Mortgage Bonds due February 2055. MidAmerican Energy intends, within 24 months of the issuance date, to allocate an amount equal to the net proceeds to finance, in whole or in part, new or existing investments or expenditures made in one or more eligible projects in alignment with BHE's Green Financing Framework.

In January 2024, Northern Natural Gas issued $500 million of its 5.625% Senior Bonds due February 2054. Northern Natural Gas intends to use the net proceeds from the sale of the bonds for general corporate purposes, including to fund capital expenditures.

In February 2024, Sierra Pacific entered into a re-offering of the following series of fixed-rate tax exempt bonds: $75 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016F, due 2036; $60 million of Washoe County, Nevada Gas and Water Facilities Refunding Revenue Bonds, Series 2016B, due 2036; $30 million of Humboldt County, Nevada Pollution Control Refunding Revenue Bonds, Series 2016B, due 2029; $30 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036; $20 million of Humboldt County, Nevada Pollution Control Refunding Revenue Bonds, Series 2016A due 2029; and $20 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016G, due 2036. The Humboldt County Series 2016A and Series 2016B bonds were offered at a term rate of 3.550%. The Washoe County Series 2016B and Series 2016G bonds were offered at a fixed rate of 3.625% and the Washoe County Series 2016C and Series 2016F bonds were offered at a fixed rate of 4.125%. Sierra Pacific previously purchased the bonds as required by the bond indentures. Sierra Pacific used the net proceeds of the re-offering for general corporate purposes.

Credit Facilities

In March 2024, AltaLink Investments, L.P. amended and restated its existing C$300 million unsecured revolving credit facility expiring December 2026. The restatement incorporated prior amendments as well as updated terms and definitions.

14

In March 2024, HomeServices amended its existing $700 million unsecured credit facility expiring September 2026. The amendment reduced the commitment of the lenders to $200 million and changed the credit facility from unsecured to secured.

(6)    Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Income tax credits	(108)		(35)
State income tax, net of federal income tax impacts	—		(4)
Income tax effect of foreign income	(6)		7
Effects of ratemaking	(7)		(3)
Equity earnings	(2)		(1)
Noncontrolling interest	(2)		(2)
Effective income tax rate	(104)	%	(17)	%

Income tax credits relate primarily to production tax credits ("PTCs") from wind- and solar-powered generating facilities owned by MidAmerican Energy, PacifiCorp and BHE Renewables. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs recognized for the three-month periods ended March 31, 2024 and 2023 totaled $383 million and $343 million, respectively.

Income tax effect on foreign income includes, among other items, a deferred income tax charge of $82 million recognized in March 2023 related to the July 2022 enactment of a new Energy Profits Levy 25% income tax in the United Kingdom effective May 26, 2022, through December 31, 2025, as well as an increase in the tax rate from 25% to 35% effective January 1, 2023, through March 31, 2028, enacted in January 2023.

The Company's provision for income taxes has been computed on a stand-alone basis. Berkshire Hathaway includes the Company in its consolidated U.S. federal and Iowa state income tax returns and the majority of the Company's U.S. federal income tax is remitted to or received from Berkshire Hathaway. The Company had no net cash payments for federal income taxes to Berkshire Hathaway for the three-month periods ended March 31, 2024 and 2023.

15

(7)    Employee Benefit Plans

Domestic Operations

Net periodic benefit cost (credit) for the domestic pension and other postretirement benefit plans included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Pension:
Service cost	$	3	$	4
Interest cost	26		28
Expected return on plan assets	(31)		(31)
Settlement	—		(5)
Net amortization	2		4
Net periodic benefit cost	$	—	$	—
Other postretirement:
Service cost	$	1	$	1
Interest cost	7		7
Expected return on plan assets	(8)		(8)
Net amortization	(1)		(1)
Net periodic benefit credit	$	(1)	$	(1)

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in other, net on the Consolidated Statements of Operations. Employer contributions to the domestic pension and other postretirement benefit plans are expected to be $13 million and $5 million, respectively, during 2024. As of March 31, 2024, $3 million and $1 million of contributions had been made to the domestic pension and other postretirement benefit plans, respectively.

Foreign Operations

Net periodic benefit cost for the United Kingdom pension plan included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Service cost	$	1	$	2
Interest cost	14		14
Expected return on plan assets	(20)		(19)
Net amortization	7		6
Net periodic benefit cost	$	2	$	3

Amounts other than the service cost for the United Kingdom pension plan are recorded in other, net on the Consolidated Statements of Operations. Employer contributions to the United Kingdom pension plan are expected to be £9 million during 2024. As of March 31, 2024, £2 million, or $3 million, of contributions had been made to the United Kingdom pension plan.

16

(8)    Fair Value Measurements

The carrying value of the Company's cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. The Company has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

•Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 — Unobservable inputs reflect the Company's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. The Company develops these inputs based on the best information available, including its own data.

The following table presents the Company's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	1	$	89	$	6	$	(18)	$	78
Interest rate derivatives	37		48		11		—		96
Mortgage loans held for sale	—		492		—		—		492
Money market mutual funds	3,435		—		—		—		3,435
Debt securities:
U.S. government obligations	1,265		—		—		—		1,265
Corporate obligations	—		84		—		—		84
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	458		—		—		—		458
International companies	2,091		—		—		—		2,091
Investment funds	306		—		—		—		306
	$	7,593	$	716	$	17	$	(18)	$	8,308
Liabilities:
Commodity derivatives	$	(4)	$	(154)	$	(141)	$	53	$	(246)
Foreign currency exchange rate derivatives	—		(15)		—		—		(15)
Interest rate derivatives	—		(3)		—		1		(2)
	$	(4)	$	(172)	$	(141)	$	54	$	(263)

17

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2023:
Assets:
Commodity derivatives	$	1	$	121	$	4	$	(31)	$	95
Interest rate derivatives	38		40		7		—		85
Mortgage loans held for sale	—		451		—		—		451
Money market mutual funds	1,310		—		—		—		1,310
Debt securities:
U.S. government obligations	1,253		—		—		—		1,253
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	427		—		—		—		427
International companies	2,226		—		—		—		2,226
Investment funds	268		—		—		—		268
	$	5,523	$	685	$	11	$	(31)	$	6,188
Liabilities:
Commodity derivatives	$	(7)	$	(134)	$	(95)	$	54	$	(182)
Foreign currency exchange rate derivatives	—		(8)		—		—		(8)
Interest rate derivatives	—		(7)		—		4		(3)
	$	(7)	$	(149)	$	(95)	$	58	$	(193)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $36 million and $27 million as of March 31, 2024 and December 31, 2023, respectively.

Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchases or normal sales and qualify for the exception afforded by GAAP. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which the Company transacts. When quoted prices for identical contracts are not available, the Company uses forward price curves. Forward price curves represent the Company's estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. The Company bases its forward price curves upon market price quotations, when available, or internally developed and commercial models, with internal and external fundamental data inputs. Market price quotations are obtained from independent brokers, exchanges, direct communication with market participants and actual transactions executed by the Company. Market price quotations are generally readily obtainable for the applicable term of the Company's outstanding derivative contracts; therefore, the Company's forward price curves reflect observable market quotes. Market price quotations for certain electricity and natural gas trading hubs are not as readily obtainable due to the length of the contract. Given that limited market data exists for these contracts, as well as for those contracts that are not actively traded, the Company uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The estimated fair value of these derivative contracts is a function of the underlying forward commodity prices, interest rates, currency rates, related volatility, counterparty creditworthiness and duration of contracts.

The Company's mortgage loans held for sale are valued based on independent quoted market prices, where available, or the prices of other mortgage whole loans with similar characteristics. As necessary, these prices are adjusted for typical securitization activities, including servicing value, portfolio composition, market conditions and liquidity.

The Company's investments in money market mutual funds and debt and equity securities are stated at fair value. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value. In the absence of a quoted market price or net asset value of an identical security, the fair value is determined using pricing models or net asset values based on observable market inputs and quoted market prices of securities with similar characteristics.

18

The following table reconciles the beginning and ending balances of the Company's financial assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions). Transfers out of Level 3 occur primarily due to increased price observability.

	Three-Month Periods
	Ended March 31,
			Interest
	Commodity		Rate
	Derivatives		Derivatives
2024:
Beginning balance	$	(91)	$	7
Changes included in earnings(1)	(3)		4
Changes in fair value recognized in net regulatory assets	(56)		—
Settlements	15		—
Ending balance	$	(135)	$	11

2023:
Beginning balance	$	(59)	$	6
Changes included in earnings(1)	9		9
Changes in fair value recognized in OCI	(3)		—
Changes in fair value recognized in net regulatory assets	(98)		—
Settlements	1		—
Ending balance	$	(150)	$	15

(1)Changes included in earnings for interest rate derivatives are reported net of amounts related to the satisfaction of the associated loan commitment.

The Company's long-term debt is carried at cost on the Consolidated Balance Sheets. The fair value of the Company's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of the Company's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of the Company's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	57,028	$	52,594	$	52,172	$	48,624

(9)    Commitments and Contingencies

Commitments

The Company has the following firm commitments that are not reflected on the Consolidated Balance Sheets.

Fuel Contracts

During the three-month period ended March 31, 2024, PacifiCorp entered into certain coal supply and transportation agreements totaling $1.9 billion through 2030.

19

Environmental Laws and Regulations

The Company is subject to federal, state, local and foreign laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal, hazardous and other environmental matters that have the potential to impact the Company's current and future operations. The Company believes it is in material compliance with all applicable laws and regulations.

Lower Klamath Hydroelectric Project

In November 2022, the Federal Energy Regulatory Commission ("FERC") issued a license surrender order for the Lower Klamath Project, which was accepted by the Klamath River Renewal Corporation ("KRRC") and the states of Oregon and California ("States") in December 2022, along with the transfer of the Lower Klamath Project dams. Although PacifiCorp no longer owned the Lower Klamath Project, PacifiCorp continued to operate the facilities under an operation and maintenance agreement with the KRRC until each facility was ready for removal. PacifiCorp's obligations under the operations and maintenance agreement terminated in January 2024. Removal of the Copco No. 2 facility was completed in November 2023, and removal of the remaining three dams (J.C. Boyle, Copco No. 1 and Iron Gate) began in January 2024 and is anticipated to be completed in late 2024. The KRRC has $450 million in funding available for dam removal and restoration; $200 million collected from PacifiCorp's Oregon and California customers and $250 million in California bond funds. PacifiCorp and the States have also agreed to equally share cost overruns that may occur above the initial $450 million in funding. Specifically, PacifiCorp and the States have agreed to equally fund an initial $45 million contingency fund and equally share any additional costs above that amount to ensure dam removal and restoration is complete.

Legal Matters

The Company is party to a variety of legal actions, including litigation, arising out of the normal course of business, some of which assert claims for damages in substantial amounts and are described below. For certain legal actions, parties at times may seek to impose fines, penalties and other costs.

Pursuant to ASC 450, "Contingencies," a provision for a loss contingency is recorded when it is probable a liability is likely to occur and the amount of loss can be reasonably estimated. The Company evaluates the related range of reasonably estimated losses and records a loss based on its best estimate within that range or the lower end of the range if there is no better estimate.

Wildfires

In California, under inverse condemnation, courts have held that investor-owned utilities can be liable for real and personal property damages from wildfires without the utility being found negligent and regardless of fault. California law also permits inverse condemnation plaintiffs to recover reasonable attorney fees and costs. In both Oregon and California, PacifiCorp has equipment in areas accessed through special use permits, easements or similar agreements that may contain provisions requiring it to pay for damages caused by its equipment regardless of fault. Even if inverse condemnation or other provisions do not apply, PacifiCorp could be found liable for all damages.

2020 Wildfires

In September 2020, a severe weather event resulting in high winds, low humidity and warm temperatures contributed to several major wildfires, which resulted in real and personal property and natural resource damage, personal injuries and loss of life and widespread power outages in Oregon and Northern California. The wildfires spread across certain parts of PacifiCorp's service territory and surrounding areas across multiple counties in Oregon and California, including Siskiyou County, California; Jackson County, Oregon; Douglas County, Oregon; Marion County, Oregon; Lincoln County, Oregon; and Klamath County, Oregon, burning over 500,000 acres in aggregate. Third-party reports for these wildfires ("2020 Wildfires") indicate over 2,000 structures destroyed, including residences; several structures damaged; multiple individuals injured; and several fatalities.

Investigations into the cause and origin of each wildfire are complex and ongoing and have been or are being conducted by various entities, including the U.S. Forest Service, the California Public Utilities Commission, the Oregon Department of Forestry, the Oregon Department of Justice, PacifiCorp and various experts engaged by PacifiCorp.

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As of the date of this filing, a significant number of complaints and demands alleging similar claims related to the 2020 Wildfires have been filed in Oregon and California, including a class action complaint in Oregon for which certain jury verdicts were issued as described below. The plaintiffs seek damages for economic losses, noneconomic losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys' fees. Several insurance carriers have filed subrogation complaints in Oregon and California with allegations similar to those made in the aforementioned complaints. Additionally, the U.S. and Oregon Departments of Justice have informed PacifiCorp that they are contemplating filing actions against PacifiCorp in connection with certain of the Oregon 2020 Wildfires. PacifiCorp is actively cooperating with the U.S. and Oregon Departments of Justice on resolving these alleged claims through alternative dispute resolution.

As of March 31, 2024, amounts sought in the complaints and demands filed in Oregon and in certain demands made in California totaled approximately $7 billion, excluding any doubling or trebling of damages included in the complaints and those settled. Generally, the complaints filed in California do not specify damages sought and are excluded from this amount. For class actions, amounts specified by the plaintiffs in the complaints include amounts based on estimates of the potential class size, which ultimately may be significantly greater than estimated. Additionally, damages are not limited to the amounts specified in the initially filed complaints as plaintiffs are frequently allowed to amend their complaints to add additional damages and amounts awarded in a court proceeding may be significantly greater than the damages specified. Oregon law provides for doubling of economic and property damages in the event the defendant is found to have acted with gross negligence, recklessness, willfulness or malice. Oregon law provides for trebling of the damages associated with timber, shrubs and produce in the event the defendant is determined to have willfully and intentionally trespassed. Based on available information to date, PacifiCorp believes it is probable that losses will be incurred associated with the 2020 Wildfires. Final determinations of liability will only be made following the completion of comprehensive investigations, litigation or similar processes, the outcome of which, if adverse, could, in the aggregate, have a material adverse effect on PacifiCorp's financial condition. In April 2024, a complaint in the James case described below was filed by 1,000 individual class members seeking $5 billion in economic and $25 billion in noneconomic damages before doubling of economic damages and punitive damages included in the complaint.

The James Case

On September 30, 2020, a class action complaint against PacifiCorp was filed, captioned Jeanyne James et al. v. PacifiCorp et al, in Multnomah County Circuit Court, Oregon ("James"). The complaint was filed by Oregon residents and businesses who seek to represent a class of all Oregon citizens and entities whose real or personal property was harmed beginning on September 7, 2020, by wildfires in Oregon allegedly caused by PacifiCorp. In November 2021, the plaintiffs filed an amended complaint to limit the class to include Oregon citizens allegedly impacted by the Santiam Canyon, Echo Mountain Complex, South Obenchain and 242 wildfires. In May 2022, the Multnomah County Circuit Court granted issue class certification and consolidated the James case with several other cases. While PacifiCorp's pre-trial request for immediate appeal of the class certification was denied, it subsequently filed to appeal the class issues as described below.

On April 29, 2024, a complaint against PacifiCorp naming 1,000 individual class members was filed in Multnomah County Circuit Court, Oregon, referencing James as the lead case. The April 2024 James complaint makes damages only allegations seeking economic, noneconomic and punitive damages, as well as doubling of economic damages. PacifiCorp believes the magnitude of damages sought by the class members in the April 2024 James complaint to be of remote likelihood of being awarded based on the amounts awarded in the jury verdicts described below that are being appealed.

In April 2023, the jury trial for James with respect to 17 named plaintiffs began in Multnomah County Circuit Court. In June 2023, the jury issued its verdict finding PacifiCorp liable to the 17 named plaintiffs and to the class with respect to the four wildfires. The jury found PacifiCorp's conduct grossly negligent, reckless and willful as to each plaintiff and the entire class. The jury awarded the 17 named plaintiffs $90 million of damages, including $4 million of economic damages, $68 million of noneconomic damages and $18 million of punitive damages based on a 0.25 multiplier of the economic and noneconomic damages.

In September 2023, the Multnomah County Circuit Court ordered trial dates for three damages phase trials described below wherein plaintiffs in each of the three damages phase trials would present evidence regarding their damages.

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In January 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the June 2023 James verdict. The limited judgment awards $92 million of damages based on the amounts awarded by the jury, as well as doubling of the economic damages and offsetting of any insurance proceeds received by plaintiffs. The limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. Under ORS 82.010, interest at a rate of 9% per annum will accrue on the judgment commencing at the date the judgment was entered until the entire money award is paid, amended or reversed by an appellate court. In January 2024, PacifiCorp filed a notice of appeal associated with the June 2023 verdict in James, including whether the case can proceed as a class action and filed a motion to stay further damages phase trials. On February 14, 2024, the Oregon Court of Appeals denied PacifiCorp's request to stay the damages phase trials. On February 13, 2024, the 17 named plaintiffs filed a notice of cross-appeal as to the January 2024 limited judgment and money award. The appeals process and further actions could take several years.

In January 2024, the jury for the first James damages phase trial awarded nine plaintiffs $62 million of damages, including $6 million of economic damages and $56 million of noneconomic damages. After the jury verdict, the Multnomah County Circuit Court doubled the economic damages to $12 million and added $16 million of punitive damages using the 0.25 multiplier determined by the jury for the June 2023 James verdict bringing the total damages awarded to $84 million. PacifiCorp requested that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the nine plaintiffs, and on March 25, 2024, the Multnomah County Circuit Court granted in large part the offset request. In April 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the January 2024 James verdict. The limited judgment awards $80 million of damages based on the amounts awarded by the jury and offsetting insurance proceeds received by plaintiffs. The limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. In April 2024, PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. PacifiCorp amended its January 2024 appeal of the June 2023 James verdict to include the January 2024 jury verdict.

In March 2024, the jury for the second James damages phase trial awarded ten plaintiffs $42 million of damages, including $12 million of doubled economic damages, $23 million of noneconomic damages and $7 million of punitive damages using the 0.25 multiplier determined by the jury for the June 2023 James verdict. PacifiCorp has requested that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the ten plaintiffs. PacifiCorp intends to appeal the jury's damage awards associated with the March 2024 jury verdict once judgment is entered.

In March 2024, settlement was reached with five commercial timber plaintiffs in the James consolidated cases, and the jury trial scheduled for April 2024 was cancelled.

2022 McKinney Fire

According to the California Department of Forestry and Fire Protection, on July 29, 2022, a wildfire began in the Oak Knoll Ranger District of the Klamath National Forest in Siskiyou County, California located in PacifiCorp's service territory ("2022 McKinney Fire"), burning over 60,000 acres. Third-party reports indicate that the 2022 McKinney Fire resulted in 11 structures damaged; 185 structures destroyed, including residences; 12 injuries; and four fatalities. The cause of the 2022 McKinney Fire is undetermined and remains under investigation by the U.S. Forest Service, the California Public Utilities Commission, PacifiCorp and various experts engaged by PacifiCorp.

As of the date of this filing, multiple complaints have been filed in California on behalf of plaintiffs related to the 2022 McKinney Fire. The plaintiffs seek damages for economic losses, noneconomic losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys' fees, but the amount of damages sought is not specified.

Based on available information to date, PacifiCorp believes it is probable a loss will be incurred associated with the 2022 McKinney Fire. Final determinations of liability will only be made following the completion of comprehensive investigations, litigation or similar processes.

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Estimated Losses for and Settlements Associated with the Wildfires

Based on the facts and circumstances available to PacifiCorp as of the date of this filing, including (i) ongoing cause and origin investigations; (ii) ongoing settlement and mediation discussions; (iii) other litigation matters and upcoming legal proceedings; and (iv) the status of the James case, PacifiCorp recorded cumulative estimated probable losses associated with the 2020 Wildfires and the 2022 McKinney Fire ("Wildfires") of $2,407 million through March 31, 2024. PacifiCorp's cumulative accrual includes estimates of probable losses for fire suppression costs, real and personal property damages, natural resource damages and noneconomic damages such as personal injury damages and loss of life damages that it is reasonably able to estimate at this time and which is subject to change as additional relevant information becomes available.

Through March 31, 2024, PacifiCorp paid $702 million in settlements associated with the 2020 Wildfires and paid an additional $52 million subsequent to March 31, 2024. PacifiCorp has also reached settlement agreements associated with the 2020 Wildfires totaling $23 million that have yet to be paid. As a result of the settlements, various trials have been cancelled.

The following table presents changes in PacifiCorp's liability for estimated losses associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	1,723	$	424
Accrued losses	—		400
Payments	(18)		—
Ending balance	$	1,705	$	824

As of March 31, 2024 and December 31, 2023, $269 million and $4 million of PacifiCorp's liability for estimated losses associated with the Wildfires is classified as a current liability captioned Wildfires liabilities on the Consolidated Balance Sheets. The amounts reflected as current as of March 31, 2024 reflect amounts reasonably expected to be paid out within the next year based on settlements reached as well as ongoing settlement and mediation efforts. The remainder of PacifiCorp's liability for estimated losses associated with the Wildfires as of March 31, 2024 and December 31, 2023 is classified as a noncurrent liability captioned Wildfires liabilities on the Consolidated Balance Sheets.

The following table presents changes in PacifiCorp's receivable for expected insurance recoveries associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	499	$	246
Accruals	—		41
Payments received	(350)		—
Ending balance	$	149	$	287

As of March 31, 2024, $15 million of PacifiCorp's receivable for expected insurance recoveries was included in Other receivables, net while the remaining $134 million was included in Other assets on the Consolidated Balance Sheets. As of December 31, 2023, $350 million of PacifiCorp's receivable for expected insurance recoveries was included in Other receivables, net while the remaining $149 million was included in Other assets on the Consolidated Balance Sheets. Insurance proceeds received to date relate to the 2020 Wildfires.

During the three-month period ended March 31, 2024 and 2023, PacifiCorp recognized probable losses net of expected insurance recoveries associated with the Wildfires of $— million and $359 million, respectively. No additional insurance recoveries beyond those accrued and received to date are expected to be available.

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It is reasonably possible PacifiCorp will incur material additional losses beyond the amounts accrued for the Wildfires that could have a material adverse effect on PacifiCorp's financial condition. PacifiCorp is currently unable to reasonably estimate a specific range of possible additional losses that could be incurred due to the number of properties and parties involved, including claimants in the class to the James case, the variation in the types of properties and damages and the ultimate outcome of legal actions.

HomeServices Antitrust Cases

HomeServices is currently defending against several antitrust cases, all in federal district courts. In each case, plaintiffs claim HomeServices and certain of its subsidiaries (in one instance, HomeServices and BHE) conspired with co-defendants to artificially inflate real estate commissions by following and enforcing multiple listing service ("MLS") rules that require listing agents to offer a commission split to cooperating agents in order for the property to appear on the MLS ("Cooperative Compensation Rule"). None of the complaints specify damages sought. However, two cases allege Texas state law deceptive trade practices claims, for which plaintiffs have provided written notice of the damages sought totaling approximately $9 billion by separate notice as required by Texas law.

In April 2019, the Burnett (formerly Sitzer) et al. v. HomeServices of America, Inc. et al. complaint was filed in the U.S. District Court for the Western District of Missouri (the "Burnett case"). This lawsuit, which was certified as a class in April 2022, was originally brought on behalf of named plaintiffs Joshua Sitzer and Amy Winger against the National Association of Realtors ("NAR"), Anywhere Real Estate (formerly Realogy Holdings Corp.), HomeServices of America, Inc., RE/MAX, LLC, and Keller Williams Realty, Inc. HSF Affiliates, LLC and BHH Affiliates, LLC, each a subsidiary of HomeServices, were subsequently added as defendants. Rhonda Burnett became a lead class plaintiff in June 2021. The jury trial commenced on October 16, 2023, and the jury returned a verdict for the plaintiffs on October 31, 2023, finding that the named defendants participated in a conspiracy to follow and enforce the Cooperative Compensation Rule, which conspiracy had the purpose or effect of raising, inflating, or stabilizing broker commission rates paid by home sellers. The jury further found that the class plaintiffs had proved damages in the amount of $1.8 billion. Joint and several liability applies for the co-defendants. Federal law authorizes trebling of damages and the award of pre-judgment interest and attorney fees. Prior to the trial, Anywhere Real Estate (formerly Realogy Holdings Corp.) and RE/MAX, LLC reached settlement agreements with the plaintiffs. Subsequent to the trial, settlements were reached by Keller Williams and NAR on February 1, 2024 and March 15, 2024, respectively. All settlements are subject to court approval, which is scheduled for May 9, 2024, except for the NAR settlement for which the date is November 26, 2024. Final judgment has not yet been entered by the U.S. District Court for the Western District of Missouri.

In April 2024, HomeServices agreed to terms with the plaintiffs to settle all claims asserted against HomeServices, HSF Affiliates, LLC and BHH Affiliates, LLC in the Burnett case as part of a proposed nationwide class settlement. The final settlement agreement, which includes scheduled payments over the next four years aggregating $250 million, has yet to be filed with the court and is ultimately subject to court approval. HomeServices recognized an after-tax charge of approximately $140 million during the three-month period ended March 31, 2024. If the settlement is not approved by the court, HomeServices intends to vigorously appeal on multiple grounds the jury's findings and damage award in the Burnett case, including whether the case can proceed as a class action. The appeals process and further actions could take several years.

Guarantees

The Company has entered into guarantees as part of the normal course of business and the sale or transfer of certain assets. These guarantees are not expected to have a material impact on the Company's consolidated financial results.

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(10)    Revenue from Contracts with Customers

Energy Products and Services

The following table summarizes the Company's energy products and services revenue from contracts with customers ("Customer Revenue") by regulated and nonregulated, with further disaggregation of regulated by line of business, including a reconciliation to the Company's reportable segment information included in Note 12 (in millions):

	For the Three-Month Period Ended March 31, 2024
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,447	$	485	$	782	$	—	$	—	$	—	$	—	$	—	$	2,714
Retail gas	—		254		85		—		—		—		—		—		339
Wholesale	29		72		18		—		—		—		—		(1)		118
Transmission and    distribution	41		15		20		266		—		167		—		—		509
Interstate pipeline	—		—		—		—		869		—		—		(45)		824
Other	26		—		—		—		1		—		—		—		27
Total Regulated	1,543		826		905		266		870		167		—		(46)		4,531
Nonregulated	—		2		1		23		257		31		296		—		610
Total Customer Revenue	1,543		828		906		289		1,127		198		296		(46)		5,141
Other revenue	5		15		2		31		1		—		51		(1)		104
Total	$	1,548	$	843	$	908	$	320	$	1,128	$	198	$	347	$	(47)	$	5,245

	For the Three-Month Period Ended March 31, 2023
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,349	$	491	$	848	$	—	$	—	$	—	$	—	$	—	$	2,688
Retail gas	—		296		96		—		—		—		—		—		392
Wholesale	61		100		31		—		—		—		—		(1)		191
Transmission and    distribution	38		14		18		281		—		165		—		—		516
Interstate pipeline	—		—		—		—		878		—		—		(56)		822
Other	32		—		—		—		2		—		—		—		34
Total Regulated	1,480		901		993		281		880		165		—		(57)		4,643
Nonregulated	—		3		1		45		266		40		305		—		660
Total Customer Revenue	1,480		904		994		326		1,146		205		305		(57)		5,303
Other revenue	4		16		5		28		27		—		88		—		168
Total	$	1,484	$	920	$	999	$	354	$	1,173	$	205	$	393	$	(57)	$	5,471

(1)The BHE and Other reportable segment represents amounts related principally to other corporate entities, corporate functions and intersegment eliminations.

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Real Estate Services

The following table summarizes the Company's real estate services Customer Revenue by line of business (in millions):

	HomeServices
	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Brokerage	$	794	$	799
Franchise	12		12
Total Customer Revenue	806		811
Mortgage and other revenue	60		64
Total	$	866	$	875

Remaining Performance Obligations

The following table summarizes the Company's revenue it expects to recognize in future periods related to significant unsatisfied remaining performance obligations for fixed contracts with expected durations in excess of one year as of March 31, 2024, by reportable segment (in millions):

	Performance obligations expected to be satisfied:
	Less than 12 months		More than 12 months		Total
BHE Pipeline Group	$	2,961	$	19,752	$	22,713

(11)    Components of Accumulated Other Comprehensive Loss, Net

The following table shows the change in accumulated other comprehensive loss by each component of other comprehensive (loss) income, net of applicable income tax (in millions):

	Unrecognized		Foreign		Unrealized				AOCI
	Amounts on		Currency		Gains				Attributable
	Retirement		Translation		on Cash		Noncontrolling		To BHE
	Benefits		Adjustment		Flow Hedges		Interests		Shareholders, Net
Balance, December 31, 2022	$	(390)	$	(1,896)	$	135	$	2	$	(2,149)
Other comprehensive (loss) income	(4)		99		(55)		—		40
Balance, March 31, 2023	$	(394)	$	(1,797)	$	80	$	2	$	(2,109)
Balance, December 31, 2023	$	(426)	$	(1,550)	$	71	$	1	$	(1,904)
Other comprehensive income (loss)	11		(145)		7		—		(127)
Balance, March 31, 2024	$	(415)	$	(1,695)	$	78	$	1	$	(2,031)

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(12)    Segment Information

The Company's reportable segments with foreign operations include Northern Powergrid, whose business is principally in the United Kingdom, and BHE Transmission, whose business includes operations in Canada. Intersegment eliminations and adjustments, including the allocation of goodwill, have been made. Information related to the Company's reportable segments is shown below (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
PacifiCorp	$	1,548	$	1,484
MidAmerican Funding	843		920
NV Energy	908		999
Northern Powergrid	320		354
BHE Pipeline Group	1,128		1,173
BHE Transmission	198		205
BHE Renewables	347		393
HomeServices	866		875
BHE and Other(1)	(47)		(57)
Total operating revenue	$	6,111	$	6,346

Depreciation and amortization:
PacifiCorp	$	292	$	279
MidAmerican Funding	227		234
NV Energy	139		152
Northern Powergrid	88		85
BHE Pipeline Group	139		172
BHE Transmission	58		61
BHE Renewables	67		66
HomeServices	12		13
BHE and Other(1)	3		1
Total depreciation and amortization	$	1,025	$	1,063

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	Three-Month Periods
	Ended March 31,
	2024		2023
Operating income:
PacifiCorp	$	155	$	(167)
MidAmerican Funding	76		88
NV Energy	61		57
Northern Powergrid	130		146
BHE Pipeline Group	664		584
BHE Transmission	85		88
BHE Renewables	(19)		(69)
HomeServices	(220)		(45)
BHE and Other(1)	(37)		(15)
Total operating income	895		667
Interest expense	(691)		(586)
Capitalized interest	46		24
Allowance for equity funds	83		49
Interest and dividend income	116		86
(Losses) gains on marketable securities, net	(123)		699
Other, net	31		40
Total income before income tax expense (benefit) and equity income (loss)	$	357	$	979

Interest expense:
PacifiCorp	$	192	$	124
MidAmerican Funding	108		84
NV Energy	73		63
Northern Powergrid	34		30
BHE Pipeline Group	40		39
BHE Transmission	37		37
BHE Renewables	35		45
HomeServices	4		4
BHE and Other(1)	168		160
Total interest expense	$	691	$	586

Earnings on common shares:
PacifiCorp	$	114	$	(120)
MidAmerican Funding	235		249
NV Energy	27		34
Northern Powergrid	86		11
BHE Pipeline Group	499		369
BHE Transmission	66		64
BHE Renewables	101		79
HomeServices	(159)		(34)
BHE and Other(1)	(316)		329
Total earnings on common shares	$	653	$	981

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	As of
	March 31,		December 31,
	2024		2023
Assets:
PacifiCorp	$	36,020	$	33,757
MidAmerican Funding	27,624		27,331
NV Energy	17,878		17,788
Northern Powergrid	9,610		9,596
BHE Pipeline Group	21,624		21,723
BHE Transmission	9,419		9,624
BHE Renewables	10,966		11,045
HomeServices	3,383		3,407
BHE and Other(1)	3,711		3,569
Total assets	$	140,235	$	137,840

(1)The differences between the reportable segment amounts and the consolidated amounts, described as BHE and Other, relate principally to other corporate entities, corporate functions and intersegment eliminations.

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue by country:
U.S.	$	5,614	$	5,815
United Kingdom	313		333
Canada	177		177
Australia	5		21
Other	2		—
Total operating revenue by country	$	6,111	$	6,346

Income before income tax expense (benefit) and equity income (loss) by country:
U.S.	$	211	$	819
United Kingdom	102		113
Canada	49		43
Australia	(4)		5
Other	(1)		(1)
Total income before income tax expense (benefit) and equity income (loss) by country	$	357	$	979

The following table shows the change in the carrying amount of goodwill by reportable segment for the three-month period ended March 31, 2024 (in millions):

									BHE Pipeline Group
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid				BHE Transmission		BHE Renewables		HomeServices
																	Total
December 31, 2023	$	1,129	$	2,102	$	2,369	$	950	$	1,814	$	1,492	$	95	$	1,596	$	11,547
Foreign currency translation	—		—		—		(6)		—		(33)		—		—		(39)
March 31, 2024	$	1,129	$	2,102	$	2,369	$	944	$	1,814	$	1,459	$	95	$	1,596	$	11,508

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Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is management's discussion and analysis of certain significant factors that have affected the consolidated financial condition and results of operations of the Company during the periods included herein. Explanations include management's best estimate of the impact of weather, customer growth, usage trends and other factors. This discussion should be read in conjunction with the Company's historical unaudited Consolidated Financial Statements and Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q. The Company's actual results in the future could differ significantly from the historical results.

BHE is a holding company that owns a highly diversified portfolio of locally managed and operated businesses principally engaged in the energy industry and is a consolidated subsidiary of Berkshire Hathaway that, as of May 2, 2024, owned 92% of BHE's voting common stock. The balance of BHE's voting common stock is privately held by a limited group of investors.

Berkshire Hathaway Energy's operations are organized as eight business segments: PacifiCorp, MidAmerican Funding (which primarily consists of MidAmerican Energy), NV Energy (which primarily consists of Nevada Power and Sierra Pacific), Northern Powergrid (which primarily consists of Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc), BHE Pipeline Group (which primarily consists of BHE GT&S, Northern Natural Gas and Kern River), BHE Transmission (which consists of BHE Canada (which primarily consists of AltaLink) and BHE U.S. Transmission), BHE Renewables and HomeServices. BHE, through these locally managed and operated businesses, owns four utility companies in the U.S. serving customers in 11 states, two electricity distribution companies in Great Britain, five interstate natural gas pipeline companies in the U.S., interest in an LNG export, import and storage facility in the U.S., an electric transmission business in Canada, interests in electric transmission businesses in the U.S., a renewable energy business primarily investing in wind, solar, geothermal and hydroelectric projects and one of the largest residential real estate brokerage firms and residential real estate brokerage franchise networks in the U.S. The reportable segment financial information includes all necessary adjustments and eliminations needed to conform to the Company's significant accounting policies. The differences between the reportable segment amounts and the consolidated amounts, described as BHE and Other, relate principally to other corporate entities, corporate functions and intersegment eliminations.

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Results of Operations for the First Quarter of 2024 and 2023

Overview

Operating revenue and earnings on common shares for the Company's reportable segments are summarized as follows (in millions):

	First Quarter
	2024		2023		Change
Operating revenue:
PacifiCorp	$	1,548	$	1,484	$	64	4	%
MidAmerican Funding	843		920		(77)		(8)
NV Energy	908		999		(91)		(9)
Northern Powergrid	320		354		(34)		(10)
BHE Pipeline Group	1,128		1,173		(45)		(4)
BHE Transmission	198		205		(7)		(3)
BHE Renewables	347		393		(46)		(12)
HomeServices	866		875		(9)		(1)
BHE and Other	(47)		(57)		10		18
Total operating revenue	$	6,111	$	6,346	$	(235)	(4)	%
Earnings on common shares:
PacifiCorp	$	114	$	(120)	$	234	*
MidAmerican Funding	235		249		(14)		(6)
NV Energy	27		34		(7)		(21)
Northern Powergrid	86		11		75		*
BHE Pipeline Group	499		369		130		35
BHE Transmission	66		64		2		3
BHE Renewables(1)	101		79		22		28
HomeServices	(159)		(34)		(125)		*
BHE and Other	(316)		329		(645)		*
Total earnings on common shares	$	653	$	981	$	(328)	(33)

(1)Includes the tax attributes of disregarded entities that are not required to pay income taxes and the earnings of which are taxable directly to BHE.

*    Not meaningful

Earnings on common shares decreased $328 million for the first quarter of 2024 compared to 2023. Included in these results was a pre-tax loss in the first quarter of 2024 of $137 million ($108 million after-tax) compared to a pre-tax gain in the first quarter of 2023 of $691 million ($546 million after-tax) related to the Company's investment in BYD Company Limited. Excluding the impact of this item, adjusted earnings on common shares for the first quarter of 2024 was $761 million, an increase of $326 million, or 75%, compared to adjusted earnings on common shares for the first quarter of 2023 of $435 million.

The decrease in earnings on common shares for the first quarter of 2024 compared to 2023 was primarily due to the following:

•The Utilities' earnings increased $213 million, primarily due to $359 million of wildfire loss accruals, net of expected insurance recoveries, recorded in 2023, higher allowances for equity and borrowed funds used during construction, increased interest and dividend income and higher electric utility margin, partially offset by increased interest expense and higher operations and maintenance expense. Electric retail customer volumes decreased 0.3% for the first quarter of 2024 compared to 2023, primarily due to the unfavorable impact of weather and lower customer usage, partially offset by an increase in the average number of customers;

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•Northern Powergrid's earnings increased $75 million, primarily due to a deferred income tax charge of $82 million recognized in 2023 related to the enactment of a new Energy Profits Levy income tax and the impact of a group relief tax claim recorded in 2024, partially offset by unfavorable operating performance at the gas exploration business and higher distribution-related operating and depreciation expenses;

•BHE Pipeline Group's earnings increased $130 million, primarily due to the acquisition of an additional 50% limited partner interest in Cove Point on September 1, 2023, lower depreciation expense largely related to Northern Natural Gas' rate case settlement in 2023, lower operations and maintenance expense and decreased cost of gas from the unfavorable revaluation of volumes retained at EGTS in 2023;

•BHE Renewables' earnings increased $22 million, primarily due to higher earnings from the retail energy services business, largely due to favorable changes in unrealized positions on derivative contracts, and higher geothermal and natural gas earnings, partially offset by lower earnings from the wind tax equity investment portfolio;

•HomeServices' earnings decreased $125 million, primarily due to a charge of approximately $140 million associated with ongoing litigation and lower brokerage, settlement services and mortgage revenues from the continued slowdown of overall market activity due to increased interest rates and low inventory, partially offset by favorable operating expenses, primarily due to lower compensation, marketing and occupancy costs; and

•BHE and Other's earnings decreased $645 million, primarily due to the $654 million unfavorable comparative change related to the Company's investment in BYD Company Limited.

Reportable Segment Results

PacifiCorp

Operating revenue increased $64 million for the first quarter of 2024 compared to 2023, primarily due to higher retail revenues of $104 million, partially offset by lower wholesale and other revenue of $40 million. Retail revenue increased primarily due to price impacts of $116 million from higher average rates, largely from tariff changes, partially offset by $12 million from lower retail volumes. Retail customer volumes decreased 0.1%, primarily due to the unfavorable impact of weather and lower customer usage, partially offset by an increase in the average number of customers. Wholesale and other revenue decreased mainly due to lower wholesale volumes and lower average wholesale prices.

Earnings increased $234 million for the first quarter of 2024 compared to 2023, primarily due to $359 million of wildfire loss accruals, net of expected insurance recoveries, recorded in 2023, higher utility margin of $46 million, increased interest and dividend income of $39 million and higher allowances for equity and borrowed funds used during construction of $37 million. These items were partially offset by an unfavorable income tax benefit from valuation allowance changes on state net operating loss carryforwards recognized in 2023, increased interest expense of $68 million due to debt issuances in May 2023 and January 2024 and higher operations and maintenance expense of $70 million. Utility margin increased primarily due to higher retail rates, lower thermal generation costs and favorable deferred net power costs, partially offset by higher purchased power costs, lower wholesale and retail volumes and lower average wholesale prices. Operations and maintenance expense increased due to higher insurance premiums, increased wildfire mitigation and vegetation management costs, higher general and plant maintenance costs and increased legal expenses.

MidAmerican Funding

Operating revenue decreased $77 million for the first quarter of 2024 compared to 2023, primarily due to lower natural gas operating revenue of $50 million and lower electric operating revenue of $26 million. Natural gas operating revenue decreased primarily due to lower energy-related rates of $59 million (fully offset in cost of sales) from a lower average per-unit cost of natural gas sold and the unfavorable impact of weather of $5 million, partially offset by higher base rates of $13 million. Electric operating revenue decreased due to lower wholesale and other revenue of $20 million and lower retail revenue of $6 million. Electric wholesale and other revenue decreased mainly due to lower average wholesale prices of $18 million and lower wholesale volumes of $3 million. Electric retail revenue decreased primarily due to lower customer usage of $7 million and the unfavorable impact of weather of $4 million, partially offset by higher recoveries through adjustment clauses of $4 million (fully offset in expense, primarily cost of sales). Electric retail customer volumes decreased 1.8%, primarily due to lower customer usage and the unfavorable impact of weather.

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Earnings decreased $14 million for the first quarter of 2024 compared to 2023, primarily due to higher interest expense of $24 million due to debt issuances in September 2023 and January 2024, lower electric utility margin of $14 million and higher operations and maintenance expense of $13 million. These items were partially offset by a favorable income tax benefit, primarily from higher PTCs recognized of $18 million, higher natural gas utility margin of $9 million and lower depreciation and amortization expense of $7 million. Electric utility margin decreased primarily due to lower wholesale and retail revenues, partially offset by lower purchased power and thermal generation costs. Operations and maintenance expense increased primarily due to higher administrative costs and increased general and plant maintenance costs. Natural gas utility margin increased primarily due to higher base rates, largely from tariff changes, partially offset by the unfavorable impact of weather. Depreciation and amortization expense decreased primarily from the impacts of certain regulatory mechanisms, partially offset by additional assets placed in-service.

NV Energy

Operating revenue decreased $91 million for the first quarter of 2024 compared to 2023, primarily due to lower electric operating revenue of $82 million and lower natural gas operating revenue of $10 million, largely due to lower rates (fully offset in costs of sales) from a lower average per-unit cost of natural gas sold. Electric operating revenue decreased primarily due to lower fully bundled energy rates (fully offset in cost of sales) of $72 million, lower transmission and wholesale revenue of $10 million, lower customer volumes of $9 million and lower regulatory-related revenue deferrals of $6 million, partially offset by higher base tariff general rates of $12 million at Nevada Power. Electric retail customer volumes increased 0.7%, primarily due to higher customer usage and an increase in the average number of customers, partially offset by the unfavorable impact of weather.

Earnings decreased $7 million for the first quarter of 2024 compared to 2023, primarily due to unfavorable interest and dividend income of $15 million, mainly from carrying charges on higher deferred energy balances in 2023, increased interest expense of $9 million due to debt issuances in September 2023 and lower electric utility margin of $9 million. These items were partially offset by lower depreciation and amortization expense of $13 million, primarily due to expiring regulatory amortizations, and higher allowances for equity and borrowed funds used during construction of $12 million. Electric utility margin decreased primarily due to lower wholesale and retail volumes and lower regulatory-related revenue deferrals, partially offset by higher base tariff general rates at Nevada Power.

Northern Powergrid

Operating revenue decreased $34 million for the first quarter of 2024 compared to 2023, primarily due to lower distribution revenue of $26 million and lower revenue at the gas exploration business of $22 million, partially offset by $14 million from the weaker U.S. dollar. Distribution revenue decreased primarily due to lower recoveries of Supplier of Last Resort payments of $28 million (largely offset in cost of sales). Units distributed increased 0.3% mainly due to higher customer usage. Revenue at the gas exploration business decreased due to lower gas production volumes and prices.

Earnings increased $75 million for the first quarter of 2024 compared to 2023, primarily due to a deferred income tax charge of $82 million recognized in 2023 related to the enactment of a new Energy Profits Levy income tax and the impact of a group relief tax claim recorded in 2024, partially offset by unfavorable operating performance at the gas exploration business of $15 million due to lower gas production volumes and prices and higher distribution-related operating and depreciation expenses of $9 million.

BHE Pipeline Group

Operating revenue decreased $45 million for the first quarter of 2024 compared to 2023, primarily due to lower operating revenue of $46 million at BHE GT&S. The decrease in operating revenue at BHE GT&S was primarily due to lower non-regulated revenue of $30 million (largely offset in cost of sales) from lower volumes and lower revenues at Cove Point of $13 million largely from unfavorable variable revenue.

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Earnings increased $130 million for the first quarter of 2024 compared to 2023, largely due to higher earnings of $85 million at BHE GT&S and $51 million at Northern Natural Gas. The increase at BHE GT&S was primarily due to higher earnings at Cove Point of $56 million, largely due to the acquisition of an additional 50% limited partner interest in Cove Point on September 1, 2023, decreased cost of gas of $23 million from the unfavorable revaluation of volumes retained at EGTS in 2023 due to lower natural gas prices and lower operations and maintenance expense of $17 million largely from lower compensation costs and lower outside services. The increase at Northern Natural Gas was primarily due to lower depreciation expense of $36 million, largely related to the rate case settlement in 2023, higher margin on gas sales of $14 million and lower operations and maintenance expense of $8 million.

BHE Transmission

Operating revenue decreased $7 million for the first quarter of 2024 compared to 2023, primarily due to lower revenue from non-regulated wind-powered generating facilities from lower production and the impact of a severe cold weather event in January 2024.

Earnings increased $2 million for the first quarter of 2024 compared to 2023, primarily due to the favorable impact of the AUC's approved equity rate increase at AltaLink and higher equity earnings at Electric Transmission Texas, LLC, partially offset by lower revenue from non-regulated wind-powered generating facilities.

BHE Renewables

Operating revenue decreased $46 million for the first quarter of 2024 compared to 2023, primarily due to lower natural gas and electric retail energy services revenue of $36 million, lower wind revenues of $12 million, largely from unfavorable changes in the valuation of certain derivative contracts, and lower geothermal revenue of $12 million due to lower generation and pricing, partially offset by higher solar revenues of $5 million from higher generation. Retail energy services revenue decreased mainly due to lower natural gas volumes and unfavorable natural gas and electric pricing.

Earnings increased $22 million for the first quarter of 2024 compared to 2023, primarily due to higher earnings of $40 million from the retail energy services business, largely due to favorable changes in unrealized positions on derivative contracts, higher geothermal and natural gas earnings of $12 million and higher solar earnings of $4 million, partially offset by lower earnings from the wind tax equity investment portfolio of $22 million due to lower PTCs and lower earnings at owned wind projects of $8 million primarily due to unfavorable changes in the valuation of certain derivative contracts. Geothermal and natural gas earnings improved mainly due to lower operating and maintenance costs, partially offset by higher costs of sales at certain natural gas generating facilities and lower geothermal revenue.

HomeServices

Operating revenue decreased $9 million for the first quarter of 2024 compared to 2023, primarily due to lower brokerage and settlement services revenue of $6 million and lower mortgage revenue of $3 million. The decrease in brokerage and settlement services revenue resulted from a 6% decrease in closed brokerage units, while the decrease in mortgage revenue was mainly due to a 5% decline in funded volume, with each of these changes driven by the continued slowdown of overall market activity due to increased interest rates and low inventory.

Earnings decreased $125 million for the first quarter of 2024 compared to 2023, primarily due to a charge of approximately $140 million associated with ongoing litigation, partially offset by increased brokerage and settlement services earnings of $15 million and higher mortgage earnings of $8 million. These earnings increases were mainly due to favorable operating expenses, primarily due to lower compensation, marketing and occupancy costs, partially offset by lower revenues.

BHE and Other

Earnings decreased $645 million for the first quarter of 2024 compared to 2023, primarily due to the $654 million unfavorable comparative change related to the Company's investment in BYD Company Limited and higher BHE corporate interest expense of $9 million due to higher outstanding short-term debt balances. These items were partially offset by $33 million of higher federal income tax credits recognized on a consolidated basis and $8 million of lower dividends on BHE's 4.00% Perpetual Preferred Stock issued to certain subsidiaries of Berkshire Hathaway that was fully redeemed in December 2023.

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Liquidity and Capital Resources

Each of BHE's direct and indirect subsidiaries is organized as a legal entity separate and apart from BHE and its other subsidiaries. It should not be assumed that the assets of any subsidiary will be available to satisfy BHE's obligations or the obligations of its other subsidiaries. However, unrestricted cash or other assets that are available for distribution may, subject to applicable law, regulatory commitments and the terms of financing and ring-fencing arrangements for such parties, be advanced, loaned, paid as dividends or otherwise distributed or contributed to BHE or affiliates thereof. The Company's long-term debt may include provisions that allow BHE or its subsidiaries to redeem such debt in whole or in part at any time. These provisions generally include make-whole premiums. Refer to Note 18 of Notes to Consolidated Financial Statements in Item 8 of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion regarding the limitation of distributions from BHE's subsidiaries.

As of March 31, 2024, the Company's total net liquidity was as follows (in millions):

															BHE Pipeline
					MidAmerican		NV		Northern		BHE				Group and
	BHE		PacifiCorp		Funding		Energy		Powergrid		Canada		HomeServices		Other		Total
Cash and cash equivalents	$	95	$	2,210	$	660	$	158	$	84	$	70	$	238	$	229	$	3,744
Credit facilities(1)	3,500		2,000		1,509		1,000		335		683		1,700		—		10,727
Less:
Short-term debt	(863)		—		(15)		—		(83)		(57)		(510)		—		(1,528)
Tax-exempt bond support and letters of credit	—		(218)		(306)		—		—		(1)		—		—		(525)
Net credit facilities	2,637		1,782		1,188		1,000		252		625		1,190		—		8,674
Total net liquidity(2)	$	2,732	$	3,992	$	1,848	$	1,158	$	336	$	695	$	1,428	$	229	$	12,418
Credit facilities:
Maturity dates	2026		2026		2024, 2026		2026		2026		2026, 2027, 2028		2024, 2025, 2026

(1)Includes $83 million drawn on capital expenditure and other uncommitted credit facilities at Northern Powergrid.

(2)Excludes $900 million of available liquidity under a delayed draw term loan at PacifiCorp.

Operating Activities

Net cash flows from operating activities for the three-month periods ended March 31, 2024 and 2023, were $2.0 billion and $1.1 billion, respectively. The increase was primarily due to changes in working capital, including receipt of $350 million of insurance proceeds, and favorable operating results, partially offset by higher interest payments.

The timing of the Company's income tax cash flows from period to period can be significantly affected by the estimated federal income tax payment methods selected and assumptions made for each payment date.

Investing Activities

Net cash flows from investing activities for the three-month periods ended March 31, 2024 and 2023, were $(2.1) billion and $(1.8) billion, respectively. The change was primarily due to lower proceeds from sales, net of purchases, of marketable securities of $977 million and higher capital expenditures of $305 million, partially offset by lower purchases, net of proceeds from sales and maturities, of U.S. Treasury Bills totaling $896 million. Refer to "Future Uses of Cash" for a discussion of capital expenditures.

Financing Activities

Net cash flows from financing activities for the three-month period ended March 31, 2024, was $2.3 billion. Sources of cash totaled $5.1 billion and consisted of proceeds from subsidiary debt issuances. Uses of cash totaled $2.8 billion and consisted mainly of net repayments of short-term debt totaling $2.6 billion and repayments of subsidiary debt totaling $103 million.

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For a discussion of recent financing transactions, refer to Note 5 of Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.

Net cash flows from financing activities for the three-month period ended March 31, 2023, was $20 million. Sources of cash totaled $699 million and consisted of net proceeds from short-term debt. Uses of cash totaled $679 million and consisted mainly of repayments of BHE senior debt totaling $400 million, repayments of subsidiary debt totaling $136 million and distributions to noncontrolling interests of $126 million.

Future Uses of Cash

The Company has available a variety of sources of liquidity and capital resources, both internal and external, including net cash flows from operating activities, public and private debt offerings, the issuance of commercial paper, the use of unsecured revolving credit facilities, the issuance of equity and other sources. These sources are expected to provide funds required for current operations, capital expenditures, acquisitions, investments, debt retirements and other capital requirements. The availability and terms under which BHE and each subsidiary has access to external financing depends on a variety of factors, including regulatory approvals, its credit ratings, investors' judgment of risk and conditions in the overall capital markets, including the condition of the utility industry and project finance markets, among other items.

Capital Expenditures

The Company has significant future capital requirements. Capital expenditure needs are reviewed regularly by management and may change significantly as a result of these reviews, which may consider, among other factors, impacts to customer rates; changes in environmental and other rules and regulations; outcomes of regulatory proceedings; changes in income tax laws; general business conditions; load projections; system reliability standards; the cost and efficiency of construction labor, equipment and materials; commodity prices; and the cost and availability of capital.

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The Company's historical and forecast capital expenditures, each of which exclude amounts for non-cash equity AFUDC and other non-cash items, are as follows (in millions):

	Three-Month Periods				Annual
	Ended March 31,				Forecast
	2023		2024		2024
Capital expenditures by business:
PacifiCorp	$	643	$	774	$	3,227
MidAmerican Funding	382		428		1,878
NV Energy	437		459		1,929
Northern Powergrid	124		131		688
BHE Pipeline Group	169		223		1,265
BHE Transmission	43		60		271
BHE Renewables	29		67		563
HomeServices	11		2		24
BHE and Other(1)	10		9		13
Total	$	1,848	$	2,153	$	9,858

Capital expenditures by type:
Wind generation	$	105	$	127	$	1,314
Electric distribution	438		519		2,252
Electric transmission	284		345		1,938
Natural gas transmission and storage	65		116		950
Solar generation	40		31		265
Electric battery and pumped hydro storage	40		5		156
Wildfire mitigation	46		68		475
Other	830		942		2,508
Total	$	1,848	$	2,153	$	9,858

(1)BHE and Other represents amounts related principally to other entities corporate functions and intersegment eliminations.

The Company's historical and forecast capital expenditures consisted mainly of the following:

•Wind generation includes both growth and operating expenditures. Growth expenditures include spending for the following:

◦Construction of wind-powered generating facilities at MidAmerican Energy totaling $31 million and $75 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for the construction of additional wind-powered generating facilities totals $496 million for the remainder of 2024.

◦Repowering of wind-powered generating facilities at MidAmerican Energy totaling $21 million and $5 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for the repowering of wind-powered generating facilities totals $207 million for the remainder of 2024. MidAmerican Energy expects its repowered facilities to meet Internal Revenue Service guidelines for the re-establishment of PTCs under the prevailing wage and apprenticeship guidelines for 10 years from the date the facilities are placed in-service.

◦Construction of new wind-powered generating facilities and construction at existing wind-powered generating facility sites acquired from third parties at PacifiCorp totaling $51 million and $14 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for the construction of additional wind‑powered generating facilities and those at acquired sites totals $407 million for the remainder of 2024 and is primarily for the Rock River I, Rock Creek I and Rock Creek II wind‑powered generating facilities totaling approximately 640 MWs that are expected to be placed in‑service in 2024 and 2025.

◦Repowering of wind-powered generating facilities at BHE Renewables totaling $3 million for the three-month period ended March 31, 2024. Repowered facilities were placed in-service in the first quarter of 2024.

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•Electric distribution includes both growth and operating expenditures. Growth expenditures include spending for new customer connections and enhancements to existing customer connections. Operating expenditures include spending for ongoing distribution systems infrastructure enhancements at the Utilities and Northern Powergrid, storm damage restoration and repairs and investments in routine expenditures for distribution needed to serve existing and expected demand.

•Electric transmission includes both growth and operating expenditures. Growth expenditures include spending for the following:

◦PacifiCorp's transmission investments primarily reflect costs associated with major transmission projects totaling $126 million and $101 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for major transmission segments that are expected to be placed in‑service in 2024 through 2031 totals $451 million for the remainder of 2024.

◦Nevada Utilities' Greenlink Nevada transmission expansion program. Expenditures for the expansion program and other growth projects totaled $28 million and $42 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for the expansion program estimated to be placed in-service in 2027 through 2028 and other growth projects totals $456 million for the remainder of 2024.

◦Operating expenditures include spending for system reinforcement, upgrades and replacements of facilities to maintain system reliability and investments in routine expenditures for transmission needed to serve existing and expected demand.

•Natural gas transmission and storage includes both growth and operating expenditures. Growth expenditures include, among other items, spending for customer driven expansion projects. Operating expenditures include spending for pipeline integrity projects, automation and controls upgrades, corrosion control, unit exchanges, compressor modifications, projects related to Pipeline and Hazardous Materials Safety Administration natural gas storage rules and natural gas transmission, storage, LNG terminalling infrastructure needs to serve existing and expected demand and asset modernization programs.

•Solar generation includes growth expenditures, including spending for the following:

◦Construction and operation of solar-powered generating facilities at MidAmerican Energy. For the three-month periods ended March 31, 2024 and 2023, solar generation spending totaled $— million and $9 million, respectively. Planned spending totals $21 million for the remainder of 2024.

◦Construction of solar-powered generating facilities at the Nevada Utilities totaled $5 million and $31 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending totals $102 million for the remainder of 2024. Construction includes expenditures for a 150-MW solar photovoltaic facility with an additional 100 MWs of co-located battery storage that will be developed in Clark County, Nevada with commercial operations expected by the second quarter of 2024 and a 400-MW solar photovoltaic facility with an additional 400-MW of co-located battery storage that would be developed in Churchill County, Nevada with ownership share approved by the PUCN of 10% Nevada Power and 90% Sierra Pacific with commercial operations expected by early 2027.

◦Construction of a solar-powered generating facility at BHE Renewables totaling $24 million for the three-month period ended March 31, 2024. Planned spending totals $104 million for the remainder of 2024. Construction includes expenditures for a 48-MW solar photovoltaic facility with an additional 48 MWs of co-located battery storage that will be developed in Rosamond, California. Commercial operations is expected by mid 2025.

•Electric battery and pumped hydro storage includes growth expenditures, including spending for the following:

◦Construction at the Nevada Utilities of a 100-MW battery energy storage system co-located with a 150-MW solar photovoltaic facility that will be developed in Clark County, Nevada with commercial operation expected by the second quarter of 2024 and a 400-MW battery energy storage system co-located with a 400MW solar photovoltaic facility that would be developed in Churchill County, Nevada with ownership share approved by the PUCN of 10% Nevada Power and 90% Sierra Pacific with commercial operations expected by early 2026. Total spending was $4 million and $39 million for the three-month period ended March 31, 2024 and 2023, respectively. Planned spending totals $137 million for the remainder of 2024.

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•Wildfire mitigation includes growth and operating expenditures, including spending for the following:

◦Expenditures at PacifiCorp totaling $56 million and $38 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for wildfire mitigation totals $318 million for the remainder of 2024, and is comprised of reducing wildfire risk in fire high consequence areas by conversion of overhead systems to underground, replacing overhead bare wire conductor with covered conductors and deployment of advanced protection devices for faster fault detection. The efforts will also include an expansion of the weather station network and predictive tools for situational awareness across the entire service territory.

◦Expenditures at the Nevada Utilities totaling $7 million and $6 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for wildfire mitigation totals $71 million for the remainder of 2024, and is comprised of reducing wildfire risk in Tier 3 HTAs by rebuilding distribution lines with covered conductor, converting overhead distribution lines to underground and copper wire and pole replacement projects.

•Other includes both growth and operating expenditures including spending for routine expenditures for generation and other infrastructure needed to serve existing and expected demand, natural gas distribution, technology, and environmental spending relating to emissions control equipment and the management of coal combustion residuals.

Material Cash Requirements

As of March 31, 2024, there have been no material changes in cash requirements from the information provided in Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, other than those disclosed in Note 9 of the Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.

Regulatory Matters

BHE's regulated subsidiaries and certain affiliates are subject to comprehensive regulation. The discussion below contains material developments to those matters disclosed in Item 1 of each Registrant's Annual Report on Form 10-K for the year ended December 31, 2023, and new regulatory matters occurring in 2024.

PacifiCorp

Utah

In May 2023, PacifiCorp filed its energy balancing account application to recover deferred net power costs from 2022. The filing requested a rate increase of $98 million, or 4.6%, which was effective on an interim basis July 1, 2023. The UPSC held a hearing in January 2024 and issued final approval in February 2024.

In May 2024, PacifiCorp filed its energy balancing account application to recover deferred net power costs from 2023. In the filing, PacifiCorp proposed to recover the amount over two years, resulting in a requested rate increase of $52 million, or 2.4%, effective on an interim basis July 1, 2024.

Wyoming

In March 2023, PacifiCorp filed a general rate case requesting a rate increase of $140 million, or 21.6%, to become effective January 1, 2024. The requested rate increase included recovery of increases in net power costs and new major capital investments in transmission and wind-powered generating facilities. In September 2023, PacifiCorp filed updated testimony that included updated net power costs and increased insurance premium costs associated with third-party liability coverage. In November 2023, the WPSC approved a rate increase of $54 million, or 8.3%, effective January 1, 2024. The approved rate increase reflected a reduction in the requested return on equity compared to what was sought by PacifiCorp, the exclusion of the increased insurance premium costs and a reduction in net power costs determined by the WPSC. The approved rate increase also excluded from the net power costs the costs associated with the Washington Cap and Invest program. In January 2024, PacifiCorp filed an application for rehearing requesting the WPSC consider three items, including the WPSC's net power costs adjustment, costs associated with the Washington Cap and Invest program and the opportunity to revise PacifiCorp's initial revenue requirement request for updates, corrections and revisions reflected in rebuttal testimony. In April 2024, the WPSC denied a rehearing in an open meeting.

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In April 2024, PacifiCorp filed its energy cost adjustment and renewable energy credit and sulfur dioxide credit mechanisms to recover deferred net power costs from 2023. The combined filing requested a rate increase of $86 million, or 12.3%, to be effective on an interim basis on July 1, 2024.

Washington

In March 2023, PacifiCorp filed a general rate case requesting a two-year rate plan with a rate increase that included recovery of increases in net power costs and new major capital investments in transmission and wind-powered generating facilities. In October 2023, PacifiCorp filed updated testimony that included updated net power costs, increased insurance premium costs and removal of some capital projects. In December 2023, a multi-party settlement stipulation was filed updating the requested rate increase to $14 million, or 3.4%, to become effective March 19, 2024, and $21 million, or 5.0%, to become effective March 1, 2025. A hearing on the settlement stipulation was held in January 2024, and the WUTC accepted the stipulation on March 19, 2024. PacifiCorp submitted the required compliance filings with updated net power cost forecast, resulting in a rate increase of $11 million, or 2.7%, effective April 3, 2024.

Idaho

In April 2024, PacifiCorp filed its energy cost adjustment mechanism to recover deferred net power costs from 2023. The filing requested a rate increase of $33 million, or 10.5%, to be effective June 1, 2024.

California

In September 2023, PacifiCorp filed its 2024 combined energy cost adjustment clause ("ECAC") and greenhouse gas ("GHG") related costs application requesting an overall rate increase of $30 million, or 25.0%, effective March 1, 2024. Approximately $36 million of the increase is attributed to the ECAC rate, which is offset by $6 million decrease to the GHG rate. In January 2024, PacifiCorp filed a joint motion for approval of the GHG portion of the filing. In March 2024, the CPUC approved the joint motion and the GHG related changes went into effect March 12, 2024 and April 1, 2024.

Deferral Accounting Treatment for Increased Costs Associated with Wildfires

In June 2023, PacifiCorp filed an application with the CPUC for authority to establish a Wildfire Expense Memorandum Account to track the costs associated with third-party liability from litigation due to the 2020 Wildfires, increased insurance premium costs associated with third-party liability coverage and costs associated with potential liability for future catastrophic wildfires. The CPUC issued a proposed decision in February 2024; however, in March 2024, PacifiCorp filed a motion to stay the proceeding in order re-evaluate the allocation of wildfire liability costs to California customers, and in April 2024, the CPUC granted the stay until December 2024.

In August 2023, PacifiCorp filed deferral applications with the UPSC, the OPUC, the WUTC and the IPUC for costs associated with increased insurance premium costs associated with third-party liability coverage. In December 2023, PacifiCorp filed a deferral application with the WPSC for the increased insurance premium costs. The IPUC and the OPUC approved the request for authorization to defer the increased insurance premium costs in December 2023 and January 2024, respectively. In March 2024, the UPSC denied the application for deferral accounting. In April 2024, PacifiCorp filed a request for review and reconsideration of the legal conclusions in the UPSC order.

MidAmerican Energy

Iowa

In June 2023, MidAmerican Energy filed a request with the IUB for an increase in its Iowa retail natural gas rates, which would increase revenue by $39 million annually or increase retail customer's bills by an average of 6.1%. Interim rates of $31 million annually, or an average increase to customer's bills of 4.8%, were effective in June 2023. In January 2024, MidAmerican Energy filed a non-unanimous settlement with the OCA, which would allow for an increase in revenue of $30 million annually, or an average increase to customer's bills of 4.6%. On January 23, 2024, the IUB held a hearing regarding the non-unanimous settlement agreement. On March 29, 2024, the IUB issued its order approving the non-unanimous settlement agreement with final rates to be effective in the second quarter of 2024.

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Iowa Transmission Legislation

In June 2020, Iowa enacted legislation that grants incumbent electric transmission owners the right to construct, own and maintain electric transmission lines that have been approved for construction in a federally registered planning authority's transmission plan and that connect to the incumbent electric transmission owner's facility. Also known as the Right of First Refusal, the law provides MidAmerican Energy, as an incumbent electric transmission owner, the legal right to construct, own and maintain transmission lines in MidAmerican Energy's service territory that have been approved by the MISO (or another federally registered planning authority) and are eligible to receive regional cost allocation. In October 2020, national transmission interests filed a lawsuit that challenged the law on state constitutional grounds. The suit argues that the law was enacted in violation of the "single-subject" provision of Iowa's state constitution because it was "log-rolled" into a late session appropriations bill and violates the equal protection provision of the Iowa constitution. The State of Iowa, MidAmerican Energy and ITC Midwest defended the law and successfully obtained a dismissal of the lawsuit for lack of standing, but on appeal the Iowa Supreme Court reversed the ruling, held the national transmission interests had standing, and remanded the case to the district court to consider the state constitutional claims on their merits. The Iowa Supreme Court also imposed a temporary injunction that stayed enforcement of the law pending a decision on the merits. On remand, the district court found that the manner in which the legislature passed the Right of First Refusal law violated the title and single-subject provisions of the Iowa Constitution and therefore held that the law was unconstitutional and unenforceable and issued an injunction that enjoins MidAmerican Energy and ITC Midwest from further developing the Long Range Transmission Projects ("LRTP") Tranche 1 projects to the extent authority to construct is based on the invalid Right of First Refusal Law. The court did not rule on the equal protection challenge and instead held that it was not necessary to reach the merits of that issue because the title and single-subject violations rendered the statute void and unenforceable. On December 19, 2023, MidAmerican Energy and ITC Midwest filed motions for reconsideration that focused on the injunctive relief granted and asked the district court to correct legal errors in the order, including over breadth, and to lift the injunction as it relates to the LRTP Tranche 1 projects. MISO filed an amicus brief on February 6, 2024, arguing the Federal Power Act preempts the state court injunction and that the FERC has exclusive jurisdiction to challenge assignment of the projects. On March 19, 2024, the district court denied all pending motions and refused to consider MISO's amicus brief, noting that this did not preclude consideration of the amicus brief on appeal to the Iowa appellate courts, where amicus filings are specifically permitted. On April 17, 2024, MidAmerican Energy and ITC Midwest filed an appeal to the Iowa Supreme Court that challenges the application of the injunction to the LRTP Tranche 1 projects. This challenge to the Right of First Refusal Law would only affect the manner in which MidAmerican Energy would secure the right to construct transmission lines that are eligible for regional cost allocation and are otherwise subject to competitive bidding under the MISO tariff; it does not negatively affect or implicate MidAmerican Energy's ongoing rights to construct any other transmission lines, including lines required to serve new or expanded retail load, connect new generators or meet reliability criteria.

BHE Transmission

AltaLink

2024-2025 General Tariff Application

In April 2023, AltaLink filed its 2024-2025 GTA with the AUC. In August 2023, AltaLink filed an amendment to its 2024-2025 GTA in response to the unprecedented wildfire events that AltaLink experienced in Alberta, Canada in May and June 2023. The amendment increased AltaLink's Wildfire Mitigation Plan capital expenditures from C$16 million to C$39 million in 2024 and from C$15 million to C$38 million for 2025. In December 2023, the AUC approved 2024 interim refundable transmission tariffs for AltaLink, including monthly tariffs for PLP and KLP, of C$74 million per month effective January 1, 2024. AltaLink advised the AUC that it reached a negotiated settlement with customer groups on the majority of its 2024-2025 GTA and filed the agreement with the AUC for approval in December 2023. In February 2024, the AUC issued its decision with respect to AltaLink's 2024-2025 GTA, approving the negotiated settlement agreement as filed. The agreement does not include AltaLink's proposed wildfire deferral account, certain components of the wildfire mitigation plan, and actual and forecast salvage expenditures from its 2019-2023 GTA and 2024-2025 GTA, respectively. AltaLink's total revised transmission tariffs adjusted for the negotiated settlement are C$900 million for 2024 and C$904 million for 2025. AltaLink will be adjusting its 2024 transmission tariff and the 8.50% return on equity included in its application filed on December 19, 2023, to the 9.28% return on equity approved by the AUC in the 2024 GCOC proceeding. An oral hearing was held in March 2024 to address the excluded matters. AltaLink submitted oral argument and reply argument in March 2024. The record is now closed and AltaLink expects a decision by June 2024.

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2023 Wildfire and Storm Cost Recovery Application

In December 2023, AltaLink filed an application with the AUC to recover all costs incurred as a result of the 2023 spring wildfire and storm events. The application includes capital expenditures of C$19 million and salvage expenditures of C$6 million. In March 2024, AltaLink submitted responses to information requests. The AUC is set to hear arguments related to this application in May 2024.

Environmental Laws and Regulations

Each Registrant is subject to federal, state, local and foreign laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal and other environmental matters that have the potential to impact each Registrant's current and future operations. In addition to imposing continuing compliance obligations, these laws and regulations provide regulators with the authority to levy substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. These laws and regulations are administered by various federal, state, local and international agencies. Each Registrant believes it is in material compliance with all applicable laws and regulations, although many are subject to interpretation that may ultimately be resolved by the courts. The discussion below contains material developments to those matters disclosed in Item 1 of each Registrant's Annual Report on Form 10-K for the year ended December 31, 2023, and new environmental matters occurring in 2024.

Air Quality Regulations

The Clean Air Act, as well as state laws and regulations impacting air emissions, provides a framework for protecting and improving the nation's air quality and controlling sources of air emissions. These laws and regulations continue to be promulgated and implemented and will impact the operation of BHE's generating facilities and require them to reduce emissions at those facilities to comply with the requirements. In addition, the potential adoption of state or federal clean energy standards, which include low-carbon, non-carbon and renewable electricity generating resources, may also impact electricity generators and natural gas providers.

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Cross-State Air Pollution Rule

The EPA promulgated an initial rule in March 2005 to reduce emissions of NOx and SO2, precursors of ozone and particulate matter, from down-wind sources in the eastern U.S. to reduce emissions by implementing a plan based on a market-based cap-and-trade system, emissions reductions, or both. After numerous appeals, the CSAPR was promulgated to address interstate transport of SO2 and NOx emissions in 27 Eastern and Midwestern states. In March 2022, the EPA released its Good Neighbor Rule, which contains proposed revisions to the CSAPR framework and is intended to address ozone transport for the 2015 ozone NAAQS. In March 2023, the EPA released the final Good Neighbor Rule. The electric generation sector remains the key industry regulated by the rule and will be subject to emissions allowance trading beginning in summer 2023. The final rule shifted the maximum daily backstop rate for coal-fueled generating units, which drives the installation of new controls or curtailment, to take effect in 2030 instead of 2027. PacifiCorp's Hunter Units 1-3 and Huntington Units 1-2, which do not have SCR controls, are impacted by the rule. PacifiCorp's 2023 IRP selected the installation of SNCR on the Hunter and Huntington Units by 2026 as part of the preferred portfolio. The level of NOx allowances for the Utah units remains similar to 2021 levels, with significant reductions for the coal units beginning in 2026. The daily limit, which takes effect in 2030, will further restrict operation of coal-fueled units without SCR. NV Energy's fossil-fueled units are also covered by the final rule. North Valmy Units 1 and 2, which do not have SCR, will require additional controls or reduced operations during the ozone season if operated beyond 2025. Nevada's regional haze SIP has an enforceable retirement date for North Valmy Units 1 and 2 of December 31, 2028, and NV Energy's IRP identified a December 31, 2025, retirement date for the units and is seeking a request of approval from the PUCN to convert the existing coal-fueled generating facility at the North Valmy Generating Station to a cleaner natural gas-fueled generating facility. The EPA's updated modeling suggests that Arizona, Iowa and Kansas may be significantly contributing to nonattainment in downwind states. The EPA intends to undertake additional assessment of its modeling for these states and will determine if it is necessary to address obligations for these states in future actions. The EPA also deferred final action for Wyoming, pending further review of updated air quality and contribution modeling and analysis. Additional notice and comment rulemaking, such as a supplemental rule, would be required to rescind Iowa's approved SIP and incorporate additional states into the program. The states of Nevada, Utah and Wyoming challenged the EPA's denials and deferral, respectively, of their interstate ozone transport SIPs in the Ninth, Tenth and D.C. Circuit. PacifiCorp also filed petitions with the court opposing the EPA's action in Utah and Wyoming. At the time of filing, at least 11 other states have challenged the EPA's action to disapprove SIPs in seven different regional federal courts of appeal. Stays have been granted by six circuit courts for SIP disapprovals in 12 states. Relevant to Registrants, the states of Nevada, Texas and Utah were granted stays. The final Good Neighbor Rule was published June 5, 2023 and took effect August 4, 2023. The EPA issued several interim final rules stating that the federal rule will not take effect in states in which the SIP disapprovals have been deferred or stayed. In addition to litigation over SIP disapprovals, there are numerous appeals of the final Good Neighbor Rule pending in four different circuit courts, and at least four motions to stay the final rule have been filed in four different circuit courts. On September 25, 2023, the D.C. Circuit denied the motion to stay the Good Neighbor Rule filed by several state and industry parties. The denial means that states that do not have stays on their SIP disapprovals are subject to the Good Neighbor Rule. The states of Ohio, Indiana and West Virginia filed a request for stay of the Good Neighbor Rule with the U.S. Supreme Court on October 13, 2023. Several industry groups representing utilities as well as pipeline, paper, cement and other industries affected by the rule filed supportive requests for stay on the same day. The U.S. Supreme Court heard oral arguments on the emergency stay requests February 21, 2024. As of the filing date, a decision is still pending. Until additional rulemaking is completed and litigation is exhausted, the potential impacts to the relevant Registrants cannot be determined.

For the first time, the EPA included additional sectors beyond the electric generation sector in the 2023 expanded CSAPR program. Relevant to the Registrants, this includes the pipeline transportation of natural gas. Requirements for that sector focus on emissions reductions from reciprocating internal combustion engines involved in the transport of natural gas and take effect in 2026. There is no access to allowance trading for the non-electric generation sectors. The EPA excluded emergency engines and engines that do not operate during the ozone season, included a facility-wide averaging plan and eased requirements for monitoring in the final rule. Northern Natural Gas operates 18 affected units; BHE GT&S operates 157 affected units; and Kern River is not affected by the final rule.

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On January 24, 2024, the EPA released a supplemental proposal to expand the Good Neighbor Plan to an additional five states - Arizona, Iowa, Kansas, New Mexico and Tennessee. The EPA cites new modeling showing the states' significant contribution to ozone problems in downwind states. Under the proposal, fossil-fueled generating facilities in these five states would be required to participate in the allowance-based ozone season nitrogen oxides emissions trading program beginning in 2025. Relevant to the Registrants, the new state budget for Iowa was determined by optimizing existing post-combustion controls and installation of neural networks. It does not appear that Iowa's revised budget would require additional emissions control equipment because the EPA determined that Iowa contributed to downwind monitor violations only in 2023 (the base year for the Good Neighbor Plan) and not in 2026 (the latest compliance date under the Good Neighbor Plan). However, because the EPA determined that Arizona contributes to modeled violations in both 2023 and 2026, the requirements for that state are more stringent and may drive installation of additional controls. The EPA will accept comments on the supplemental proposal through May 16, 2024. Until the EPA takes final action and litigation is exhausted, the full impacts of the rule cannot be determined.

Regional Haze

The EPA's Regional Haze Rule, finalized in 1999, requires states to develop and implement plans to improve visibility in designated federally protected areas ("Class I areas"). Some of PacifiCorp's coal-fueled generating facilities in Utah, Wyoming, Arizona and Colorado and certain of Nevada Power's and Sierra Pacific's fossil-fueled generating facilities are subject to the Clean Air Visibility Rules. In accordance with the federal requirements, states are required to submit SIPs that address emissions from sources subject to BART requirements and demonstrate progress towards achieving natural visibility requirements in Class I areas by 2064.

The state of Wyoming issued two regional haze SIPs requiring the installation of SO2, NOx and particulate matter controls on certain PacifiCorp coal-fueled generating facilities in Wyoming. The EPA approved the SO2 SIP in December 2012 and the EPA's approval was upheld on appeal by the Tenth Circuit in October 2014. The EPA's final action on the Wyoming SIP in 2014 approved the state's plan to have PacifiCorp install low-NOx burners at Naughton Units 1 and 2, SCR controls at Naughton Unit 3 by December 2014, SCR controls at Jim Bridger Units 1 through 4 between 2015 and 2022, and low-NOx burners at Dave Johnston Unit 4. The EPA disapproved a portion of the Wyoming SIP and issued a FIP for Dave Johnston Unit 3, where it required the installation of SCR controls by 2019 or, in lieu of installing SCR controls, a commitment to shut down Dave Johnston Unit 3 by 2027, its currently approved depreciable life. The EPA also disapproved a portion of the Wyoming SIP and issued a FIP for the Wyodak coal-fueled generating facility, requiring the installation of SCR controls by 2019. PacifiCorp filed an appeal of the EPA's final action on Wyodak in March 2014. The state of Wyoming and several environmental groups also filed an appeal of the EPA's final action. In September 2014, the Tenth Circuit issued a stay of the March 2019 compliance deadline for Wyodak, pending further action by the Tenth Circuit in the appeal. The parties worked to mediate claims under the Wyoming regional haze requirements until the abatement on litigation was lifted in September 2022. On August 15, 2023, the Tenth Circuit ruled in favor of Wyoming and remanded the Wyodak portion of Wyoming's state plan to EPA for further review, with instructions to give appropriate deference to the state's determinations. For Naughton Units 1 and 2, the court determined the EPA properly approved Wyoming's Naughton determination and denied environmental groups' petition. Separately, on February 14, 2022, the First Judicial District Court for the State of Wyoming entered a consent decree reached between the state of Wyoming and PacifiCorp resolving claims of threatened violations of the Clean Air Act, the Wyoming Environmental Quality Act and the Wyoming Air Quality Standards and Regulations at the Jim Bridger facility. No penalties were imposed under the consent decree. Consistent with the terms and conditions of the consent decree, PacifiCorp must convert Jim Bridger Units 1 and 2 to natural gas and begin meeting emissions limits consistent with that conversion by January 1, 2024. The EPA and PacifiCorp executed an administrative order on consent June 9, 2022, covering compliance for Jim Bridger Units 1 and 2 under the regional haze rule. The federal order contains the same emission and operating limits as the Wyoming consent decree and adds federal approval of the compliance pathway outlined in the state consent decree, including revision of the SIP to include conversion of Jim Bridger Units 1 and 2 to natural gas. The order includes a one-year deadline to complete the SIP revision. On December 30, 2022, the Wyoming Air Quality Division submitted the state-approved revised regional haze SIP requiring natural gas conversion of Jim Bridger Units 1 and 2 to the EPA for approval. The plan revision replaces a previous requirement for selective catalytic reduction at the units. The Wyoming Air Quality Division also issued an air permit for the natural gas conversion of Jim Bridger Units 1 and 2 on December 28, 2022. PacifiCorp submitted a notice of compliance to the EPA on March 9, 2023, to certify completion of the Jim Bridger administrative compliance order requirements through compliance with the Wyoming consent decree and Wyoming's revised SIP submission. PacifiCorp remains subject to the compliance terms of the Wyoming consent decree as it works to convert Jim Bridger Units 1 and 2 to natural gas. On April 10, 2024, the EPA proposed approval of Wyoming's regional haze SIP revision for the first planning period. The SIP includes enforceable emissions and heat input limits at Jim Bridger units 1 and 2, consistent with the conversion of those units to natural gas. The EPA will accept comments on the proposed approval through May 10, 2024, and final action is anticipated by fall 2024.

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Nevada, Utah and Wyoming each submitted regional haze SIPs for the regional haze second planning period to the EPA and received completeness determinations in August 2022. The EPA has not yet made determinations on these plans. It was required to make final determinations on the SIPs by August 2023. On August 25, 2022, the EPA promulgated a finding of failure to submit a SIP for the regional haze second planning period for 15 states, including Iowa. The finding establishes a two-year deadline for the agency to promulgate FIPs to address the requirements, unless prior to promulgating a FIP, the state submits, and the agency approves, a SIP meeting the requirements. The finding says the agency intends to continue to work with states in developing approvable SIP submittals in a timely manner. The Iowa Department of Natural Resources continues to work with the EPA on development of its SIP. Iowa issued a SIP in August 2023 that requires operational improvements to existing control equipment at MidAmerican Energy's Louisa Generation Station and Walter Scott Jr. Energy Center - Unit 3. Iowa submitted that plan to the EPA in fall 2023, where review is pending. In August 2023, the Nevada Utilities filed a Joint Application for approval of the Fifth Amendment to the 2021 Joint Integrated Resource Plan. The Fifth Amendment seeks, in part, to convert the existing coal-fueled North Valmy Generating Station to natural gas and to continue operation of Tracy units 4 and 5 to 2049. Based in this filing, the state of Nevada partially withdrew portions of the State Implementation plan for Regional Haze to re-evaluate emission control measures that may be necessary to achieve reasonable progress during the second implementation period of the Regional Haze Rule in Nevada. That review is ongoing at the time of filing.

The states of Utah and Wyoming filed deadline suits in the Utah and Wyoming federal district courts in October and November of 2023, asking the court to require EPA to perform its statutory duty to approve or disapprove the states' regional haze second planning period SIPs. PacifiCorp also filed a deadline suit in both courts. Three environmental groups filed similar deadline suits in the federal district court in Washington, D.C. for seven different states on June 15, 2023. The environmental groups amended their lawsuit on November 10, 2023, after Wyoming and PacifiCorp's suits were filed, to include Utah's and Wyoming's state plans. PacifiCorp has intervened in the D.C. district court case and asked that court to stay the Utah and Wyoming cases in that court while they proceed in the relevant state courts. The EPA is consulting with all groups on appropriate deadlines for agency action on specific state SIPs as the cases move forward in separate courts. The EPA published a proposed regional haze second planning period settlement agreement with environmental groups on March 29, 2024, that would require the agency to take final action approving or denying 33 SIPs under a rolling series of deadlines through 2026. Of the 33 SIPs covered by the proposed consent decree, five are relevant to the Registrants: Utah, Wyoming, Nevada, Arizona and Texas. The consent decree would require final action on Utah's and Wyoming's plans by November 22, 2024; Nevada's plan by December 15, 2025; Arizona's plan by March 30, 2025; and proposed action on Texas' plan by September 30, 2024, and final action by May 30, 2025. The proposed consent decree was subject to public comments through April 29, 2024, before being submitted to the court for adoption. Until the cases are settled and additional rulemaking is completed by the EPA, any potential impacts to the relevant Registrants cannot be determined.

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Federal Greenhouse Gas Standards

In June 2014, the EPA released proposed regulations to address GHG emissions from existing fossil-fueled generating facilities, referred to as the Clean Power Plan, under Section 111(d) of the Clean Air Act. The EPA's proposal calculated state-specific emission rate targets to be achieved based on the "best system of emission reduction." In August 2015, the final Clean Power Plan was released, which established the best system of emission reduction as including: (a) heat rate improvements; (b) increased utilization of existing combined-cycle natural gas-fueled generating facilities; and (c) increased deployment of new and incremental non-carbon generation placed in-service after 2012. The Clean Power Plan was stayed by the U.S. Supreme Court in February 2016. On June 19, 2019, the EPA repealed the Clean Power Plan and issued the Affordable Clean Energy rule. In the Affordable Clean Energy rule, the EPA determined that the best system of emission reduction for existing coal-fueled generating facilities is limited to actions that result in heat rate improvements at individual units. On January 19, 2021, the D.C. Circuit vacated and remanded the Affordable Clean Energy rule to the EPA, finding that the rule "rested critically on a mistaken reading of the Clean Air Act" that limited the best system of emission reduction to actions taken at a facility. In October 2021, the U.S. Supreme Court agreed to hear an appeal of that decision. The U.S. Supreme Court issued its decision regarding the scope of the EPA's authority to regulate greenhouse gas emissions under the Clean Air Act in June 2022. The U.S. Supreme Court held that the "generation shifting" approach in the Clean Power Plan exceeded the powers granted to the EPA by Congress, although the court did not address whether the EPA may only adopt measures applied at the individual source as it did in the Affordable Clean Energy rule. A key area where the EPA went astray was using the Clean Power Plan to give states the option to promulgate regulations that would encourage "generation shifting," or moving away from higher-polluting power sources like coal to lower-polluting sources like natural gas or renewables. The U.S. Supreme Court reversed the D.C. Circuit's vacatur of the Affordable Clean Energy rule and remanded the case for further proceedings. In May 2023, the EPA proposed rules addressing greenhouse gas emissions from new and reconstructed natural gas-fueled combustion turbines (Clean Air Act Section 111(b) rule) and existing coal- and gas- or oil-fueled steam units and natural gas-fueled combustion turbines (Clean Air Act Section 111(d) rule). On April 25, 2024, the EPA finalized rules setting greenhouse gas emissions standards for new natural gas-fueled combustion turbines and existing coal-, gas- and oil-fueled steam units. The EPA deferred action on emissions standards for existing natural gas-fueled combustion turbines. New natural gas-fueled combustion turbines are expected to utilize lower-emitting fuels and operate as highly efficient generation. Additionally, new baseload combustion turbines exceeding a 40% annual capacity factor must meet an emission limit equivalent to operating with carbon capture and sequestration beginning January 1, 2032. The EPA identified carbon capture and sequestration as the technology basis for the emissions standards for coal units. Coal-fueled units that will operate after December 31, 2038, must meet emission limits equivalent to operating with carbon capture and sequestration beginning January 1, 2032. Other units are anticipated to co-fire with natural gas and retire prior to January 1, 2039 or convert to natural gas operations and meeting emission limits corresponding to capacity factors. Emission limits for individual generating units must be specified in state compliance plans, which must be submitted to EPA within 24 months of the rule's publication in the Federal Register. Facilities are not required to retrofit with carbon capture technology but must meet emission limits based on the technology. PacifiCorp operates 9 coal-fueled units and MidAmerican Energy operates 6 coal-fueled units that are currently not planned for retirement or conversion to natural gas operations by 2032, when the emissions standards would take effect. The relevant Registrants continue to evaluate the rule and business plans to identify flexible compliance mechanisms that minimize costs while assuring the delivery of safe and reliable energy to customers. Until the states submit required compliance plans and likely litigation is exhausted, the relevant Registrants cannot determine the full impacts of the final rule.

Mercury and Air Toxics Standards

In March 2011, the EPA proposed a rule that requires coal-fueled generating facilities to reduce mercury emissions and other hazardous air pollutants through the establishment of "Maximum Achievable Control Technology" standards. The final MATS became effective on April 16, 2012, and required that new and existing coal-fueled generating facilities achieve emission standards for mercury, acid gases and other non-mercury hazardous air pollutants. Existing sources were required to comply with the new standards by April 16, 2015, with the potential for individual sources to obtain an extension of up to one additional year, at the discretion of the Title V permitting authority, to complete installation of controls or for transmission system reliability reasons. The relevant Registrants have completed emission reduction projects and unit retirements to comply with the final rule's standards for acid gases and non-mercury metallic hazardous air pollutants.

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On April 25, 2024, the EPA finalized revisions to several aspects of the MATS rule following the agency's review of the 2020 Residual Risk and Technology Review. The EPA made two specific standard changes; one applicable to all covered units and one specific to the existing lignite subcategory. The relevant Registrants are not affected by the changes to the lignite subcategory. The EPA set a more stringent standard for emissions of filterable particulate matter, the surrogate standard for non-mercury metals for coal-fueled electric generating units, and required continuous emissions monitoring for filterable particulate matter to demonstrate compliance with the revised standard. Compliance is due no later than three years after the effective date of the final rule, with limited opportunities for a one-year extension. The relevant Registrants have identified that compliance can be achieved with existing controls.

Water Quality Standards

In November 2015, the EPA published final effluent limitation guidelines and standards for the steam electric power generating sector which, among other things, regulate the discharge of bottom ash transport water, fly ash transport water, combustion residual leachate and non-chemical metal cleaning wastes. In November 2019, the EPA proposed updates to the 2015 rule, specifically addressing flue gas desulfurization wastewater and bottom ash transport water. The rule took effect in December 2020. The final rule changes the technology-basis for treatment of flue gas desulfurization wastewater and bottom ash transport water, revises the voluntary incentives program for flue gas desulfurization wastewater, and adds subcategories for high-flow units, low utilization units, and those that will transition away from coal combustion by 2028. While most of the issues raised by this rule are already being addressed through the CCR rule and are not expected to impose significant additional requirements, the Dave Johnston generating facility is impacted by the rule's bottom ash handling requirements at Units 1 and 2. The generating facility submitted notice to the Wyoming Department of Environmental Quality that it will either achieve a cessation of coal combustion at Units 1 and 2 by December 31, 2028, or install bottom ash transport treatment technology by December 31, 2025. On April 25, 2024, the EPA finalized additional changes to the effluent limitations guidelines to replace the 2020 rule and provide stricter limits for bottom ash transport water, flue gas desulfurization wastewater and coal combustion residual leachate. The relevant Registrants use a combination of zero discharge, enrollment in cessation-of-coal subcategory and dry bottom ash handling to manage the affected wastestreams. As a result, significant impacts are not anticipated.

Coal Ash Disposal

In April 2015, the EPA released a final rule to regulate the management and disposal of coal combustion residuals (CCR) under the RCRA. The rule regulates coal combustion residuals as non-hazardous waste under RCRA Subtitle D and establishes minimum nationwide standards for the disposal of CCR. Under the final rule, surface impoundments and landfills utilized for coal combustion residuals will need to be closed unless they can meet the more stringent regulatory requirements.

At the time the rule was published in April 2015, PacifiCorp operated 18 surface impoundments and seven landfills that contained coal combustion residuals. Prior to the effective date of the rule in October 2015, nine surface impoundments and three landfills were either closed or repurposed to no longer receive coal combustion residuals and hence are not subject to the final rule. As PacifiCorp proceeded to implement the final coal combustion rule, it was determined that two surface impoundments located at the Dave Johnston generating facility were hydraulically connected and effectively constitute a single impoundment. In November 2017, a new surface impoundment was placed into service at the Naughton Generating Station. At the time the rule was published in April 2015, MidAmerican Energy owned or operated nine surface impoundments and four landfills that contain coal combustion residuals. Prior to the effective date of the rule in October 2015, MidAmerican Energy closed or repurposed six surface impoundments to no longer receive coal combustion residuals. Five of these surface impoundments were closed on or before December 21, 2017, and the sixth is undergoing closure. At the time the rule was published in April 2015, the Nevada Utilities operated 10 evaporative surface impoundments and two landfills that contained coal combustion residuals. Prior to the effective date of the rule in October 2015, the Nevada Utilities closed four of the surface impoundments, four impoundments discontinued receipt of coal combustion residuals making them inactive and two surface impoundments remain active and subject to the final rule. The two landfills remain active and subject to the final rule.

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Multiple parties filed challenges over various aspects of the final rule in the D.C. Circuit, resulting in settlement of some of the issues and subsequent regulatory action by the EPA. The EPA finalized the first phase of the CCR rule amendments in July 2018 (the "Phase 1, Part 1 rule"). In addition to adopting alternative performance standards and revising groundwater performance standards for certain constituents, the EPA extended the deadline by which facilities must initiate closure of unlined ash ponds exceeding a groundwater protection standard and impoundments that do not meet the rule's aquifer location restrictions to October 31, 2020. On August 14, 2019, the EPA released its "Phase 2" proposal, which contains targeted amendments to the CCR rule in response to court remands and EPA settlement agreements, as well as issues raised in a rulemaking petition. The Phase 2 rule has not been finalized. In February 2020, the EPA proposed a federal CCR permit program as required by the WIIN Act of 2016. The federal permit rule has not been finalized. On April 25, 2024, the EPA finalized the legacy surface impoundments rule to extend federal CCR regulatory requirements to (1) inactive CCR surface impoundments at inactive utilities and (2) CCR management units (CCRMU) at active facilities, including CCR impoundments and landfills that closed prior to the effective date of the 2015 CCR Rule, inactive CCR landfills, and other areas where CCR is managed directly on the land. The final rule includes exemptions and establishes new categories where regulation is deferred for applicable units, including CCRMU containing less than 1,000 tons of CCR, CCRMU located beneath critical infrastructure or large buildings or structures vital to the continuation of current site activities, and CCRMU that were closed prior to the effective date of the new rule. Affected facilities must conduct a facility evaluation and report to determine the presence of CCRMUs. Legacy surface impoundments must initiate groundwater monitoring within 36 months and must initiate closure within 48 months of the rule's publication in the Federal Register. For CCRMUs, groundwater monitoring must be initiated within 48 months and closure must be initiated within 60 months of the rule's publication in the Federal Register. Because the facility evaluation and report requirement will determine the magnitude of compliance obligations, the relevant Registrants cannot assess the full impacts of the rule at this time.

In August 2020, the EPA finalized its Holistic Approach to Closure: Part A rule ("Part A rule"). This proposal addressed the D.C. Circuit's revocation of the provisions that allow unlined impoundments to continue receiving ash. The Part A rule established a new deadline of April 11, 2021, by which all unlined surface impoundments must initiate closure. The Part A rule also identifies two extensions to that date: (1) a site-specific extension to develop alternate disposal capacity and initiate closure by October 15, 2023; and (2) a site-specific extension for facilities that agree to shut down the coal-fueled unit and complete ash pond closure activities by October 17, 2028. PacifiCorp developed a demonstration for the development of alternative capacity for the Jim Bridger facility's FGD Pond 2 and a demonstration for closure of the Naughton generating facility and ash pond and submitted them to the EPA in November 2020. On January 11, 2022, the EPA deemed these submittals complete but has not taken additional action on them. No other Registrants used the provisions of the Part A rule. On October 12, 2023, Jim Bridger FGD Pond 2 ceased receiving waste and the newly constructed FGD Pond 3 came into service. The EPA was notified on October 12, 2023, of PacifiCorp's withdrawal of its pending Part A alternative storage capacity demonstration request.

Until the proposals are finalized and fully litigated, the Registrants cannot determine whether additional action may be required.

Notwithstanding the status of the final CCR rule, citizens' suits have been filed against regulated entities seeking judicial relief for contamination alleged to have been caused by releases of coal combustion residuals. Some of these cases have been successful in imposing liability upon companies if coal combustion residuals contaminate groundwater that is ultimately released or connected to surface water. In addition, actions have been filed against regulated entities seeking to require that surface impoundments containing CCR be subject to closure by removal rather than being allowed to effectuate closure in place as provided under the final rule. The Registrants are not a party to these lawsuits and until they are resolved, the Registrants cannot predict the impact on overall compliance obligations.

Critical Accounting Estimates

Certain accounting measurements require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized on the Consolidated Financial Statements based on such estimates involve numerous assumptions subject to varying and potentially significant degrees of judgment and uncertainty and will likely change in the future as additional information becomes available. Estimates are used for, but not limited to, the accounting for the effects of certain types of regulation, impairment of goodwill and long-lived assets, pension and other postretirement benefits, income taxes and loss contingencies. For additional discussion of the Company's critical accounting estimates, see Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes in the Company's assumptions regarding critical accounting estimates since December 31, 2023.

48

PacifiCorp and its subsidiaries

Consolidated Financial Section

49

PART I

Item 1.Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

PacifiCorp

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of PacifiCorp and subsidiaries ("PacifiCorp") as of March 31, 2024, the related consolidated statements of operations, changes in shareholders' equity, and cash flows for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of PacifiCorp as of December 31, 2023, and the related consolidated statements of operations, comprehensive income, changes in shareholders' equity, and cash flows for the year then ended (not presented herein); and in our report dated February 23, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of PacifiCorp's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to PacifiCorp in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Portland, Oregon

May 3, 2024

50

PACIFICORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions)

	As of
	March 31,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	2,210	$	138
Trade receivables, net	832		853
Other receivables, net	132		447
Inventories	617		532
Derivative contracts	6		16
Regulatory assets	846		631
Prepaid expenses	162		188
Other current assets	79		182
Total current assets	4,884		2,987
Property, plant and equipment, net	27,471		27,051
Regulatory assets	1,915		1,942
Other assets	615		630
Total assets	$	34,885	$	32,610

The accompanying notes are an integral part of these consolidated financial statements.

51

PACIFICORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

(Amounts in millions)

	As of
	March 31,		December 31,
	2024		2023
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	1,361	$	1,560
Accrued interest	228		152
Accrued property, income and other taxes	176		65
Accrued employee expenses	127		93
Short-term debt	—		1,604
Current portion of long-term debt	591		591
Regulatory liabilities	69		70
Wildfires liabilities (Note 10)	269		4
Other current liabilities	442		437
Total current liabilities	3,263		4,576
Long-term debt	13,584		9,819
Regulatory liabilities	2,566		2,540
Deferred income taxes	3,089		3,085
Wildfires liabilities (Note 10)	1,436		1,719
Other long-term liabilities	854		899
Total liabilities	24,792		22,638
Commitments and contingencies (Note 10)
Shareholders' equity:
Preferred stock	2		2
Common stock - 750 shares authorized, no par value, 357 shares issued and outstanding	—		—
Additional paid-in capital	4,479		4,479
Retained earnings	5,622		5,501
Accumulated other comprehensive loss, net	(10)		(10)
Total shareholders' equity	10,093		9,972
Total liabilities and shareholders' equity	$	34,885	$	32,610

The accompanying notes are an integral part of these consolidated financial statements.

52

PACIFICORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue	$	1,548	$	1,484
Operating expenses:
Cost of fuel and energy	632		614
Operations and maintenance	407		346
Wildfires losses, net of recoveries (Note 10)	—		359
Depreciation and amortization	292		279
Property and other taxes	52		53
Total operating expenses	1,383		1,651
Operating income (loss)	165		(167)
Other income (expense):
Interest expense	(192)		(124)
Allowance for borrowed funds	28		13
Allowance for equity funds	49		27
Interest and dividend income	58		19
Other, net	4		2
Total other income (expense)	(53)		(63)
Income (loss) before income tax expense (benefit)	112		(230)
Income tax expense (benefit)	(9)		(110)
Net income (loss)	$	121	$	(120)

The accompanying notes are an integral part of these consolidated financial statements.

53

PACIFICORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited)

(Amounts in millions)

									Accumulated
					Additional				Other		Total
	Preferred		Common		Paid-in		Retained		Comprehensive		Shareholders'
	Stock		Stock		Capital		Earnings		Loss, Net		Equity
Balance, December 31, 2022	$	2	$	—	$	4,479	$	6,269	$	(9)	$	10,741
Net loss	—		—		—		(120)		—		(120)
Common stock dividends declared	—		—		—		(300)		—		(300)
Balance, March 31, 2023	$	2	$	—	$	4,479	$	5,849	$	(9)	$	10,321
Balance, December 31, 2023	$	2	$	—	$	4,479	$	5,501	$	(10)	$	9,972
Net income	—		—		—		121		—		121
Balance, March 31, 2024	$	2	$	—	$	4,479	$	5,622	$	(10)	$	10,093

The accompanying notes are an integral part of these consolidated financial statements.

54

PACIFICORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Cash flows from operating activities:
Net income (loss)	$	121	$	(120)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	292		279
Allowance for equity funds	(49)		(27)
Net power cost deferrals	(205)		(136)
Amortization of net power cost deferrals	84		36
Other changes in regulatory assets and liabilities	(18)		(6)
Deferred income taxes and amortization of investment tax credits	(14)		(75)
Other, net	(1)		(2)
Changes in other operating assets and liabilities:
Trade receivables, other receivables and other assets	8		52
Inventories	(85)		(17)
Derivative collateral, net	(14)		(78)
Prepaid expenses	24		26
Accrued property, income and other taxes, net	219		(11)
Accounts payable and other liabilities	(11)		59
Wildfires insurance receivable	350		(41)
Wildfires liability	(18)		400
Net cash flows from operating activities	683		339
Cash flows from investing activities:
Capital expenditures	(774)		(643)
Other, net	6		(1)
Net cash flows from investing activities	(768)		(644)
Cash flows from financing activities:
Proceeds from long-term debt	3,764		—
Repayments of long-term debt	—		(9)
Net repayments of short-term debt	(1,604)		—
Dividends paid	—		(300)
Other, net	(1)		(2)
Net cash flows from financing activities	2,159		(311)
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,074		(616)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	192		674
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	2,266	$	58

The accompanying notes are an integral part of these consolidated financial statements.

55

PACIFICORP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1)    General

PacifiCorp, which includes PacifiCorp and its subsidiaries, is a U.S. regulated electric utility company serving retail customers, including residential, commercial, industrial, irrigation and other customers in portions of Utah, Oregon, Wyoming, Washington, Idaho and California. PacifiCorp owns, or has interests in, a number of thermal, hydroelectric, wind-powered and geothermal generating facilities, as well as electric transmission and distribution assets. PacifiCorp also buys and sells electricity on the wholesale market with other utilities, energy marketing companies, financial institutions and other market participants. PacifiCorp is subject to comprehensive state and federal regulation. PacifiCorp's subsidiaries support its electric utility operations by providing coal mining services. PacifiCorp is an indirect subsidiary of Berkshire Hathaway Energy Company ("BHE"), a holding company based in Des Moines, Iowa that owns subsidiaries principally engaged in energy businesses. BHE is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway").

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The Consolidated Statements of Comprehensive Income (Loss) have been omitted as net income (loss) materially equals comprehensive income (loss) for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in PacifiCorp's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in PacifiCorp's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

(2)    New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. PacifiCorp is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. PacifiCorp is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

56

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. PacifiCorp is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

(3)    Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds representing vendor retention, nuclear decommissioning and custodial funds. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	2,210	$	138
Restricted cash and cash equivalents included in other current assets	53		51
Restricted cash included in other assets	3		3
Total cash and cash equivalents and restricted cash and cash equivalents	$	2,266	$	192

(4)    Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Utility plant:
Generation	15 - 59 years	$	13,964	$	13,904
Transmission	60 - 90 years	8,278		8,216
Distribution	20 - 75 years	9,204		9,060
Intangible plant and other	5 - 75 years	2,854		2,833
Utility plant in-service		34,300		34,013
Accumulated depreciation and amortization		(11,924)		(11,725)
Utility plant in-service, net		22,376		22,288
Nonregulated, net of accumulated depreciation and amortization	14 - 95 years	19		18
		22,395		22,306
Construction work-in-progress		5,076		4,745
Property, plant and equipment, net		$	27,471	$	27,051

57

(5)    Recent Financing Transactions

Long-term Debt

In January 2024, PacifiCorp issued $500 million of its 5.10% First Mortgage Bonds due February 2029, $700 million of its 5.30% First Mortgage Bonds due February 2031, $1.1 billion of its 5.45% First Mortgage Bonds due February 2034 and $1.5 billion of its 5.80% First Mortgage Bonds due January 2055 for a total of $3.8 billion. PacifiCorp initially used a portion of the net proceeds to repay outstanding short-term debt and intends to use the remaining net proceeds to fund capital expenditures and for general corporate purposes.

(6)    Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income (loss) before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax impacts	3		4
Income tax credits	(22)		13
Effects of ratemaking(1)	(11)		6
Valuation allowance	—		5
Other	1		(1)
Effective income tax rate	(8)	%	48	%

(1)Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.

The effective income tax rate for the three-month period ended March 31, 2023 of 48% resulted from a $110 million income tax benefit associated with a $230 million pre-tax loss, primarily related to a $359 million increase in wildfire loss accruals, net of expected insurance recoveries as described in Note 10. The $110 million income tax benefit is primarily comprised of a $48 million benefit, or 21%, from the application of the federal statutory income tax rate to the pre-tax loss and a $29 million benefit, or 13%, from federal income tax credits.

Income tax credits relate primarily to production tax credits ("PTC") from PacifiCorp's wind-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Wind-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs recognized for the three-month periods ended March 31, 2024 and 2023, totaled $25 million and $29 million, respectively.

Berkshire Hathaway includes BHE and its subsidiaries in its U.S. federal income tax return. Consistent with established regulatory practice, PacifiCorp's provision for federal and state income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. For the three-month period ended March 31, 2024, PacifiCorp received net cash payments for federal and state income tax from BHE totaling $189 million. As of March 31, 2024, net income taxes payable to BHE were $79 million. As of December 31, 2023, net income taxes receivable from BHE were $114 million.

58

(7)    Employee Benefit Plans

Net periodic benefit cost (credit) for the pension and other postretirement benefit plans included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Pension:
Interest cost	$	9	$	10
Expected return on plan assets	(12)		(12)
Net amortization	2		3
Net periodic benefit (credit) cost	$	(1)	$	1
Other postretirement:
Service cost	$	—	$	—
Interest cost	3		3
Expected return on plan assets	(3)		(3)
Net amortization	(1)		(1)
Net periodic benefit credit	$	(1)	$	(1)

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in other, net on the Consolidated Statements of Operations. Employer contributions to the pension and other postretirement benefit plans are expected to be $4 million and $— million, respectively, during 2024. As of March 31, 2024, $1 million of contributions had been made to the pension plans.

(8)    Risk Management and Hedging Activities

PacifiCorp is exposed to the impact of market fluctuations in commodity prices and interest rates. PacifiCorp is principally exposed to electricity, natural gas, coal and fuel oil commodity price risk as it has an obligation to serve retail customer load in its service territories. PacifiCorp's load and generating facilities represent substantial underlying commodity positions. Exposures to commodity prices consist mainly of variations in the price of fuel required to generate electricity and wholesale electricity that is purchased and sold. Commodity prices are subject to wide price swings as supply and demand are impacted by, among many other unpredictable items, weather, market liquidity, generating facility availability, customer usage, storage, and transmission and transportation constraints. Interest rate risk exists on variable-rate debt and future debt issuances. PacifiCorp does not engage in a material amount of proprietary trading activities.

PacifiCorp has established a risk management process that is designed to identify, assess, manage and report on each of the various types of risk involved in its business. To mitigate a portion of its commodity price risk, PacifiCorp uses commodity derivative contracts, which may include forwards, futures, options, swaps and other agreements, to effectively secure future supply or sell future production generally at fixed prices. PacifiCorp manages its interest rate risk by limiting its exposure to variable interest rates primarily through the issuance of fixed-rate long-term debt and by monitoring market changes in interest rates. Additionally, PacifiCorp has the ability to enter into interest rate derivative contracts, such as interest rate swaps or locks, to mitigate PacifiCorp's exposure to interest rate risk. No interest rate derivatives were in place during the periods presented. PacifiCorp does not hedge all of its commodity price and interest rate risks, thereby exposing the unhedged portion to changes in market prices. Refer to Note 9 for additional information on derivative contracts.

59

The following table, which reflects master netting arrangements and excludes contracts that have been designated as normal under the normal purchases or normal sales exception afforded by GAAP, summarizes the fair value of PacifiCorp's derivative contracts, on a gross basis, and reconciles those amounts to the amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

	Derivative
	Contracts -				Other		Other
	Current		Other		Current		Long-term
	Assets		Assets		Liabilities		Liabilities		Total
As of March 31, 2024
Not designated as hedging contracts(1):
Commodity assets	$	6	$	4	$	9	$	5	$	24
Commodity liabilities	—		(2)		(123)		(12)		(137)
Total	6		2		(114)		(7)		(113)
Total derivatives	6		2		(114)		(7)		(113)
Cash collateral receivable	—		—		24		—		24
Total derivatives - net basis	$	6	$	2	$	(90)	$	(7)	$	(89)
As of December 31, 2023
Not designated as hedging contracts(1):
Commodity assets	$	21	$	2	$	7	$	2	$	32
Commodity liabilities	(3)		—		(83)		(22)		(108)
Total	18		2		(76)		(20)		(76)
Total derivatives	18		2		(76)		(20)		(76)
Cash collateral receivable	(2)		—		12		—		10
Total derivatives - net basis	$	16	$	2	$	(64)	$	(20)	$	(66)

(1)PacifiCorp's commodity derivatives are generally included in rates. As of March 31, 2024, a regulatory asset of $113 million was recorded related to the net derivative liability of $113 million. As of December 31, 2023, a regulatory asset of $76 million was recorded related to the net derivative liability of $76 million.

The following table reconciles the beginning and ending balances of PacifiCorp's net regulatory assets (liabilities) and summarizes the pre-tax gains and losses on commodity derivative contracts recognized in net regulatory assets (liabilities), as well as amounts reclassified to earnings (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	76	$	(270)
Changes in fair value recognized in regulatory assets (liabilities)	91		(10)
Net gains (losses) reclassified to operating revenue	1		(6)
Net (losses) gains reclassified to energy costs	(55)		177
Ending balance	$	113	$	(109)

60

Derivative Contract Volumes

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2024	2023
Electricity purchases, net	Megawatt hours	2	2
Natural gas purchases	Decatherms	163	153

Credit Risk

PacifiCorp is exposed to counterparty credit risk associated with wholesale energy supply and marketing activities with other utilities, energy marketing companies, financial institutions and other market participants. Credit risk may be concentrated to the extent PacifiCorp's counterparties have similar economic, industry or other characteristics and due to direct or indirect relationships among the counterparties. Before entering into a transaction, PacifiCorp analyzes the financial condition of each significant wholesale counterparty, establishes limits on the amount of unsecured credit to be extended to each counterparty and evaluates the appropriateness of unsecured credit limits on an ongoing basis. To further mitigate wholesale counterparty credit risk, PacifiCorp enters into netting and collateral arrangements that may include margining and cross-product netting agreements and obtains third‑party guarantees, letters of credit and cash deposits. If required, PacifiCorp exercises rights under these arrangements, including calling on the counterparty's credit support arrangement.

Collateral and Contingent Features

In accordance with industry practice, certain wholesale agreements, including derivative contracts, contain credit support provisions that in part base certain collateral requirements on credit ratings for senior unsecured debt as reported by one or more of the recognized credit rating agencies. These agreements may provide bilateral rights to demand cash or other security if credit exposures on a net basis exceed specified rating-dependent threshold levels ("credit-risk-related contingent features"). These agreements and other agreements that do not refer to specified rating-dependent thresholds may provide the right for counterparties to demand "adequate assurance" if there is a material adverse change in PacifiCorp's creditworthiness. These rights can vary by contract and by counterparty. As of March 31, 2024, PacifiCorp's issuer credit ratings for its senior secured debt and its issuer credit ratings for senior unsecured debt from the recognized credit rating agencies were investment grade.

The aggregate fair value of PacifiCorp's derivative contracts in liability positions with specific credit-risk-related contingent features totaled $137 million and $108 million as of March 31, 2024 and December 31, 2023, respectively, for which PacifiCorp had posted collateral of $24 million and $12 million, respectively, in the form of cash deposits. If all credit-risk-related contingent features for derivative contracts in liability positions had been triggered as of March 31, 2024 and December 31, 2023, PacifiCorp would have been required to post $93 million and $84 million, respectively, of additional collateral. PacifiCorp's collateral requirements could fluctuate considerably due to market price volatility, changes in credit ratings, changes in legislation or regulation or other factors.

(9)    Fair Value Measurements

The carrying value of PacifiCorp's cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. PacifiCorp has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that PacifiCorp has the ability to access at the measurement date.

•Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

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•Level 3 — Unobservable inputs reflect PacifiCorp's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. PacifiCorp develops these inputs based on the best information available, including its own data.

The following table presents PacifiCorp's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	—	$	24	$	—	$	(16)	$	8
Money market mutual funds	2,231		—		—		—		2,231
Investment funds	27		—		—		—		27
	$	2,258	$	24	$	—	$	(16)	$	2,266
Liabilities - Commodity derivatives	$	—	$	(137)	$	—	$	40	$	(97)
As of December 31, 2023:
Assets:
Commodity derivatives	$	—	$	32	$	—	$	(14)	$	18
Money market mutual funds	175		—		—		—		175
Investment funds	26		—		—		—		26
	$	201	$	32	$	—	$	(14)	$	219
Liabilities - Commodity derivatives	$	—	$	(108)	$	—	$	24	$	(84)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $24 million and $10 million as of March 31, 2024 and December 31, 2023, respectively.

Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchases or normal sales and qualify for the exception afforded by GAAP. A discounted cash flow valuation method was used to estimate fair value. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which PacifiCorp transacts. When quoted prices for identical contracts are not available, PacifiCorp uses forward price curves. Forward price curves represent PacifiCorp's estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. PacifiCorp bases its forward price curves upon market price quotations, when available, or internally developed and commercial models, with internal and external fundamental data inputs. Market price quotations are obtained from independent energy brokers, exchanges, direct communication with market participants and actual transactions executed by PacifiCorp. Market price quotations for certain major electricity and natural gas trading hubs are generally readily obtainable for the first three years; therefore, PacifiCorp's forward price curves for those locations and periods reflect observable market quotes. Market price quotations for other electricity and natural gas trading hubs are not as readily obtainable for the first three years. Given that limited market data exists for these contracts, as well as for those contracts that are not actively traded, PacifiCorp uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The estimated fair value of these derivative contracts is a function of underlying forward commodity prices, interest rates, currency rates, related volatility, counterparty creditworthiness and duration of contracts. Refer to Note 8 for further discussion regarding PacifiCorp's risk management and hedging activities.

PacifiCorp's investments in money market mutual funds and investment funds are stated at fair value. When available, PacifiCorp uses a readily observable quoted market price or net asset value of an identical security in an active market to record the fair value. In the absence of a quoted market price or net asset value of an identical security, the fair value is determined using pricing models or net asset values based on observable market inputs and quoted market prices of securities with similar characteristics.

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PacifiCorp's long-term debt is carried at cost on the Consolidated Balance Sheets. The fair value of PacifiCorp's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of PacifiCorp's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	14,175	$	13,300	$	10,410	$	9,722

(10)    Commitments and Contingencies

Commitments

PacifiCorp has the following firm commitments that are not reflected on the Consolidated Balance Sheets.

Fuel Contracts

During the three-month period ended March 31, 2024, PacifiCorp entered into certain coal supply and transportation agreements totaling $1.9 billion through 2030.

Environmental Laws and Regulations

PacifiCorp is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal, wildfire prevention and mitigation and other environmental matters that have the potential to impact its current and future operations. PacifiCorp believes it is in material compliance with all applicable laws and regulations.

Lower Klamath Hydroelectric Project

In November 2022, the Federal Energy Regulatory Commission ("FERC") issued a license surrender order for the Lower Klamath Project, which was accepted by the Klamath River Renewal Corporation ("KRRC") and the states of Oregon and California ("States") in December 2022, along with the transfer of the Lower Klamath Project dams. Although PacifiCorp no longer owned the Lower Klamath Project, PacifiCorp continued to operate the facilities under an operation and maintenance agreement with the KRRC until each facility was ready for removal. PacifiCorp's obligations under the operations and maintenance agreement terminated in January 2024. Removal of the Copco No. 2 facility was completed in November 2023, and removal of the remaining three dams (J.C. Boyle, Copco No. 1 and Iron Gate) began in January 2024 and is anticipated to be completed in late 2024. The KRRC has $450 million in funding available for dam removal and restoration; $200 million collected from PacifiCorp's Oregon and California customers and $250 million in California bond funds. PacifiCorp and the States have also agreed to equally share cost overruns that may occur above the initial $450 million in funding. Specifically, PacifiCorp and the States have agreed to equally fund an initial $45 million contingency fund and equally share any additional costs above that amount to ensure dam removal and restoration is complete.

Legal Matters

PacifiCorp is party to a variety of legal actions, including litigation, arising out of the normal course of business, some of which assert claims for damages in substantial amounts and are described below. For certain legal actions, parties at times may seek to impose fines, penalties and other costs.

Pursuant to ASC 450, "Contingencies," a provision for a loss contingency is recorded when it is probable a liability is likely to occur and the amount of loss can be reasonably estimated. PacifiCorp evaluates the related range of reasonably estimated losses and records a loss based on its best estimate within that range or the lower end of the range if there is no better estimate.

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Wildfires

In California, under inverse condemnation, courts have held that investor-owned utilities can be liable for real and personal property damages from wildfires without the utility being found negligent and regardless of fault. California law also permits inverse condemnation plaintiffs to recover reasonable attorney fees and costs. In both Oregon and California, PacifiCorp has equipment in areas accessed through special use permits, easements or similar agreements that may contain provisions requiring it to pay for damages caused by its equipment regardless of fault. Even if inverse condemnation or other provisions do not apply, PacifiCorp could be found liable for all damages.

2020 Wildfires

In September 2020, a severe weather event resulting in high winds, low humidity and warm temperatures contributed to several major wildfires, which resulted in real and personal property and natural resource damage, personal injuries and loss of life and widespread power outages in Oregon and Northern California. The wildfires spread across certain parts of PacifiCorp's service territory and surrounding areas across multiple counties in Oregon and California, including Siskiyou County, California; Jackson County, Oregon; Douglas County, Oregon; Marion County, Oregon; Lincoln County, Oregon; and Klamath County, Oregon, burning over 500,000 acres in aggregate. Third-party reports for these wildfires ("2020 Wildfires") indicate over 2,000 structures destroyed, including residences; several structures damaged; multiple individuals injured; and several fatalities.

Investigations into the cause and origin of each wildfire are complex and ongoing and have been or are being conducted by various entities, including the U.S. Forest Service, the California Public Utilities Commission, the Oregon Department of Forestry, the Oregon Department of Justice, PacifiCorp and various experts engaged by PacifiCorp.

As of the date of this filing, a significant number of complaints and demands alleging similar claims related to the 2020 Wildfires have been filed in Oregon and California, including a class action complaint in Oregon for which certain jury verdicts were issued as described below. The plaintiffs seek damages for economic losses, noneconomic losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys' fees. Several insurance carriers have filed subrogation complaints in Oregon and California with allegations similar to those made in the aforementioned complaints. Additionally, the U.S. and Oregon Departments of Justice have informed PacifiCorp that they are contemplating filing actions against PacifiCorp in connection with certain of the Oregon 2020 Wildfires. PacifiCorp is actively cooperating with the U.S. and Oregon Departments of Justice on resolving these alleged claims through alternative dispute resolution.

As of March 31, 2024, amounts sought in the complaints and demands filed in Oregon and in certain demands made in California totaled approximately $7 billion, excluding any doubling or trebling of damages included in the complaints and those settled. Generally, the complaints filed in California do not specify damages sought and are excluded from this amount. For class actions, amounts specified by the plaintiffs in the complaints include amounts based on estimates of the potential class size, which ultimately may be significantly greater than estimated. Additionally, damages are not limited to the amounts specified in the initially filed complaints as plaintiffs are frequently allowed to amend their complaints to add additional damages and amounts awarded in a court proceeding may be significantly greater than the damages specified. Oregon law provides for doubling of economic and property damages in the event the defendant is found to have acted with gross negligence, recklessness, willfulness or malice. Oregon law provides for trebling of the damages associated with timber, shrubs and produce in the event the defendant is determined to have willfully and intentionally trespassed. Based on available information to date, PacifiCorp believes it is probable that losses will be incurred associated with the 2020 Wildfires. Final determinations of liability will only be made following the completion of comprehensive investigations, litigation or similar processes, the outcome of which, if adverse, could, in the aggregate, have a material adverse effect on PacifiCorp's financial condition. In April 2024, a complaint in the James case described below was filed by 1,000 individual class members seeking $5 billion in economic and $25 billion in noneconomic damages before doubling of economic damages and punitive damages included in the complaint.

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The James Case

On September 30, 2020, a class action complaint against PacifiCorp was filed, captioned Jeanyne James et al. v. PacifiCorp et al, in Multnomah County Circuit Court, Oregon ("James"). The complaint was filed by Oregon residents and businesses who seek to represent a class of all Oregon citizens and entities whose real or personal property was harmed beginning on September 7, 2020, by wildfires in Oregon allegedly caused by PacifiCorp. In November 2021, the plaintiffs filed an amended complaint to limit the class to include Oregon citizens allegedly impacted by the Santiam Canyon, Echo Mountain Complex, South Obenchain and 242 wildfires. In May 2022, the Multnomah County Circuit Court granted issue class certification and consolidated the James case with several other cases. While PacifiCorp's pre-trial request for immediate appeal of the class certification was denied, it subsequently filed to appeal the class issues as described below.

On April 29, 2024, a complaint against PacifiCorp naming 1,000 individual class members was filed in Multnomah County Circuit Court, Oregon, referencing James as the lead case. The April 2024 James complaint makes damages only allegations seeking economic, noneconomic and punitive damages, as well as doubling of economic damages. PacifiCorp believes the magnitude of damages sought by the class members in the April 2024 James complaint to be of remote likelihood of being awarded based on the amounts awarded in the jury verdicts described below that are being appealed.

In April 2023, the jury trial for James with respect to 17 named plaintiffs began in Multnomah County Circuit Court. In June 2023, the jury issued its verdict finding PacifiCorp liable to the 17 named plaintiffs and to the class with respect to the four wildfires. The jury found PacifiCorp's conduct grossly negligent, reckless and willful as to each plaintiff and the entire class. The jury awarded the 17 named plaintiffs $90 million of damages, including $4 million of economic damages, $68 million of noneconomic damages and $18 million of punitive damages based on a 0.25 multiplier of the economic and noneconomic damages.

In September 2023, the Multnomah County Circuit Court ordered trial dates for three damages phase trials described below wherein plaintiffs in each of the three damages phase trials would present evidence regarding their damages.

In January 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the June 2023 James verdict. The limited judgment awards $92 million of damages based on the amounts awarded by the jury, as well as doubling of the economic damages and offsetting of any insurance proceeds received by plaintiffs. The limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. Under ORS 82.010, interest at a rate of 9% per annum will accrue on the judgment commencing at the date the judgment was entered until the entire money award is paid, amended or reversed by an appellate court. In January 2024, PacifiCorp filed a notice of appeal associated with the June 2023 verdict in James, including whether the case can proceed as a class action and filed a motion to stay further damages phase trials. On February 14, 2024, the Oregon Court of Appeals denied PacifiCorp's request to stay the damages phase trials. On February 13, 2024, the 17 named plaintiffs filed a notice of cross-appeal as to the January 2024 limited judgment and money award. The appeals process and further actions could take several years.

In January 2024, the jury for the first James damages phase trial awarded nine plaintiffs $62 million of damages, including $6 million of economic damages and $56 million of noneconomic damages. After the jury verdict, the Multnomah County Circuit Court doubled the economic damages to $12 million and added $16 million of punitive damages using the 0.25 multiplier determined by the jury for the June 2023 James verdict bringing the total damages awarded to $84 million. PacifiCorp requested that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the nine plaintiffs, and on March 25, 2024, the Multnomah County Circuit Court granted in large part the offset request. In April 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the January 2024 James verdict. The limited judgment awards $80 million of damages based on the amounts awarded by the jury and offsetting insurance proceeds received by plaintiffs. The limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. In April 2024, PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. PacifiCorp amended its January 2024 appeal of the June 2023 James verdict to include the January 2024 jury verdict.

In March 2024, the jury for the second James damages phase trial awarded ten plaintiffs $42 million of damages, including $12 million of doubled economic damages, $23 million of noneconomic damages and $7 million of punitive damages using the 0.25 multiplier determined by the jury for the June 2023 James verdict. PacifiCorp has requested that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the ten plaintiffs. PacifiCorp intends to appeal the jury's damage awards associated with the March 2024 jury verdict once judgment is entered.

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In March 2024, settlement was reached with five commercial timber plaintiffs in the James consolidated cases, and the jury trial scheduled for April 2024 was cancelled.

2022 McKinney Fire

According to the California Department of Forestry and Fire Protection, on July 29, 2022, a wildfire began in the Oak Knoll Ranger District of the Klamath National Forest in Siskiyou County, California located in PacifiCorp's service territory ("2022 McKinney Fire"), burning over 60,000 acres. Third-party reports indicate that the 2022 McKinney Fire resulted in 11 structures damaged; 185 structures destroyed, including residences; 12 injuries; and four fatalities. The cause of the 2022 McKinney Fire is undetermined and remains under investigation by the U.S. Forest Service, the California Public Utilities Commission, PacifiCorp and various experts engaged by PacifiCorp.

As of the date of this filing, multiple complaints have been filed in California on behalf of plaintiffs related to the 2022 McKinney Fire. The plaintiffs seek damages for economic losses, noneconomic losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys' fees, but the amount of damages sought is not specified.

Based on available information to date, PacifiCorp believes it is probable a loss will be incurred associated with the 2022 McKinney Fire. Final determinations of liability will only be made following the completion of comprehensive investigations, litigation or similar processes.

Estimated Losses for and Settlements Associated with the Wildfires

Based on the facts and circumstances available to PacifiCorp as of the date of this filing, including (i) ongoing cause and origin investigations; (ii) ongoing settlement and mediation discussions; (iii) other litigation matters and upcoming legal proceedings; and (iv) the status of the James case, PacifiCorp recorded cumulative estimated probable losses associated with the 2020 Wildfires and the 2022 McKinney Fire ("Wildfires") of $2,407 million through March 31, 2024. PacifiCorp's cumulative accrual includes estimates of probable losses for fire suppression costs, real and personal property damages, natural resource damages and noneconomic damages such as personal injury damages and loss of life damages that it is reasonably able to estimate at this time and which is subject to change as additional relevant information becomes available.

Through March 31, 2024, PacifiCorp paid $702 million in settlements associated with the 2020 Wildfires and paid an additional $52 million subsequent to March 31, 2024. PacifiCorp has also reached settlement agreements associated with the 2020 Wildfires totaling $23 million that have yet to be paid. As a result of the settlements, various trials have been cancelled.

The following table presents changes in PacifiCorp's liability for estimated losses associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	1,723	$	424
Accrued losses	—		400
Payments	(18)		—
Ending balance	$	1,705	$	824

As of March 31, 2024 and December 31, 2023, $269 million and $4 million of PacifiCorp's liability for estimated losses associated with the Wildfires is classified as a current liability captioned Wildfires liabilities on the Consolidated Balance Sheets. The amounts reflected as current as of March 31, 2024 reflect amounts reasonably expected to be paid out within the next year based on settlements reached as well as ongoing settlement and mediation efforts. The remainder of PacifiCorp's liability for estimated losses associated with the Wildfires as of March 31, 2024 and December 31, 2023 is classified as a noncurrent liability captioned Wildfires liabilities on the Consolidated Balance Sheets.

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The following table presents changes in PacifiCorp's receivable for expected insurance recoveries associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	499	$	246
Accruals	—		41
Payments received	(350)		—
Ending balance	$	149	$	287

As of March 31, 2024, $15 million of PacifiCorp's receivable for expected insurance recoveries was included in Other receivables, net while the remaining $134 million was included in Other assets on the Consolidated Balance Sheets. As of December 31, 2023, $350 million of PacifiCorp's receivable for expected insurance recoveries was included in Other receivables, net while the remaining $149 million was included in Other assets on the Consolidated Balance Sheets. Insurance proceeds received to date relate to the 2020 Wildfires.

During the three-month periods ended March 31, 2024 and 2023, PacifiCorp recognized probable losses net of expected insurance recoveries associated with the Wildfires of $— million and $359 million, respectively. No additional insurance recoveries beyond those accrued and received to date are expected to be available.

It is reasonably possible PacifiCorp will incur material additional losses beyond the amounts accrued for the Wildfires that could have a material adverse effect on PacifiCorp's financial condition. PacifiCorp is currently unable to reasonably estimate a specific range of possible additional losses that could be incurred due to the number of properties and parties involved, including claimants in the class to the James case, the variation in the types of properties and damages and the ultimate outcome of legal actions.

Guarantees

PacifiCorp has entered into guarantees as part of the normal course of business and the sale or transfer of certain assets. These guarantees are not expected to have a material impact on PacifiCorp's consolidated financial results.

(11)    Revenue from Contracts with Customers

The following table summarizes PacifiCorp's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Retail:
Residential	$	610	$	585
Commercial	472		430
Industrial	319		290
Other retail	46		44
Total retail	1,447		1,349
Wholesale	29		61
Transmission	41		38
Other Customer Revenue	26		32
Total Customer Revenue	1,543		1,480
Other revenue	5		4
Total operating revenue	$	1,548	$	1,484

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Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is management's discussion and analysis of certain significant factors that have affected the consolidated financial condition and results of operations of PacifiCorp during the periods included herein. Explanations include management's best estimate of the impact of weather, customer growth, usage trends and other factors. This discussion should be read in conjunction with PacifiCorp's historical unaudited Consolidated Financial Statements and Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10‑Q. PacifiCorp's actual results in the future could differ significantly from the historical results.

Results of Operations for the First Quarter of 2024 and 2023

Overview

Net income for the first quarter of 2024 was $121 million, an increase of $241 million compared to a net loss of $120 million for the first quarter of 2023. The increase in net income was primarily due to the prior year recognition of $359 million of estimated losses associated with the 2020 Wildfires, net of expected insurance recoveries, higher utility margin and lower other expense, partially offset by lower income tax benefit, higher operations and maintenance expense, excluding wildfire related estimated losses, and higher depreciation and amortization expense. Utility margin increased primarily due to higher retail revenue prices, lower natural gas-fueled generation prices, lower coal-fueled generation volumes, lower purchased electricity prices and higher net power costs deferrals, partially offset by higher purchased electricity volumes, lower wholesale revenue from lower volumes and lower average market prices, higher coal-fueled generation prices, and lower retail customer volumes. Retail customer volumes decreased 0.1%, primarily due to lower residential usage and unfavorable impacts of weather, partially offset by an increase in the average number of customers and higher commercial and industrial usage. Energy generated decreased 10% for the first quarter of 2024 compared to 2023 primarily due to lower coal-fueled and wind-powered generation, partially offset by higher hydro-powered generation. Wholesale electricity sales volumes decreased 28% and purchased electricity volumes increased 20%.

Non-GAAP Financial Measure

Management utilizes various key financial measures that are prepared in accordance with GAAP, as well as non-GAAP financial measures such as utility margin, to help evaluate results of operations. Utility margin is calculated as operating revenue less cost of fuel and energy, which are captions presented on the Consolidated Statements of Operations.

PacifiCorp's cost of fuel and energy is generally recovered from its customers through regulatory recovery mechanisms and as a result, changes in PacifiCorp's revenue are comparable to changes in such expenses. As such, management believes utility margin more appropriately and concisely explains profitability rather than a discussion of revenue and cost of fuel and energy separately. Management believes the presentation of utility margin provides meaningful and valuable insight into the information management considers important to running the business and a measure of comparability to others in the industry.

Utility margin is not a measure calculated in accordance with GAAP and should be viewed as a supplement to and not a substitute for operating income which is the most comparable financial measure prepared in accordance with GAAP. The following table provides a reconciliation of utility margin to operating income (in millions):

	First Quarter
	2024		2023		Change
Utility margin:
Operating revenue	$	1,548	$	1,484	$	64	4	%
Cost of fuel and energy	632		614		18		3
Utility margin	916		870		46		5
Operations and maintenance	407		346		61		18
Wildfires losses, net of recoveries	—		359		(359)		*
Depreciation and amortization	292		279		13		5
Property and other taxes	52		53		(1)		(2)
Operating income (loss)	$	165	$	(167)	$	332	*

*    Not meaningful

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Utility Margin

A comparison of key operating results related to utility margin is as follows:

	First Quarter
	2024		2023		Change
Utility margin (in millions):
Operating revenue	$	1,548	$	1,484	$	64	4	%
Cost of fuel and energy	632		614		18		3
Utility margin	$	916	$	870	$	46	5	%
Sales (GWhs):
Residential	4,830		5,102		(272)		(5)	%
Commercial	5,159		4,983		176		4
Industrial, irrigation and other	4,294		4,209		85		2
Total retail	14,283		14,294		(11)		—
Wholesale	590		825		(235)		(28)
Total sales	14,873		15,119		(246)		(2)	%
Average number of retail customers  (in thousands)	2,090		2,057		33		2	%
Average revenue per MWh:
Retail	$	101.21	$	93.82	$	7.39	8	%
Wholesale	$	55.95	$	86.45	$	(30.50)	(35)	%
Heating degree days	4,432		5,205		(773)		(15)	%
Sources of energy (GWhs)(1):
Coal	4,498		5,555		(1,057)		(19)	%
Natural gas	3,953		3,955		(2)		—
Wind(2)	1,838		2,083		(245)		(12)
Hydroelectric and other(2)	936		812		124		15
Total energy generated	11,225		12,405		(1,180)		(10)
Energy purchased	4,960		4,128		832		20
Total	16,185		16,533		(348)		(2)	%
Average cost of energy per MWh:
Energy generated(3)	$	25.89	$	28.35	$	(2.46)	(9)	%
Energy purchased	$	84.91	$	77.72	$	7.19	9	%

(1)    GWh amounts are net of energy used by the related generating facilities.

(2)    All or some of the renewable energy attributes associated with generation from these sources may be: (a) used in future years to comply with RPS or other regulatory requirements or (b) sold to third parties in the form of renewable energy credits or other environmental commodities.

(3)    The average cost per MWh of energy generated includes only the cost of fuel associated with the generating facilities.

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Quarter Ended March 31, 2024 compared to Quarter Ended March 31, 2023

Utility margin increased $46 million for the first quarter of 2024 compared to 2023 primarily due to:

•$104 million increase in retail revenue due to higher average prices, partially offset by lower volumes. Retail customer volumes were relatively flat quarter over quarter, primarily due to lower residential customer usage across the service territory, except Washington, and unfavorable weather-related impacts across the service territory, partially offset by an increase in the average number of residential and commercial customers across the service territory, except California, higher Utah and Wyoming industrial customer usage, and higher Oregon and Utah commercial customer usage.

•$49 million of lower natural gas-fueled generation costs primarily due to lower average market prices;

•$21 million of higher deferred net power costs net of amortization of previous deferrals in accordance with established adjustment mechanisms; and

•$12 million of lower coal-fueled generation costs primarily due to lower volumes, partially offset by higher average prices.

The increases above were partially offset by:

•$100 million of higher purchased electricity costs from higher volumes, partially offset by lower average market prices; and

•$38 million decrease in wholesale revenue primarily due to lower wholesale volumes and lower average market prices.

Operations and maintenance increased $61 million, or 18%, for the first quarter of 2024 compared to 2023 primarily due to:

•$23 million of higher insurance expense due to higher premiums associated with third-party liability coverage resulting from the impact of industry-wide catastrophic wildfires;

•$16 million of higher vegetation management and wildfire mitigation costs, primarily due to higher amortization of amounts previously deferred in Oregon of $13 million (largely offset in retail revenue) and higher costs of $3 million;

•$7 million increase in general and plant maintenance costs;

•$6 million of higher legal fees primarily associated with wildfire matters; and

•$4 million increase in labor and benefit expenses.

Wildfire losses, net of recoveries decreased $359 million for the first quarter of 2024 compared to 2023 primarily due to prior year recognition of estimated losses associated with the Wildfires, net of expected insurance recoveries compared to no amounts recognized in the current quarter.

Depreciation and amortization increased $13 million, or 5%, for the first quarter of 2024 compared to 2023 primarily due to higher plant-in-service balances in the current year.

Interest expense increased $68 million, or 55%, for the first quarter of 2024 compared to 2023 primarily due to higher average long-term debt balances due to the issuance of $3.8 billion of First Mortgage Bonds in January 2024 and $1.2 billion of First Mortgage Bonds in May 2023.

Allowance for borrowed and equity funds increased $37 million, or 93%, for the first quarter of 2024 compared to 2023 primarily due to higher qualified construction work-in-progress balances.

Interest and dividend income increased $39 million for the first quarter of 2024 compared to 2023 primarily due to higher investment income of $23 million from higher invested cash balances and interest rates, and higher regulatory asset interest income of $16 million primarily from higher deferred net power cost balances.

Income tax benefit decreased $101 million, or 92%, for the first quarter of 2024 compared to 2023 and the effective tax rate was (8)% for 2024 and 48% for 2023. The $101 million decrease is primarily due to prior year recognition of $359 million of estimated losses associated with the 2020 Wildfires, net of expected insurance recoveries, the release of a valuation allowance on state net operating loss carryforwards in the first quarter of 2023, and lower PTCs from PacifiCorp's wind-powered generating facilities.

70

Liquidity and Capital Resources

As of March 31, 2024, PacifiCorp's total net liquidity was as follows (in millions):

Cash and cash equivalents	$	2,210
Credit facility	2,000
Less:
Short-term debt	—
Tax-exempt bond support and letters of credit	(218)
Net credit facility	1,782
Total net liquidity(1)	$	3,992
Maturity dates	2026

(1)Excludes $900 million of available liquidity under a delayed draw term loan.

Operating Activities

Net cash flows from operating activities for the three-month periods ended March 31, 2024 and 2023 were $683 million and $339 million, respectively. The increase is primarily due to insurance reimbursements related to wildfire liabilities and higher cash received for income taxes, partially offset by higher net wholesale purchases.

The timing of PacifiCorp's income tax cash flows from period to period can be significantly affected by the estimated federal income tax payment methods and assumptions made for each payment date.

Investing Activities

Net cash flows from investing activities for the three-month periods ended March 31, 2024 and 2023 were $(768) million and $(644) million, respectively. The change is primarily due to an increase in capital expenditures of $131 million, partially offset by proceeds from sales of marketable securities of $5 million. Refer to "Future Uses of Cash" for discussion of capital expenditures.

Financing Activities

Net cash flows from financing activities for the three-month period ended March 31, 2024 were $2.16 billion. Sources of cash consisted of net proceeds from the issuance of long-term debt of $3.76 billion. Uses of cash consisted primarily of $1.60 billion for the repayment of short-term debt.

For a discussion of recent financing transactions, refer to Note 5 of Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.

Net cash flows from financing activities for the three-month period ended March 31, 2023 were $(311) million. Uses of cash consisted primarily of $300 million for common stock dividends paid to PPW Holdings LLC and $9 million for the repayment of long-term debt.

Short-term Debt

Regulatory authorities limit PacifiCorp to $2.0 billion of short-term debt. As of March 31, 2024, PacifiCorp had no short-term debt outstanding. As of December 31, 2023, PacifiCorp had $1.6 billion of short-term debt outstanding at a weighted average rate of 6.16%.

Debt Authorizations

In March and April 2024, PacifiCorp applied for additional short-term debt issuance authority with the FERC, the OPUC and the IPUC.

71

In March 2024, PacifiCorp applied for additional long-term debt issuance authority from the OPUC and the IPUC. In April 2024, the OPUC and the IPUC approved PacifiCorp to issue an additional $5.0 billion of long-term debt. PacifiCorp also must make a notice filing with the WUTC prior to any future long-term debt issuance. PacifiCorp currently has an effective shelf registration statement filed with the SEC to issue an indeterminate amount of first mortgage bonds through September 2026.

Credit Facility and Letters of Credit

As of March 31, 2024, PacifiCorp had no letters of credit outstanding under its $2.0 billion revolving credit facility and had an additional $34 million of letters of credit outstanding in support of certain transactions required by third parties.

Future Uses of Cash

PacifiCorp has available a variety of sources of liquidity and capital resources, both internal and external, including net cash flows from operating activities, public and private debt offerings, the issuance of commercial paper, the use of unsecured revolving credit facilities, bank loans, capital contributions and other sources. These sources are expected to provide funds required for current operations, capital expenditures, debt retirements and other capital requirements. The availability and terms under which PacifiCorp has access to external financing depends on a variety of factors, including PacifiCorp's credit ratings, investors' judgment of risk associated with PacifiCorp and conditions in the overall capital markets, including the condition of the utility industry.

Capital Expenditures

PacifiCorp has significant future capital requirements. Capital expenditure needs are reviewed regularly by management and may change significantly as a result of these reviews, which may consider, among other factors, impacts to customer rates; changes in environmental and other rules and regulations; outcomes of regulatory proceedings, including regulatory filings for Certificates of Public Convenience and Necessity; outcomes of legal actions associated with the Wildfires; changes in income tax laws; general business conditions; new customer requests; load projections; system reliability standards; the cost and efficiency of construction labor, equipment and materials; commodity prices; and the cost and availability of capital.

PacifiCorp's historical and forecast capital expenditures, each of which exclude amounts for non-cash equity AFUDC and other non-cash items, are as follows (in millions):

	Three-Month Periods				Annual
	Ended March 31,				Forecast
	2023		2024		2024
Wind generation	$	17	$	59	$	484
Electric distribution	144		181		760
Electric transmission	164		202		952
Solar generation	—		—		1
Electric battery and pumped hydro storage	1		—		—
Wildfire mitigation	38		56		374
Other	279		276		656
Total	$	643	$	774	$	3,227

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PacifiCorp's IRP is a roadmap for PacifiCorp's energy transition to renewable and carbon free generation resources, coal-to-natural gas conversion of certain coal-fueled units, energy storage, associated transmission, load forecast and resource adequacy. PacifiCorp anticipates that the additional new renewable and carbon free generation and energy storage will be a mixture of owned and contracted resources. PacifiCorp has included estimates for these new renewable and carbon free generation and energy storage resources, conversion of certain coal-fueled units to natural gas-fueled units, energy storage assets and associated transmission assets in its forecast capital expenditures. These estimates are likely to change as a result of the IRP update and RFP process. PacifiCorp's historical and forecast capital expenditures include the following:

•Wind generation includes both growth projects and operating expenditures. Growth projects include construction of new wind-powered generating facilities and construction at existing wind-powered generating facility sites acquired from third parties totaling $51 million and $14 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for the construction of additional wind‑powered generating facilities and those at acquired sites totals $407 million for the remainder of 2024 and is primarily for the Rock River I, Rock Creek I and Rock Creek II wind‑powered generating facilities totaling approximately 640 MWs that are expected to be placed in‑service in 2024 and 2025.

•Electric distribution includes both growth projects and operating expenditures. Growth expenditures include spending on new customer connections totaling $87 million and $60 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for new customer connections totals $245 million for the remainder of 2024. The remaining investments primarily relate to expenditures for distribution operations.

•Electric transmission includes both growth projects and operating expenditures. Transmission growth investments primarily reflect costs associated with major transmission projects totaling $126 million and $101 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for major transmission segments that are expected to be placed in‑service in 2024 through 2031 totals $451 million for the remainder of 2024.

•Wildfire mitigation includes operating expenditures previously included in electric distribution and electric transmission. Expenditures for wildfire mitigation activities totaled $56 million and $38 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for wildfire mitigation totals $318 million for the remainder of 2024.

•Other includes both growth projects and operating expenditures. Expenditures for information technology totaled $54 million and $46 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned information technology spending totals $98 million for the remainder of 2024. The remaining investments relate to operating projects that consist of routine expenditures for generation and other infrastructure needed to serve existing and expected demand.

Energy Supply Planning

As required by certain state regulations, PacifiCorp uses an IRP to develop a long-term resource plan to ensure that PacifiCorp can continue to provide reliable and cost-effective electric service to its customers while maintaining compliance with existing and evolving environmental laws and regulations. PacifiCorp files its IRP biennially with the state commissions in each of the six states where PacifiCorp operates. Five states indicate whether the IRP meets the state commission's IRP standards and guidelines, a process referred to as "acknowledgment" in some states. Acknowledgment by a state commission does not address cost recovery or prudency of resources ultimately selected.

In April 2024, PacifiCorp filed its 2023 IRP Update in Utah, Oregon, Wyoming and Idaho. In Washington, this filing was submitted as informational. Concurrent with the filing of the 2023 IRP Update, PacifiCorp filed an Oregon Planning Supplement to address additional requirements related to the Oregon Clean Energy Plan.

Requests for Proposals

PacifiCorp issues individual RFPs to procure resources identified in the IRP or resources driven by customer demands and regulatory policy changes. The IRP and the RFPs provide for the identification and staged procurement of resources to meet load or state-specific compliance obligations. Depending upon the specific RFP, applicable laws and regulations may require PacifiCorp to file draft RFPs with the UPSC, the OPUC and the WUTC. Approval by the UPSC, the OPUC or the WUTC may be required depending on the nature of the RFPs.

73

PacifiCorp's most recent RFP, the 2022 All-Source ("2022AS") RFP, was issued to the market in April 2022. In September 2023, PacifiCorp suspended its 2022AS RFP and in April 2024, PacifiCorp provided notice that the 2022AS RFP was terminated. As indicated in the 2022AS RFP, PacifiCorp reserves the right, without limitation or qualification and in its sole discretion, to reject any or all bids, and to terminate or suspend the RFP in whole or in part at any time.

Key drivers behind PacifiCorp's decision to terminate the 2022AS RFP included:

•The EPA approval of Wyoming's state ozone transport plan.

•A federal court's stay of the EPA's proposed Utah state ozone transport rule.

These changes remove restrictions that limit energy production in the summer from natural gas and coal-fueled generating facilities in Wyoming and Utah.

The preferred portfolio in the 2023 IRP Update demonstrates that with limited procurement of battery resources in the near‑term, which can be achieved outside of an RFP process, there is material benefit to customers to scaling down and delaying resource acquisition until after 2030. PacifiCorp's 2025 IRP, expected to be issued in early 2025, will inform the next steps for incremental resource acquisition.

Material Cash Requirements

As of March 31, 2024, there have been no material changes in cash requirements from the information provided in Item 7 of PacifiCorp's Annual Report on Form 10-K for the year ended December 31, 2023, other than those disclosed in Note 10 of the Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.

Regulatory Matters

PacifiCorp is subject to comprehensive regulation. Refer to "Regulatory Matters" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for discussion regarding PacifiCorp's current regulatory matters.

Environmental Laws and Regulations

PacifiCorp is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal and other environmental matters that have the potential to impact PacifiCorp's current and future operations. In addition to imposing continuing compliance obligations, these laws and regulations provide regulators with the authority to levy substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. These laws and regulations are administered by various federal, state and local agencies. PacifiCorp believes it is in material compliance with all applicable laws and regulations, although many are subject to interpretation that may ultimately be resolved by the courts. Environmental laws and regulations continue to evolve, and PacifiCorp is unable to predict the impact of the changing laws and regulations on its operations and financial results.

Refer to "Environmental Laws and Regulations" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for additional information regarding environmental laws and regulations.

Critical Accounting Estimates

Certain accounting measurements require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized on the Consolidated Financial Statements based on such estimates involve numerous assumptions subject to varying and potentially significant degrees of judgment and uncertainty and will likely change in the future as additional information becomes available. Estimates are used for, but not limited to, the accounting for the effects of certain types of regulation, pension and other postretirement benefits, income taxes and wildfire loss contingencies. For additional discussion of PacifiCorp's critical accounting estimates, see Item 7 of PacifiCorp's Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes in PacifiCorp's assumptions regarding critical accounting estimates since December 31, 2023.

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MidAmerican Funding, LLC and its subsidiaries and MidAmerican Energy Company

Consolidated Financial Section

75

PART I

Item 1.Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholder of

MidAmerican Energy Company

Results of Review of Interim Financial Information

We have reviewed the accompanying balance sheet of MidAmerican Energy Company ("MidAmerican Energy") as of March 31, 2024, the related statements of operations, changes in shareholder's equity, and cash flows for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the balance sheet of MidAmerican Energy as of December 31, 2023, and the related statements of operations, changes in shareholder's equity, and cash flows for the year then ended (not presented herein); and in our report dated February 23, 2024, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of MidAmerican Energy's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to MidAmerican Energy in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Des Moines, Iowa

May 3, 2024

76

MIDAMERICAN ENERGY COMPANY

BALANCE SHEETS (Unaudited)

(Amounts in millions)

	As of
	March 31,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	659	$	636
Trade receivables, net	275		272
Income tax receivable	83		1
Inventories	358		364
Prepayments	135		113
Other current assets	48		39
Total current assets	1,558		1,425
Property, plant and equipment, net	22,085		21,970
Regulatory assets	621		600
Investments and restricted investments	1,084		1,030
Other assets	187		210
Total assets	$	25,535	$	25,235

The accompanying notes are an integral part of these financial statements.

77

MIDAMERICAN ENERGY COMPANY

BALANCE SHEETS (Unaudited) (continued)

(Amounts in millions)

	As of
	March 31,		December 31,
	2024		2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Accounts payable	$	387	$	543
Accrued interest	100		106
Accrued property, income and other taxes	144		197
Short-term debt	15		—
Current portion of long-term debt	552		539
Other current liabilities	110		102
Total current liabilities	1,308		1,487
Long-term debt	8,807		8,227
Regulatory liabilities	1,153		1,079
Deferred income taxes	3,505		3,494
Asset retirement obligations	775		768
Other long-term liabilities	572		577
Total liabilities	16,120		15,632
Commitments and contingencies (Note 9)
Shareholder's equity:
Common stock - 350 shares authorized, no par value, 71 shares issued and outstanding	—		—
Additional paid-in capital	561		561
Retained earnings	8,854		9,042
Total shareholder's equity	9,415		9,603
Total liabilities and shareholder's equity	$	25,535	$	25,235

The accompanying notes are an integral part of these financial statements.

78

MIDAMERICAN ENERGY COMPANY

STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	565	$	591
Regulated natural gas and other	278		329
Total operating revenue	843		920
Operating expenses:
Cost of fuel and energy	103		115
Cost of natural gas purchased for resale and other	177		236
Operations and maintenance	218		205
Depreciation and amortization	227		234
Property and other taxes	42		42
Total operating expenses	767		832
Operating income	76		88
Other income (expense):
Interest expense	(104)		(80)
Allowance for borrowed funds	6		4
Allowance for equity funds	16		11
Other, net	25		16
Total other income (expense)	(57)		(49)
Income before income tax expense (benefit)	19		39
Income tax expense (benefit)	(219)		(203)
Net income	$	238	$	242

The accompanying notes are an integral part of these financial statements.

79

MIDAMERICAN ENERGY COMPANY

STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Unaudited)

(Amounts in millions)

	Common Stock		Additional Paid-in Capital		Retained Earnings		Total Shareholder's Equity
Balance, December 31, 2022	$	—	$	561	$	9,084	$	9,645
Net income	—		—		242		242
Common stock dividend	—		—		(100)		(100)
Other equity transactions	—		—		1		1
Balance, March 31, 2023	$	—	$	561	$	9,227	$	9,788
Balance, December 31, 2023	$	—	$	561	$	9,042	$	9,603
Net income	—		—		238		238
Common stock dividend	—		—		(425)		(425)
Other equity transactions	—		—		(1)		(1)
Balance, March 31, 2024	$	—	$	561	$	8,854	$	9,415

The accompanying notes are an integral part of these financial statements.

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MIDAMERICAN ENERGY COMPANY

STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	238	$	242
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	227		234
Amortization of utility plant to other operating expenses	9		8
Allowance for equity funds	(16)		(11)
Deferred income taxes and investment tax credits, net	65		32
Settlements of asset retirement obligations	—		(6)
Other, net	(9)		8
Changes in other operating assets and liabilities:
Trade receivables and other assets	(36)		131
Inventories	6		(3)
Pension and other postretirement benefit plans	—		(3)
Accrued property, income and other taxes, net	(137)		(263)
Accounts payable and other liabilities	(79)		(81)
Net cash flows from operating activities	268		288
Cash flows from investing activities:
Capital expenditures	(428)		(382)
Purchases of marketable securities	(81)		(48)
Proceeds from sales of marketable securities	76		42
Other, net	8		4
Net cash flows from investing activities	(425)		(384)
Cash flows from financing activities:
Common stock dividends	(425)		(100)
Proceeds from long-term debt	592		—
Repayments of long-term debt	(1)		(7)
Net proceeds from short-term debt	15		—
Other, net	(1)		(1)
Net cash flows from financing activities	180		(108)
Net change in cash and cash equivalents and restricted cash and cash equivalents	23		(204)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	642		268
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	665	$	64

The accompanying notes are an integral part of these financial statements.

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MIDAMERICAN ENERGY COMPANY

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

(1)    General

MidAmerican Energy Company ("MidAmerican Energy") is a public utility with electric and natural gas operations and is the principal subsidiary of MHC Inc. ("MHC"). MHC is a holding company that conducts no business other than the ownership of its subsidiaries. MHC's nonregulated subsidiary is Midwest Capital Group, Inc. MHC is the direct wholly owned subsidiary of MidAmerican Funding, LLC ("MidAmerican Funding"), which is an Iowa limited liability company with Berkshire Hathaway Energy Company ("BHE") as its sole member. BHE is a holding company based in Des Moines, Iowa, that owns subsidiaries principally engaged in energy businesses. BHE is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway").

The unaudited Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Financial Statements. Note 2 of Notes to Financial Statements included in MidAmerican Energy's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Financial Statements. There have been no significant changes in MidAmerican Energy's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

(2)    New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. MidAmerican Energy is currently evaluating the impact of adopting this guidance on its Financial Statements and disclosures included within Notes to Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. MidAmerican Energy is currently evaluating the impact of adopting this guidance on its Financial Statements and disclosures included within Notes to Financial Statements.

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In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. MidAmerican Energy is currently evaluating the impact of adopting the final rules on its Financial Statements and disclosures included within Notes to Financial Statements.

(3)    Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds restricted for wildlife preservation. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	659	$	636
Restricted cash and cash equivalents in other current assets	6		6
Total cash and cash equivalents and restricted cash and cash equivalents	$	665	$	642

(4)    Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Utility plant:
Generation	20-62 years	$	18,132	$	18,129
Transmission	55-80 years	2,853		2,834
Electric distribution	15-80 years	5,352		5,288
Natural gas distribution	30-75 years	2,317		2,294
Utility plant in-service		28,654		28,545
Accumulated depreciation and amortization		(8,018)		(7,841)
Utility plant in-service, net		20,636		20,704
Nonregulated, net of accumulated depreciation and amortization	20-50 years	6		6
		20,642		20,710
Construction work-in-progress		1,443		1,260
Property, plant and equipment, net		$	22,085	$	21,970

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Under a revenue sharing arrangement in Iowa, MidAmerican Energy accrues throughout the year a regulatory liability based on the extent to which its anticipated annual equity return exceeds specified thresholds, with an equal amount recorded in depreciation and amortization expense. The annual regulatory liability accrual reduces utility plant upon final determination of the amount. For the three-month periods ended March 31, 2024 and 2023, $— million and $20 million, respectively, is reflected in depreciation and amortization expense on the Statements of Operations.

(5)    Recent Financing Transactions

Long-Term Debt

In January 2024, MidAmerican Energy issued $600 million of its 5.30% First Mortgage Bonds due February 2055. MidAmerican Energy intends, within 24 months of the issuance date, to allocate an amount equal to the net proceeds to finance, in whole or in part, new or existing investments or expenditures made in one or more eligible projects in alignment with BHE's Green Financing Framework.

(6)    Income Taxes

A reconciliation of the federal statutory income tax rate to MidAmerican Energy's effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Income tax credits	(1,158)		(518)
State income tax, net of federal income tax impacts	(11)		(18)
Effects of ratemaking	—		(8)
Other, net	(5)		2
Effective income tax rate	(1,153)	%	(521)	%

Income tax credits relate primarily to production tax credits ("PTC") earned by MidAmerican Energy's wind- and solar-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. MidAmerican Energy recognizes its renewable electricity PTCs throughout the year based on when the credits are earned and excludes them from the annual effective tax rate that is the basis for the interim recognition of the remaining income tax expense. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs recognized for the three-month periods ended March 31, 2024 and 2023, totaled $220 million and $202 million, respectively.

Berkshire Hathaway includes BHE and subsidiaries in its U.S. federal and Iowa state income tax returns. Consistent with established regulatory practice, MidAmerican Energy's provision for income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. MidAmerican Energy received net cash payments for income tax from BHE totaling $179 million and made net cash payments for income tax to BHE totaling $1 million for the three-month periods ended March 31, 2024 and 2023, respectively.

(7)    Employee Benefit Plans

MidAmerican Energy sponsors a noncontributory defined benefit pension plan covering a majority of all employees of BHE and its domestic energy subsidiaries other than PacifiCorp and NV Energy, Inc. MidAmerican Energy also sponsors certain postretirement healthcare and life insurance benefits covering substantially all retired employees of BHE and its domestic energy subsidiaries other than PacifiCorp and NV Energy, Inc.

84

Net periodic benefit cost (credit) for the plans of MidAmerican Energy and the aforementioned affiliates included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Pension:
Service cost	$	2	$	3
Interest cost	8		8
Expected return on plan assets	(8)		(8)
Settlement	—		(5)
Net periodic benefit cost (credit)	$	2	$	(2)
Other postretirement:
Service cost	$	1	$	1
Interest cost	3		3
Expected return on plan assets	(4)		(4)
Net periodic benefit cost	$	—	$	—

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in Other, net on the Statements of Operations. Employer contributions to the pension and other postretirement benefit plans during 2024 are expected to be $8 million and $2 million, respectively. As of March 31, 2024, $2 million and $1 million of contributions had been made to the pension and other postretirement benefit plans, respectively.

(8)    Fair Value Measurements

The carrying value of MidAmerican Energy's cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. MidAmerican Energy has various financial assets and liabilities that are measured at fair value on the Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that MidAmerican Energy has the ability to access at the measurement date.

•Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 — Unobservable inputs reflect MidAmerican Energy's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. MidAmerican Energy develops these inputs based on the best information available, including its own data.

85

The following table presents MidAmerican Energy's financial assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	1	$	—	$	—	$	(1)	$	—
Money market mutual funds	667		—		—		—		667
Debt securities:
U.S. government obligations	255		—		—		—		255
Corporate obligations	—		84		—		—		84
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	458		—		—		—		458
International companies	10		—		—		—		10
Investment funds	23		—		—		—		23
	$	1,414	$	87	$	—	$	(1)	$	1,500
Liabilities - commodity derivatives	$	—	$	(17)	$	(6)	$	6	$	(17)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2023:
Assets:
Commodity derivatives	$	—	$	15	$	—	$	(2)	$	13
Money market mutual funds	643		—		—		—		643
Debt securities:
U.S. government obligations	257		—		—		—		257
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	427		—		—		—		427
International companies	9		—		—		—		9
Investment funds	19		—		—		—		19
	$	1,355	$	88	$	—	$	(2)	$	1,441
Liabilities - commodity derivatives	$	—	$	(15)	$	(11)	$	14	$	(12)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $5 million and $12 million as of March 31, 2024 and December 31, 2023, respectively.

MidAmerican Energy's investments in money market mutual funds and debt and equity securities are stated at fair value, with debt securities accounted for as available-for-sale securities. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value. In the absence of a quoted market price or net asset value of an identical security, the fair value is determined using pricing models or net asset values based on observable market inputs and quoted market prices of securities with similar characteristics.

86

The following table reconciles the beginning and ending balances of MidAmerican Energy's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	(11)	$	5
Changes in fair value recognized in net regulatory assets	(4)		(13)
Settlements	9		3
Ending balance	$	(6)	$	(5)

MidAmerican Energy's long-term debt is carried at cost on the Balance Sheets. The fair value of MidAmerican Energy's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of MidAmerican Energy's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of MidAmerican Energy's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	9,359	$	8,661	$	8,766	$	8,252

(9)    Commitments and Contingencies

Environmental Laws and Regulations

MidAmerican Energy is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal and other environmental matters that have the potential to impact its current and future operations. MidAmerican Energy believes it is in material compliance with all applicable laws and regulations.

Legal Matters

MidAmerican Energy is party to a variety of legal actions arising out of the normal course of business. MidAmerican Energy does not believe that such normal and routine litigation will have a material impact on its financial results.

Transmission Rates

MidAmerican Energy's wholesale transmission rates are set annually using formula rates approved by the Federal Energy Regulatory Commission ("FERC") subject to true-up for actual cost of service. In November 2013 and February 2015, a coalition of intervenors filed successive complaints with the FERC requesting that the base return on equity ("ROE") used to determine rates in effect prior to September 2016 no longer be found just and reasonable and sought to reduce the base ROE. In August 2022, the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion vacating all orders related to the complaints and remanding them back to the FERC. MidAmerican Energy cannot predict the ultimate outcome of these matters or the amount of potential refunds.

87

(10)    Revenue from Contracts with Customers

The following table summarizes MidAmerican Energy's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class, including a reconciliation to MidAmerican Energy's reportable segment information included in Note 12 (in millions):

	For the Three-Month Period Ended March 31, 2024
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	160	$	167	$	—	$	327
Commercial	72		64		—		136
Industrial	218		6		—		224
Natural gas transportation services	—		14		—		14
Other retail	35		3		—		38
Total retail	485		254		—		739
Wholesale	51		21		—		72
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		2		2
Total Customer Revenue	551		275		2		828
Other revenue	14		1		—		15
Total operating revenue	$	565	$	276	$	2	$	843

	For the Three-Month Period Ended March 31, 2023
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	167	$	199	$	—	$	366
Commercial	75		78		—		153
Industrial	214		7		—		221
Natural gas transportation services	—		13		—		13
Other retail	35		(1)		—		34
Total retail	491		296		—		787
Wholesale	71		29		—		100
Multi-value transmission projects	14		—		—		14
Other Customer Revenue	—		—		3		3
Total Customer Revenue	576		325		3		904
Other revenue	15		1		—		16
Total operating revenue	$	591	$	326	$	3	$	920

(11)    Shareholder's Equity

In February 2024, MidAmerican Energy paid $425 million in a cash dividend to its parent company, MHC.

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(12)    Segment Information

MidAmerican Energy has identified two reportable segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and evaluating performance. Common operating costs, interest income, interest expense and income tax expense are allocated to each segment based on certain factors, which primarily relate to the nature of the cost.

The following tables provide information on a reportable segment basis (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	565	$	591
Regulated natural gas	276		326
Other	2		3
Total operating revenue	$	843	$	920
Operating income:
Regulated electric	$	31	$	50
Regulated natural gas	45		38
Total operating income	76		88
Interest expense	(104)		(80)
Allowance for borrowed funds	6		4
Allowance for equity funds	16		11
Other, net	25		16
Total income before income tax expense (benefit)	$	19	$	39

	As of
	March 31, 2024		December 31, 2023
Assets:
Regulated electric	$	23,635	$	23,334
Regulated natural gas	1,899		1,900
Other	1		1
Total assets	$	25,535	$	25,235

89

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Managers and Member of

MidAmerican Funding, LLC

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of MidAmerican Funding, LLC and subsidiaries ("MidAmerican Funding") as of March 31, 2024, the related consolidated statements of operations, changes in member's equity, and cash flows for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB) and in accordance with auditing standards generally accepted in the United States of America, the consolidated balance sheet of MidAmerican Funding as of December 31, 2023, and the related consolidated statements of operations, changes in member's equity, and cash flows for the year then ended (not presented herein); and in our report dated February 23, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of MidAmerican Funding's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to MidAmerican Funding in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB and with auditing standards generally accepted in the United States of America applicable to reviews of interim financial information. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB and with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Des Moines, Iowa

May 3, 2024

90

MIDAMERICAN FUNDING, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions)

	As of
	March 31,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	660	$	637
Trade receivables, net	275		272
Income tax receivable	84		1
Inventories	358		364
Prepayments	135		113
Other current assets	49		40
Total current assets	1,561		1,427
Property, plant and equipment, net	22,086		21,971
Goodwill	1,270		1,270
Regulatory assets	621		600
Investments and restricted investments	1,086		1,032
Other assets	186		209
Total assets	$	26,810	$	26,509

The accompanying notes are an integral part of these consolidated financial statements.

91

MIDAMERICAN FUNDING, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

(Amounts in millions)

	As of
	March 31,		December 31,
	2024		2023
LIABILITIES AND MEMBER'S EQUITY
Current liabilities:
Accounts payable	$	387	$	543
Accrued interest	101		112
Accrued property, income and other taxes	144		197
Note payable to affiliate	8		—
Short-term debt	15		—
Current portion of long-term debt	552		539
Other current liabilities	110		102
Total current liabilities	1,317		1,493
Long-term debt	9,047		8,467
Regulatory liabilities	1,153		1,079
Deferred income taxes	3,503		3,492
Asset retirement obligations	775		768
Other long-term liabilities	572		577
Total liabilities	16,367		15,876
Commitments and contingencies (Note 9)
Member's equity:
Paid-in capital	1,679		1,679
Retained earnings	8,764		8,954
Total member's equity	10,443		10,633
Total liabilities and member's equity	$	26,810	$	26,509

The accompanying notes are an integral part of these consolidated financial statements.

92

MIDAMERICAN FUNDING, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	565	$	591
Regulated natural gas and other	278		329
Total operating revenue	843		920
Operating expenses:
Cost of fuel and energy	103		115
Cost of natural gas purchased for resale and other	177		236
Operations and maintenance	218		205
Depreciation and amortization	227		234
Property and other taxes	42		42
Total operating expenses	767		832
Operating income	76		88
Other income (expense):
Interest expense	(108)		(84)
Allowance for borrowed funds	6		4
Allowance for equity funds	16		11
Other, net	25		28
Total other income (expense)	(61)		(41)
Income before income tax expense (benefit)	15		47
Income tax expense (benefit)	(220)		(202)
Net income	$	235	$	249

The accompanying notes are an integral part of these consolidated financial statements.

93

MIDAMERICAN FUNDING, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S EQUITY (Unaudited)

(Amounts in millions)

	Paid-in Capital		Retained Earnings		Total Member's Equity
Balance, December 31, 2022	$	1,679	$	9,000	$	10,679
Net income	—		249		249
Distribution to member	—		(100)		(100)
Balance, March 31, 2023	$	1,679	$	9,149	$	10,828
Balance, December 31, 2023	$	1,679	$	8,954	$	10,633
Net income	—		235		235
Distribution to member	—		(425)		(425)
Balance, March 31, 2024	$	1,679	$	8,764	$	10,443

The accompanying notes are an integral part of these consolidated financial statements.

94

MIDAMERICAN FUNDING, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	235	$	249
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	227		234
Amortization of utility plant to other operating expenses	9		8
Allowance for equity funds	(16)		(11)
Deferred income taxes and investment tax credits, net	65		32
Settlements of asset retirement obligations	—		(6)
Other, net	(9)		(5)
Changes in other operating assets and liabilities:
Trade receivables and other assets	(36)		123
Inventories	6		(3)
Pension and other postretirement benefit plans	—		(3)
Accrued property, income and other taxes, net	(137)		(261)
Accounts payable and other liabilities	(84)		(85)
Net cash flows from operating activities	260		272
Cash flows from investing activities:
Capital expenditures	(428)		(382)
Purchases of marketable securities	(81)		(48)
Proceeds from sales of marketable securities	76		42
Proceeds from sale of investment	—		12
Other, net	8		5
Net cash flows from investing activities	(425)		(371)
Cash flows from financing activities:
Distributions to member	(425)		(100)
Proceeds from long-term debt	592		—
Repayments of long-term debt	(1)		(7)
Net change in note payable to affiliate	8		—
Net proceeds from short-term debt	15		—
Other, net	(1)		(1)
Net cash flows from financing activities	188		(108)
Net change in cash and cash equivalents and restricted cash and cash equivalents	23		(207)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	643		271
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	666	$	64

The accompanying notes are an integral part of these consolidated financial statements.

95

MIDAMERICAN FUNDING, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1)    General

MidAmerican Funding, LLC ("MidAmerican Funding") is an Iowa limited liability company with Berkshire Hathaway Energy Company ("BHE") as its sole member. BHE is a holding company based in Des Moines, Iowa, that owns subsidiaries principally engaged in energy businesses. BHE is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway"). MidAmerican Funding's direct wholly owned subsidiary is MHC Inc. ("MHC"), which constitutes substantially all of MidAmerican Funding's assets, liabilities and business activities except those related to MidAmerican Funding's long-term debt securities. MHC conducts no business other than the ownership of its subsidiaries. MHC's principal subsidiary is MidAmerican Energy Company ("MidAmerican Energy"), a public utility with electric and natural gas operations, and its direct wholly owned nonregulated subsidiary is Midwest Capital Group, Inc.

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in MidAmerican Funding's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in MidAmerican Funding's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

(2)    New Accounting Pronouncements

Refer to Note 2 of MidAmerican Energy's Notes to Financial Statements.

(3)    Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds restricted for wildlife preservation. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	660	$	637
Restricted cash and cash equivalents in other current assets	6		6
Total cash and cash equivalents and restricted cash and cash equivalents	$	666	$	643

(4)    Property, Plant and Equipment, Net

Refer to Note 4 of MidAmerican Energy's Notes to Financial Statements.

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(5)    Recent Financing Transactions

Refer to Note 5 of MidAmerican Energy's Notes to Financial Statements.

(6)    Income Taxes

A reconciliation of the federal statutory income tax rate to MidAmerican Funding's effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Income tax credits	(1,467)		(430)
State income tax, net of federal income tax impacts	(20)		(13)
Effects of ratemaking	—		(6)
Other, net	(1)		(2)
Effective income tax rate	(1,467)	%	(430)	%

Income tax credits relate primarily to production tax credits ("PTC") earned by MidAmerican Energy's wind- and solar-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. MidAmerican Funding recognizes its renewable electricity PTCs throughout the year based on when the credits are earned and excludes them from the annual effective tax rate that is the basis for the interim recognition of the remaining income tax expense. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs recognized for the three-month periods ended March 31, 2024 and 2023, totaled $220 million and $202 million, respectively.

Berkshire Hathaway includes BHE and subsidiaries in its U.S. federal and Iowa state income tax returns. Consistent with established regulatory practice, MidAmerican Funding's and MidAmerican Energy's provisions for income tax have been computed on a stand-alone basis, and substantially all of their currently payable or receivable income tax is remitted to or received from BHE. MidAmerican Funding received net cash payments for income tax from BHE totaling $180 million and $— million for the three-month periods ended March 31, 2024 and 2023, respectively.

(7)    Employee Benefit Plans

Refer to Note 7 of MidAmerican Energy's Notes to Financial Statements.

(8)    Fair Value Measurements

Refer to Note 8 of MidAmerican Energy's Notes to Financial Statements. MidAmerican Funding's long-term debt is carried at cost on the Consolidated Financial Statements. The fair value of MidAmerican Funding's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of MidAmerican Funding's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of MidAmerican Funding's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	9,599	$	8,920	$	9,006	$	8,515

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(9)    Commitments and Contingencies

MidAmerican Funding is party to a variety of legal actions arising out of the normal course of business. MidAmerican Funding does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

Refer to Note 9 of MidAmerican Energy's Notes to Financial Statements.

(10)    Revenue from Contracts with Customers

Refer to Note 10 of MidAmerican Energy's Notes to Financial Statements.

(11)    Member's Equity

In February 2024, MidAmerican Funding paid $425 million in a cash distribution to its parent company, BHE.

(12)    Segment Information

MidAmerican Funding has identified two reportable segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and evaluating performance. Common operating costs, interest income, interest expense and income tax expense are allocated to each segment based on certain factors, which primarily relate to the nature of the cost. "Other" in the tables below consists of the financial results and assets of nonregulated operations, MHC and MidAmerican Funding.

The following tables provide information on a reportable segment basis (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	565	$	591
Regulated natural gas	276		326
Other	2		3
Total operating revenue	$	843	$	920
Operating income:
Regulated electric	$	31	$	50
Regulated natural gas	45		38
Total operating income	76		88
Interest expense	(108)		(84)
Allowance for borrowed funds	6		4
Allowance for equity funds	16		11
Other, net	25		28
Total income before income tax expense (benefit)	$	15	$	47

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	As of
	March 31, 2024		December 31, 2023
Assets(1):
Regulated electric	$	24,826	$	24,525
Regulated natural gas	1,978		1,979
Other	6		5
Total assets	$	26,810	$	26,509

(1) Assets by reportable segment reflect the assignment of goodwill to applicable reporting units.

99

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is management's discussion and analysis of certain significant factors that have affected the consolidated financial condition and results of operations of MidAmerican Funding and its subsidiaries and MidAmerican Energy during the periods included herein. Information in Management's Discussion and Analysis related to MidAmerican Energy, whether or not segregated, also relates to MidAmerican Funding. Information related to other subsidiaries of MidAmerican Funding pertains only to the discussion of the financial condition and results of operations of MidAmerican Funding. Where necessary, discussions have been segregated under the heading "MidAmerican Funding" to allow the reader to identify information applicable only to MidAmerican Funding. Explanations include management's best estimate of the impact of weather, customer growth, usage trends and other factors. This discussion should be read in conjunction with MidAmerican Funding's historical unaudited Consolidated Financial Statements and Notes to Consolidated Financial Statements and MidAmerican Energy's historical unaudited Financial Statements and Notes to Financial Statements in Part I, Item 1 of this Form 10-Q. MidAmerican Funding's and MidAmerican Energy's actual results in the future could differ significantly from the historical results.

Results of Operations for the First Quarter of 2024 and 2023

Overview

MidAmerican Energy -

MidAmerican Energy's net income for the first quarter of 2024 was $238 million, a decrease of $4 million, or 2%, compared to 2023, primarily due to higher interest expense, lower electric utility margin and higher operations and maintenance expense, partially offset by a favorable income tax benefit, higher natural gas utility margin, higher interest and dividend income, lower depreciation and amortization expense and higher AFUDC. Electric retail customer volumes decreased 1.8%, primarily due to lower customer usage for certain residential and commercial customers and the unfavorable impact of weather. Energy generated decreased by 3 GWhs due to lower coal-fueled generation, partially offset by higher natural gas-fueled generation; and energy purchased decreased 22%. Wholesale electricity sales volumes decreased 3% due to unfavorable market conditions. Natural gas retail customer volumes decreased 10% due to the unfavorable impact of weather.

MidAmerican Funding -

MidAmerican Funding's net income for the first quarter of 2024 was $235 million, a decrease of $14 million, or 6%, compared to 2023. The variance in net income was primarily due to the changes in MidAmerican Energy's earnings discussed above, partially offset by a one-time gain on the sale of an investment of $10 million in 2023.

Non-GAAP Financial Measure

Management utilizes various key financial measures that are prepared in accordance with GAAP, as well as non-GAAP financial measures such as, electric utility margin and natural gas utility margin, to help evaluate results of operations. Electric utility margin is calculated as regulated electric operating revenue less cost of fuel and energy, which are captions presented on the Statements of Operations. Natural gas utility margin is calculated as regulated natural gas operating revenue less regulated cost of natural gas purchased for resale, which are included in regulated natural gas and other and cost of natural gas purchased for resale and other, respectively, on the Statements of Operations.

MidAmerican Energy's cost of fuel and energy and cost of natural gas purchased for resale are generally recovered from its retail customers through regulatory recovery mechanisms, and as a result, changes in MidAmerican Energy's expense included in regulatory recovery mechanisms result in comparable changes to revenue. As such, management believes electric utility margin and natural gas utility margin more appropriately and concisely explain profitability rather than a discussion of revenue and cost of sales separately. Management believes the presentation of electric utility margin and natural gas utility margin provides meaningful and valuable insight into the information management considers important to running the business and a measure of comparability to others in the industry.

100

Electric utility margin and natural gas utility margin are not measures calculated in accordance with GAAP and should be viewed as a supplement to, and not a substitute for, operating income, which is the most comparable financial measure prepared in accordance with GAAP. The following table provides a reconciliation of utility margin to MidAmerican Energy's operating income (in millions):

	First Quarter
	2024		2023		Change
Electric utility margin:
Operating revenue	$	565	$	591	$	(26)	(4)	%
Cost of fuel and energy	103		115		(12)		(10)
Electric utility margin	462		476		(14)		(3)	%
Natural gas utility margin:
Operating revenue	276		326		(50)		(15)	%
Natural gas purchased for resale	177		236		(59)		(25)
Natural gas utility margin	99		90		9		10	%
Utility margin	561		566		(5)		(1)	%
Other operating revenue	2		3		(1)		(33)	%
Operations and maintenance	218		205		13		6
Depreciation and amortization	227		234		(7)		(3)
Property and other taxes	42		42		—		—
Operating income	$	76	$	88	$	(12)	(14)	%

101

Electric Utility Margin

A comparison of key operating results related to electric utility margin is as follows:

	First Quarter
	2024		2023		Change
Utility margin (in millions):
Operating revenue	$	565	$	591	$	(26)	(4)	%
Cost of fuel and energy	103		115		(12)		(10)
Utility margin	$	462	$	476	$	(14)	(3)	%
Sales (GWhs):
Residential	1,658		1,793		(135)		(8)	%
Commercial	952		1,018		(66)		(6)
Industrial	4,192		4,102		90		2
Other	388		409		(21)		(5)
Total retail	7,190		7,322		(132)		(2)
Wholesale	4,210		4,352		(142)		(3)
Total sales	11,400		11,674		(274)		(2)	%
Average number of retail customers (in thousands)	826		818		8		1	%
Average revenue per MWh:
Retail	$	67.57	$	67.02	$	0.55	1	%
Wholesale	$	12.92	$	17.56	$	(4.64)	(26)	%
Heating degree days	2,706		2,992		(286)		(10)	%
Sources of energy (GWhs)(1):
Wind and other(2)	7,645		7,377		268		4	%
Coal	1,732		2,116		(384)		(18)
Nuclear	930		927		3		—
Natural gas	454		344		110		32
Total energy generated	10,761		10,764		(3)		—
Energy purchased	873		1,123		(250)		(22)
Total	11,634		11,887		(253)		(2)	%
Average cost of energy per MWh:
Energy generated(3)	$	5.01	$	6.09	$	(1.08)	(18)	%
Energy purchased	$	56.70	$	43.72	$	12.98	30	%

(1)    GWh amounts are net of energy used by the related generating facilities.

(2)    All or some of the renewable energy attributes associated with generation from these sources may be: (a) used in future years to comply with RPS or other regulatory requirements or (b) sold to third parties in the form of renewable energy credits or other environmental commodities.

(3)    The average cost per MWh of energy generated includes only the cost of fuel associated with the generating facilities.

102

Natural Gas Utility Margin

A comparison of key operating results related to natural gas utility margin is as follows:

	First Quarter
	2024		2023		Change
Utility margin (in millions):
Operating revenue	$	276	$	326	$	(50)	(15)	%
Natural gas purchased for resale	177		236		(59)		(25)
Utility margin	$	99	$	90	$	9	10	%
Throughput (000's Dths):
Residential	21,578		24,393		(2,815)		(12)	%
Commercial	10,184		11,352		(1,168)		(10)
Industrial	1,587		1,483		104		7
Other	36		34		2		6
Total retail sales	33,385		37,262		(3,877)		(10)
Wholesale sales	11,990		10,407		1,583		15
Total sales	45,375		47,669		(2,294)		(5)
Natural gas transportation service	29,506		29,585		(79)		—
Total throughput	74,881		77,254		(2,373)		(3)	%
Average number of retail customers (in thousands)	800		793		7		1	%
Average revenue per retail Dth sold	$	7.20	$	7.63	$	(0.43)	(6)	%
Heating degree days	2,806		3,132		(326)		(10)	%
Average cost of natural gas per retail Dth sold	$	4.66	$	5.58	$	(0.92)	(16)	%
Combined retail and wholesale average cost of natural gas per Dth sold	$	3.89	$	4.96	$	(1.07)	(22)	%

Quarter Ended March 31, 2024 Compared to Quarter Ended March 31, 2023

MidAmerican Energy -

Electric utility margin decreased $14 million, or 3%, for the first quarter of 2024 compared to 2023 primarily due to:

•an $11 million decrease in wholesale utility margin due to lower margins per unit of $9 million, reflecting lower market prices, and lower volumes of $2 million or 3.3%; and

•a $3 million decrease in retail utility margin due to $7 million from lower customer usage and $4 million from the unfavorable impact of weather, offset by $6 million, net of energy costs, from higher recoveries through bill riders (offset in operations and maintenance expense and income tax benefit) and $1 million due to price impacts from changes in sales mix. Retail customer volumes decreased 1.8%.

Natural gas utility margin increased $9 million, or 10%, for the first quarter of 2024 compared to 2023 primarily due to:

•a $13 million increase from higher base rates; and

•a $1 million increase from higher natural gas transportation margin; offset by

•a $5 million decrease due to the unfavorable impact of weather.

Operations and maintenance increased $13 million, or 6%, for the first quarter of 2024 compared to 2023 primarily due to higher technology and other administrative costs of $6 million, higher nuclear power generation costs of $3 million and higher electric distribution and transmission costs of $3 million.

103

Depreciation and amortization decreased $7 million, or 3%, for the first quarter of 2024 compared to 2023 primarily due to $20 million from lower Iowa revenue sharing accruals, partially offset by $13 million related to new and repowered wind-powered generating facilities and other plant placed in-service.

Interest expense increased $24 million, or 30%, for the first quarter of 2024 compared to 2023 due to higher interest expense from September 2023 and January 2024 long-term debt issuances.

Allowance for borrowed and equity funds increased $7 million, or 47%, for the first quarter of 2024 compared to 2023 primarily due to higher construction work-in-progress balances related to wind-powered generation.

Other, net increased $9 million, or 56%, for the first quarter of 2024 compared to 2023 primarily due to higher interest income and favorable investment earnings, primarily attributable to higher cash surrender values of corporate-owned life insurance policies, partially offset by higher non-service costs of postretirement employee benefit plans.

Income tax benefit increased $16 million, or 8%, for the first quarter of 2024 compared to 2023 primarily due to higher PTCs recognized due to a higher PTC rate per MW generated and additional wind capacity placed in-service. PTCs for the first quarter of 2024 and 2023 totaled $220 million and $202 million, respectively.

MidAmerican Funding -

Income tax benefit increased $18 million, or 9%, for the first quarter of 2024 compared to 2023 primarily due to the changes in MidAmerican Energy's income tax benefit discussed above.

Liquidity and Capital Resources

As of March 31, 2024, the total net liquidity for MidAmerican Energy and MidAmerican Funding was as follows (in millions):

MidAmerican Energy:
Cash and cash equivalents	$	659
Credit facilities, maturing 2024 and 2026	1,505
Less:
Short-term debt outstanding	(15)
Tax-exempt bond support	(306)
Net credit facilities	1,184
MidAmerican Energy total net liquidity	$	1,843
MidAmerican Funding:
MidAmerican Energy total net liquidity	$	1,843
Cash and cash equivalents	1
MHC, Inc. credit facility, maturing 2024	4
MidAmerican Funding total net liquidity	$	1,848

Operating Activities

MidAmerican Energy's net cash flows from operating activities for the three-month periods ended March 31, 2024 and 2023, were $268 million and $288 million, respectively. MidAmerican Funding's net cash flows from operating activities for the three-month periods ended March 31, 2024 and 2023, were $260 million and $272 million, respectively. Cash flows from operating activities reflect the cash impacts of utility margin for MidAmerican Energy's regulated electric business, higher payments to vendors and higher interest payments, partially offset by higher income tax receipts and the cash impacts of utility margin for MidAmerican Energy's regulated natural gas business.

The timing of MidAmerican Energy's income tax cash flows from period to period can be significantly affected by the estimated federal income tax payment methods selected and assumptions made for each payment date.

104

Investing Activities

MidAmerican Energy's net cash flows from investing activities for the three-month periods ended March 31, 2024 and 2023, were $(425) million and $(384) million, respectively. MidAmerican Funding's net cash flows from investing activities for the three-month periods ended March 31, 2024 and 2023, were $(425) million and $(371) million, respectively. Net cash flows from investing activities consist almost entirely of capital expenditures. Refer to "Future Uses of Cash" for further discussion of capital expenditures. Purchases and proceeds related to marketable securities substantially consist of activity within the Quad Cities Generating Station nuclear decommissioning trust and other trust investments.

Financing Activities

MidAmerican Energy's net cash flows from financing activities for the three-month periods ended March 31, 2024 and 2023 were $180 million and $(108) million, respectively. MidAmerican Funding's net cash flows from financing activities for the three-month periods ended March 31, 2024 and 2023, were $188 million and $(108) million, respectively. In February 2024 and January 2023, MidAmerican Funding paid $425 million and $100 million, respectively, in cash distributions to its sole member, BHE. Proceeds from long-term debt reflect MidAmerican Energy's issuance in January 2024 of $600 million of its 5.30% First Mortgage Bonds due February 2055. MidAmerican Funding received $8 million in 2024 through its note payable with BHE. Through its credit facilities, MidAmerican Energy received net proceeds from short-term borrowings of $15 million in 2024.

For a discussion of recent financing transactions, refer to Note 5 of Notes to Financial Statements in Part I, Item 1 of this Form 10-Q.

Debt Authorizations and Related Matters

Short-term Debt

MidAmerican Energy has authority from the FERC to issue, through April 2, 2026, commercial paper and bank notes aggregating $1.5 billion. MidAmerican Energy has a $1.5 billion unsecured credit facility expiring in June 2026. The credit facility, which supports MidAmerican Energy's commercial paper program and its variable-rate tax-exempt bond obligations and provides for the issuance of letters of credit, has a variable interest rate based on the Secured Overnight Financing Rate, plus a spread that varies based on MidAmerican Energy's credit ratings for senior unsecured long-term debt securities. Additionally, MidAmerican Energy has a $5 million unsecured credit facility for general corporate purposes.

Long-term Debt and Preferred Stock

MidAmerican Energy currently has an effective shelf registration statement with the SEC to issue an additional $1.3 billion of long-term debt securities and preferred stock through March 10, 2026. MidAmerican Energy has authorization from the FERC to issue, through June 30, 2025, long-term debt securities up to an aggregate of $1.05 billion and preferred stock up to an aggregate of $500 million. MidAmerican Energy has authorization from the Illinois Commerce Commission through May 25, 2025, to issue long-term debt securities up to an aggregate of $1.05 billion and preferred stock up to an aggregate of $500 million.

Future Uses of Cash

MidAmerican Energy and MidAmerican Funding have available a variety of sources of liquidity and capital resources, both internal and external, including net cash flows from operating activities, public and private debt offerings, the issuance of commercial paper, the use of unsecured revolving credit facilities and other sources. These sources are expected to provide funds required for current operations, capital expenditures, debt retirements and other capital requirements. The availability and terms under which MidAmerican Energy and MidAmerican Funding have access to external financing depends on a variety of factors, including their credit ratings, investors' judgment of risk and conditions in the overall capital markets, including the condition of the utility industry.

105

Capital Expenditures

MidAmerican Energy has significant future capital requirements. Capital expenditure needs are reviewed regularly by management and may change significantly as a result of these reviews, which may consider, among other factors, impacts to customer rates; changes in environmental and other rules and regulations; outcomes of regulatory proceedings; changes in income tax laws; general business conditions; load projections; system reliability standards; the cost and efficiency of construction labor, equipment and materials; commodity prices; and the cost and availability of capital.

MidAmerican Energy's historical and forecast capital expenditures, each of which exclude amounts for non-cash equity AFUDC and other non-cash items, are as follows (in millions):

	Three-Month Periods				Annual
	Ended March 31,				Forecast
	2023		2024		2024
Wind generation	$	88	$	65	$	827
Electric distribution	73		74		312
Electric transmission	33		54		217
Solar generation	9		—		21
Other	179		235		501
Total	$	382	$	428	$	1,878

MidAmerican Energy's capital expenditures provided above consist of the following:

•Wind generation includes the construction, acquisition, repowering and operation of wind-powered generating facilities in Iowa.

◦Construction of wind-powered generating facilities totaling $31 million and $75 million for the three-month periods ended March 31, 2024 and 2023, respectively. MidAmerican Energy placed in-service 200 MWs during 2023. Planned spending for the construction of additional wind-powered generating facilities totals $496 million for the remainder of 2024.

◦Repowering of wind-powered generating facilities totaling $21 million and $5 million for the three-month periods ended March 31, 2024 and 2023, respectively. Planned spending for the repowering of wind-powered generating facilities totals $207 million for the remainder of 2024. MidAmerican Energy expects its repowered facilities to meet Internal Revenue Service guidelines for the re-establishment of PTCs under the prevailing wage and apprenticeship guidelines for 10 years from the date the facilities are placed in-service.

•Electric distribution includes expenditures for new facilities to meet retail demand growth and for replacement of existing facilities to maintain system reliability.

•Electric transmission includes expenditures to meet retail demand growth, upgrades to accommodate third-party generator requirements and replacement of existing facilities to maintain system reliability.

•Solar generation includes the construction and operation of solar-powered generating facilities. For the three-month periods ended March 31, 2024 and 2023, solar generation spending totaled $— million and $9 million, respectively. Planned spending totals $21 million for the remainder of 2024.

•Remaining expenditures primarily relate to routine projects for other generation, natural gas distribution, technology, facilities and other operational needs to serve existing and expected demand.

Material Cash Requirements

As of March 31, 2024, there have been no material changes in MidAmerican Energy's and MidAmerican Funding's cash requirements from the information provided in Item 7 of their Annual Report on Form 10-K for the year ended December 31, 2023.

106

Regulatory Matters

MidAmerican Energy is subject to comprehensive regulation. Refer to "Regulatory Matters" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for discussion regarding MidAmerican Energy's current regulatory matters.

Environmental Laws and Regulations

MidAmerican Energy is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal and other environmental matters that have the potential to impact MidAmerican Energy's current and future operations. In addition to imposing continuing compliance obligations, these laws and regulations provide regulators with the authority to levy substantial penalties for noncompliance including fines, injunctive relief and other sanctions. These laws and regulations are administered by various federal, state and local agencies. MidAmerican Energy believes it is in material compliance with all applicable laws and regulations, although many are subject to interpretation that may ultimately be resolved by the courts. Environmental laws and regulations continue to evolve, and MidAmerican Energy is unable to predict the impact of the changing laws and regulations on its operations and financial results.

Refer to "Environmental Laws and Regulations" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for additional information regarding environmental laws and regulations.

Critical Accounting Estimates

Certain accounting measurements require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized on the Financial Statements based on such estimates involve numerous assumptions subject to varying and potentially significant degrees of judgment and uncertainty and will likely change in the future as additional information becomes available. Estimates are used for, but not limited to, the accounting for the effects of certain types of regulation, impairment of goodwill, pension and other postretirement benefits and income taxes. For additional discussion of MidAmerican Energy's and MidAmerican Funding's critical accounting estimates, see Item 7 of their Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes in MidAmerican Energy's and MidAmerican Funding's assumptions regarding critical accounting estimates since December 31, 2023.

107

Nevada Power Company and its subsidiaries

Consolidated Financial Section

108

PART I

Item 1.Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholder of

Nevada Power Company

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Nevada Power Company and subsidiaries ("Nevada Power") as of March 31, 2024, the related consolidated statements of operations, changes in shareholder's equity, and cash flows for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of Nevada Power as of December 31, 2023, and the related consolidated statements of operations, changes in shareholder's equity, and cash flows for the year then ended (not presented herein); and in our report dated February 23, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of Nevada Power's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to Nevada Power in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Las Vegas, Nevada

May 3, 2024

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NEVADA POWER COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions, except share data)

	As of
	March 31,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	63	$	20
Trade receivables, net	287		374
Inventories	133		129
Regulatory assets	418		586
Prepayments	51		32
Other current assets	33		31
Total current assets	985		1,172
Property, plant and equipment, net	8,847		8,658
Regulatory assets	525		499
Other assets	400		398
Total assets	$	10,757	$	10,727
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Accounts payable	$	343	$	466
Accrued interest	50		44
Accrued property, income and other taxes	61		65
Regulatory liabilities	38		43
Customer deposits	83		59
Derivative contracts	91		62
Other current liabilities	54		48
Total current liabilities	720		787
Long-term debt	3,393		3,392
Finance lease obligations	276		279
Regulatory liabilities	1,006		1,017
Deferred income taxes	815		836
Other long-term liabilities	468		452
Total liabilities	6,678		6,763
Commitments and contingencies (Note 9)
Shareholder's equity:
Common stock - $1.00 stated value; 1,000 shares authorized, issued and outstanding	—		—
Additional paid-in capital	2,833		2,733
Retained earnings	1,247		1,232
Accumulated other comprehensive loss, net	(1)		(1)
Total shareholder's equity	4,079		3,964
Total liabilities and shareholder's equity	$	10,757	$	10,727
The accompanying notes are an integral part of the consolidated financial statements.

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NEVADA POWER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue	$	561	$	599
Operating expenses:
Cost of fuel and energy	341		384
Operations and maintenance	71		73
Depreciation and amortization	92		106
Property and other taxes	15		14
Total operating expenses	519		577
Operating income	42		22
Other income (expense):
Interest expense	(53)		(49)
Capitalized interest	8		2
Allowance for equity funds	8		4
Interest and dividend income	9		22
Other, net	4		4
Total other income (expense)	(24)		(17)
Income before income tax expense (benefit)	18		5
Income tax expense (benefit)	3		1
Net income	$	15	$	4
The accompanying notes are an integral part of these consolidated financial statements.

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NEVADA POWER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Unaudited)

(Amounts in millions, except shares)

								Accumulated
				Additional				Other		Total
	Common Stock			Paid-in		Retained		Comprehensive		Shareholder's
	Shares	Amount		Capital		Earnings		Loss, Net		Equity
Balance, December 31, 2022	1,000	$	—	$	2,333	$	1,022	$	(1)	$	3,354
Net income	—	—		—		4		—		4
Contributions	—	—		400		—		—		400
Balance, March 31, 2023	1,000	$	—	$	2,733	$	1,026	$	(1)	$	3,758
Balance, December 31, 2023	1,000	$	—	$	2,733	$	1,232	$	(1)	$	3,964
Net income	—	—		—		15		—		15
Contributions	—	—		100		—		—		100
Balance, March 31, 2024	1,000	$	—	$	2,833	$	1,247	$	(1)	$	4,079
The accompanying notes are an integral part of these consolidated financial statements.

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NEVADA POWER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	15	$	4
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	92		106
Allowance for equity funds	(8)		(4)
Deferred energy	187		(370)
Amortization of deferred energy	(18)		52
Other changes in regulatory assets and liabilities	(11)		(9)
Deferred income taxes and amortization of investment tax credits	(27)		(10)
Other, net	—		1
Changes in other operating assets and liabilities:
Trade receivables and other assets	85		74
Inventories	(3)		(13)
Accrued property, income and other taxes	(17)		1
Accounts payable and other liabilities	1		(44)
Net cash flows from operating activities	296		(212)
Cash flows from investing activities:
Capital expenditures	(346)		(333)
Proceeds from repayment of affiliate note receivable	—		100
Net cash flows from investing activities	(346)		(233)
Cash flows from financing activities:
Repayments of long-term debt	—		(1)
Net proceeds from short-term debt	—		33
Contributions from parent	100		400
Other, net	(5)		(5)
Net cash flows from financing activities	95		427
Net change in cash and cash equivalents and restricted cash and cash equivalents	45		(18)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	37		60
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	82	$	42
The accompanying notes are an integral part of these consolidated financial statements.

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NEVADA POWER COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1)    General

Nevada Power Company, together with its subsidiaries ("Nevada Power"), is a wholly owned subsidiary of NV Energy, Inc. ("NV Energy"), a holding company that also owns Sierra Pacific Power Company and its subsidiaries ("Sierra Pacific") and certain other subsidiaries. Nevada Power is a U.S. regulated electric utility company serving retail customers, including residential, commercial and industrial customers, primarily in the Las Vegas, North Las Vegas, Henderson and adjoining areas. NV Energy is an indirect wholly owned subsidiary of Berkshire Hathaway Energy Company ("BHE"). BHE is a holding company based in Des Moines, Iowa that owns subsidiaries principally engaged in energy businesses. BHE is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway").

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in Nevada Power's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in Nevada Power's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

(2)    New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. Nevada Power is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. Nevada Power is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

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In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. Nevada Power is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

(3)    Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of funds restricted by the Public Utilities Commission of Nevada ("PUCN") for a certain renewable energy contract. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	63	$	20
Restricted cash and cash equivalents included in other current assets	19		17
Total cash and cash equivalents and restricted cash and cash equivalents	$	82	$	37

(4)    Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
	Depreciable Life	March 31,		December 31,
		2024		2023
Utility plant:
Generation	30 - 65 years	$	4,511	$	4,476
Transmission	55 - 76 years	1,630		1,590
Distribution	24 - 70 years	4,518		4,451
Intangible plant and other	5 - 65 years	907		906
Utility plant		11,566		11,423
Accumulated depreciation and amortization		(3,926)		(3,856)
Utility plant, net		7,640		7,567
Nonregulated, net of accumulated depreciation and amortization	40 years	1		1
		7,641		7,568
Construction work-in-progress		1,206		1,090
Property, plant and equipment, net		$	8,847	$	8,658

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During 2023, Nevada Power revised its electric and gas depreciation rates effective January 2024 based on the results of a new depreciation study, the most significant impact of which was longer lives for many production plants and other utility plant groups and shorter average service lives for intangible software. The net effect of these changes will decrease depreciation and amortization expense by $31 million annually based on depreciable plant balances at the time of the change.

(5)    Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Effects of ratemaking	(1)		(9)
Income tax credits	(8)		(2)
Other	5		10
Effective income tax rate	17	%	20	%

Effects of ratemaking is primarily attributable to the recognition of excess deferred income taxes related to 2017 tax reform pursuant to an order issued by the PUCN effective January 1, 2021.

Berkshire Hathaway includes BHE and its subsidiaries in its U.S. federal income tax return. Consistent with established regulatory practice, Nevada Power's provision for federal income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. Nevada Power made cash payments for federal income tax to BHE of $33 million and $— million for the three-month periods ended March 31, 2024 and 2023, respectively.

(6)    Employee Benefit Plans

Nevada Power is a participant in benefit plans sponsored by NV Energy. The NV Energy Retirement Plan includes a qualified pension plan ("Qualified Pension Plan") and a supplemental executive retirement plan and a restoration plan (collectively, "Non‑Qualified Pension Plans") that provide pension benefits for eligible employees. The NV Energy Comprehensive Welfare Benefit and Cafeteria Plan provides certain postretirement health care and life insurance benefits for eligible retirees ("Other Postretirement Plans") on behalf of Nevada Power. Amounts attributable to Nevada Power were allocated from NV Energy based upon the current, or in the case of retirees, previous, employment location. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates. Net periodic benefit costs not included in regulated rates are included in accumulated other comprehensive loss, net.

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Amounts receivable from (payable to) NV Energy are included on the Consolidated Balance Sheets and consist of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Qualified Pension Plan -
Other non-current assets	$	38	$	38
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(6)		(6)
Other Postretirement Plans -
Other non-current assets	10		10

(7)    Risk Management and Hedging Activities

Nevada Power is exposed to the impact of market fluctuations in commodity prices and interest rates. Nevada Power is principally exposed to electricity and natural gas market fluctuations primarily through Nevada Power's obligation to serve retail customer load in its regulated service territory. Nevada Power's load and generating facilities represent substantial underlying commodity positions. Exposures to commodity prices consist mainly of variations in the price of fuel required to generate electricity and wholesale electricity that is purchased and sold. Commodity prices are subject to wide price swings as supply and demand are impacted by, among many other unpredictable items, weather, market liquidity, generating facility availability, customer usage, storage, and transmission and transportation constraints. The actual cost of fuel and purchased power is recoverable through the deferred energy mechanism. Interest rate risk exists on variable-rate debt and future debt issuances. Nevada Power does not engage in proprietary trading activities.

Nevada Power has established a risk management process that is designed to identify, assess, manage and report on each of the various types of risk involved in its business. To mitigate a portion of its commodity price risk, Nevada Power uses commodity derivative contracts, which may include forwards, futures, options, swaps and other agreements, to effectively secure future supply or sell future production generally at fixed prices. Nevada Power manages its interest rate risk by limiting its exposure to variable interest rates primarily through the issuance of fixed-rate long-term debt and by monitoring market changes in interest rates. Additionally, Nevada Power may from time to time enter into interest rate derivative contracts, such as interest rate swaps or locks, to mitigate Nevada Power's exposure to interest rate risk. Nevada Power does not hedge all of its commodity price and interest rate risks, thereby exposing the unhedged portion to changes in market prices.

There have been no significant changes in Nevada Power's accounting policies related to derivatives. Refer to Note 8 for additional information on derivative contracts.

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The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Nevada Power's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

			Derivative
	Other		Contracts -		Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2024
Not designated as hedging contracts(1) -
Commodity liabilities	$	—	$	(91)	$	(10)	$	(101)
As of December 31, 2023
Not designated as hedging contracts(1) -
Commodity liabilities	$	—	$	(62)	$	(6)	$	(68)

(1)Nevada Power's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2024 a regulatory asset of $101 million was recorded related to the net derivative liability of $101 million. As of December 31, 2023 a regulatory asset of $68 million was recorded related to the net derivative liability of $68 million.

Derivative Contract Volumes

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2024	2023
Electricity purchases	Megawatt hours	2	1
Natural gas purchases	Decatherms	118	132

Credit Risk

Nevada Power is exposed to counterparty credit risk associated with wholesale energy supply and marketing activities with other utilities, energy marketing companies, financial institutions and other market participants. Credit risk may be concentrated to the extent Nevada Power's counterparties have similar economic, industry or other characteristics and due to direct and indirect relationships among the counterparties. Before entering into a transaction, Nevada Power analyzes the financial condition of each significant wholesale counterparty, establishes limits on the amount of unsecured credit to be extended to each counterparty and evaluates the appropriateness of unsecured credit limits on an ongoing basis. To further mitigate wholesale counterparty credit risk, Nevada Power enters into netting and collateral arrangements that may include margining and cross-product netting agreements and obtain third-party guarantees, letters of credit and cash deposits. If required, Nevada Power exercises rights under these arrangements, including calling on the counterparty's credit support arrangement.

Collateral and Contingent Features

In accordance with industry practice, certain wholesale agreements, including derivative contracts, contain credit support provisions that in part base certain collateral requirements on credit ratings for senior unsecured debt as reported by one or more of the recognized credit rating agencies. These agreements may either specifically provide bilateral rights to demand cash or other security if credit exposures on a net basis exceed specified rating-dependent threshold levels "credit-risk-related contingent features") or provide the right for counterparties to demand "adequate assurance" if there is a material adverse change in Nevada Power's creditworthiness. These rights can vary by contract and by counterparty. As of March 31, 2024, Nevada Power's credit ratings for its senior secured debt and its issuer credit ratings for senior unsecured debt from the recognized credit rating agencies were investment grade.

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The aggregate fair value of Nevada Power's derivative contracts in liability positions with specific credit-risk-related contingent features totaled $7 million as of March 31, 2024 and December 31, 2023, which represents the amount of collateral to be posted if all credit risk related contingent features for derivative contracts in liability positions had been triggered. Nevada Power's collateral requirements could fluctuate considerably due to market price volatility, changes in credit ratings, changes in legislation or regulation or other factors.

(8)    Fair Value Measurements

The carrying value of Nevada Power's cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. Nevada Power has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that Nevada Power has the ability to access at the measurement date.

•Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 — Unobservable inputs reflect Nevada Power's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. Nevada Power develops these inputs based on the best information available, including its own data.

The following table presents Nevada Power's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Money market mutual funds	$	59	—		—		$	59
Investment funds	4		—		—		4
	$	63	$	—	$	—	$	63
Liabilities - commodity derivatives	$	—	$	—	$	(101)	$	(101)
As of December 31, 2023:
Assets:
Money market mutual funds	$	10	$	—	$	—	$	10
Investment funds	4		—		—		4
	$	14	$	—	$	—	$	14
Liabilities - commodity derivatives	$	—	$	—	$	(68)	$	(68)

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Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchases or normal sales and qualify for the exception afforded by GAAP. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which Nevada Power transacts. When quoted prices for identical contracts are not available, Nevada Power uses forward price curves. Forward price curves represent Nevada Power's estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. Nevada Power bases its forward price curves upon internally developed models, with internal and external fundamental data inputs. Market price quotations for certain electricity and natural gas trading hubs are not as readily obtainable due to markets that are not active. Given that limited market data exists for these contracts, Nevada Power uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The model incorporates a mid-market pricing convention (the mid‑point price between bid and ask prices) as a practical expedient for valuing its assets and liabilities measured and reported at fair value. The determination of the fair value for derivative contracts not only includes counterparty risk, but also the impact of Nevada Power's nonperformance risk on its liabilities, which as of March 31, 2024 and December 31, 2023, had an immaterial impact to the fair value of its derivative contracts. As such, Nevada Power considers its derivative contracts to be valued using Level 3 inputs.

Nevada Power's investments in money market mutual funds and investment funds are stated at fair value. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value.

The following table reconciles the beginning and ending balances of Nevada Power's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	(68)	$	(52)
Changes in fair value recognized in regulatory assets	(41)		(65)
Settlements	8		1
Ending balance	$	(101)	$	(116)

Nevada Power's long-term debt is carried at cost on the Consolidated Balance Sheets. The fair value of Nevada Power's long‑term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of Nevada Power's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of Nevada Power's long‑term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	3,393	$	3,344	$	3,392	$	3,417

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(9)    Commitments and Contingencies

Environmental Laws and Regulations

Nevada Power is subject to federal, state and local laws and regulations regarding climate change, renewable portfolio standards, air and water quality, emissions performance standards, coal combustion byproduct disposal, hazardous and solid waste disposal, protected species and other environmental matters that have the potential to impact Nevada Power's current and future operations. Nevada Power believes it is in material compliance with all applicable laws and regulations.

Legal Matters

Nevada Power is party to a variety of legal actions arising out of the normal course of business. Nevada Power does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

(10)    Revenue from Contracts with Customers

The following table summarizes Nevada Power's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Retail:
Residential	$	271	$	293
Commercial	133		136
Industrial	134		138
Other	1		6
Total fully bundled	539		573
Distribution only service	4		3
Total retail	543		576
Wholesale, transmission and other	17		18
Total Customer Revenue	560		594
Other revenue	1		5
Total operating revenue	$	561	$	599

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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations 

The following is management's discussion and analysis of certain significant factors that have affected the consolidated financial condition and results of operations of Nevada Power during the periods included herein. Explanations include management's best estimate of the impact of weather, customer growth, usage trends and other factors. This discussion should be read in conjunction with Nevada Power's historical unaudited Consolidated Financial Statements and Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q. Nevada Power's actual results in the future could differ significantly from the historical results.

Results of Operations for the First Quarter of 2024 and 2023

Overview

Net income for the first quarter of 2024 was $15 million, an increase of $11 million, compared to 2023 primarily due to lower depreciation and amortization expense of $14 million, primarily due to expiring regulatory amortizations, higher capitalized interest and allowance for equity funds, mainly due to higher construction work-in-progress, and higher utility margin. The increase is partially offset by lower interest and dividend income, mainly from lower carrying charges on regulatory balances, higher interest expense, primarily due to higher long-term debt, and higher income tax expense. Utility margin increased primarily due to higher retail rates from the 2023 regulatory rate review with new rates effective January 2024, higher retail customer volumes and higher energy efficiency implementation revenue, partially offset by price impacts from changes in sales mix, lower regulatory-related revenue deferrals and lower other retail revenue. Retail customer volumes, including distribution only service customers, increased 1.6% primarily due to favorable changes in customer usage patterns and an increase in the average number of customers, offset by the unfavorable impact of weather. Energy generated increased 7% for the first quarter of 2024 compared to 2023 primarily due to higher natural-gas fueled generation. Wholesale electricity sales volumes increased 59% and purchased electricity volumes decreased 20%.

Non-GAAP Financial Measure

Management utilizes various key financial measures that are prepared in accordance with GAAP, as well as non-GAAP financial measures such as, utility margin, to help evaluate results of operations. Utility margin is calculated as electric operating revenue less cost of fuel and energy, which are captions presented on the Consolidated Statements of Operations.

Nevada Power's cost of fuel and energy are directly recovered from its customers through regulatory recovery mechanisms and as a result, changes in Nevada Power's expenses result in comparable changes to revenue. As such, management believes utility margin more appropriately and concisely explains profitability rather than a discussion of revenue and cost of sales separately. Management believes the presentation of utility margin provides meaningful and valuable insight into the information management considers important to running the business and a measure of comparability to others in the industry.

Utility margin is not a measure calculated in accordance with GAAP and should be viewed as a supplement to, and not a substitute for, operating income which is the most directly comparable financial measure prepared in accordance with GAAP. The following table provides a reconciliation of utility margin to operating income (in millions):

	First Quarter
	2024		2023		Change
Utility margin:
Operating revenue	$	561	$	599	$	(38)	(6)	%
Cost of fuel and energy	341		384		(43)		(11)
Utility margin	220		215		5		2
Operations and maintenance	71		73		(2)		(3)
Depreciation and amortization	92		106		(14)		(13)
Property and other taxes	15		14		1		7
Operating income	$	42	$	22	$	20	91	%

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Utility Margin

A comparison of key operating results related to utility margin is as follows:

	First Quarter
	2024		2023		Change
Utility margin (in millions):
Operating revenue	$	561	$	599	$	(38)	(6)	%
Cost of fuel and energy	341		384		(43)		(11)
Utility margin	$	220	$	215	$	5	2	%
Sales (GWhs):
Residential	1,531		1,636		(105)		(6)	%
Commercial	1,009		997		12		1
Industrial	1,368		1,242		126		10
Other	42		43		(1)		(2)
Total fully bundled(1)	3,950		3,918		32		1
Distribution only service	638		598		40		7
Total retail	4,588		4,516		72		2
Wholesale	100		63		37		59
Total GWhs sold	4,688		4,579		109		2	%
Average number of retail customers (in thousands)	1,025		999		26		3	%
Average revenue per MWh:
Retail - fully bundled(1)	$	136.53	$	146.17	$	(9.64)	(7)	%
Wholesale	$	43.34	$	98.31	$	(54.97)	(56)	%
Heating degree days	1,044		1,310		(266)		(20)	%
Cooling degree days	5		3		2		67	%
Sources of energy (GWhs)(2)(3):
Natural gas	3,453		3,263		190		6	%
Renewables	66		15		51		340
Total energy generated	3,519		3,278		241		7
Energy purchased	911		1,137		(226)		(20)
Total	4,430		4,415		15		—	%
Average cost of energy per MWh(2)(4):
Energy generated	$	65.09	$	90.64	$	(25.55)	(28)	%
Energy purchased	$	122.97	$	76.11	$	46.86	62	%

(1)    Fully bundled includes sales to customers for combined energy, transmission and distribution services.

(2)    The average cost of energy per MWh and sources of energy excludes 190 GWhs and 283 GWhs of gas generated energy that is purchased at cost by related parties for the first quarter of 2024 and 2023, respectively.

(3)    GWh amounts are net of energy used by the related generating facilities.

(4)    The average cost of energy per MWh includes only the cost of fuel associated with the generating facilities, purchased power and deferrals.

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Quarter Ended March 31, 2024 Compared to Quarter Ended March 31, 2023

Utility margin increased $5 million, or 2%, for the first quarter of 2024 compared to 2023 primarily due to:

•$12 million of higher electric retail utility margin primarily due to the 2023 regulatory rate review with new rates effective January 2024 and higher retail customer volumes, offset by unfavorable price impacts from changes in sales mix. Retail customer volumes, including distribution only service customers, increased 1.6% primarily due to favorable changes in customer usage patterns and an increase in the average number of customers, offset by the unfavorable impact of weather, and

•$4 million of higher energy efficiency implementation revenue.

The increase in utility margin was partially offset by:

•$6 million of lower regulatory-related revenue deferrals and

•$4 million of lower other retail revenue.

Operations and maintenance decreased $2 million, or 3%, for the first quarter of 2024 compared to 2023 primarily due to the impact of regulatory amortizations approved in the 2023 regulatory rate review, partially offset by higher plant operations and maintenance costs and higher insurance premiums due to additional wildfire and general excess liability coverage.

Depreciation and amortization decreased $14 million, or 13%, for the first quarter of 2024 compared to 2023 primarily due to lower regulatory amortizations, partially offset by higher amortization from shorter average service lives for intangible software approved in the 2023 regulatory rate review.

Interest expense increased $4 million, or 8%, for the first quarter of 2024 compared to 2023 primarily due to higher long-term debt.

Capitalized interest increased $6 million for the first quarter of 2024 compared to 2023 primarily due to higher construction work-in-progress.

Allowance for equity funds increased $4 million for the first quarter of 2024 compared to 2023 primarily due to higher construction work-in-progress.

Interest and dividend income decreased $13 million or 59% for the first quarter of 2024 compared to 2023 primarily due to unfavorable interest income, mainly from carrying charges on regulatory balances.

Income tax expense increased $2 million for the first quarter of 2024 compared to 2023 primarily due to higher pretax income, partially offset by greater investment tax credits. The effective tax rate was 17% in 2024 and 20% in 2023.

Liquidity and Capital Resources

As of March 31, 2024, Nevada Power's total net liquidity was as follows (in millions):

Cash and cash equivalents	$	63
Credit facility	600
Total net liquidity	$	663
Credit facility:
Maturity date	2026

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Operating Activities

Net cash flows from operating activities for the three-month periods ended March 31, 2024 and 2023, were $296 million and $(212) million, respectively. The change was primarily due to lower payments related to fuel and energy costs, increased customer deposits and higher collections from customers, partially offset by higher income tax payments, higher interest payments and the timing of payments for operating costs.

The timing of Nevada Power's income tax cash flows from period to period can be significantly affected by the estimated federal income tax payment methods and assumptions made for each payment date.

Investing Activities

Net cash flows from investing activities for the three-month periods ended March 31, 2024 and 2023, were $(346) million and $(233) million, respectively. The change was primarily due to lower proceeds from repayment of an affiliate note receivable and increased capital expenditures. Refer to "Future Uses of Cash" for further discussion of capital expenditures.

Financing Activities

Net cash flows from financing activities for the three-month periods ended March 31, 2024 and 2023, were $95 million and $427 million, respectively. The change was primarily due to lower contributions from NV Energy, Inc. and lower proceeds from short-term debt.

Debt Authorizations

Nevada Power currently has financing authority from the PUCN consisting of the ability to: (1) establish debt issuances limited to a debt ceiling of $3.8 billion (excluding borrowings under Nevada Power's $600 million secured credit facility); and (2) maintain a revolving credit facility of up to $1.3 billion. Nevada Power currently has an effective shelf registration statement with the SEC to issue an additional $2.1 billion of general and refunding mortgage securities through November 2025.

Future Uses of Cash

Nevada Power has available a variety of sources of liquidity and capital resources, both internal and external, including net cash flows from operating activities, public and private debt offerings, the use of its secured revolving credit facility, capital contributions and other sources. These sources are expected to provide funds required for current operations, capital expenditures, debt retirements and other capital requirements. The availability and terms under which Nevada Power has access to external financing depends on a variety of factors, including regulatory approvals, Nevada Power's credit ratings, investors' judgment of risk and conditions in the overall capital markets, including the condition of the utility industry.

Capital Expenditures

Capital expenditure needs are reviewed regularly by management and may change significantly as a result of these reviews, which may consider, among other factors, changes in environmental and other rules and regulations; impacts to customer rates; outcomes of regulatory proceedings; changes in income tax laws; general business conditions; load projections; system reliability standards; the cost and efficiency of construction labor, equipment and materials; commodity prices; and the cost and availability of capital. Prudently incurred expenditures for compliance-related items such as pollution control technologies, replacement generation and associated operating costs are generally incorporated into Nevada Power's regulated retail rates. Expenditures for certain assets may ultimately include acquisition of existing assets.

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Nevada Power's historical and forecast capital expenditures, each of which exclude amounts for non-cash equity AFUDC and other non-cash items are as follows (in millions):

	Three-Month Periods				Annual
	Ended March 31,				Forecast
	2023		2024		2024
Electric distribution	$	69	$	86	$	314
Electric transmission	34		24		308
Solar generation	30		5		15
Electric battery storage	39		1		17
Other	161		230		520
Total	$	333	$	346	$	1,174

Nevada Power received PUCN approval through its previous IRP filings for an increase in solar generation, electric transmission and peaking turbines at a generating facility. Nevada Power has included estimates from its previous and latest IRP filings in its forecast capital expenditures for 2024. These estimates may change as a result of the RFP process. Nevada Power's historical and forecast capital expenditures include the following:

•Electric distribution includes both growth projects and operating expenditures consisting of routine expenditures for distribution needed to serve existing and expected demand.

•Electric transmission includes both growth projects and operating expenditures. Growth projects primarily relate to the Nevada Utilities' Greenlink Nevada transmission expansion program. Operating expenditures consist of routine expenditures for transmission and other infrastructure needed to serve existing and expected demand.

•Solar generation includes two growth projects and other planned solar generating facilities. The first growth project consists of a 150-MW solar photovoltaic facility with an additional 100 MWs of co-located battery storage that will be developed in Clark County, Nevada. Commercial operation is expected by the second quarter of 2024. The second growth project consists of a 400-MW solar photovoltaic facility with an additional 400-MW of co-located battery storage that would be developed in Churchill County, Nevada with ownership share approved by the PUCN of 10% Nevada Power and 90% Sierra Pacific. Commercial operation of the solar is expected by early 2027.

•Electric battery storage includes two growth projects and other planned electric battery storage systems. The first project consists of a 100-MW battery energy storage system co-located with a 150-MW solar photovoltaic facility that will be developed in Clark County, Nevada. Commercial operation is expected by the second quarter of 2024. The second growth project consists of a 400-MW battery energy storage system co-located with a 400MW solar photovoltaic facility that would be developed in Churchill County, Nevada with ownership share approved by the PUCN of 10% Nevada Power and 90% Sierra Pacific. Commercial operation of the battery energy storage system is expected by early 2026.

•Other includes both growth projects and operating expenditures. Growth projects primarily consist of an additional 444 MW of peaking combustion turbines that were approved by the PUCN and are under development at the Silverhawk generating facility in Clark County, Nevada. Commercial operation is expected by the third quarter of 2024. Operating expenditures consist of turbine upgrades at several generating facilities, routine expenditures for generation, other operating projects and other infrastructure needed to serve existing and expected demand.

126

2021 Joint Integrated Resource Plan

In August 2023, the Nevada Utilities filed its Joint Application for approval of the Fifth Amendment to the 2021 Joint Integrated Resource Plan. The Fifth Amendment seeks, in part (1) to convert the existing coal fueled plant at North Valmy Generating Station to a cleaner natural gas fueled plant (2) to purchase, install, and operate a company-owned 400 MW solar plant along with a 400 MW, four-hour battery storage system in Northern Nevada; (3) to continue operation of Tracy units 4 and 5 to 2049; (4) to purchase development assets for the 149 MW photovoltaic and 149 MW battery energy storage system Crescent Valley Solar project; (5) to construct the Esmeralda and Amargosa substations transformers; and (6) to construct the necessary infrastructure in the Apex Area Master Plan. An order was issued in March 2024 in which the Nevada Utilities received approval of approximately $1.7 billion in total costs of new projects, which excludes the purchase of a development project. Nevada Power's approved share is approximately $0.3 billion. In March 2024, the Nevada Utilities filed a motion for clarification and petition for reconsideration. In April 2024, a modified final order was issued, which granted in part and denied in part as delineated in the final modified order.

Material Cash Requirements

As of March 31, 2024, there have been no material changes in cash requirements from the information provided in Item 7 of Nevada Power's Annual Report on Form 10-K for the year ended December 31, 2023, other than those disclosed in Note 5 of the Notes to Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q.

Regulatory Matters

Nevada Power is subject to comprehensive regulation. Refer to "Regulatory Matters" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for discussion regarding Nevada Power's current regulatory matters.

Environmental Laws and Regulations

Nevada Power is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal and other environmental matters that have the potential to impact Nevada Power's current and future operations. In addition to imposing continuing compliance obligations, these laws and regulations provide regulators with the authority to levy substantial penalties for noncompliance including fines, injunctive relief and other sanctions. These laws and regulations are administered by various federal, state and local agencies. Nevada Power believes it is in material compliance with all applicable laws and regulations, although many are subject to interpretation that may ultimately be resolved by the courts. Environmental laws and regulations continue to evolve, and Nevada Power is unable to predict the impact of the changing laws and regulations on its operations and financial results.

Refer to "Environmental Laws and Regulations" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for additional information regarding environmental laws and regulations.

Critical Accounting Estimates

Certain accounting measurements require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized on the Consolidated Financial Statements based on such estimates involve numerous assumptions subject to varying and potentially significant degrees of judgment and uncertainty and will likely change in the future as additional information becomes available. Estimates are used for, but not limited to, the accounting for the effects of certain types of regulation, impairment of long-lived assets and income taxes. For additional discussion of Nevada Power's critical accounting estimates, see Item 7 of Nevada Power's Annual Report on Form 10‑K for the year ended December 31, 2023. There have been no significant changes in Nevada Power's assumptions regarding critical accounting estimates since December 31, 2023.

127

Sierra Pacific Power Company and its subsidiaries

Consolidated Financial Section

128

PART I

Item 1.Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholder of

Sierra Pacific Power Company

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Sierra Pacific Power Company and subsidiaries ("Sierra Pacific") as of March 31, 2024, the related consolidated statements of operations, changes in shareholder's equity, and cash flows for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of Sierra Pacific as of December 31, 2023, and the related consolidated statements of operations, changes in shareholder's equity, and cash flows for the year then ended (not presented herein); and in our report dated February 23, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of Sierra Pacific's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to Sierra Pacific in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Las Vegas, Nevada

May 3, 2024

129

SIERRA PACIFIC POWER COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions, except share data)

	As of
	March 31,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	96	$	44
Trade receivables, net	159		180
Inventories	126		117
Regulatory assets	85		161
Other current assets	50		35
Total current assets	516		537
Property, plant and equipment, net	3,883		3,822
Regulatory assets	227		220
Other assets	195		193
Total assets	$	4,821	$	4,772
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Accounts payable	$	197	$	228
Accrued interest	14		18
Accrued property, income and other taxes	27		21
Regulatory liabilities	34		15
Customer deposits	32		21
Derivative contracts	26		16
Other current liabilities	31		30
Total current liabilities	361		349
Long-term debt	1,526		1,293
Regulatory liabilities	423		424
Deferred income taxes	384		404
Other long-term liabilities	252		237
Total liabilities	2,946		2,707
Commitments and contingencies (Note 10)
Shareholder's equity:
Common stock - $3.75 stated value, 1,000 shares authorized, issued and outstanding	—		—
Additional paid-in capital	1,576		1,576
Retained earnings	300		490
Accumulated other comprehensive loss, net	(1)		(1)
Total shareholder's equity	1,875		2,065
Total liabilities and shareholder's equity	$	4,821	$	4,772
The accompanying notes are an integral part of the consolidated financial statements.

130

SIERRA PACIFIC POWER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	260	$	304
Regulated natural gas	86		96
Total operating revenue	346		400
Operating expenses:
Cost of fuel and energy	151		181
Cost of natural gas purchased for resale	67		75
Operations and maintenance	56		56
Depreciation and amortization	47		46
Property and other taxes	6		7
Total operating expenses	327		365
Operating income	19		35
Other income (expense):
Interest expense	(20)		(16)
Allowance for borrowed funds	1		2
Allowance for equity funds	4		2
Interest and dividend income	4		7
Other, net	3		1
Total other income (expense)	(8)		(4)
Income before income tax expense (benefit)	11		31
Income tax expense (benefit)	1		4
Net income	$	10	$	27
The accompanying notes are an integral part of these consolidated financial statements.

131

SIERRA PACIFIC POWER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Unaudited)

(Amounts in millions, except shares)

								Accumulated
				Additional				Other		Total
	Common Stock			Paid-in		Retained		Comprehensive		Shareholder's
	Shares	Amount		Capital		Earnings		Loss, Net		Equity
Balance, December 31, 2022	1,000	$	—	$	1,576	$	473	$	(1)	$	2,048
Net income	—	—		—		27		—		27
Balance, March 31, 2023	1,000	$	—	$	1,576	$	500	$	(1)	$	2,075
Balance, December 31, 2023	1,000	$	—	$	1,576	$	490	$	(1)	$	2,065
Net income	—	—		—		10		—		10
Dividends declared	—	—		—		(200)		—		(200)
Balance, March 31, 2024	1,000	$	—	$	1,576	$	300	$	(1)	$	1,875
The accompanying notes are an integral part of these consolidated financial statements.

132

SIERRA PACIFIC POWER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	10	$	27
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	47		46
Allowance for equity funds	(4)		(2)
Deferred energy	81		2
Amortization of deferred energy	14		42
Other changes in regulatory assets and liabilities	1		6
Deferred income taxes and amortization of investment tax credits	(25)		(11)
Other, net	(2)		—
Changes in other operating assets and liabilities:
Trade receivables and other assets	14		(5)
Inventories	(9)		(4)
Accrued property, income and other taxes	1		17
Accounts payable and other liabilities	5		(31)
Net cash flows from operating activities	133		87
Cash flows from investing activities:
Capital expenditures	(113)		(104)
Net cash flows from investing activities	(113)		(104)
Cash flows from financing activities:
Proceeds from long-term debt	234		—
Proceeds from short-term debt	—		50
Dividends paid	(200)		—
Repayment of affiliate note payable	—		(70)
Other, net	(2)		(2)
Net cash flows from financing activities	32		(22)
Net change in cash and cash equivalents and restricted cash and cash equivalents	52		(39)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	52		56
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	104	$	17
The accompanying notes are an integral part of these consolidated financial statements.

133

SIERRA PACIFIC POWER COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1)    General

Sierra Pacific Power Company, together with its subsidiaries ("Sierra Pacific"), is a wholly owned subsidiary of NV Energy, Inc. ("NV Energy"), a holding company that also owns Nevada Power Company and its subsidiaries ("Nevada Power") and certain other subsidiaries. Sierra Pacific is a U.S. regulated electric utility company serving retail customers, including residential, commercial and industrial customers and regulated retail natural gas customers primarily in northern Nevada. NV Energy is an indirect wholly owned subsidiary of Berkshire Hathaway Energy Company ("BHE"). BHE is a holding company based in Des Moines, Iowa that owns subsidiaries principally engaged in energy businesses. BHE is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway").

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in Sierra Pacific's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in Sierra Pacific's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

(2)    New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. Sierra Pacific is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. Sierra Pacific is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

134

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. Sierra Pacific is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

(3)    Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of funds restricted by the Public Utilities Commission of Nevada ("PUCN") for a certain renewable energy contract. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	96	$	44
Restricted cash and cash equivalents included in other current assets	8		8
Total cash and cash equivalents and restricted cash and cash equivalents	$	104	$	52

(4)    Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
	Depreciable Life	March 31,		December 31,
		2024		2023
Utility plant:
Generation	25 - 70 years	$	1,314	$	1,313
Transmission	50 - 76 years	1,043		1,023
Electric distribution	20 - 76 years	2,109		2,074
Electric intangible plant and other	5 - 65 years	249		247
Natural gas distribution	35 - 70 years	541		537
Natural gas intangible plant and other	5 - 65 years	17		17
Common other	5 - 65 years	378		376
Utility plant		5,651		5,587
Accumulated depreciation and amortization		(2,123)		(2,091)
		3,528		3,496
Construction work-in-progress		355		326
Property, plant and equipment, net		$	3,883	$	3,822

135

(5)    Recent Financing Transactions

Long-Term Debt

In February 2024, Sierra Pacific entered into a re-offering of the following series of fixed-rate tax exempt bonds: $75 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016F, due 2036; $60 million of Washoe County, Nevada Gas and Water Facilities Refunding Revenue Bonds, Series 2016B, due 2036; $30 million of Humboldt County, Nevada Pollution Control Refunding Revenue Bonds, Series 2016B, due 2029; $30 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036; $20 million of Humboldt County, Nevada Pollution Control Refunding Revenue Bonds, Series 2016A due 2029; and $20 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016G, due 2036. The Humboldt County Series 2016A and Series 2016B bonds were offered at a term rate of 3.550%. The Washoe County Series 2016B and Series 2016G bonds were offered at a fixed rate of 3.625% and the Washoe County Series 2016C and Series 2016F bonds were offered at a fixed rate of 4.125%. Sierra Pacific previously purchased the bonds as required by the bond indentures. Sierra Pacific used the net proceeds of the re-offering for general corporate purposes.

(6)    Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Effects of ratemaking	(13)		(9)
Other	1		1
Effective income tax rate	9	%	13	%

Effects of ratemaking is primarily attributable to the recognition of excess deferred income taxes related to 2017 tax reform pursuant to an order issued by the PUCN effective January 1, 2020.

Berkshire Hathaway includes BHE and its subsidiaries in its U.S. federal income tax return. Consistent with established regulatory practice, Sierra Pacific's provision for federal income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. Sierra Pacific made cash payments to BHE for federal income tax of $22 million and $— million for the three-month period ended March 31, 2024 and 2023, respectively.

(7)    Employee Benefit Plans

Sierra Pacific is a participant in benefit plans sponsored by NV Energy. The NV Energy Retirement Plan includes a qualified pension plan ("Qualified Pension Plan") and a supplemental executive retirement plan and a restoration plan (collectively, "Non‑Qualified Pension Plans") that provide pension benefits for eligible employees. The NV Energy Comprehensive Welfare Benefit and Cafeteria Plan provides certain postretirement health care and life insurance benefits for eligible retirees ("Other Postretirement Plans") on behalf of Sierra Pacific. Amounts attributable to Sierra Pacific were allocated from NV Energy based upon the current, or in the case of retirees, previous, employment location. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates. Net periodic benefit costs not included in regulated rates are included in accumulated other comprehensive loss, net.

136

Amounts receivable from (payable to) NV Energy are included on the Consolidated Balance Sheets and consist of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Qualified Pension Plan -
Other non-current assets	$	54	$	53
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(5)		(5)
Other Postretirement Plans -
Other non-current assets	—		1

(8)    Risk Management and Hedging Activities

Sierra Pacific is exposed to the impact of market fluctuations in commodity prices and interest rates. Sierra Pacific is principally exposed to electricity, natural gas and coal market fluctuations primarily through Sierra Pacific's obligation to serve retail customer load in its regulated service territory. Sierra Pacific's load and generating facilities represent substantial underlying commodity positions. Exposures to commodity prices consist mainly of variations in the price of fuel required to generate electricity and wholesale electricity that is purchased and sold. Commodity prices are subject to wide price swings as supply and demand are impacted by, among many other unpredictable items, weather, market liquidity, generating facility availability, customer usage, storage, and transmission and transportation constraints. The actual cost of fuel and purchased power is recoverable through the deferred energy mechanism. Interest rate risk exists on variable-rate debt and future debt issuances. Sierra Pacific does not engage in proprietary trading activities.

Sierra Pacific has established a risk management process that is designed to identify, assess, manage and report on each of the various types of risk involved in its business. To mitigate a portion of its commodity price risk, Sierra Pacific uses commodity derivative contracts, which may include forwards, futures, options, swaps and other agreements, to effectively secure future supply or sell future production generally at fixed prices. Sierra Pacific manages its interest rate risk by limiting its exposure to variable interest rates primarily through the issuance of fixed-rate long-term debt and by monitoring market changes in interest rates. Additionally, Sierra Pacific may from time to time enter into interest rate derivative contracts, such as interest rate swaps or locks, to mitigate Sierra Pacific's exposure to interest rate risk. Sierra Pacific does not hedge all of its commodity price and interest rate risks, thereby exposing the unhedged portion to changes in market prices.

There have been no significant changes in Sierra Pacific's accounting policies related to derivatives. Refer to Note 9 for additional information on derivative contracts.

137

The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Sierra Pacific's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

	Other				Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2024
Not designated as hedging contracts(1) -
Commodity assets	$	—	$	—	$	1	$	1
Commodity liabilities	—		(26)		(1)		(27)
Total derivative - net basis	$	—	$	(26)	$	—	$	(26)
As of December 31, 2023
Not designated as hedging contracts(1) -
Commodity liabilities	$	—	$	(16)	$	—	$	(16)

(1)Sierra Pacific's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2024 a net regulatory asset of $26 million was recorded related to the net derivative liability of $26 million. As of December 31, 2023 a net regulatory asset of $16 million was recorded related to the net derivative liability of $16 million.

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2024	2023
Electricity purchases	Megawatt hours	1	—
Natural gas purchases	Decatherms	50	55

Credit Risk

Sierra Pacific is exposed to counterparty credit risk associated with wholesale energy supply and marketing activities with other utilities, energy marketing companies, financial institutions and other market participants. Credit risk may be concentrated to the extent Sierra Pacific's counterparties have similar economic, industry or other characteristics and due to direct and indirect relationships among the counterparties. Before entering into a transaction, Sierra Pacific analyzes the financial condition of each significant wholesale counterparty, establishes limits on the amount of unsecured credit to be extended to each counterparty and evaluates the appropriateness of unsecured credit limits on an ongoing basis. To further mitigate wholesale counterparty credit risk, Sierra Pacific enters into netting and collateral arrangements that may include margining and cross-product netting agreements and obtain third-party guarantees, letters of credit and cash deposits. If required, Sierra Pacific exercises rights under these arrangements, including calling on the counterparty's credit support arrangement.

Collateral and Contingent Features

In accordance with industry practice, certain wholesale agreements, including derivative contracts, contain credit support provisions that in part base certain collateral requirements on credit ratings for senior unsecured debt as reported by one or more of the recognized credit rating agencies. These agreements may either specifically provide bilateral rights to demand cash or other security if credit exposures on a net basis exceed specified rating-dependent threshold levels ("credit-risk-related contingent features") or provide the right for counterparties to demand "adequate assurance" if there is a material adverse change in Sierra Pacific's creditworthiness. These rights can vary by contract and by counterparty. As of March 31, 2024, Sierra Pacific's credit ratings for its senior secured debt and its issuer credit ratings for senior unsecured debt from the recognized credit rating agencies were investment grade.

138

The aggregate fair value of Sierra Pacific's derivative contracts in liability positions with specific credit-risk-related contingent features totaled $1 million as of March 31, 2024 and December 31, 2023, which represents the amount of collateral to be posted if all credit risk related contingent features for derivative contracts in liability positions had been triggered. Sierra Pacific's collateral requirements could fluctuate considerably due to market price volatility, changes in credit ratings, changes in legislation or regulation or other factors.

(9)    Fair Value Measurements

The carrying value of Sierra Pacific's cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. Sierra Pacific has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that Sierra Pacific has the ability to access at the measurement date.

•Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 — Unobservable inputs reflect Sierra Pacific's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. Sierra Pacific develops these inputs based on the best information available, including its own data.

The following table presents Sierra Pacific's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	—	$	—	$	1	$	1
Money market mutual funds	91		—		—		91
Investment funds	1		—		—		1
	$	92	$	—	$	1	$	93
Liabilities - commodity derivatives	$	—	$	—	$	(27)	$	(27)
As of December 31, 2023:
Assets:
Money market mutual funds	$	41	$	—	$	—	$	41
Investment funds	1		—		—		1
	$	42	$	—	$	—	$	42
Liabilities - commodity derivatives	$	—	$	—	$	(16)	$	(16)

139

Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchases or normal sales and qualify for the exception afforded by GAAP. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which Sierra Pacific transacts. When quoted prices for identical contracts are not available, Sierra Pacific uses forward price curves. Forward price curves represent Sierra Pacific's estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. Sierra Pacific bases its forward price curves upon internally developed models, with internal and external fundamental data inputs. Market price quotations for certain electricity and natural gas trading hubs are not as readily obtainable due to markets that are not active. Given that limited market data exists for these contracts, Sierra Pacific uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The model incorporates a mid-market pricing convention (the mid‑point price between bid and ask prices) as a practical expedient for valuing its assets and liabilities measured and reported at fair value. The determination of the fair value for derivative contracts not only includes counterparty risk, but also the impact of Sierra Pacific's nonperformance risk on its liabilities, which as of March 31, 2024 and December 31, 2023, had an immaterial impact to the fair value of its derivative contracts. As such, Sierra Pacific considers its derivative contracts to be valued using Level 3 inputs.

Sierra Pacific's investments in money market mutual funds and investment funds are stated at fair value. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value.

The following table reconciles the beginning and ending balances of Sierra Pacific's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	(16)	$	(13)
Changes in fair value recognized in regulatory assets	(11)		(20)
Settlements	1		—
Ending balance	$	(26)	$	(33)

Sierra Pacific's long-term debt is carried at cost on the Consolidated Balance Sheets. The fair value of Sierra Pacific's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of Sierra Pacific's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of Sierra Pacific's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	1,526	$	1,512	$	1,293	$	1,311

(10)    Commitments and Contingencies

Environmental Laws and Regulations

Sierra Pacific is subject to federal, state and local laws and regulations regarding climate change, renewable portfolio standards, air and water quality, emissions performance standards, coal combustion byproduct disposal, hazardous and solid waste disposal, protected species and other environmental matters that have the potential to impact Sierra Pacific's current and future operations. Sierra Pacific believes it is in material compliance with all applicable laws and regulations.

140

Legal Matters

Sierra Pacific is party to a variety of legal actions arising out of the normal course of business. Sierra Pacific does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

(11)    Revenue from Contracts with Customers

The following table summarizes Sierra Pacific's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class, including a reconciliation to Sierra Pacific's reportable segment information included in Note 12 (in millions):

	Three-Month Periods
	Ended March 31,
	2024						2023
	Electric		Natural Gas		Total		Electric		Natural Gas		Total
Customer Revenue:
Retail:
Residential	$	100	$	53	$	153	$	115	$	60	$	175
Commercial	82		24		106		91		27		118
Industrial	55		8		63		63		9		72
Other	1		1		2		2		—		2
Total fully bundled	238		86		324		271		96		367
Distribution only service	1		—		1		1		—		1
Total retail	239		86		325		272		96		368
Wholesale, transmission and other	21		—		21		32		—		32
Total Customer Revenue	260		86		346		304		96		400
Total operating revenue	$	260	$	86	$	346	$	304	$	96	$	400

(12)    Segment Information

Sierra Pacific has identified two reportable operating segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and regulated natural gas sales are established separately by the PUCN; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance.

141

The following tables provide information on a reportable segment basis (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	260	$	304
Regulated natural gas	86		96
Total operating revenue	$	346	$	400
Operating income:
Regulated electric	$	12	$	25
Regulated natural gas	7		10
Total operating income	19		35
Interest expense	(20)		(16)
Allowance for borrowed funds	1		2
Allowance for equity funds	4		2
Interest and dividend income	4		7
Other, net	3		1
Total income before income tax expense (benefit)	$	11	$	31

	As of
	March 31,		December 31,
	2024		2023
Assets:
Regulated electric	$	4,239	$	4,251
Regulated natural gas	461		454
Other(1)	121		67
Total assets	$	4,821	$	4,772

(1)    Consists principally of cash and cash equivalents not included in either the regulated electric or regulated natural gas segments.

142

Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations 

The following is management's discussion and analysis of certain significant factors that have affected the consolidated financial condition and results of operations of Sierra Pacific during the periods included herein. Explanations include management's best estimate of the impact of weather, customer growth, usage trends and other factors. This discussion should be read in conjunction with Sierra Pacific's historical unaudited Consolidated Financial Statements and Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q. Sierra Pacific's actual results in the future could differ significantly from the historical results.

Results of Operations for the First Quarter of 2024 and 2023

Overview

Net income for the first quarter of 2024 was $10 million, a decrease of $17 million, or 63%, compared to 2023 primarily due to lower utility margin, higher interest expense, primarily due to higher long-term debt, and lower interest and dividend income, mainly from lower carrying charges on regulatory balances, partially offset by lower income tax expense and higher allowance for equity funds, primarily due to increased construction work-in-progress. Electric utility margin decreased primarily due to lower transmission and wholesale revenue, price impacts from changes in sales mix and lower customer volumes. Electric retail customer volumes, including distribution only service customers, decreased by 0.7% primarily due to the unfavorable impact of weather, offset by an increase in the average number of customers. Energy generated increased 0.3% for the first quarter of 2024 compared to 2023. Wholesale electricity sales volumes increased 3% and purchased electricity volumes decreased 13%.

Non-GAAP Financial Measure

Management utilizes various key financial measures that are prepared in accordance with GAAP, as well as non-GAAP financial measures such as, electric utility margin and natural gas utility margin, to help evaluate results of operations. Electric utility margin is calculated as electric operating revenue less cost of fuel and energy while natural gas utility margin is calculated as natural gas operating revenue less cost of natural gas purchased for resale, which are captions presented on the Consolidated Statements of Operations.

Sierra Pacific's cost of fuel and energy and cost of natural gas purchased for resale are generally recovered from its customers through regulatory recovery mechanisms and as a result, changes in Sierra Pacific's expenses result in comparable changes to revenue. As such, management believes electric utility margin and natural gas utility margin more appropriately and concisely explain profitability rather than a discussion of revenue and cost of sales separately. Management believes the presentation of electric utility margin and natural gas utility margin provides meaningful and valuable insight into the information management considers important to running the business and a measure of comparability to others in the industry.

143

Electric utility margin and natural gas utility margin are not measures calculated in accordance with GAAP and should be viewed as a supplement to, and not a substitute for, operating income which is the most directly comparable financial measure prepared in accordance with GAAP. The following table provides a reconciliation of utility margin to operating income (in millions):

	First Quarter
	2024		2023		Change
Electric utility margin:
Operating revenue	$	260	$	304	$	(44)	(14)	%
Cost of fuel and energy	151		181		(30)		(17)
Electric utility margin	109		123		(14)		(11)	%
Natural gas utility margin:
Operating revenue	86		96		(10)		(10)	%
Natural gas purchased for resale	67		75		(8)		(11)
Natural gas utility margin	19		21		(2)		(10)	%
Utility margin	128		144		(16)		(11)	%
Operations and maintenance	56		56		—		—	%
Depreciation and amortization	47		46		1		2
Property and other taxes	6		7		(1)		(14)
Operating income	$	19	$	35	$	(16)	(46)	%

144

Electric Utility Margin

A comparison of key operating results related to electric utility margin is as follows:

	First Quarter
	2024		2023		Change
Utility margin (in millions):
Operating revenue	$	260	$	304	$	(44)	(14)	%
Cost of fuel and energy	151		181		(30)		(17)
Utility margin	$	109	$	123	$	(14)	(11)	%
Sales (GWhs):
Residential	668		732		(64)		(9)	%
Commercial	714		721		(7)		(1)
Industrial	664		646		18		3
Other	3		3		—		—
Total fully bundled(1)	2,049		2,102		(53)		(3)
Distribution only service	702		668		34		5
Total retail	2,751		2,770		(19)		(1)
Wholesale	235		229		6		3
Total GWhs sold	2,986		2,999		(13)		—	%
Average number of retail customers (in thousands)	380		372		8		2	%
Average revenue per MWh:
Retail - fully bundled(1)	$	116.01	$	128.99	$	(12.98)	(10)	%
Wholesale	$	58.69	$	107.76	$	(49.07)	(46)	%
Heating degree days	2,092		2,652		(560)		(21)	%
Sources of energy (GWhs)(2):
Natural gas	1,061		1,066		(5)		—	%
Coal	211		201		10		5
Renewables	3		4		(1)		(25)
Total energy generated	1,275		1,271		4		—
Energy purchased	713		823		(110)		(13)
Total	1,988		2,094		(106)		(5)	%
Average cost of energy per MWh(3):
Energy generated	$	60.86	$	102.35	$	(41.49)	(41)	%
Energy purchased	$	103.36	$	61.37	$	41.99	68	%

(1)    Fully bundled includes sales to customers for combined energy, transmission and distribution services.

(2)    GWh amounts are net of energy used by the related generating facilities.

(3)    The average cost of energy per MWh includes only the cost of fuel associated with the generating facilities, purchased power and deferrals.

145

Natural Gas Utility Margin

A comparison of key operating results related to natural gas utility margin is as follows:

	First Quarter
	2024		2023		Change
Utility margin (in millions):
Operating revenue	$	86	$	96	$	(10)	(10)	%
Natural gas purchased for resale	67		75		(8)		(11)
Utility margin	$	19	$	21	$	(2)	(10)	%
Sold (000's Dths):
Residential	4,703		5,866		(1,163)		(20)	%
Commercial	2,333		2,938		(605)		(21)
Industrial	840		1,066		(226)		(21)
Total retail	7,876		9,870		(1,994)		(20)	%
Average number of retail customers (in thousands)	185		182		3		2	%
Average revenue per retail Dth sold	$	10.88	$	9.74	$	1.14	12	%
Heating degree days	2,092		2,652		(560)		(21)	%
Average cost of natural gas per retail Dth sold	$	8.55	$	7.63	$	0.92	12	%

Quarter Ended March 31, 2024 Compared to Quarter Ended March 31, 2023

Electric utility margin decreased $14 million, or 11%, for the first quarter of 2024 compared to 2023 primarily due to:

•$9 million of lower electric retail utility margin primarily due to unfavorable price impacts from changes in sales mix and lower retail customer volumes. Retail customer volumes, including distribution only service customers, decreased 0.7% primarily due to the unfavorable impact of weather, offset by an increase in the average number of customers and

•$9 million of lower transmission and wholesale revenue.

The decrease in electric utility margin was offset by:

•$3 million of higher other retail revenue.

Natural gas utility margin decreased $2 million, or 10%, for the first quarter of 2024 compared to 2023 primarily due to lower customer volumes from the unfavorable impact of weather.

Operations and maintenance is consistent for the first quarter of 2024 compared to 2023 primarily due to lower plant operations and maintenance expenses, partially offset by higher insurance premiums due to additional wildfire coverage and higher technology costs.

Interest expense increased $4 million, or 25%, for the first quarter of 2024 compared to 2023 primarily due to higher long-term debt.

Allowance for equity funds increased $2 million for the first quarter of 2024 compared to 2023 primarily due to higher construction work-in-progress.

Interest and dividend income decreased $3 million, or 43%, for the first quarter of 2024 compared to 2023 primarily due to unfavorable interest income, mainly from carrying charges on regulatory balances.

146

Income tax expense decreased $3 million, or 75%, for the first quarter of 2024 compared to 2023 primarily due to lower pretax income, offset by the effects of ratemaking. The effective tax rate was 9% in 2024 and 13% in 2023 and decreased primarily due to the effects of ratemaking.

Liquidity and Capital Resources

As of March 31, 2024, Sierra Pacific's total net liquidity was as follows (in millions):

Cash and cash equivalents	$	96
Credit facility	400
Total net liquidity	$	496
Credit facility:
Maturity date	2026

Operating Activities

Net cash flows from operating activities for the three-month periods ended March 31, 2024 and 2023, were $133 million and $87 million, respectively. The change was primarily due to lower payments related to fuel and energy costs and increased customer deposits, partially offset by the timing of payments for operating costs, higher income tax payments, lower collections from customers and higher interest payments.

The timing of Sierra Pacific's income tax cash flows from period to period can be significantly affected by the estimated federal income tax payment methods and assumptions made for each payment date.

Investing Activities

Net cash flows from investing activities for the three-month periods ended March 31, 2024 and 2023, were $(113) million and $(104) million, respectively. The change was primarily due to increased capital expenditures. Refer to "Future Uses of Cash" for further discussion of capital expenditures.

Financing Activities

Net cash flows from financing activities for the three-month periods ended March 31, 2024 and 2023, were $32 million and $(22) million, respectively. The change was primarily due to higher proceeds from the issuance of long-term debt and lower repayments of an affiliate note payable, partially offset by higher dividends paid to NV Energy, Inc. and lower proceeds from short-term debt.

For a discussion of recent financing transactions, refer to Note 5 of Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q.

Debt Authorizations

Sierra Pacific currently has financing authority from the PUCN consisting of the ability to: (1) establish debt issuances limited to a debt ceiling of $1.9 billion (excluding borrowings under Sierra Pacific's $400 million secured credit facility); and (2) maintain a revolving credit facility of up to $600 million.

Future Uses of Cash

Sierra Pacific has available a variety of sources of liquidity and capital resources, both internal and external, including net cash flows from operating activities, public and private debt offerings, the use of its secured revolving credit facility, capital contributions and other sources. These sources are expected to provide funds required for current operations, capital expenditures, debt retirements and other capital requirements. The availability and terms under which Sierra Pacific has access to external financing depends on a variety of factors, including regulatory approvals, Sierra Pacific's credit ratings, investors' judgment of risk and conditions in the overall capital markets, including the condition of the utility industry.

147

Capital Expenditures

Capital expenditure needs are reviewed regularly by management and may change significantly as a result of these reviews, which may consider, among other factors, changes in environmental and other rules and regulations; impacts to customer rates; outcomes of regulatory proceedings; changes in income tax laws; general business conditions; load projections; system reliability standards; the cost and efficiency of construction labor, equipment and materials; commodity prices; and the cost and availability of capital. Prudently incurred expenditures for compliance-related items such as pollution-control technologies, replacement generation and associated operating costs are generally incorporated into Sierra Pacific's regulated retail rates. Expenditures for certain assets may ultimately include acquisition of existing assets.

Sierra Pacific's historical and forecast capital expenditures, each of which exclude amounts for non-cash equity AFUDC and other non-cash items are as follows (in millions):

	Three-Month Periods				Annual
	Ended March 31,				Forecast
	2023		2024		2024
Electric distribution	$	32	$	48	$	232
Electric transmission	19		17		229
Solar generation	—		—		92
Electric battery storage	—		4		124
Other	53		44		77
Total	$	104	$	113	$	754

Sierra Pacific received PUCN approval through its previous IRP filings for an increase in solar generation, electric transmission and a repower project at the Valmy generating station to convert existing coal-fired combustion to natural gas-fired combustion. Sierra Pacific has included estimates from its latest IRP filing in its forecast capital expenditures for 2024. These estimates may change as a result of the RFP process. Sierra Pacific's historical and forecast capital expenditures include the following:

•Electric distribution includes both growth projects and operating expenditures consisting of routine expenditures for distribution needed to serve existing and expected demand.

•Electric transmission includes both growth projects and operating expenditures. Growth projects primarily relate to the Nevada Utilities' Greenlink Nevada transmission expansion program. Operating expenditures consist of routine expenditures for transmission and other infrastructure needed to serve existing and expected demand.

•Solar generation includes solar photovoltaic panels procured for future growth projects and a 400-MW solar photovoltaic facility with an additional 400-MW of co-located battery storage that would be developed in Churchill County, Nevada with ownership share approved by the PUCN of 10% Nevada Power and 90% Sierra Pacific. Commercial operation of the solar is expected by early 2027.

•Electric battery storage includes a 400-MW battery energy storage system co-located with a 400-MW solar photovoltaic facility that would be developed in Churchill County, Nevada with ownership share approved by the PUCN of 10% Nevada Power and 90% Sierra Pacific. Commercial operation of the battery energy storage system is expected by early 2026.

•Other includes both growth projects and operating expenditures consisting of turbine upgrades at the Tracy generating facility, a repower project at the Valmy generating station to convert existing coal-fired combustion to natural gas-fired combustion that was approved by the PUCN, routine expenditures for generation, other operating projects and other infrastructure needed to serve existing and expected demand.

148

2021 Joint Integrated Resource Plan

In August 2023, the Nevada Utilities filed its Joint Application for approval of the Fifth Amendment to the 2021 Joint Integrated Resource Plan. The Fifth Amendment seeks, in part (1) to convert the existing coal fueled plant at North Valmy Generating Station to a cleaner natural gas fueled plant (2) to purchase, install, and operate a company-owned 400 MW solar plant along with a 400 MW, four-hour battery storage system in Northern Nevada; (3) to continue operation of Tracy units 4 and 5 to 2049; (4) to purchase development assets for the 149 MW photovoltaic and 149 MW battery energy storage system Crescent Valley Solar project; (5) to construct the Esmeralda and Amargosa substations transformers; and (6) to construct the necessary infrastructure in the Apex Area Master Plan. An order was issued in March 2024 in which the Nevada Utilities received approval of approximately $1.7 billion in total costs of new projects, which excludes the purchase of a development project. Sierra Pacific's approved share is approximately $1.4 billion. In March 2024, the Nevada Utilities filed a motion for clarification and petition for reconsideration. In April 2024, a modified final order was issued, which granted in part and denied in part as delineated in the final modified order.

Material Cash Requirements

As of March 31, 2024, there have been no material changes outside the normal course of business in material cash requirements from the information provided in Item 7 of Sierra Pacific's Annual Report on Form 10-K for the year ended December 31, 2023, other than those disclosed in Note 5 of the Notes to Consolidated Financial Statements in Part 1, Item 1 of this Form 10-Q.

Regulatory Matters

Sierra Pacific is subject to comprehensive regulation. Refer to "Regulatory Matters" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for discussion regarding Sierra Pacific's current regulatory matters.

Environmental Laws and Regulations

Sierra Pacific is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal and other environmental matters that have the potential to impact Sierra Pacific's current and future operations. In addition to imposing continuing compliance obligations, these laws and regulations provide regulators with the authority to levy substantial penalties for noncompliance including fines, injunctive relief and other sanctions. These laws and regulations are administered by various federal, state and local agencies. Sierra Pacific believes it is in material compliance with all applicable laws and regulations, although many are subject to interpretation that may ultimately be resolved by the courts. Environmental laws and regulations continue to evolve, and Sierra Pacific is unable to predict the impact of the changing laws and regulations on its operations and financial results.

Refer to "Environmental Laws and Regulations" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for additional information regarding environmental laws and regulations.

Critical Accounting Estimates

Certain accounting measurements require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized on the Consolidated Financial Statements based on such estimates involve numerous assumptions subject to varying and potentially significant degrees of judgment and uncertainty and will likely change in the future as additional information becomes available. Estimates are used for, but not limited to, the accounting for the effects of certain types of regulation, impairment of long-lived assets and income taxes. For additional discussion of Sierra Pacific's critical accounting estimates, see Item 7 of Sierra Pacific's Annual Report on Form 10‑K for the year ended December 31, 2023. There have been no significant changes in Sierra Pacific's assumptions regarding critical accounting estimates since December 31, 2023.

149

Eastern Energy Gas Holdings, LLC and its subsidiaries

Consolidated Financial Section

150

PART I

Item 1.Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of

Eastern Energy Gas Holdings, LLC

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Eastern Energy Gas Holdings, LLC and subsidiaries ("Eastern Energy Gas") as of March 31, 2024, the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of Eastern Energy Gas as of December 31, 2023, and the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated February 23, 2024, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of Eastern Energy Gas' management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to Eastern Energy Gas in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Richmond, Virginia

May 3, 2024

151

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions)

	As of
	March 31,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	81	$	62
Trade receivables, net	173		195
Receivables from affiliates	19		25
Inventories	145		142
Income taxes receivable	—		80
Prepayments and other deferred charges	61		76
Natural gas imbalances	33		39
Other current assets	41		51
Total current assets	553		670
Property, plant and equipment, net	10,317		10,343
Goodwill	1,286		1,286
Investments	285		281
Other assets	116		120
Total assets	$	12,557	$	12,700

The accompanying notes are an integral part of these consolidated financial statements.

152

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

(Amounts in millions)

	As of
	March 31, 2024		December 31, 2023
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	49	$	89
Accounts payable to affiliates	17		45
Accrued property, income and other taxes	153		93
Notes payable to affiliates	208		400
Current portion of long-term debt	1,050		1,050
Other current liabilities	141		141
Total current liabilities	1,618		1,818
Long-term debt	2,198		2,204
Regulatory liabilities	625		623
Deferred income taxes	415		383
Other long-term liabilities	151		144
Total liabilities	5,007		5,172
Commitments and contingencies (Note 8)
Equity:
Member's equity:
Membership interests	6,297		6,273
Accumulated other comprehensive loss, net	(39)		(40)
Total member's equity	6,258		6,233
Noncontrolling interests	1,292		1,295
Total equity	7,550		7,528
Total liabilities and equity	$	12,557	$	12,700

The accompanying notes are an integral part of these consolidated financial statements.

153

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue	$	533	$	553
Operating expenses:
(Excess) cost of gas	(2)		20
Operations and maintenance	132		143
Depreciation and amortization	82		80
Property and other taxes	33		37
Total operating expenses	245		280
Operating income	288		273
Other income (expense):
Interest expense	(36)		(37)
Allowance for equity funds	2		2
Interest and dividend income	2		9
Other, net	1		—
Total other income (expense)	(31)		(26)
Income before income tax expense (benefit) and equity income (loss)	257		247
Income tax expense (benefit)	66		39
Equity income (loss)	45		32
Net income	236		240
Net income attributable to noncontrolling interests	36		118
Net income attributable to Eastern Energy Gas	$	200	$	122

The accompanying notes are an integral part of these consolidated financial statements.

154

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Net income	$	236	$	240
Other comprehensive income (loss), net of tax:
Unrecognized amounts on retirement benefits, net of tax of $— and $—	1		(1)
Unrealized losses on cash flow hedges, net of tax of $— and $(1)	—		(2)
Total other comprehensive income (loss), net of tax	1		(3)
Comprehensive income	237		237
Comprehensive income attributable to noncontrolling interests	36		118
Comprehensive income attributable to Eastern Energy Gas	$	201	$	119

The accompanying notes are an integral part of these consolidated financial statements.

155

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

(Amounts in millions)

			Accumulated
			Other
	Membership		Comprehensive		Noncontrolling		Total
	Interests		Loss, Net		Interests		Equity
Balance, December 31, 2022	$	3,983	$	(42)	$	3,947	$	7,888
Net income	122		—		118		240
Other comprehensive loss	—		(3)		—		(3)
Distributions	(6)		—		(124)		(130)
Contributions	10		—		—		10
Balance, March 31, 2023	$	4,109	$	(45)	$	3,941	$	8,005
Balance, December 31, 2023	$	6,273	$	(40)	$	1,295	$	7,528
Net income	200		—		36		236
Other comprehensive income	—		1		—		1
Distributions	(178)		—		(39)		(217)
Contributions	2		—		—		2
Balance, March 31, 2024	$	6,297	$	(39)	$	1,292	$	7,550

The accompanying notes are an integral part of these consolidated financial statements.

156

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	236	$	240
Adjustments to reconcile net income to net cash flows from operating activities:
Losses on other items, net	1		1
Depreciation and amortization	82		80
Allowance for equity funds	(2)		(2)
Equity (income) loss, net of distributions	(5)		(6)
Changes in regulatory assets and liabilities	(7)		(92)
Deferred income taxes	35		20
Other, net	—		2
Changes in other operating assets and liabilities:
Trade receivables and other assets	36		40
Receivables from affiliates	6		—
Gas balancing activities	4		19
Derivative collateral, net	—		1
Accrued property, income and other taxes	15		9
Accounts payable to affiliates	(28)		(2)
Accounts payable and other liabilities	(17)		9
Net cash flows from operating activities	356		319
Cash flows from investing activities:
Capital expenditures	(64)		(59)
Notes to affiliates	—		(134)
Repayment of notes by affiliates	—		40
Other, net	4		(3)
Net cash flows from investing activities	(60)		(156)
Cash flows from financing activities:
Repayment of notes payable to affiliates, net	(192)		—
Distributions to noncontrolling interests	(39)		(124)
Distributions to parent	(52)		—
Net cash flows from financing activities	(283)		(124)
Net change in cash and cash equivalents and restricted cash and cash equivalents	13		39
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	93		95
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	106	$	134

The accompanying notes are an integral part of these consolidated financial statements.

157

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1)    General

Eastern Energy Gas Holdings, LLC is a holding company, and together with its subsidiaries ("Eastern Energy Gas") conducts business activities consisting of Federal Energy Regulatory Commission ("FERC")-regulated interstate natural gas transmission systems and underground storage operations in the eastern region of the U.S. and operates Cove Point LNG, LP ("Cove Point"), a liquefied natural gas ("LNG") export, import and storage facility. Eastern Energy Gas owns 100% of the general partner interest and 75% of the limited partner interests of Cove Point. In addition, Eastern Energy Gas owns a 50% noncontrolling interest in Iroquois Gas Transmission System, L.P. ("Iroquois"), a 416-mile FERC-regulated interstate natural gas transmission system. Eastern Energy Gas is an indirect wholly owned subsidiary of Berkshire Hathaway Energy Company ("BHE"). BHE is a holding company based in Des Moines, Iowa that owns subsidiaries principally engaged in the energy industry. BHE is a consolidated subsidiary of Berkshire Hathaway Inc.

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in Eastern Energy Gas' Annual Report on Form 10-K for the year ended December 31, 2023 describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in Eastern Energy Gas' accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

(2)    New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. Eastern Energy Gas is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. Eastern Energy Gas is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

158

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. Eastern Energy Gas is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

(3)    Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Utility plant:
Interstate natural gas transmission and storage assets	23 - 49 years	$	9,353	$	9,318
Intangible plant	5 - 18 years	117		117
Utility plant in-service		9,470		9,435
Accumulated depreciation and amortization		(3,246)		(3,201)
Utility plant in-service, net		6,224		6,234
Nonutility plant:
LNG facility	40 years	4,545		4,533
Accumulated depreciation and amortization		(686)		(655)
Nonutility plant, net		3,859		3,878
		10,083		10,112
Construction work-in-progress		234		231
Property, plant and equipment, net		$	10,317	$	10,343

Construction work-in-progress includes $229 million and $223 million as of March 31, 2024 and December 31, 2023, respectively, related to the construction of utility plant.

159

(4)    Investments and Restricted Cash and Cash Equivalents

Investments and restricted cash and cash equivalents consists of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Investments:
Investment funds	$	16	$	19
Equity method investments:
Iroquois	269		262
Total investments	285		281
Restricted cash and cash equivalents:
Customer deposits	25		31
Total restricted cash and cash equivalents	25		31
Total investments and restricted cash and cash equivalents	$	310	$	312
Reflected as:
Other current assets	$	25	$	31
Noncurrent assets	285		281
Total investments and restricted cash and cash equivalents	$	310	$	312

Equity Method Investments

Eastern Energy Gas, through subsidiaries, owns 50% of Iroquois, which owns and operates an interstate natural gas transmission system located in the states of New York and Connecticut.

As of March 31, 2024 and December 31, 2023, the carrying amount of Eastern Energy Gas' investments exceeded its share of underlying equity in net assets by $130 million. The difference reflects equity method goodwill and is not being amortized. Eastern Energy Gas received distributions from its investments of $40 million and $26 million for the three-month periods ended March 31, 2024 and 2023, respectively.

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of customer deposits as allowed under the FERC gas tariffs. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	81	$	62
Restricted cash and cash equivalents included in other current assets	25		31
Total cash and cash equivalents and restricted cash and cash equivalents	$	106	$	93

160

(5)    Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax impacts	4		2
Equity earnings	4		3
Noncontrolling interest	(3)		(10)
Effective income tax rate	26	%	16	%

Berkshire Hathaway Inc. includes BHE and its subsidiaries in its U.S. federal income tax return. Consistent with established regulatory practice, Eastern Energy Gas' provision for federal and state income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. For current federal and state income taxes, Eastern Energy Gas had a payable to BHE of $80 million as of March 31, 2024 and a receivable from BHE of $67 million as of December 31, 2023. The change is primarily due to the settlement of the income tax receivable balance through non-cash distributions in 2024.

(6)    Employee Benefit Plans

Eastern Energy Gas is a participant in benefit plans sponsored by MidAmerican Energy Company ("MidAmerican Energy"), an affiliate. The MidAmerican Energy Company Retirement Plan includes a qualified pension plan that provides pension benefits for eligible employees. The MidAmerican Energy Company Welfare Benefit Plan provides certain postretirement health care and life insurance benefits for eligible retirees on behalf of Eastern Energy Gas. Eastern Energy Gas contributed $2 million to the MidAmerican Energy Company Retirement Plan for the three-month periods ended March 31, 2024 and 2023, and $1 million to the MidAmerican Energy Company Welfare Benefit Plan for the three-month periods ended March 31, 2024 and 2023. Contributions related to these plans are reflected as net periodic benefit cost in operations and maintenance expense on the Consolidated Statements of Operations. Amounts attributable to Eastern Energy Gas were allocated from MidAmerican Energy in accordance with the intercompany administrative service agreement. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates. Net periodic benefit costs not included in regulated rates are included in accumulated other comprehensive loss, net. As of March 31, 2024 and December 31, 2023, Eastern Energy Gas' amount due to MidAmerican Energy associated with these plans and reflected in other long-term liabilities on the Consolidated Balance Sheets was $53 million.

(7)    Fair Value Measurements

The carrying value of Eastern Energy Gas' cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. Eastern Energy Gas has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that Eastern Energy Gas has the ability to access at the measurement date.

•Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 - Unobservable inputs reflect Eastern Energy Gas' judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. Eastern Energy Gas develops these inputs based on the best information available, including its own data.

161

The following table presents Eastern Energy Gas' financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Money market mutual funds	$	81	$	—	$	—	$	81
Equity securities:
Investment funds	16		—		—		16
	$	97	$	—	$	—	$	97
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(15)	$	—	$	(15)
	$	—	$	(15)	$	—	$	(15)
As of December 31, 2023:
Assets:
Money market mutual funds	$	62	$	—	$	—	$	62
Equity securities:
Investment funds	19		—		—		19
	$	81	$	—	$	—	$	81
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(8)	$	—	$	(8)
	$	—	$	(8)	$	—	$	(8)

Eastern Energy Gas' investments in money market mutual funds and investment funds are stated at fair value. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value.

Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchase or normal sales and qualify for the exception afforded by GAAP. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which Eastern Energy Gas transacts. When quoted prices for identical contracts are not available, Eastern Energy Gas uses forward price curves. Forward price curves represent Eastern Energy Gas' estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. Eastern Energy Gas bases its forward price curves upon market price quotations, when available, or internally developed and commercial models, with internal and external fundamental data inputs. Market price quotations are obtained from independent brokers, exchanges, direct communication with market participants and actual transactions executed by Eastern Energy Gas. Market price quotations are generally readily obtainable for the applicable term of Eastern Energy Gas' outstanding derivative contracts; therefore, Eastern Energy Gas' forward price curves reflect observable market quotes. Market price quotations for certain natural gas trading hubs are not as readily obtainable due to the length of the contracts. Given that limited market data exists for these contracts, as well as for those contracts that are not actively traded, Eastern Energy Gas uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The estimated fair value of these derivative contracts is a function of underlying forward commodity prices, interest rates, currency rates, related volatility, counterparty creditworthiness and duration of contracts.

162

Eastern Energy Gas' long-term debt is carried at cost on the Consolidated Financial Statements. The fair value of Eastern Energy Gas' long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The following table presents the carrying value and estimated fair value of Eastern Energy Gas' long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	3,248	$	2,962	$	3,254	$	2,968

(8)    Commitments and Contingencies

Environmental Laws and Regulations

Eastern Energy Gas is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality and other environmental matters that have the potential to impact its current and future operations. Eastern Energy Gas believes it is in material compliance with all applicable laws and regulations.

Legal Matters

Eastern Energy Gas is party to a variety of legal actions arising out of the normal course of business. Eastern Energy Gas does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

(9)    Revenue from Contracts with Customers

The following table summarizes Eastern Energy Gas' revenue from contracts with customers ("Customer Revenue") by regulated and nonregulated, with further disaggregation of regulated by line of business (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Regulated:
Gas transmission and storage	$	329	$	332
Other	1		2
Total regulated	330		334
Nonregulated	203		217
Total Customer Revenue	533		551
Other revenue(1)	—		2
Total operating revenue	$	533	$	553

(1)Other revenue consists primarily of revenue recognized in accordance with Accounting Standards Codification 815, "Derivative and Hedging" which includes unrealized gains and losses for derivatives not designated as hedges related to natural gas sales contracts and the royalties from the conveyance of mineral rights accounted for under ASC 932 "Extractive Activities – Oil and Gas".

Eastern Energy Gas has recognized contract liabilities of $38 million and $40 million as of March 31, 2024 and December 31, 2023, respectively, due to the relationship between Eastern Energy Gas' performance and the customer's payment. Eastern Energy Gas recognizes revenue as it fulfills its obligations to provide services to its customers. During the three-month periods ended March 31, 2024 and 2023, Eastern Energy Gas recognized revenue of $11 million and $22 million, respectively, from the beginning contract liability balances.

163

Remaining Performance Obligations

The following table summarizes Eastern Energy Gas' revenue it expects to recognize in future periods related to significant unsatisfied remaining performance obligations for fixed contracts with expected durations in excess of one year as of March 31, 2024 (in millions):

	Performance obligations expected to be satisfied
	Less than 12 months		More than 12 months		Total
Eastern Energy Gas	$	1,651	$	14,473	$	16,124

(10)    Components of Accumulated Other Comprehensive Loss, Net

The following table shows the change in accumulated other comprehensive loss by each component of other comprehensive income (loss), net of applicable income tax (in millions):

	Unrecognized						Accumulated
	Amounts On		Unrealized				Other
	Retirement		Losses on Cash		Noncontrolling		Comprehensive
	Benefits		Flow Hedges		Interests		Loss, Net
Balance, December 31, 2022	$	(1)	$	(43)	$	2	$	(42)
Other comprehensive loss	(1)		(2)		—		(3)
Balance, March 31, 2023	$	(2)	$	(45)	$	2	$	(45)
Balance, December 31, 2023	$	(3)	$	(38)	$	1	$	(40)
Other comprehensive income	1		—		—		1
Balance, March 31, 2024	$	(2)	$	(38)	$	1	$	(39)

164

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is management's discussion and analysis of certain significant factors that have affected the consolidated financial condition and results of operations of Eastern Energy Gas during the periods included herein. This discussion should be read in conjunction with Eastern Energy Gas' historical Consolidated Financial Statements and Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q. Eastern Energy Gas' actual results in the future could differ significantly from the historical results.

Results of Operations for the First Quarter of 2024 and 2023

Overview

Net income attributable to Eastern Energy Gas for the first quarter of 2024 was $200 million, an increase of $78 million, or 64%, compared to 2023. Net income increased primarily due to the acquisition of an additional 50% noncontrolling interest in Cove Point, higher margin from EGTS' regulated gas transmission and storage operations of $14 million and higher earnings from Iroquois due to favorable fixed negotiated rate agreements, partially offset by an increase in income tax expense primarily due to higher pre-tax income.

Quarter Ended March 31, 2024 Compared to Quarter Ended March 31, 2023

Operating revenue decreased $20 million, or 4%, for the first quarter of 2024 compared to 2023, primarily due to a decrease in Cove Point LNG variable revenue of $10 million, a decrease in Cove Point's storage-related service revenues of $4 million and a decrease in services provided to affiliates of $3 million.

(Excess) cost of gas was a credit of $2 million for the first quarter of 2024 compared to an expense of $20 million for the first quarter of 2023. The change is primarily from the unfavorable revaluation of volumes retained in 2023.

Operations and maintenance decreased $11 million, or 8%, for the first quarter of 2024 compared to 2023, primarily due to lower outside services of $6 million largely due to the termination of Dominion Energy, Inc.'s transition services agreement, lower technology and related charges of $4 million and a decrease in services provided to affiliates of $3 million, partially offset by an increase in materials and supplies of $3 million.

Property and other taxes decreased $4 million, or 11%, for the first quarter of 2024 compared to 2023, primarily due to the expiration of Cove Point's payment in lieu of taxes program and the start of Cove Point's property tax credit agreement.

Interest expense decreased $1 million, or 3%, for the first quarter of 2024 compared to 2023, primarily due to the repayment of $250 million of long-term debt in the second quarter of 2023 and $400 million of long-term debt in the fourth quarter of 2023 of $7 million, partially offset by higher outstanding borrowings under BHE GT&S' intercompany revolving credit agreement of $6 million.

Interest and dividend income decreased $7 million, or 78%, for the first quarter of 2024 compared to 2023, primarily due to lower outstanding loans under BHE GT&S' intercompany revolving credit agreement.

Income tax expense increased $27 million, or 69%, for the first quarter of 2024 compared to 2023 and the effective tax rate was 26% for 2024 and 16% for 2023. The effective tax rate increased primarily due to the acquisition of an additional 50% noncontrolling interest in Cove Point.

Equity income increased $13 million, or 41%, for the first quarter of 2024 compared to 2023, primarily due to higher earnings from Iroquois due to favorable fixed negotiated rate agreements.

Net income attributable to noncontrolling interests decreased $82 million, or 69%, for the first quarter of 2024 compared to 2023, primarily due to the acquisition of an additional 50% noncontrolling interest in Cove Point of $78 million and lower net income attributable to Cove Point of $4 million.

165

Liquidity and Capital Resources

As of March 31, 2024, Eastern Energy Gas' total net liquidity was as follows (in millions):

Cash and cash equivalents	$	81
Intercompany revolving credit agreement	400
Less:
Notes payable to affiliates	208
Net intercompany revolving credit agreement	192
Total net liquidity	$	273
Intercompany revolving credit agreement:
Maturity date	2025

Operating Activities

Net cash flows from operating activities for the three-month periods ended March 31, 2024 and 2023 were $356 million and $319 million, respectively. The change is primarily due to the repayment of EGTS rate refunds to customers in 2023, partially offset by the timing of payments for operating costs and other changes in working capital.

The timing of Eastern Energy Gas' income tax cash flows from period to period can be significantly affected by the estimated federal income tax payment methods elected and assumptions made for each payment date.

Investing Activities

Net cash flows from investing activities for the three-month periods ended March 31, 2024 and 2023 were $(60) million and $(156) million, respectively. The change is primarily due to a decrease in notes issued to its parent under an intercompany revolving credit agreement of $134 million, partially offset by a decrease in repayments of notes by its parent under an intercompany revolving credit agreement of $40 million and an increase in capital expenditures of $5 million.

Financing Activities

Net cash flows from financing activities for the three-month period ended March 31, 2024 were $(283) million and consisted of net repayment of notes payable to affiliates of $192 million, distributions to its indirect parent, BHE, of $52 million and distributions to noncontrolling interests from Cove Point of $39 million.

Net cash flows from financing activities for the three-month period ended March 31, 2023 were $(124) million and consisted of distributions to noncontrolling interests from Cove Point.

Long-term debt

Eastern Energy Gas currently has an effective shelf registration statement with the SEC to issue up to $2.5 billion of long-term debt securities through January 11, 2027.

166

Future Uses of Cash

Eastern Energy Gas has available a variety of sources of liquidity and capital resources, both internal and external, including net cash flows from operating activities, public and private debt offerings, intercompany revolving credit agreements, capital contributions and other sources. These sources are expected to provide funds required for current operations, capital expenditures, investments, debt retirements and other capital requirements. The availability and terms under which Eastern Energy Gas and each subsidiary has access to external financing depends on a variety of factors, including regulatory approvals, Eastern Energy Gas' credit ratings, investors' judgment of risk and conditions in the overall capital markets, including the condition of the natural gas transmission and storage and LNG export, import and storage industries.

Capital Expenditures

Capital expenditure needs are reviewed regularly by management and may change significantly as a result of these reviews, which may consider, among other factors, new growth projects and the timing of growth projects; changes in environmental and other rules and regulations; impacts to customer rates; outcomes of regulatory proceedings; changes in income tax laws; general business conditions; system reliability standards; the cost and efficiency of construction labor, equipment and materials; commodity prices; and the cost and availability of capital.

Eastern Energy Gas' historical and forecasted capital expenditures, each of which exclude amounts for non-cash equity AFUDC and other non-cash items, are as follows (in millions):

	Three-Month Periods				Annual
	Ended March 31,				Forecast
	2023		2024		2024
Natural gas transmission and storage	$	4	$	8	$	64
Other	55		56		350
Total	$	59	$	64	$	414

Natural gas transmission and storage primarily includes growth capital expenditures related to planned regulated projects. Other includes primarily nonregulated and routine capital expenditures for natural gas transmission, storage and LNG terminalling infrastructure needed to serve existing and expected demand.

Material Cash Requirements

As of March 31, 2024, there have been no material changes in cash requirements from the information provided in Item 7 of Eastern Energy Gas' Annual Report on Form 10-K for the year ended December 31, 2023.

Regulatory Matters

Eastern Energy Gas is subject to comprehensive regulation. Refer to "Regulatory Matters" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for discussion regarding Eastern Energy Gas' current regulatory matters.

Environmental Laws and Regulations

Eastern Energy Gas is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality and other environmental matters that have the potential to impact its current and future operations. In addition to imposing continuing compliance obligations, these laws and regulations provide regulators with the authority to levy substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. These laws and regulations are administered by various federal, state and local agencies. Eastern Energy Gas believes it is in material compliance with all applicable laws and regulations, although many are subject to interpretation that may ultimately be resolved by the courts. Environmental laws and regulations continue to evolve, and Eastern Energy Gas is unable to predict the impact of the changing laws and regulations on its operations and financial results.

Refer to "Environmental Laws and Regulations" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for additional information regarding environmental laws and regulations.

167

Critical Accounting Estimates

Certain accounting measurements require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized on the Consolidated Financial Statements based on such estimates involve numerous assumptions subject to varying and potentially significant degrees of judgment and uncertainty and will likely change in the future as additional information becomes available. Estimates are used for, but not limited to, the accounting for the effects of certain types of regulation, impairment of goodwill and long-lived assets and income taxes. For additional discussion of Eastern Energy Gas' critical accounting estimates, see Item 7 of Eastern Energy Gas' Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes in Eastern Energy Gas' assumptions regarding critical accounting estimates since December 31, 2023.

168

Eastern Gas Transmission and Storage, Inc. and its subsidiaries

Consolidated Financial Section

169

PART I

Item 1.Financial Statements

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of

Eastern Gas Transmission and Storage, Inc.

Results of Review of Interim Financial Information

We have reviewed the accompanying consolidated balance sheet of Eastern Gas Transmission and Storage, Inc. and subsidiaries ("EGTS") as of March 31, 2024, the related consolidated statements of operations, comprehensive income, changes in shareholder's equity, and cash flows for the three-month periods ended March 31, 2024 and 2023, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of EGTS as of December 31, 2023 and the related consolidated statements of operations, comprehensive income, changes in shareholder's equity, and cash flows for the year then ended (not presented herein); and in our report dated February 23, 2024 we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

This interim financial information is the responsibility of EGTS' management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to EGTS in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our reviews in accordance with standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ Deloitte & Touche LLP

Richmond, Virginia

May 3, 2024

170

EASTERN GAS TRANSMISSION AND STORAGE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions)

	As of
	March 31,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	31	$	5
Restricted cash and cash equivalents	24		29
Trade receivables, net	84		104
Receivables from affiliates	8		9
Inventories	59		59
Income taxes receivable	12		70
Prepayments and other deferred charges	23		22
Natural gas imbalances	31		34
Other current assets	5		5
Total current assets	277		337
Property, plant and equipment, net	4,703		4,715
Other assets	92		92
Total assets	$	5,072	$	5,144

The accompanying notes are an integral part of these consolidated financial statements.

171

EASTERN GAS TRANSMISSION AND STORAGE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

(Amounts in millions, except share data)

	As of
	March 31, 2024		December 31, 2023
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Accounts payable	$	18	$	41
Accounts payable to affiliates	17		29
Accrued interest	23		7
Accrued property, income and other taxes	77		58
Accrued employee expenses	17		20
Notes payable to affiliates	5		2
Regulatory liabilities	17		22
Customer and security deposits	24		29
Current portion of long-term debt	111		111
Other current liabilities	17		21
Total current liabilities	326		340
Long-term debt	1,472		1,472
Regulatory liabilities	525		523
Other long-term liabilities	140		121
Total liabilities	2,463		2,456
Commitments and contingencies (Note 8)
Shareholder's equity:
Common stock - 75,000 shares authorized, $10,000 par value, 60,101 issued and outstanding	609		609
Additional paid-in capital	1,305		1,304
Retained earnings	723		803
Accumulated other comprehensive loss, net	(28)		(28)
Total shareholder's equity	2,609		2,688
Total liabilities and shareholder's equity	$	5,072	$	5,144

The accompanying notes are an integral part of these consolidated financial statements.

172

EASTERN GAS TRANSMISSION AND STORAGE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue	$	270	$	278
Operating expenses:
(Excess) cost of gas	(2)		20
Operations and maintenance	88		99
Depreciation and amortization	38		37
Property and other taxes	14		14
Total operating expenses	138		170
Operating income	132		108
Other income (expense):
Interest expense	(17)		(18)
Allowance for equity funds	1		1
Other, net	2		—
Total other income (expense)	(14)		(17)
Income before income tax expense (benefit)	118		91
Income tax expense (benefit)	31		23
Net income	$	87	$	68

The accompanying notes are an integral part of these consolidated financial statements.

173

EASTERN GAS TRANSMISSION AND STORAGE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Net income	$	87	$	68
Other comprehensive income, net of tax:
Unrealized gains on cash flow hedges, net of tax of $— and $—	—		1
Total other comprehensive income, net of tax	—		1
Comprehensive income	$	87	$	69

The accompanying notes are an integral part of these consolidated financial statements.

174

EASTERN GAS TRANSMISSION AND STORAGE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Unaudited)

(Amounts in millions, except shares)

								Accumulated
				Additional				Other		Total
	Common Stock			Paid-in		Retained		Comprehensive		Shareholder's
	Shares	Amount		Capital		Earnings		Loss, Net		Equity
Balance, December 31, 2022	60,101	$	609	$	1,275	$	746	$	(30)	$	2,600
Net income	—	—		—		68		—		68
Other comprehensive income	—	—		—		—		1		1
Dividends declared	—	—		—		(9)		—		(9)
Contributions	—	—		7		—		—		7
Balance, March 31, 2023	60,101	$	609	$	1,282	$	805	$	(29)	$	2,667
Balance, December 31, 2023	60,101	$	609	$	1,304	$	803	$	(28)	$	2,688
Net income	—	—		—		87		—		87
Dividends declared	—	—		—		(167)		—		(167)
Contributions	—	—		1		—		—		1
Balance, March 31, 2024	60,101	$	609	$	1,305	$	723	$	(28)	$	2,609

The accompanying notes are an integral part of these consolidated financial statements.

175

EASTERN GAS TRANSMISSION AND STORAGE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2024		2023
Cash flows from operating activities:
Net income	$	87	$	68
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	38		37
Allowance for equity funds	(1)		(1)
Changes in regulatory assets and liabilities	(8)		(85)
Deferred income taxes	17		8
Other, net	—		1
Changes in other operating assets and liabilities:
Trade receivables and other assets	22		42
Receivables from affiliates	1		—
Gas balancing activities	4		17
Accrued property, income and other taxes	7		(15)
Accounts payable and other liabilities	(6)		21
Accounts payable to affiliates	(12)		—
Net cash flows from operating activities	149		93
Cash flows from investing activities:
Capital expenditures	(39)		(37)
Purchases of marketable securities	—		(3)
Proceeds from sales of marketable securities	3		—
Other, net	1		—
Net cash flows from investing activities	(35)		(40)
Cash flows from financing activities:
Issuance (repayment) of notes payable to affiliates, net	3		(23)
Dividends paid	(96)		—
Net cash flows from financing activities	(93)		(23)
Net change in cash and cash equivalents and restricted cash and cash equivalents	21		30
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	34		45
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	55	$	75

The accompanying notes are an integral part of these consolidated financial statements.

176

EASTERN GAS TRANSMISSION AND STORAGE, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(1)    General

Eastern Gas Transmission and Storage, Inc. and its subsidiaries ("EGTS") conduct business activities consisting of Federal Energy Regulatory Commission ("FERC")-regulated interstate natural gas transmission systems and underground storage. EGTS' operations include transmission assets located in Maryland, New York, Ohio, Pennsylvania, Virginia and West Virginia. EGTS also operates one of the nation's largest underground natural gas storage systems located in New York, Pennsylvania and West Virginia. EGTS is a wholly owned subsidiary of Eastern Energy Gas Holdings, LLC ("Eastern Energy Gas"), which is an indirect wholly owned subsidiary of Berkshire Hathaway Energy Company ("BHE"). BHE is a holding company based in Des Moines, Iowa that owns subsidiaries principally engaged in the energy industry. BHE is a consolidated subsidiary of Berkshire Hathaway Inc.

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in EGTS' Annual Report on Form 10-K for the year ended December 31, 2023 describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in EGTS' accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

(2)    New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. EGTS is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. EGTS is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

177

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. EGTS is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

(3)    Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Interstate natural gas transmission and storage assets	28 - 50 years	$	7,060	$	7,046
Intangible plant	12 - 20 years	82		80
Plant in-service		7,142		7,126
Accumulated depreciation and amortization		(2,598)		(2,563)
		4,544		4,563
Construction work-in-progress		159		152
Property, plant and equipment, net		$	4,703	$	4,715

(4)    Investments and Restricted Cash and Cash Equivalents

Investments and restricted cash and cash equivalents consists of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Investments:
Investment funds	$	16	$	19
Restricted cash and cash equivalents:
Customer deposits	24		29
Total restricted cash and cash equivalents	24		29
Total investments and restricted cash and cash equivalents	$	40	$	48
Reflected as:
Current assets	$	24	$	29
Other assets	16		19
Total investments and restricted cash and cash equivalents	$	40	$	48

178

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of customer deposits as allowed under the FERC gas tariff. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	31	$	5
Restricted cash and cash equivalents	24		29
Total cash and cash equivalents and restricted cash and cash equivalents	$	55	$	34

(5)    Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax impacts	5		4
Effective income tax rate	26	%	25	%

Berkshire Hathaway Inc. includes BHE and its subsidiaries in its U.S. federal income tax return. Consistent with established regulatory practice, EGTS' provision for federal and state income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. For current federal and state income taxes, EGTS had a payable to BHE of $20 million as of March 31, 2024 and a receivable from BHE of $57 million as of December 31, 2023. The change is primarily due to the settlement of the income tax receivable balance through non-cash distributions in 2024.

(6)    Employee Benefit Plans

EGTS is a participant in benefit plans sponsored by MidAmerican Energy Company ("MidAmerican Energy"), an affiliate. The MidAmerican Energy Company Retirement Plan includes a qualified pension plan that provides pension benefits for eligible employees. The MidAmerican Energy Company Welfare Benefit Plan provides certain postretirement health care and life insurance benefits for eligible retirees on behalf of EGTS. EGTS contributed $2 million to the MidAmerican Energy Company Retirement Plan for the three-month periods ended March 31, 2024 and 2023. Contributions related to these plans are reflected as net periodic benefit cost in operations and maintenance expense on the Consolidated Statements of Operations. Amounts attributable to EGTS were allocated from MidAmerican Energy in accordance with the intercompany administrative service agreement. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates. As of March 31, 2024 and December 31, 2023, EGTS' amount due to MidAmerican Energy associated with these plans and reflected in other long-term liabilities on the Consolidated Balance Sheets was $48 million.

179

(7)    Fair Value Measurements

The carrying value of EGTS' cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. EGTS has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that EGTS has the ability to access at the measurement date.

•Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 - Unobservable inputs reflect EGTS' judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. EGTS develops these inputs based on the best information available, including its own data.

The following table presents EGTS' financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Money market mutual funds	$	31	$	—	$	—	$	31
Equity securities:
Investment funds	16		—		—		16
	$	47	$	—	$	—	$	47
As of December 31, 2023:
Assets:
Money market mutual funds	$	5	$	—	$	—	$	5
Equity securities:
Investment funds	19		—		—		19
	$	24	$	—	$	—	$	24

EGTS' investments in money market mutual funds and investment funds are stated at fair value. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value.

Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchase or normal sales and qualify for the exception afforded by GAAP. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which EGTS transacts. When quoted prices for identical contracts are not available, EGTS uses forward price curves. Forward price curves represent EGTS' estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. EGTS bases its forward price curves upon market price quotations, when available, or internally developed and commercial models, with internal and external fundamental data inputs. Market price quotations are obtained from independent brokers, exchanges, direct communication with market participants and actual transactions executed by EGTS. Market price quotations are generally readily obtainable for the applicable term of EGTS' outstanding derivative contracts; therefore, EGTS' forward price curves reflect observable market quotes. Market price quotations for certain natural gas trading hubs are not as readily obtainable due to the length of the contracts. Given that limited market data exists for these contracts, as well as for those contracts that are not actively traded, EGTS uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The estimated fair value of these derivative contracts is a function of underlying forward commodity prices, related volatility, counterparty creditworthiness and duration of contracts.

180

EGTS' long-term debt is carried at cost on the Consolidated Financial Statements. The fair value of EGTS' long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The following table presents the carrying value and estimated fair value of EGTS' long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	1,583	$	1,380	$	1,583	$	1,386

(8)    Commitments and Contingencies

Environmental Laws and Regulations

EGTS is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality and other environmental matters that have the potential to impact its current and future operations. EGTS believes it is in material compliance with all applicable laws and regulations.

Legal Matters

EGTS is party to a variety of legal actions arising out of the normal course of business. EGTS does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

(9)    Revenue from Contracts with Customers

The following table summarizes EGTS' revenue from contracts with customers ("Customer Revenue") by regulated and other, with further disaggregation of regulated by line of business (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Regulated:
Gas transmission	$	188	$	191
Gas storage	70		67
Other	—		2
Total regulated	258		260
Management service and other revenues	12		17
Total Customer Revenue	270		277
Other revenue(1)	—		1
Total operating revenue	$	270	$	278

(1)Other revenue consists primarily of revenue recognized in accordance with Accounting Standards Codification 815, "Derivative and Hedging" which includes unrealized gains and losses for derivatives not designated as hedges related to natural gas sales contracts and the royalties from the conveyance of mineral rights accounted for under ASC 932 "Extractive Activities – Oil and Gas".

181

Remaining Performance Obligations

The following table summarizes EGTS' revenue it expects to recognize in future periods related to significant unsatisfied remaining performance obligations for fixed contracts with expected durations in excess of one year as of March 31, 2024 (in millions):

	Performance obligations expected to be satisfied
	Less than 12 months		More than 12 months		Total
EGTS	$	772	$	3,314	$	4,086

182

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is management's discussion and analysis of certain significant factors that have affected the consolidated financial condition and results of operations of EGTS during the periods included herein. This discussion should be read in conjunction with EGTS' historical Consolidated Financial Statements and Notes to Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q. EGTS' actual results in the future could differ significantly from the historical results.

Results of Operations for the First Quarter of 2024 and 2023

Overview

Net income for the first quarter of 2024 was $87 million, an increase of $19 million, or 28%, compared to 2023. Net income increased primarily due to higher margin from regulated gas transmission and storage operations of $14 million and a decrease in operations and maintenance expense, partially offset by an increase in income tax expense primarily due to higher pre-tax income.

Quarter Ended March 31, 2024 Compared to Quarter Ended March 31, 2023

Operating revenue decreased $8 million, or 3%, for the first quarter of 2024 compared to 2023, primarily due to a decrease in services provided to affiliates of $5 million, a decrease in royalties of $1 million and a decrease in regulated gas transmission and storage revenues as a result of a bankruptcy settlement of $1 million.

(Excess) cost of gas was a credit of $2 million for the first quarter of 2024 compared to an expense of $20 million for the first quarter of 2023. The change is primarily from the unfavorable revaluation of volumes retained in 2023.

Operations and maintenance decreased $11 million, or 11%, for the first quarter of 2024 compared to 2023, primarily due to lower outside services of $5 million largely due to the termination of Dominion Energy Inc.'s transition services agreement, a decrease in services provided to affiliates of $5 million and lower technology and related charges of $2 million, partially offset by an increase in materials and supplies of $3 million.

Income tax expense increased $8 million, or 35%, for the first quarter of 2024 compared to 2023 and the effective tax rate was 26% for 2024 and 25% for 2023.

Liquidity and Capital Resources

As of March 31, 2024, EGTS' total net liquidity was as follows (in millions):

Cash and cash equivalents	$	31
Intercompany revolving credit agreement	400
Less:
Notes payable to affiliates	5
Net intercompany revolving credit agreement	395
Total net liquidity	$	426
Intercompany credit agreement:
Maturity date	2025

Operating Activities

Net cash flows from operating activities for the three-month periods ended March 31, 2024 and 2023 were $149 million and $93 million, respectively. The change is primarily due to the repayment of EGTS rate refunds to customers in 2023 and favorable operating results, partially offset by the timing of payments for operating costs and other changes in working capital.

183

The timing of EGTS' income tax cash flows from period to period can be significantly affected by the estimated federal income tax payment methods elected and assumptions made for each payment date.

Investing Activities

Net cash flows from investing activities for the three-month periods ended March 31, 2024 and 2023 were $(35) million and $(40) million, respectively. The change is primarily due to a decrease in purchases of marketable securities of $3 million and an increase in proceeds from sales of marketable securities of $3 million, partially offset by an increase in capital expenditures of $2 million.

Financing Activities

Net cash flows from financing activities for the three-month period ended March 31, 2024 were $(93) million. Sources of cash totaled $3 million and consisted of net issuance of notes payable to Eastern Energy Gas. Uses of cash totaled $96 million and consisted of dividends paid to Eastern Energy Gas.

Net cash flows from financing activities for the three-month period ended March 31, 2023 were $(23) million and consisted of net repayment of notes payable to Eastern Energy Gas.

Future Uses of Cash

EGTS has available a variety of sources of liquidity and capital resources, both internal and external, including net cash flows from operating activities, public and private debt offerings, intercompany revolving credit agreements, capital contributions and other sources. These sources are expected to provide funds required for current operations, capital expenditures, investments, debt retirements and other capital requirements. The availability and terms under which EGTS has access to external financing depends on a variety of factors, including regulatory approvals, EGTS' credit ratings, investors' judgment of risk and conditions in the overall capital markets, including the condition of the natural gas transmission and storage industry.

Capital Expenditures

Capital expenditure needs are reviewed regularly by management and may change significantly as a result of these reviews, which may consider, among other factors, new growth projects and the timing of growth projects; changes in environmental and other rules and regulations; impacts to customer rates; outcomes of regulatory proceedings; changes in income tax laws; general business conditions; system reliability standards; the cost and efficiency of construction labor, equipment and materials; commodity prices; and the cost and availability of capital.

EGTS' historical and forecasted capital expenditures, each of which exclude amounts for non-cash equity AFUDC and other non-cash items, are as follows (in millions):

	Three-Month Periods				Annual
	Ended March 31,				Forecast
	2023		2024		2024
Natural gas transmission and storage	$	3	$	2	$	23
Other	34		37		246
Total	$	37	$	39	$	269

Natural gas transmission and storage includes primarily growth capital expenditures related to planned regulated projects. Other includes primarily pipeline integrity work, automation and controls upgrades, underground storage, corrosion control, unit exchanges, compressor modifications and projects related to Pipeline Hazardous Materials Safety Administration natural gas storage rules. The amounts also include EGTS' asset modernization program, which includes projects for vintage pipeline replacement, compression replacement, pipeline assessment and underground storage integrity.

184

Material Cash Requirements

As of March 31, 2024, there have been no material changes in cash requirements from the information provided in Item 7 of EGTS' Annual Report on Form 10-K for the year ended December 31, 2023.

Regulatory Matters

EGTS is subject to comprehensive regulation. Refer to "Regulatory Matters" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for discussion regarding EGTS' current regulatory matters.

Environmental Laws and Regulations

EGTS is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality and other environmental matters that have the potential to impact its current and future operations. In addition to imposing continuing compliance obligations, these laws and regulations provide regulators with the authority to levy substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. These laws and regulations are administered by various federal, state and local agencies. EGTS believes it is in material compliance with all applicable laws and regulations, although many are subject to interpretation that may ultimately be resolved by the courts. Environmental laws and regulations continue to evolve, and EGTS is unable to predict the impact of the changing laws and regulations on its operations and financial results.

Refer to "Environmental Laws and Regulations" in Berkshire Hathaway Energy's Part I, Item 2 of this Form 10-Q for additional information regarding environmental laws and regulations.

Critical Accounting Estimates

Certain accounting measurements require management to make estimates and judgments concerning transactions that will be settled several years in the future. Amounts recognized on the Consolidated Financial Statements based on such estimates involve numerous assumptions subject to varying and potentially significant degrees of judgment and uncertainty and will likely change in the future as additional information becomes available. Estimates are used for, but not limited to, the accounting for the effects of certain types of regulation, impairment of long-lived assets and income taxes. For additional discussion of EGTS' critical accounting estimates, see Item 7 of EGTS' Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes in EGTS' assumptions regarding critical accounting estimates since December 31, 2023.

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Item 3.Quantitative and Qualitative Disclosures About Market Risk

For quantitative and qualitative disclosures about market risk affecting the Registrants, see Item 7A of each Registrant's Annual Report on Form 10-K for the year ended December 31, 2023. Each Registrant's exposure to market risk and its management of such risk has not changed materially since December 31, 2023. Refer to Note 8 of the Notes to Consolidated Financial Statements of PacifiCorp, Note 7 of the Notes to Consolidated Financial Statements of Nevada Power and Note 8 of the Notes to Consolidated Financial Statements of Sierra Pacific in Part I, Item 1 of this Form 10-Q for disclosure of the respective Registrant's derivative positions as of March 31, 2024.

Item 4.Controls and Procedures

At the end of the period covered by this Quarterly Report on Form 10-Q, each of Berkshire Hathaway Energy Company, PacifiCorp, MidAmerican Funding, LLC, MidAmerican Energy Company, Nevada Power Company, Sierra Pacific Power Company, Eastern Energy Gas Holdings, LLC and Eastern Gas Transmission and Storage, Inc. carried out separate evaluations, under the supervision and with the participation of each such entity's management, including its Chief Executive Officer (principal executive officer) and its Chief Financial Officer (principal financial officer), or persons performing similar functions, of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended). Based upon these evaluations, management of each such entity, including its Chief Executive Officer (principal executive officer) and its Chief Financial Officer (principal financial officer), or persons performing similar functions, in each case, concluded that the disclosure controls and procedures for such entity were effective to ensure that information required to be disclosed by such entity in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the United States Securities and Exchange Commission's rules and forms, and is accumulated and communicated to its management, including its Chief Executive Officer (principal executive officer) and its Chief Financial Officer (principal financial officer), or persons performing similar functions, in each case, as appropriate to allow timely decisions regarding required disclosure by it. Each such entity hereby states that there has been no change in its internal control over financial reporting during the quarter ended March 31, 2024 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

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PART II

Item 1.Legal Proceedings

The following disclosures reflect material updates to legal proceedings and should be read in conjunction with Item 3 of Berkshire Hathaway Energy's and PacifiCorp's Annual Reports on Form 10-K for the year ended December 31, 2023.

BERKSHIRE HATHAWAY ENERGY AND PACIFICORP

In September 2020, a severe weather event resulting in high winds, low humidity and warm temperatures contributed to several major wildfires, including the 2020 Wildfires, which resulted in real and personal property and natural resource damage, personal injuries and loss of life, and widespread power outages in Oregon and Northern California. The wildfires spread across certain parts of PacifiCorp's service territory and surrounding areas across multiple counties in Oregon and California, including Siskiyou County, California; Jackson County, Oregon; Douglas County, Oregon; Marion County, Oregon; Lincoln County, Oregon; and Klamath County, Oregon, burning over 500,000 acres in aggregate. Third-party reports for these wildfires indicate over 2,000 structures destroyed, including residences; several structures damaged; multiple individuals injured; and several fatalities.

In July 2022, the 2022 McKinney Fire began in the Oak Knoll Ranger District of the Klamath National Forest in Siskiyou County, California located in PacifiCorp's service territory, burning over 60,000 acres. Third-party reports indicate that the 2022 McKinney Fire resulted in 11 structures damaged; 185 structures destroyed, including residences; 12 injuries; and four fatalities.

As described below, a significant number of complaints and demands alleging similar claims have been filed in Oregon and California related to the 2020 Wildfires. As of March 31, 2024, amounts sought in the complaints and demands filed in Oregon and in certain demands made in California totaled approximately $7 billion, excluding any doubling or trebling of damages included in the complaints and those settled. Generally, the complaints filed in California do not specify damages sought and are excluded from this amount. The complaints and demands filed in Oregon generally seek doubling of economic damages under Oregon law, which provides for such doubling in the event the wildfire is determined to have occurred as a result of recklessness, gross negligence, willfulness or malice. Additionally, those complaints and demands filed in Oregon that involve damages associated with forestry, trees or shrubbery generally seek trebling of damages claimed under Oregon law, which provides for such trebling in the event the damages are determined to have occurred by willful and intentional acts and without consent. In April 2024 and as described below, a mass complaint was filed by 1,000 individual class members in James seeking $30 billion of economic and noneconomic damages, as well as doubling of economic damages and punitive damages. Amounts sought for any doubling or trebling of damages are excluded from the amounts described below.

Multiple complaints have also been filed in California for the 2022 McKinney Fire for which the damages sought have not been specified.

Investigations into the causes and origins of the Wildfires are ongoing. For more information regarding certain legal proceedings affecting Berkshire Hathaway Energy, refer to Note 9 of the Notes to Consolidated Financial Statements of Berkshire Hathaway Energy in Part I, Item 1 of this Form 10-Q, and PacifiCorp, refer to Note 10 of the Notes to Consolidated Financial Statements of PacifiCorp in Part I, Item 1 of this Form 10-Q.

2020 Slater Fire California and Oregon Complaints and Demands

As described below, a significant number of complaints on behalf of plaintiffs associated with the Northern California and Southern Oregon Slater Fire ("Slater Fire") have been filed in Oregon and California. The complaints generally allege: (i) inverse condemnation; (ii) negligence; (iii) trespass; (iv) nuisance; and (v) violation of certain sections of the California Public Utilities Code and the California Health & Safety Code and request a jury trial and seek various damages, generally including: (i) economic damages; (ii) noneconomic damages; (iii) doubling of economic damages; (iv) punitive damages; (v) pre- and post-judgment interest; and (vi) attorneys' fees and other costs. Certain complaints include wrongful death claims as described below.

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Hitchcock et al. v. PacifiCorp and Consolidated California Slater Fire Cases

On December 16, 2020, a complaint against PacifiCorp was filed, captioned Hitchcock et al. v. PacifiCorp, Case No. 34-2020-00290833 ("Hitchcock") in California Superior Court, Sacramento County, California by approximately 69 plaintiffs. The Hitchcock case makes similar allegations as those described above for the Slater Fire, includes a wrongful death claim for one of the two Slater Fire decedents and does not specify the amount of damages sought.

The following complaints also filed in California Superior Court, Sacramento County, California have been consolidated into the Hitchcock case: Hillman complaint filed January 29, 2021, approximately 234 plaintiffs; Franklin complaint filed February 17, 2022, approximately 43 plaintiffs; Ormsby complaint filed April 18, 2022, approximately four plaintiffs; Hodges complaint filed August 23, 2022, approximately 26 plaintiffs; Nixon complaint filed August 31, 2022, approximately two plaintiffs; Bleeg complaint filed September 1, 2022, approximately 17 plaintiffs; Sanchez complaint filed September 7, 2022, approximately 10 plaintiffs; Lemon complaint filed September 2, 2022, approximately 186 plaintiffs; Duval complaint filed September 29, 2022, approximately 24 plaintiffs; Fernandez complaint filed August 17, 2023, approximately 51 plaintiffs; Thomason complaint filed September 7, 2023, approximately four plaintiffs; and Bledsoe complaint filed September 28, 2023, approximately three plaintiffs.

The complaints make similar allegations as those described above for the Slater Fire and do not specify the amount of damages sought.

In 2023, PacifiCorp settled certain claims in the consolidated Hitchcock case for $8 million representing three individual plaintiffs and one commercial timber plaintiff. In the three-month period ending March 31, 2024, PacifiCorp reached additional settlements totaling $60 million representing 165 plaintiffs, including settlement of the wrongful death claim and the Terran case described below. In April 2024, PacifiCorp reached additional settlements totaling $2 million representing 16 plaintiffs, including certain plaintiffs in the Franklin and Bleeg cases. As a result of the settlements, one bellwether trial in the Hitchcock consolidated cases remains scheduled for October 7, 2024.

Other Slater Fire Cases

On September 8, 2023, a subrogation complaint against PacifiCorp was filed captioned Travelers Commercial Insurance Company et al. v. PacifiCorp, Case No. 23CV008226 in California Superior Court, Sacramento County, California by four plaintiffs. The complaint makes similar allegations as those described above for the Slater Fire and does not specify the amount of damages sought. This case settled on February 12, 2024.

On August 10, 2022, a complaint against PacifiCorp was filed captioned Siskiyou County v. PacifiCorp, Case No. 34-2022-00324977 by one plaintiff in California Superior Court, Sacramento County. The complaint makes similar allegations as those described above for the Slater Fire and does not specify the amount of damages sought. In April 2023, PacifiCorp received a mediation demand from Siskiyou County for approximately $6 million in damages. A jury trial is scheduled for June 2, 2025.

On July 12, 2023, a complaint against PacifiCorp was filed captioned Susan Irene Terran et. al v. PacifiCorp, Case No. 23CV27759 in Multnomah County Circuit Court in Oregon, by approximately six plaintiffs. The complaint makes similar allegations as those described above for the Slater Fire and seeks various damages, including economic damages of approximately $10 million based on $1 million for each of the five individual plaintiffs and $5 million for the one non-individual plaintiff. The complaint seeks noneconomic damages to be determined at trial. The Terran case has settled.

Black et al. v. PacifiCorp and Consolidated Oregon Slater Fire Cases

On March 10, 2022, a complaint against PacifiCorp was filed, captioned Susan Black et al. v. PacifiCorp, Case No. 22CV08622 ("Black") in Oregon Circuit Court in Multnomah County, Oregon, by approximately 28 plaintiffs. The complaint makes similar allegations as those described above for the Slater Fire and seeks various damages, including economic damages of approximately $44 million based on $1 million for each of the 24 individual plaintiffs and $5 million for each of the four non-individual plaintiffs. The individual plaintiffs also seek unspecified noneconomic damages. A jury trial is scheduled for September 23, 2024, through November 1, 2024.

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The following complaints filed in Oregon Circuit Court in Multnomah County have been consolidated into the Black case: Denny complaint filed August 31, 2022, approximately seven plaintiffs and Sparks amended complaint filed September 7, 2022, approximately five plaintiffs. The complaints make similar allegations as those described above for the Slater Fire and each seek various damages, including economic damages of approximately $16 million based on $1 million for each of the 11 individual plaintiffs and $5 million for the one non-individual plaintiff across both the Denny and Sparks complaints. The individual plaintiffs also seek unspecified noneconomic damages.

United States – Loss and Damages to Federal Lands – Slater Fire

PacifiCorp received a notice of indebtedness from the U.S. Department of Agriculture Forest Service ("USFS") indicating that PacifiCorp owes $356 million for fire suppression costs, natural resource damages and burned area emergency response costs incurred by the USFS associated with the Slater fire in California. The notice further indicates that the alleged amounts owed may not include all environmental damages to which the USFS may be entitled and which the U.S. may seek to recover if further action is taken to resolve the debt. Additional charges for interest, penalties and administrative costs may also be sought associated with amounts considered overdue. In January 2024, PacifiCorp received correspondence from the U.S. Department of Justice ("USDOJ") indicating its intent to litigate the matter due to PacifiCorp not having paid the $356 million. PacifiCorp is actively cooperating with the USDOJ on resolving these alleged claims, including through the pursuit of alternative dispute resolution.

2020 Oregon Wildfires, Excluding Slater Fire

As described below, a significant number of complaints on behalf of plaintiffs associated with the 2020 Wildfires have been filed in Oregon in addition to those described above for the Slater Fire. The plaintiffs generally allege: (i) negligence due in part to alleged failure to comply with certain Oregon statutes and administrative rules, including those issued by the OPUC; (ii) gross negligence alleged in the form of willful, wanton and reckless disregard of known risks to the public; (iii) trespass; (iv) nuisance; (v) inverse condemnation; (vi) pre- and post-judgment interest; and (vii) reasonable attorney fees, investigation costs and expert witness fees. The complaints generally assert claims for: (i) noneconomic damages, including mental suffering, emotional distress, inconvenience and interference with normal and usual activities; (ii) damages for real and personal property and other economic losses; (iii) double the amount of property and economic damages; (iv) treble damages for specific costs associated with loss of forestry, trees and shrubbery; and (v) double the damages for the costs of litigation and reforestation. Certain complaints include wrongful death claims as described below. The plaintiffs generally demand a trial by jury and reserve their right to further amend their complaints to allege claims for punitive damages.

Jeanyne James et al. v. PacifiCorp and Consolidated Cases

On September 30, 2020, a class action complaint against PacifiCorp was filed, captioned Jeanyne James et al. v. PacifiCorp et al., Case No. 20CV33885, in Multnomah County Circuit Court, Oregon ("James"). The complaint was filed by Oregon residents and businesses who sought to represent a class of all Oregon citizens and entities whose real or personal property was harmed beginning on September 7, 2020, by wildfires in Oregon allegedly caused by PacifiCorp. On November 3, 2021, the plaintiffs filed an amended complaint to limit the class to include Oregon citizens allegedly impacted by the Echo Mountain Complex, South Obenchain, 242 and Santiam Canyon fires, as well as to add claims for noneconomic damages. The amended complaint alleged that PacifiCorp's assets contributed to the Oregon wildfires occurring on or after September 7, 2020, and that PacifiCorp acted with gross negligence, among other things. The amended complaint seeks damages similar to those described above, including not less than $600 million of economic damages and in excess of $1 billion of noneconomic damages for the plaintiffs and the class.

On April 29, 2024, a complaint against PacifiCorp naming 1,000 individual class members was filed in Multnomah County Circuit Court, Oregon, captioned Shane A Henson et al. v. PacifiCorp et al., referencing James Case No. 20CV33885 as the lead case. The April 2024 James complaint makes damages only allegations seeking for each individual class member $5 million of economic damages, $25 million of noneconomic damages and punitive damages equal to 0.25 times the amount of economic and noneconomic damages. The April 2024 James complaint also asserts doubling of economic damages for each individual class member. The class members demand a trial by jury.

On April 24, 2023, the jury trial for James with respect to the 17 named plaintiffs began in Multnomah County Circuit Court. In June 2023, the jury issued its verdict finding PacifiCorp liable to the 17 named plaintiffs and to the class with respect to the four wildfires. The jury found PacifiCorp's conduct grossly negligent, reckless and willful as to each plaintiff and the entire class. The jury awarded the 17 named plaintiffs $90 million of damages, including $4 million of economic damages, $68 million of noneconomic damages and $18 million of punitive damages based on a 0.25 multiplier of the economic and noneconomic damages.

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In September 2023, the Multnomah County Circuit Court ordered trial dates for three damages phase trials described below wherein plaintiffs in each of the three damages phase trials would present evidence regarding their damages.

In January 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the June 2023 James verdict. The limited judgment awards $92 million of damages based on the amounts awarded by the jury, as well as doubling of the economic damages and offsetting of any insurance proceeds received by plaintiffs. The limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. Under ORS 82.010, interest at a rate of 9% per annum will accrue on the judgment commencing at the date the judgment was entered until the entire money award is paid, amended or reversed by an appellate court. In January 2024, PacifiCorp filed a notice of appeal associated with the June 2023 verdict in James, including whether the case can proceed as a class action and filed a motion to stay further damages phase trials. On February 14, 2024, the Oregon Court of Appeals denied PacifiCorp's request to stay the damages phase trials. On February 13, 2024, the 17 named plaintiffs filed a notice of cross-appeal as to the January 2024 limited judgment and money award. The appeals process and further actions could take several years.

In January 2024, the jury for the first James damages phase trial awarded nine plaintiffs $62 million of damages, including $6 million of economic damages and $56 million of noneconomic damages. After the jury verdict, the Multnomah County Circuit Court doubled the economic damages to $12 million and added $16 million of punitive damages using the 0.25 multiplier determined by the jury for the June 2023 James verdict bringing the total damages awarded to $84 million. PacifiCorp requested that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the nine plaintiffs, and on March 25, 2024, the Multnomah County Circuit Court granted in large part the offset request. In April 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the January 2024 James verdict. The limited judgment awards $80 million of damages based on the amounts awarded by the jury and offsetting insurance proceeds received by plaintiffs. The limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. In April 2024, PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. PacifiCorp amended its January 2024 appeal of the June 2023 James verdict to include the January 2024 jury verdict.

In March 2024, the jury for the second James damages phase trial awarded ten plaintiffs $42 million of damages, including $12 million of doubled economic damages, $23 million of noneconomic damages and $7 million of punitive damages using the 0.25 multiplier determined by the jury for the June 2023 James verdict. PacifiCorp has requested that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the ten plaintiffs. PacifiCorp intends to appeal the jury's damage awards associated with the March 2024 jury verdict once judgment is entered.

As described below, in March 2024, settlement was reached with five commercial timber plaintiffs in the James consolidated cases, and the jury trial scheduled for April 2024 was cancelled.

The following cases have been consolidated into the James case:

Amended Salter filed August 20, 2021, in Multnomah County Circuit Court, Oregon by approximately 97 individuals. The complaint seeks damages similar to those described above, including economic damages not to exceed $150 million and noneconomic damages not to exceed $500 million.

Amended Allen filed September 2, 2021, in Multnomah County Circuit Court, Oregon by approximately five individuals. The Allen case seeks damages similar to those described above, including $8 million in economic and $24 million in noneconomic damages related to the Beachie Creek fire.

Dietrich filed August 26, 2022, in Multnomah County Circuit Court, Oregon. The complaint, as amended on September 6, 2022, was filed by six Oregon residents individually and on behalf of a class defined to include residents of, business owners in, real or personal property owners in and any other individuals physically present in specified Oregon counties as of September 7, 2020 who experienced any harm, damage or loss as a result of the Santiam Canyon, Echo Mountain Complex, 242 or South Obenchain fires. The amended complaint seeks $400 million in economic damages and $500 million in noneconomic damages. The Dietrich case is currently stayed due to plaintiffs' motion to consolidate the case into James.

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Cady filed April 26, 2022, in Multnomah County Circuit Court, Oregon. The Cady case was filed by 21 individuals seeking approximately $105 million in economic damages based on $5 million per each of the 21 individual plaintiffs in connection with the Echo Mountain Complex fire. The individual plaintiffs also seek noneconomic damages to be determined at trial. In March 2024, a settlement was reached resulting in cancellation of the jury trial that was previously scheduled to begin May 6, 2024.

Logan filed September 2, 2022, in Multnomah County Circuit Court, Oregon. The Logan case was filed by five individuals seeking approximately $35 million in economic damages based on $5 million for each of the four individual plaintiffs and $15 million for the one non-individual plaintiff. In March 2024, a settlement was reached resulting in cancellation of the jury trial that was previously scheduled to begin May 6, 2024.

Bell filed September 7, 2022, in Multnomah County Circuit Court, Oregon by 59 plaintiffs seeking $35 million in damages, including economic and noneconomic damages.

Freres Timber filed September 1, 2022, in Multnomah County Circuit Court, Oregon. The complaint, as amended on October 18, 2023, was filed by three commercial plaintiffs seeking approximately $7 million in economic damages and $2 million of punitive damages. In March 2024, a settlement was reached, and the jury trial scheduled for April 2024 was cancelled.

CW Specialty Lumber, Inc. filed December 6, 2022, in Multnomah County Circuit Court, Oregon. The complaint, as amended on October 17, 2023, was filed by two commercial timber plaintiffs each seeking approximately $10 million in economic damages and $3 million in punitive damages. In March 2024, a settlement was reached, and the jury trial scheduled for April 2024 was cancelled.

The settlements reached with the various James plaintiffs in March 2024 totaled $29 million.

Ashley Andersen et al. v. PacifiCorp and Consolidated Cases

On November 16, 2021, a complaint against PacifiCorp was filed in Multnomah County Circuit Court, Oregon, captioned Ashley Andersen et al. v. PacifiCorp, Case No. 21CV36567 ("Andersen"). The Andersen case was filed by approximately 50 Oregon residents, occupants and real and personal property owners who allege injuries and damages resulting from the September 2020 Echo Mountain Complex fires. The Andersen case as amended on December 6, 2022 makes allegations similar to those described above and seeks economic damages of approximately $83 million and noneconomic damages of approximately $83 million. Multiple complaints have been consolidated into Andersen as described below.

The following complaints also filed in Multnomah County Circuit Court, Oregon, have been consolidated into the Andersen case each with allegations and damages similar to those described above for the Andersen case and each seek economic damages of approximately $83 million and noneconomic damages of approximately $83 million unless otherwise noted: Klinger filed September 1, 2022, approximately 49 plaintiffs; Bowen filed September 1, 2022, approximately 47 plaintiffs; Weathers filed September 1, 2022, approximately 46 plaintiffs; Barnholdt filed September 6, 2022, approximately 26 plaintiffs; Pratt filed September 7, 2022, approximately 16 plaintiffs; Thompson filed September 7, 2022, approximately 49 plaintiffs; Cohn filed September 7, 2022, approximately 6 plaintiffs, $5 million for a wrongful death claim, $15 million in economic damages and $15 million in noneconomic damages; Sparks filed December 17, 2021 and amended on September 7, 2022, approximately 49 plaintiffs, various damages of approximately $125 million; Russie filed May 13, 2022, approximately 45 plaintiffs, various damages of approximately $125 million.

The Andersen case is set for trial starting August 19, 2024, through September 13, 2024.

Judith O'Keefe v. PacifiCorp and Consolidated Cases

On April 23, 2021, a complaint against PacifiCorp was filed, captioned Judith O'Keefe v. PacifiCorp, Case No. 21CV15857 ("O'Keefe") in Multnomah County Circuit Court, Oregon associated with the Beachie Creek Fire. The complaint, as amended on January 31, 2024, was filed by one individual plaintiff seeking damages similar to those described above, including approximately $1 million in economic damages and $1 million in noneconomic damages. A jury trial is scheduled for November 4, 2024, through November 29, 2024.

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The following cases also associated with the Beachie Creek Fire have been consolidated into the O'Keefe case: Macy-Wyngarden filed September 1, 2022, in Multnomah County Circuit Court, Oregon, by approximately 12 plaintiffs seeking economic damages of approximately $83 million and noneconomic damages of approximately $83 million; Bogle filed September 1, 2022, in Multnomah County Circuit Court, Oregon, by approximately 39 plaintiffs seeking economic damages of approximately $83 million and noneconomic damages of approximately $83 million; Dodge filed September 8, 2022, in Multnomah County Circuit Court, Oregon, by two plaintiffs seeking $3 million in economic damages and $3 million in noneconomic damages.

Other Cases

On September 1, 2022, a complaint against PacifiCorp associated with the Archie Creek Fire was filed captioned Leonard Mitchell Lee et. al v. PacifiCorp, Case No. 22CV29685 in Oregon Circuit Court in Multnomah County, Oregon by approximately five plaintiffs, seeking approximately $63 million in economic damages and $63 million in noneconomic damages and makes allegations similar to those described above.

On September 2, 2022, a complaint against PacifiCorp associated with the Archie Creek Fire was filed captioned Beamer et. al v. PacifiCorp, Case No. 22CV29851 in Oregon Circuit Court in Douglas County, Oregon by approximately 36 plaintiffs, seeking more than $190 million in economic damages based on $5 million for each of the 35 individual plaintiffs and $15 million for the one non-individual plaintiff and makes allegations similar to those described above. The individual plaintiffs also seek noneconomic damages to be determined at trial. As a result of the December 2023 settlement, claims associated with approximately 27 plaintiffs in the Beamer case were resolved. In February 2024, the Oregon Circuit Court dismissed all but one remaining plaintiff. In April 2024, in response to the one remaining plaintiff in Beamer filing a letter indicating the intent to dismiss their claims, the Oregon Circuit Court entered the dismissal.

A group of subrogation insurers that filed complaints against PacifiCorp associated with the Archie Creek Fire agreed to a mediator's proposal under which PacifiCorp will pay 51.75% of the total claims paid and to be paid by the carriers related to the Archie Creek Fire. In October 2022, PacifiCorp paid $24 million to the subrogation insurers. During 2023 and January 2024, PacifiCorp paid additional amounts to the subrogation insurers and ultimately expects to pay a total of $28 million to the subrogation insurers. While some of the subrogation complaints have been fully dismissed, the following remain active:

The Lexington complaint was filed against PacifiCorp by two insurers in Oregon Circuit Court in Douglas County, Oregon seeking $14 million in damages for negligence associated with the Archie Creek Fire and, as amended on February 3, 2022, make allegations similar to those described above. The Lexington case was partially dismissed following settlement, but general judgment of dismissal has not yet been entered because certain plaintiffs remain active.

The Certain Underwriters complaint was filed against PacifiCorp by four insurers in Oregon Circuit Court in Douglas County, Oregon on April 28, 2022 by multiple insurers seeking $14 million in damages for negligence associated with the Archie Creek Fire. The Certain Underwriters case remains pending because general judgment of dismissal has not yet been entered because certain plaintiffs remain active.

The Ace American Insurance Co. complaint was filed against PacifiCorp in Oregon Circuit Court in Douglas County, Oregon on August 25, 2022, by 15 insurers seeking approximately $24 million for negligence. The Ace American Insurance case was partially dismissed following settlement, but general judgment of dismissal has not yet been entered because certain plaintiffs remain active.

On October 7, 2021, a complaint against PacifiCorp was filed captioned Estate of Cathy Lynn Cook et. al v. PacifiCorp et. al, Case No. 21CV35076 ("Cook") in Oregon Circuit Court in Multnomah County, Oregon, approximately two plaintiffs, seeking a minor amount of economic damages and approximately $40 million in noneconomic damages associated with the Beachie Creek Fire, makes allegations similar to those described above and includes wrongful death claims. On February 5, 2024, the complaint was amended to add a request for $200 million in punitive damages. The Cook case is set for trial starting August 5, 2024, through August 16, 2024.

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On October 7, 2021, a complaint against PacifiCorp was filed captioned Angela Mosso et. al v. PacifiCorp et. al, Case No. 21CV35069 in Oregon Circuit Court in Multnomah County, Oregon, approximately four plaintiffs, seeking approximately $10 million in economic damages and $90 million in noneconomic damages associated with the Beachie Creek Fire, makes allegations similar to those described above and includes wrongful death claims. On February 5, 2024, the complaint was amended to add a request for $400 million in punitive damages. On April 18, 2024, a second amended complaint was filed increasing noneconomic damages to $200 million and decreasing punitive damages to $330 million for total damages sought of $540 million. The Mosso case is set for trial starting July 5, 2024, through July 19, 2024.

In April 2024, the Oregon Circuit Court in Multnomah County denied plaintiffs' motions for summary judgment in Cook and Mosso to utilize the June 2023 verdict in James to establish fire causation and negligence for the Cook and Mosso trials.

On June 9, 2023, a complaint against PacifiCorp was filed captioned Annamarie Miller et. al v. PacifiCorp, Case No. 23CV23104 in Oregon Circuit Court in Multnomah County, Oregon, approximately 10 plaintiffs, seeking approximately $42 million in economic damages and $42 million in noneconomic damages associated with the Echo Mountain Fire and makes allegations similar to those described above.

On November 7, 2023, a complaint against PacifiCorp was filed captioned Cooper Mountain Winery LLC v. PacifiCorp, Case No. 23CV47202 in Oregon Circuit Court in Washington County, Oregon, seeking approximately $750,000 in economic damages associated with multiple fires and makes allegations similar to those described above.

On January 18, 2024, a complaint against PacifiCorp was filed captioned Sokol Blosser, Ltd. et. al v. PacifiCorp, Case No. 24CV03044 in Oregon Circuit Court in Multnomah County, Oregon, approximately nine plaintiffs, seeking approximately $20 million in economic damages associated with multiple fires and makes allegations similar to those described above.

On July 14, 2023, a complaint against PacifiCorp was filed captioned Elk Cove Vineyards, Inc. v. PacifiCorp, Case No. 23CV28258 in Oregon Circuit Court in Yamhill County, Oregon, one plaintiff, seeking approximately $3 million in economic damages associated with multiple fires and makes allegations similar to those described above. On March 13, 2024, the complaint was amended to add 12 plaintiffs, with all plaintiffs collectively seeking approximately $25 million in economic damages. The Elk Cove Vineyards, Inc. case is set for trial starting April 1, 2025 through May 9, 2025.

On July 14, 2023, a complaint against PacifiCorp was filed captioned Retraite, LLC, et. al v. PacifiCorp, Case No. 23CV28213 in Oregon Circuit Court in Polk County, Oregon, approximately four plaintiffs, seeking approximately $4 million in economic damages associated with multiple fires and makes allegations similar to those described above. The Retraite LLC case is set for trial starting February 3, 2025 through March 7, 2025.

On July 14, 2023, a complaint against PacifiCorp was filed captioned Brigadoon Vineyards, LLC v. PacifiCorp, Case No. 23CV28149 in Oregon Circuit Court in Lane County, Oregon seeking approximately $100,000 in economic damages associated with multiple fires and makes allegations similar to those described above. The Brigadoon Vineyards, LLC case is set for trial starting January 7, 2025 through January 28, 2025.

On July 24, 2023, a complaint against PacifiCorp was filed captioned Willamette Valley Vineyards Inc v. PacifiCorp, Case No. 23CV29519 in Oregon Circuit Court in Marion County, Oregon seeking approximately $3 million in economic damages associated with multiple fires and makes allegations similar to those described above. On March 29, 2024, the complaint was amended to add four plaintiffs, with all plaintiffs collectively seeking approximately $4 million in economic damages.

On September 1, 2022, a complaint against PacifiCorp was filed captioned Stroh Coastal Holdings LLC, v. PacifiCorp, Case No. 22CV29695 in Oregon Circuit Court in Multnomah County, Oregon, one plaintiff, seeking $1 million in economic damages associated with the Pike Road Fire and makes allegations similar to those described above. The Stroh Coastal Holdings LLC case is set for trial starting September 3, 2024, through September 13, 2024.

In January 2024, PacifiCorp settled various claims for $3 million with approximately 14 plaintiffs associated with various 2020 Wildfire complaints in Oregon.

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United States and State of Oregon – Loss and Damages to Federal and State Lands – Oregon Fires

PacifiCorp received correspondence from the USDOJ, representing the U.S. Department of the Interior, Bureau of Land Management, Bureau of Indian Affairs, Department of Agriculture and Forest Service, regarding the potential recovery of certain costs and damages alleged to have occurred to federal lands from the September 2020 Archie Creek and Susan Creek fires. The USDOJ estimates for mediation purposes only the costs and damages relating to reforestation, damaged timber and improvements, coordination with hydropower license, suppression costs and other assessment, cleanup and rehabilitation costs and damages at approximately $625 million. The amounts alleged for natural resource damage from these fires do not include intangible environmental and natural resource damages that the U.S. could potentially seek to recover if this matter was fully litigated, nor do they include multipliers which the agencies are allegedly entitled to collect under pertinent federal regulations, under which, for example, minimum damages for trespass to timber managed by the U.S. Department of Interior are twice the fair market value of the resource at the time of the trespass, or three times if the violation was willful.

PacifiCorp also received correspondence from the Oregon Department of Justice ("ODOJ"), representing the State of Oregon, regarding the potential recovery of losses and damages to state lands from the Archie Creek and Susan Creek fires. The ODOJ estimates for mediation purposes only losses and damages relating to the sheltering of, and assistance to, affected Oregonians, fire control and extinguishment costs, 39 acres of Oregon forestland, losses and damages at the Rock Creek Fish Hatchery, road and highway damages, and other costs, at approximately $109 million.

On October 12, 2023 and December 21, 2023, the Oregon Department of Forestry sent demand notices for fire suppression costs totaling $2 million for three separate ignition points associated with the 2020 Wildfires.

PacifiCorp is actively cooperating with both the USDOJ and ODOJ on resolving these alleged claims, including through the pursuit of alternative dispute resolution.

2022 McKinney Fire

Numerous complaints associated with the 2022 McKinney Fire have been filed in California Superior Court, Sacramento County, California on behalf of over 300 plaintiffs, including multiple insurers, as described below. The complaints generally allege: (i) inverse condemnation; (ii) negligence; (iii) trespass; (iv) nuisance; and (v) violation of certain sections of the California Public Utilities Code and the California Health & Safety Code and seek various damages, generally including: (i) economic damages; (ii) noneconomic damages; (iii) doubling or trebling of timber damages; (iv) punitive damages; (v) prejudgment interest; and (vi) attorneys' fees and other costs. Certain complaints include wrongful death claims as described below. The complaints do not specify the amount of damages sought.

On August 16, 2022, a complaint against PacifiCorp was filed, captioned Bridges et. al v. PacifiCorp, Case No. 34-2022-00325257, in California Superior Court, Sacramento County, California ("Bridges") by approximately five plaintiffs. The following complaints were filed and subsequently consolidated (or will be consolidated) into Bridges: Cogan filed August 23, 2022, approximately 12 plaintiffs, including a wrongful death claim; Shoopman filed August 26, 2022, approximately 61 plaintiffs, including a wrongful death claim; Lowe filed September 28, 2022, approximately two plaintiffs; Fraser filed November 9, 2022, approximately 180 plaintiffs; California Fair Plan Association, filed March 3, 2023, approximately 18 subrogation insurers; Corrales, filed April 6, 2023, approximately 30 plaintiffs; Murieen, filed April 20, 2023, approximately seven plaintiffs; Hickey, filed May 9, 2023, approximately five plaintiffs; and Volckhausen, filed May 9, 2023, one plaintiff; Huber, filed August 21, 2023, approximately three plaintiffs, including a wrongful death claim; CSAA filed December 21, 2023, one subrogation insurer.

On December 21, 2022, a complaint against PacifiCorp was filed, captioned Siskiyou County v. PacifiCorp, Case No. 2:22‑CV‑02278‑DMC, in the U.S. District Court for the Eastern District of California ("Siskiyou County") on behalf of a single plaintiff. A jury trial is scheduled for September 22, 2025.

On January 8, 2024, a complaint against PacifiCorp was filed, captioned Insurance Company of Hannover v. PacifiCorp, Case No. 24CV000183, in Sacramento Superior Court, California, by one subrogation plaintiff.

On March 4, 2024, a complaint against PacifiCorp was filed, captioned Gabriel Hamilton et. al v. PacifiCorp, Case No. 24CV004099, in California Superior Court, Sacramento County, California ("Hamilton") by approximately 34 plaintiffs, including four insurance subrogation plaintiffs.

On March 28, 2024, a complaint against PacifiCorp was filed, captioned Mark Crawford et. al v. PacifiCorp, Case No. 24CV006043, in California Superior Court, Sacramento County, California ("Crawford") by approximately 37 plaintiffs.

194

On April 12, 2024, a complaint against PacifiCorp was filed, captioned Susanne White v. PacifiCorp, Case No. 2:24‑CV‑01112‑KJM‑DMC, in U.S. District Court for the Eastern District of California ("White") by one plaintiff.

On April 25, 2024, a complaint against PacifiCorp was filed, captioned Loretta D. Bartlett et. al v. PacifiCorp, Case No. 24CV008199, in California Superior Court, Sacramento County, California ("Bartlett") by approximately 30 plaintiffs.

BERKSHIRE HATHAWAY ENERGY

HomeServices, a subsidiary of BHE, is currently defending against several antitrust cases, all in federal district courts. In each case, plaintiffs claim HomeServices and certain of its subsidiaries (in one instance, HomeServices and BHE) conspired with co-defendants to artificially inflate real estate commissions by following and enforcing multiple listing service ("MLS") rules that require listing agents to offer a commission split to cooperating agents in order for the property to appear on the MLS ("Cooperative Compensation Rule"). None of the complaints specify damages sought. However, two cases allege Texas state law deceptive trade practices claims, for which plaintiffs have provided written notice of the damages sought totaling approximately $9 billion by separate notice as required by Texas law. The cases are captioned as follows.

In April 2019, the Burnett (formerly Sitzer) et al. v. HomeServices of America, Inc. et al., Case No. 19CV332, complaint was filed in the U.S. District Court for the Western District of Missouri (the "Burnett case"). This lawsuit, which was certified as a class in April 2022, was originally brought on behalf of named plaintiffs Joshua Sitzer and Amy Winger against the National Association of Realtors ("NAR"), Anywhere Real Estate (formerly Realogy Holdings Corp.), HomeServices of America, Inc., RE/MAX, LLC, and Keller Williams Realty, Inc. HSF Affiliates, LLC and BHH Affiliates, LLC, each a subsidiary of HomeServices, were subsequently added as defendants. Rhonda Burnett became a lead class plaintiff in June 2021. The jury trial commenced on October 16, 2023, and the jury returned a verdict for the plaintiffs on October 31, 2023, finding that the named defendants participated in a conspiracy to follow and enforce the Cooperative Compensation Rule, which conspiracy had the purpose or effect of raising, inflating, or stabilizing broker commission rates paid by home sellers. The jury further found that the class plaintiffs had proved damages in the amount of $1.8 billion. Joint and several liability applies for the co- defendants. Federal law authorizes trebling of damages and the award of pre-judgment interest and attorney fees. Prior to the trial, Anywhere Real Estate (formerly Realogy Holdings Corp.) and RE/MAX, LLC reached settlement agreements with the plaintiffs. Subsequent to the trial, settlements were reached by Keller Williams and NAR on February 1, 2024 and March 15, 2024, respectively. All settlements are subject to court approval, which is scheduled for May 9, 2024, except for the NAR settlement for which the date is November 26, 2024. Final judgment has not yet been entered by the U.S. District Court for the Western District of Missouri. In April 2024, HomeServices agreed to terms with the plaintiffs to settle all claims asserted against HomeServices, HSF Affiliates, LLC and BHH Affiliates, LLC in the Burnett case as part of a proposed nationwide class settlement. The final settlement, which includes scheduled payments over the next four years, has yet to be filed with the court and is ultimately subject to court approval. If the settlement is not approved by the court, HomeServices intends to vigorously appeal on multiple grounds the jury's findings and damage award in the Burnett case, including whether the case can proceed as a class action. The appeals process and further actions could take several years.

In March 2019, the Christopher Moehrl v. National Association of Realtors, et al. & Sawbill Strategic, Inc. v. HomeServices of America, Inc. et al., Case Nos. 19CV01610 and 19CV2544 (together "Moehrl") complaint was filed in the U.S. District Court for the Northern District of Illinois. This certified class action lawsuit was brought on behalf of named plaintiff Christopher Moehrl against the NAR, Anywhere Real Estate (formerly Realogy Holdings Corp.), HomeServices of America, Inc., HSF Affiliates, LLC, BHH Affiliates, LLC, Long & Foster Companies, Inc. (also a HomeServices subsidiary), RE/MAX, LLC and Keller Williams Realty, Inc.

In December 2020, the Nosalek (formerly Bauman) v. HomeServices of America, Inc. et al., Case No. 20CV1244, complaint was filed in the U.S. District Court for the District of Massachusetts. This putative class action lawsuit was originally filed on behalf of named plaintiffs Gary Bauman, Mary Jane Bauman, and Jennifer Nosalek against the MLS Property Information Network, Inc. (MassPIN), Anywhere Real Estate (formerly Realogy Holdings Corp.), HomeServices of America, Inc., BHH Affiliates, LLC, HSF Affiliates, LLC, RE/MAX, LLC, Keller Williams Realty, Inc. and additional named defendants. In October 2021, the Baumans voluntarily dismissed themselves from the case, removing them as class representatives. A motion by HomeServices' defendants for summary judgment remains pending based on resolution of the motion for multidistrict litigation.

195

In November 2023, the QJ v. HomeServices of America, Inc. et al., Case No. 23CV01013, complaint was filed in the U.S. District Court for the Eastern District of Texas. This putative class action lawsuit was brought on behalf of named plaintiff QJ Team, LLC against the Texas Association of Realtors, Inc., HomeServices of America, Inc., ABA Management, L.L.C. (a HomeServices subsidiary), Ebby Halliday Real Estate, LLC (a HomeServices subsidiary), Keller Williams Realty, Inc. and additional named defendants.

In December 2023, the Martin v. HomeServices of America, Inc. et al., Case No. 23CV01104, complaint was filed in the U.S. District Court for the Eastern District of Texas. This putative class action lawsuit was brought on behalf of named plaintiff Julie Martin against the Texas Association of Realtors, Inc., HomeServices of America, Inc., ABA Management, L.L.C., Ebby Halliday Real Estate, LLC, Keller Williams Realty, Inc. and additional named defendants.

On March 21, 2024, the court granted plaintiffs' motion to consolidate the QJ case and the Martin case.

In December 2023, the Umpa v. HomeServices of America, Inc. et al., Case No. 23CV00945, complaint was filed in the U.S. District Court for the Western District of Missouri. This putative class action lawsuit was brought on behalf of named plaintiff Daniel Umpa against the NAR, HomeServices of America, Inc., BHH Affiliates, LLC, HSF Affiliates, LLC, Long & Foster Companies, Inc., Keller Williams Realty, Inc. and additional named defendants.

In January 2024, the Masiello v. Roy H. Long Realty, Inc. d/b/a Long Realty et al., Case No. 24CV00045, complaint was filed in the U.S. District Court for the District of Arizona. This putative class action lawsuit was brought on behalf of named plaintiff Joseph Masiello against the Arizona Association of Realtors, Roy H. Long Realty, Inc. d/b/a Long Realty (a HomeServices of America, Inc. subsidiary) and additional named defendants.

In January 2024, the Fierro v. BHH Affiliates, LLC, et al., Case No. 24CV00449, complaint was filed in the U.S. District Court for the Central District of California. This putative class action lawsuit was brought on behalf of named plaintiffs Gael Fierro and Patrick Thurber against the NAR, Berkshire Hathaway Inc., BHH Affiliates, LLC and additional named defendants.

In January 2024, the Whaley v. Berkshire Hathaway HomeServices Nevada Properties et al., Case No. 24CV00105, amended complaint was filed in the U.S. District Court for the District of Nevada. This putative class action lawsuit was brought on behalf of named plaintiff Nathaniel Whaley against the NAR, Berkshire Hathaway HomeServices Nevada Properties (a HomeServices of America, Inc. subsidiary) and additional named defendants.

In February 2024, the Boykin v. BHH Affiliates, LLC, et al., Case No. 24CV00340, compliant was filed in the U.S. District Court for the District of Nevada. This putative class action lawsuit was brought on behalf of named plaintiff Angela Boykin against the NAR, BHH Affiliates, LLC and additional named defendants.

On March 20, 2024, the court consolidated the Boykin case with the Whaley case.

In February 2024, the Jensen v. HomeServices of America, Inc., et al., Case No. 24CV00109, complaint was filed in the U.S. District Court for the District of Utah. The putative class action lawsuit was brought on behalf of named plaintiff Dalton Jensen against the NAR, Anywhere Real Estate, Inc., HomeServices of America, Inc., HSF Affiliates, LLC, BHH Affiliates, LLC and additional named defendants.

In March 2024, the Wang v. HomeServices of America, Inc. et al., Case No. 24CV02371, complaint was filed in the U.S. District Court for the Southern District of New York. This pro se action was filed against the NAR, the Real Estate Board of New York, Inc., and HomeServices of America, Inc., et al.

In March 2024, the first amended complaint in the Gibson v. National Association of Realtors, et al., Case No. 23CV00788, complaint was filed in the U.S. District Court for the Western District of Missouri. The putative class action lawsuit was brought on behalf of named plaintiffs Don Gibson, Lauren Criss and John Meiners against the NAR, BHE and additional named defendants.

On April 23, 2024, the court consolidated the Gibson case with the Umpa case.

In April 2024, the Burton v. HomeServices of America, Inc., et al. Case No. 7:24CV01800, complaint was filed in the U.S. District Court for the District of South Carolina. This putative class action was brought on behalf of named plaintiffs Shauntell Burton, Benny D. Cheatham, Robert Douglass, Douglas Fender, and Dena Fender against HomeServices of America, Inc., HSF Affiliates, LLC, et al. This is the second complaint filed by these plaintiffs; the first complaint was filed against the National Association of Realtors, Keller Williams Realty, Inc. et al. ("Burton I") and is still pending.

196

Item 1A.Risk Factors

There has been no material change to each Registrant's risk factors from those disclosed in Item 1A of each Registrant's Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Not applicable.

Item 3.Defaults Upon Senior Securities

Not applicable.

Item 4.Mine Safety Disclosures

Information regarding Berkshire Hathaway Energy's and PacifiCorp's mine safety violations and other legal matters disclosed in accordance with Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is included in Exhibit 95 to this Form 10-Q.

Item 5.Other Information

Not applicable.

Item 6.Exhibits

The following is a list of exhibits filed as part of this Quarterly Report.

197

Exhibit No. Description

BERKSHIRE HATHAWAY ENERGY

10.1	Sixth Amended and Restated Credit Agreement, dated as of March 22, 2024 among AltaLink Investments, L.P., as borrower, AltaLink Investment Management LTD., as general partner, Royal Bank of Canada, as administrative agent, and Lenders (redacted).
15.1	Awareness Letter of Independent Registered Public Accounting Firm.
31.1	Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

PACIFICORP

15.2	Awareness Letter of Independent Registered Public Accounting Firm.
31.3	Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.4	Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.3	Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.4	Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

BERKSHIRE HATHAWAY ENERGY AND PACIFICORP

95 Mine Safety Disclosures Required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

MIDAMERICAN ENERGY

15.3	Awareness Letter of Independent Registered Public Accounting Firm.
31.5	Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.6	Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.5	Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.6	Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

MIDAMERICAN FUNDING

31.7	Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.8	Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.7	Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.8	Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

198

Exhibit No. Description

NEVADA POWER

15.4	Awareness Letter of Independent Registered Public Accounting Firm.
31.9	Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.10	Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.9	Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.10	Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

SIERRA PACIFIC

15.5	Awareness Letter of Independent Registered Public Accounting Firm.
31.11	Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.12	Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.11	Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.12	Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

BERKSHIRE HATHAWAY ENERGY AND SIERRA PACIFIC

4.1 Third Supplemental Indenture, dated as of May 31, 2022, by and between Sierra Pacific Power Company and the Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.3 to the Sierra Pacific Power Company Current Report on Form 8-K dated September 18, 2023).

EASTERN ENERGY GAS

15.6	Awareness Letter of Independent Registered Public Accounting Firm.
31.13	Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.14	Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.13	Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.14	Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

EASTERN GAS TRANSMISSION AND STORAGE

31.15	Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.16	Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.15	Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.16	Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

199

Exhibit No. Description

ALL REGISTRANTS

101

The following financial information from each respective Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, is formatted in iXBRL (Inline eXtensible Business Reporting Language) and included herein: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements, tagged in summary and detail.

104

Cover Page Interactive Data File formatted in iXBRL (Inline eXtensible Business Reporting Language) and contained in Exhibit 101.

200

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BERKSHIRE HATHAWAY ENERGY COMPANY
Date: May 3, 2024	/s/ Calvin D. Haack
	Calvin D. Haack
	Senior Vice President and Chief Financial Officer
	(principal financial and accounting officer)
	PACIFICORP
Date: May 3, 2024	/s/ Nikki L. Kobliha
	Nikki L. Kobliha
	Senior Vice President, Chief Financial Officer and Treasurer
	(principal financial and accounting officer)
	MIDAMERICAN FUNDING, LLC
	MIDAMERICAN ENERGY COMPANY
Date: May 3, 2024	/s/ Blake M. Groen
	Blake M. Groen
	Vice President and Controller
	of MidAmerican Funding, LLC and
	Vice President and Chief Financial Officer
	of MidAmerican Energy Company
	(principal financial and accounting officer)
	NEVADA POWER COMPANY
Date: May 3, 2024	/s/ Michael J. Behrens
	Michael J. Behrens
	Vice President and Chief Financial Officer
	(principal financial and accounting officer)
	SIERRA PACIFIC POWER COMPANY
Date: May 3, 2024	/s/ Michael J. Behrens
	Michael J. Behrens
	Vice President and Chief Financial Officer
	(principal financial and accounting officer)
	EASTERN ENERGY GAS HOLDINGS, LLC
Date: May 3, 2024	/s/ Scott C. Miller
	Scott C. Miller
	Vice President, Chief Financial Officer and Treasurer
	(principal financial and accounting officer)
	EASTERN GAS TRANSMISSION AND STORAGE, INC.
Date: May 3, 2024	/s/ Scott C. Miller
	Scott C. Miller
	Vice President, Chief Financial Officer and Treasurer
	(principal financial and accounting officer)

201

EX-10.1

EXHIBIT 10.1
Execution Version

Certain identified information has been excluded from this exhibit because it is both not material and is the type of information that the registrant treats as private or confidential. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”.

SIXTH AMENDED AND RESTATED CREDIT AGREEMENT
made as of March 22, 2024

among

ALTALINK INVESTMENT MANAGEMENT LTD.,
as general partner of
ALTALINK INVESTMENTS, L.P.,

as Borrower,

- and -

ALTALINK INVESTMENT MANAGEMENT LTD.,

as General Partner,

- and -

ROYAL BANK OF CANADA,

as Administrative Agent of the Lenders, and as Lender,

- and -

RBC CAPITAL MARKETS,

as Sole Lead Arranger and Sole Bookrunner

- and -

BANK OF MONTREAL, as Documentation Agent

- and -

ALL OTHER LENDERS WHICH BECOME
PARTIES HEREUNDER,

as Lenders

LEGAL_1:83363388.10

RBC – AltaLink (AILP) – 2024 Amended and Restated Credit Agreement

- 1 -

ARTICLE	1	INTERPRETATION	2
	1.1	Definitions	2
	1.2	References	29
	1.3	Headings	29
	1.4	Included Words	29
	1.5	Accounting Terms	29
	1.6	Time	30
	1.7	Currency	30
	1.8	Certificates and Opinions	30
	1.9	Amendment and Restatement; No Novation	30
	1.10	Schedules	30
	1.11	Rates	31
ARTICLE	2	AMOUNT AND TERMS OF THE CREDIT FACILITY	32
	2.1	Credit Facility	32
	2.2	Cancellation	32
	2.3	Use of Proceeds	32
	2.4	Particulars of Borrowings	32
	2.5	Borrowing Notice	33
	2.6	Books of Account	34
	2.7	Co-ordination of Prime Rate Loans	34
	2.8	[Intentionally Deleted]	35
	2.9	Certification to Third Parties	35
	2.10	[Intentionally Deleted]	35
	2.11	Benchmark Replacement Setting	35
ARTICLE	3	DOCUMENTARY CREDITS	37
	3.1	Documentary Credits	37
	3.2	Procedure for Issue	37
	3.3	Form of Documentary Credits	38
	3.4	Reimbursements of Amounts Drawn	38
	3.5	Documentary Credit Participation	38
	3.6	Risk of Documentary Credits	39
	3.7	Fees	40
	3.8	Repayments	40
	3.9	Documentary Credits Outstanding Upon Default	41
ARTICLE	4	INTEREST	41
	4.1	Interest On Loans	41
	4.2	[Intentionally Deleted]	43
	4.3	Interest on Overdue Amounts	43
	4.4	Other Interest	43
	4.5	Interest Act (Canada)	43
	4.6	Deemed Reinvestment Principle	43
	4.7	Maximum Return	43
	4.8	Inability to Determine CORRA Rates	44
ARTICLE	5	FEES	45
	5.1	Commitment Fee	45
	5.2	Basis of Calculation of Fees	45

LEGAL_1:83363388.10

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- 2 -

ARTICLE	6	PAYMENT	45
	6.1	Voluntary Repayment of Outstanding Accommodation	45
	6.2	Repayment on Maturity Date and Extension	47
	6.3	Excess Accommodations	47
	6.4	Illegality	47
ARTICLE	7	PAYMENTS AND INDEMNITIES	48
	7.1	Payments on Non-Business Days	48
	7.2	Method and Place of Payment	48
	7.3	Net Payments	48
	7.4	Agent May Debit Account	48
	7.5	Currency of Payment	48
	7.6	General Indemnity	49
	7.7	[Intentionally Deleted]	50
ARTICLE	8	SECURITY	50
	8.1	Security	50
ARTICLE	9	REPRESENTATIONS AND WARRANTIES	50
	9.1	Representations and Warranties	50
	9.2	Survival of Representations and Warranties	55
ARTICLE	10	COVENANTS	55
	10.1	Reporting Covenants	55
	10.2	Payments Under This Agreement and Loan Documents	56
	10.3	Proceeds	56
	10.4	Inspection of Property, Books and Records, Discussions	56
	10.5	Notices	56
	10.6	Disbursements under Master Trust Indenture	57
	10.7	Cure Defects	57
	10.8	Carrying on Business	57
	10.9	Insurance and Insurance Proceeds	58
	10.10	Compliance with Laws and Agreements	58
	10.11	Taxes	58
	10.12	Further Assurances	58
	10.13	Limitations on Indebtedness	59
	10.14	Negative Pledge	59
	10.15	Investments	59
	10.16	Change in Business and Ownership of AltaLink and Subsidiaries	59
	10.17	Mergers, Etc	59
	10.18	Acquisitions	59
	10.19	Transactions with Non-Arm's Length Persons	60
	10.20	Environmental Covenants	60
	10.21	Hedging Agreements	61
	10.22	Distributions	61
	10.23	Fiscal Year	61
	10.24	Financial Covenants	61
	10.25	Master Trust Indenture	61
ARTICLE	11	CONDITIONS PRECEDENT TO BORROWINGS	62
	11.1	Conditions Precedent to the Closing	62

LEGAL_1:83363388.10

RBC – AltaLink (AILP) – 2024 Amended and Restated Credit Agreement

- 3 -

	11.2	Conditions Precedent to All Borrowings, Conversions	63
	11.3	Waiver	63
ARTICLE	12	EVENTS OF DEFAULT	63
	12.1	Events of Default	63
	12.2	Remedies	66
	12.3	Remedies Cumulative	67
	12.4	Appropriation of Moneys Received	67
	12.5	Non-Merger	67
	12.6	Waiver	67
	12.7	Set-off	68
ARTICLE	13	YIELD PROTECTION	68
	13.1	Increased Costs	68
	13.2	Taxes	70
	13.3	Mitigation Obligations: Replacement of Lenders	72
	13.4	Illegality	73
ARTICLE	14	RIGHT OF SETOFF	74
	14.1	Right of Setoff	74
ARTICLE	15	SHARING OF PAYMENTS BY LENDERS	74
	15.1	Sharing of Payments by Lenders	74
ARTICLE	16	AGENT'S CLAWBACK	75
	16.1	Agent's Clawback	75
ARTICLE	17	AGENCY	76
	17.1	Appointment and Authority	76
	17.2	Rights as a Lender	76
	17.3	Exculpatory Provisions	76
	17.4	Reliance by Agent	77
	17.5	Indemnifications of Agent	78
	17.6	Delegation of Duties	78
	17.7	Replacement of Agent	78
	17.8	Non-Reliance on Agent and Other Lenders	79
	17.9	Collective Action of the Lenders	79
	17.10	No Other Duties, etc	80
	17.11	Recovery of Erroneous Payments	80
ARTICLE	18	NOTICES: EFFECTIVENESS; ELECTRONIC COMMUNICATION	80
	18.1	Notices, etc	80
	18.2	Notice Details	81
ARTICLE	19	EXPENSES; INDEMNITY: DAMAGE WAIVER	82
	19.1	Expenses; Indemnity: Damage Waiver	82
ARTICLE	20	SUCCESSORS AND ASSIGNS	84
	20.1	Successors and Assigns	84
ARTICLE	21	AMENDMENTS AND WAIVERS	87
	21.1	Amendments and Waivers	87
	21.2	Judgment Currency	87
ARTICLE	22	GOVERNING LAW; JURISDICTION; ETC	88
	22.1	Governing Law; Jurisdiction; Etc	88
ARTICLE	23	WAIVER OF JURY TRIAL	89

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	23.1	Waiver of Jurty Trial	89
ARTICLE	24	COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION	89
	24.1	Counterparts; Integration; Effectiveness; Electronic Execution	89
ARTICLE	25	TREATMENT OF CERTAIN INFORMATION; CONFIDENTIALITY	90
	25.1	Treatment of Certain Information: Confidentiality	90
ARTICLE	26	MISCELLANEOUS	91
	26.1	Further Assurances	91
	26.2	Acknowledgement	91

SCHEDULE 1	-	BORROWER'S CERTIFICATE OF COMPLIANCE
SCHEDULE 2(A)	-	BORROWING NOTICE
SCHEDULE 2(b)	-	NOTICE OF ROLL OVER
SCHEDULE 2(C)	-	CONVERSION OPTION NOTICE
SCHEDULE 3	-	NOTICE OF EXTENSION
SCHEDULE 4	-	FORM OF ISSUE NOTICE
SCHEDULE 5	-	ASSIGNMENT AND ASSUMPTION
SCHEDULE 6	-	COMMITMENTS OF THE LENDERS
SCHEDULE 6.1(a)	-	FORM OF NOTICE OF REPAYMENT
SCHEDULE 7	-	SENIOR PLEDGED BOND, SERIES 2
SCHEDULE 8	-	THIRD SUPPLEMENTAL INDENTURE
SCHEDULE 9.1(a)	-	CREDIT PARTY AND SUBSIDIARY INFORMATION
SCHEDULE 10	-	MATERIAL AGREEMENTS

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THIS SIXTH AMENDED AND RESTATED CREDIT AGREEMENT is made as of March 22, 2024

A M O N G:

ALTALINK INVESTMENT MANAGEMENT LTD., as general partner of ALTALINK INVESTMENTS, L.P.,

as Borrower,

- and -

ALTALINK INVESTMENT MANAGEMENT LTD.,

as General Partner,

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ROYAL BANK OF CANADA

as Agent of the Lenders, and as a Lender,

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ALL OTHER LENDERS WHICH BECOME PARTIES HEREUNDER,

as Lenders

WHEREAS the Borrower, Royal Bank of Canada, as agent and the Lenders are party to an Amended and Restated Credit Agreement dated January 24, 2020 (such agreement, as amended by a first amending agreement dated April 27, 2020, a second amending agreement dated May 17, 2021, a third amending agreement dated December 15, 2021, a fourth amending agreement dated September 5, 2023 and a fifth amending agreement dated September 28, 2023, the “Existing Credit Agreement”), which Existing Credit Agreement was an amendment and restatement of an amended and restated credit agreement dated July 30, 2015 (such agreement, as amended by a first amending agreement dated as of November 20, 2015, a second amending agreement dated as of December 14, 2015, a third amending agreement dated as of July 8, 2016, a fourth amending agreement dated as of December 15, 2016, a fifth amending agreement dated as of December 15, 2017 and a sixth amending agreement dated as of December 14, 2018, the “2015 Credit Agreement”), which 2015 Credit Agreement was an amendment and restatement of an amended and restated credit agreement dated December 14, 2011 (such agreement, as amended by a first amending agreement dated as of April 27, 2012, a second amending agreement dated as of December 14, 2012, a third amending agreement dated as of December 16, 2013, a waiver and fourth amending agreement dated as of October 24, 2014 and a fifth amending agreement dated as of December 15, 2014, the “December 14, 2011 Credit Agreement”, which December 14, 2011 Credit Agreement was an amendment and restatement of an amended and restated credit agreement dated December 15, 2010, as amended by a first

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amending agreement dated as of October 28, 2011, the “December 15, 2010 Credit Agreement”, which December 15, 2010 Credit Agreement was an amendment and restatement of an amended and restated credit agreement dated December 16, 2009, as amended by a first amending agreement dated as of December 23, 2009, the “December 16, 2009 Credit Agreement”), pursuant to which the Lenders agreed (subject to the terms of the Existing Credit Agreement) to make funding available to the Borrower from time to time for operating expenses, capital expenditures and working capital needs of the Borrower and AltaLink.

AND WHEREAS the Borrower is party to a Master Trust Indenture (as defined herein) pursuant to which itmayborrow money by, among other things, creating and issuing bonds and other debt securities and entering into credit facility agreements, all in the manner set forth in the Master Trust Indenture;

AND WHEREAS in conjunction with the Original Credit Agreement (as defined in the December 16, 2009 Credit Agreement), the Borrower entered into a supplemental indenture under the Master Trust Indenture and authorized the issuance of a Pledged Bond under the Master Trust Indenture, as continuing collateral security for the obligations owing under the December 16, 2009 Credit Agreement.

AND WHEREAS the Borrower has requested that the Agent and Lenders agree to amend and restate the Existing Credit Agreement in the manner and on the terms and conditions provided for in this Amended and Restated Credit Agreement.

NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the mutual covenants and agreements contained in this Agreement, the Borrower, the Agent and the Lenders covenant and agree as follows:

ARTICLE 1
INTERPRETATION

1.1Definitions.

In this Agreement, unless the context otherwise requires, the following terms shall have the following meanings:

“Accommodations” means the Loans and Documentary Credits made under this Credit Facility and shall refer to any one or more of such types where the context requires.

“Acquisition” means, with respect to any Person, any transaction or series of related transactions for the direct or indirect (i) acquisition of the Assets of any other Person; (ii) acquisition of any shares, securities, interests, participations or other equivalents (including partnership interests or units) of any Person; or (iii) reconstruction, reorganization, consolidation, wind-up, merger, transfer, sale, lease or other combination with any other Person; and “Acquire” and “Acquired” have meanings correlative thereto.

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“Adjusted Daily Compounded CORRA” means, for purposes of any calculation, the rate per annum equal to (a) Daily Compounded CORRA for such calculation plus (b) the Daily Compounded CORRA Adjustment.

“Adjusted Term CORRA” means, for purposes of any calculation, the rate per annum equal to (a) Term CORRA for such calculation plus (b) the Term CORRA Adjustment.

“Administrative Questionnaire” means an administrative questionnaire in a form provided by the Agent.

“Advance” means an advance by the Lenders or any of them of any Accommodation, and shall include deemed Advances and conversions, renewals and rollovers of existing Advances, and any reference relating to the amount of Advances shall mean the Canadian Dollar Amount of all outstanding Accommodation.

“Affiliate” of any specified Person means any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person.

“Agent” or “Administrative Agent” means RBC in its capacity as administrative agent hereunder, or any successor Agent appointed under Section 17.7.

“Agent’s Account” means the account at the Branch into which Lenders’ Advances shall be deposited for payment to the Borrower.

“Agreement” means this Sixth Amended and Restated Credit Agreement and the Schedules hereto, as amended, supplemented or restated from time to time.

“AltaLink” means AltaLink, L.P., an Alberta limited partnership, together with its successors and assigns.

“Applicable Law” means, at any time, with respect to any Person, property, transaction or event, all then applicable laws, by-laws, statutes and regulations, and (to the extent that they have the force of law) all then applicable treaties, judgments, decrees, official directives, rules, consents, approvals, authorizations, guidelines, orders and policies of any Governmental Authority having authority over any of such Person, property, transaction or event.

“Applicable Margin” means the applicable fee or margin amount set out in the following grid for the rating which corresponds to the senior unsecured credit rating received from S&P or DBRS for the Borrower and which is determined below:

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Senior Unsecured Rating Grid
Ratings	Category I	Category II	Category III	Category IV	Category V	Category VI	Category VII
S & P and DBRS	>A / A	A / A	A- / A (low)	BBB+ / BBB (high)	BBB / BBB	BBB- / BBB (low)	< BBB- / BBB (low)
Documentary Credits, Term CORRA & Daily Compounded CORRA Margin	70 bps	80 bps	100 bps	120 bps	145 bps	170 bps	200 bps
Prime Margin	0 bps	0 bps	0 bps	20 bps	45 bps	70 bps	100 bps
Commitment Fee	14.0 bps	16.0 bps	20.0 bps	24.0 bps	29 bps	34 bps	40 bps

Provided that if at any time neither S&P nor DBRS maintains a senior unsecured credit rating for the Borrower then “Applicable Margin” shall thereafter mean the applicable fee or margin amount set out in the following grid for the rating which corresponds to the issuer credit rating received from S&P or DBRS for the Borrower and which is determined below.

Issuer Credit Rating Grid
Ratings	Category I	Category II	Category III	Category IV	Category V	Category VI
S & P and DBRS	>A / A	A / A	A- / A (low)	BBB+ / BBB (high)	BBB / BBB	<BBB / BBB
Documentary Credits, Term CORRA & Daily Compounded CORRA Margin	80 bps	100 bps	120 bps	145 bps	170 bps	200 bps
Prime Margin	0 bps	0 bps	20 bps	45 bps	70 bps	100 bps
Commitment Fee	16.0 bps	20.0 bps	24.0 bps	29 bps	34 bps	40 bps

For purposes of this Agreement, if at any time the ratings assigned by the Rating Agencies fall within different rating categories in accordance with the above tables, (a) in the case where the lowest senior unsecured credit rating or issuer credit rating, as applicable, is BBB- or higher, the Applicable Margin will be the higher of the ratings and (b) in the case where the lowest senior unsecured credit rating or issuer credit rating, as applicable, is lower than BBB-, the Applicable Margin will be based on the average of the ratings.

Any increase or decrease in the Applicable Margin resulting from a change in the rating assigned by one or more Rating Agency shall be calculated with reference

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to the new Applicable Margin effective on and after the date on which such rating change is published, notwithstanding that any affected Advance may have been made or issued prior to such date.

“Applicable Percentage” means with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be the percentage of the total Accommodations outstanding represented by such Lender’s Accommodations outstanding.

“Applicable Utilities Legislation” means the Alberta Utilities Commission Act (Alberta), the Electric Utilities Act (Alberta), the Public Utilities Act (Alberta), the Hydro and Electric Energy Act (Alberta), and any other legislation that now or in the future regulates the operations of the Business, as each may be amended or supplemented from time to time.

“Approved Fund” means, with respect to any Lender that is an investment fund that invests in bank loans, any other investment fund that invests in bank loans and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

“Assets” means, with respect to any Person, any property, assets and undertakings of such Person of every kind and wheresoever situate, whether now owned or hereafter acquired (and, for greater certainty, includes any equity or like interest of any Person in any other Person).

“Assignment and Assumption” means an assignment and assumption agreement substantially in the form attached as Schedule 5.

“AUC” means the Alberta Utilities Commission, or any successor or replacement board regulating the transmission of energy in the Province of Alberta.

“Auditor” means the independent national firm of Canadian chartered accountants appointed from time to time as the auditor of the Borrower.

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or (y) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 2.11(c).

“Benchmark” means, initially, the Term CORRA Reference Rate or Daily Compounded CORRA, as the case may be; provided that if a Benchmark Transition Event has occurred

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with respect to the Term CORRA Reference Rate, Daily Compounded CORRA, or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.11(a).

“Benchmark Replacement” means, with respect to any Benchmark Transition Event,

(a)where a Benchmark Transition Event has occurred with respect to Term CORRA Reference Rate, Daily Compounded CORRA; and;

(b)where a Benchmark Transition Event has occurred with respect to a Benchmark other than the Term CORRA Reference Rate, the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time.

“Benchmark Replacement Date” means a date and time determined by the Administrative Agent, which date shall be no later than the earliest to occur of the following events with respect to the then-current Benchmark:

(a)in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

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(b)in the case of clause (c) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be non-representative; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date.

For the avoidance of doubt, the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

(a)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

(b)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Bank of Canada, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

(c)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative.

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of

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information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

“Benchmark Unavailability Period” means, the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.11 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.11.

“Beneficiary” means, in respect of a Documentary Credit, the beneficiary named in the Documentary Credit or the Issue Notice with respect thereto.

“Bond Delivery Agreement” means the bond delivery agreement dated as of December 15, 2010 among the parties hereto as the same may be amended or supplemented from time to time.

“Borrower” means AltaLink Investments, L.P., a limited partnership created and existing under the Partnership Act (Alberta), and its permitted successors and permitted assigns.

“Borrower’s Certificate of Compliance” means a certificate of the Borrower in the form of Schedule 1 and signed on behalf of the Borrower by any one of (i) Managing Director, (ii) the Vice President, Finance or any other person so designated, or (iii) any Director of the General Partner or any other senior officer of the General Partner so designated by a certificate signed by the Managing Director or any two (2) Directors of the General Partner and filed with the Agent for so long as such designation shall be in effect.

“Borrowing” means the aggregate Accommodation to be obtained by the Borrower from one or more of the Lenders on any Borrowing Date.

“Borrowing Date” means the Business Day specified in a Borrowing Notice on which a Lender is or Lenders are requested to provide Accommodation.

“Borrowing Notice” has the meaning set out in Section 2.5.

“Branch” means the main branch of the Agent situated at Toronto, Ontario, or such other branch of the Agent in the City of Toronto as the Agent may from time to time designate in writing to the Borrower.

“Business” means the following businesses and services of the Borrower and its Subsidiaries:

(a)ownership of limited partnership units in AltaLink;

(b)direct or indirect participation in the transmission of electricity in Canada or the United States;

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(c)the ownership or operation of electrical transmission lines and infrastructure in Canada or the United States, including the use of such infrastructure for telecommunication or other communication purposes, subject to such telecommunication or other communication purposes not exceeding 10% of Consolidated Assets;

(d)engineering or administrative services related to the activities described in paragraphs (a) through (c) above;

(e)the Acquisition of any Person related to the activities described in paragraphs (a) through (d) above, in compliance with Section 10.18;

(f)such other services as determined to be ancillary to the activities described in paragraphs (a) through (d) above (whether or not such services are regulated by the AUC), with such other services not exceeding 10% of Consolidated Assets; and

(g)provided that such activities are not prohibited by the Master Trust Indenture, business development activities related to the pursuit of potential opportunities regarding the transmission of electricity in countries other than Canada and the United States (including, without limitation, Brazil and India), provided however that (A) any costs or expenses incurred by the Borrower and its Subsidiaries in respect of such business development activities shall not exceed $20,000,000 in aggregate per calendar year and (B) nothing in this definition shall permit the Borrower or its Subsidiaries to (i) own or operate any electrical transmission lines or any other infrastructure in any such other country, (ii) to make any Acquisition of any Person carrying on business in any such other country or of any other assets located in any such other country or (iii) to make any Investment in any Person which owns or operates any electrical transmission lines or other infrastructure in any such other country, without the prior written consent of the Majority Lenders.

For greater certainty “Business” (i) shall not include the generation and/or distribution of electricity or sale of power and (ii) when used with reference to AltaLink and its Subsidiaries, shall not be interpreted to include any business, activities or services described above which are inconsistent with the business which AltaLink and its Subsidiaries now, or at any time while this Agreement is in effect, carries out in accordance with the terms of the amended and restated master trust indenture dated April 28, 2003 to which AltaLink is party.

“Business Day” means any day of the year (other than a Saturday, Sunday, and any day which shall be in Calgary, Alberta and Toronto, Ontario a legal holiday) on which the Agent is open at the Branch for the conduct of regular banking business.

“Canadian Dollar” or “Cdn.$” means the currency of Canada.

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“Canadian Dollar Amount” means, at any time, in relation to any outstanding Accommodation, in relation to a:

(a)Loan denominated in Canadian Dollars, the principal amount thereof; and

(b)Documentary Credit, the amount of the maximum aggregate liability (contingent or actual) of the Documentary Credit Lender pursuant to such Documentary Credit expressed in Canadian Dollars.

“Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any leasing or similar arrangement which in accordance with GAAP would be classified and accounted for as capital leases and the amount of such Capital Lease Obligations shall be the capitalized amount thereof determined in accordance with GAAP.

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any Applicable Law, (b) any change in any Applicable Law or in the administration, interpretation or application thereof by any Governmental Authority, or (c) the making or issuance of any Applicable Law by any Governmental Authority, provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or Canadian or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

“Change of Control” means any event whereby:

(a)AltaLink Holdings, L.P. ceases to be the sole limited partner and owner of 99.99% of the Equity Securities of the Borrower or AltaLink Investment Management Ltd. ceases to be the sole general partner and owner of .01% of the Equity Securities in the Borrower;

(b)the Borrower ceases to be the sole limited partner and owner of 99.99% of the Equity Securities in AltaLink and/or AltaLink Management Ltd. ceases to be the sole general partner and the owner of .01% of the Equity Securities of AltaLink;

(c)the aggregate revenues and the total Assets of non-wholly owned Subsidiaries of the Borrower exceed 10% of the revenue and net tangible total Assets of the Borrower and its Subsidiaries. The parties agree that for the purposes of this paragraph (c) (and paragraph 5 of the Certificate of Compliance and Section 10.16(a)), AltaLink shall be deemed to be a wholly owned Subsidiary of the Borrower so long as (i) the representations and warranties in Section 9.1(t)(i) and (ii) remain true and correct, and (ii) Berkshire Hathaway Energy Company

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continues to own (directly or indirectly) 100% of the Equity Securities of AltaLink Management Ltd;

(d)Berkshire Hathaway Energy Company ceases to collectively own (directly or indirectly) at least 51% of voting and economic interest in the Borrower, unless at the closing of a transaction wherein Berkshire Hathaway Energy Company will own (directly or indirectly) less than 51% of the voting and economic interest in of the Borrower, the Borrower has delivered to the Lenders confirmations taking such transaction into account from S&P and DBRS that the senior unsecured debt ratings of the Borrower shall not be lower than BBB- or BBB(low).

“Claim” shall have the meaning set out in Section 7.6.

“Commercial Paper Program” shall have the meaning ascribed thereto in the Master Trust Indenture.

“Commitment” means in respect of each Lender from time to time, the covenant to make Advances to the Borrower of the Lender’s Applicable Percentage of the Committed Amount and, where the context requires, the maximum amount of Advances which such Lender has covenanted to make, as recorded on the Register maintained by the Agent referred to in Section 20.1(c) and as also set forth on Schedule 6 or in the most recent Assignment and Assumption executed by such Lender, as such amount may be reduced pursuant to this Agreement.

“Committed Amount” means three hundred million Canadian Dollars (Cdn $300,000,000), including as such amount may be cancelled pursuant to Section 2.2 or otherwise reduced pursuant to this Agreement.

“Conforming Changes” means, with respect to the use or administration of a Benchmark or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Prime Rate,” the definition of “Business Day,” the definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest period”), timing and frequency of determining rates and making payments of interest, timing of Borrowing Notices or prepayment notices, the applicability and length of lookback periods, the applicability of Section 6.1(b) and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

“Consolidated Assets” means, at any time, the total Assets of the Borrower and its Subsidiaries at such time, determined on a consolidated basis in accordance with GAAP.

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“Consolidated Total Capitalization” means at any time, the sum of (i) Consolidated Unitholder Equity at such time, plus (ii) Consolidated Total Debt at such time, plus (iii) the principal amount of all outstanding Preferred Securities in each case determined on a consolidated basis for the Borrower in accordance with GAAP.

“Consolidated Total Debt” means, the following, as at any date calculated on a consolidated basis for the Borrower and its Subsidiaries, without duplication:

(a)the aggregate principal amount of all obligations of the Borrower and its Subsidiaries for borrowed money (other than obligations arising out of the issuance of any Refunding Bonds (as such term is defined in the Master Trust Indenture) during such period of time as the Indebtedness to be repaid by the Refunding Bonds continues to be outstanding), including contingent reimbursement obligations in respect of Documentary Credits and other instruments, and including all capitalized interest and other similar amounts required to be paid at maturity on obligations for borrowed money, but excluding Preferred Securities issued by the Borrower and its Subsidiaries;

(b)the aggregate principal amount of all obligations issued or assumed by the Borrower and its Subsidiaries in connection with their acquisition of property in respect of the deferred purchase price of that property;

(c)all Capital Lease Obligations and Purchase Money Obligations;

(d)all Indebtedness outstanding under any Commercial Paper Program; and

(e)all Guarantees of any of the foregoing.

“Consolidated Unitholder Equity” means, at any time, the consolidated unitholder equity appearing on the consolidated balance sheet of the Borrower at such time.

“Contaminant” means any pollutant, dangerous, toxic or Hazardous Substance or waste of any description whatsoever, hazardous materials or contaminants, all as defined in any Environmental Law, but excludes cleaning and related products used in the operation and maintenance of the Business which are normally used by reasonable professional operators of similar businesses.

“Control”, when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlling” and “Controlled” have corresponding meanings.

“CORRA” means the Canadian Overnight Repo Rate Average administered and published by the Bank of Canada (or any successor administrator).

“CORRA Loans” means Term CORRA Loans and Daily Compounded CORRA Loans.

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“Credit Facility” means the credit facility established by the Lenders in favour of the Borrower pursuant to Section 2.1.

“Credit Parties” means the Borrower and the General Partner.

“Daily Compounded CORRA” means, for any day, CORRA with interest accruing on a compounded daily basis, with the methodology and conventions for this rate (which will include compounding in arrears with a five (5) Business Day lookback) being established by the Administrative Agent in accordance with the methodology and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded CORRA for business loans; provided that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion; and provided that if the administrator has not provided or published CORRA and a Benchmark Replacement Date with respect to CORRA has not occurred, then, in respect of any day for which CORRA is required, references to CORRA will be deemed to be references to the last provided or published CORRA; and provided that if Daily Compounded CORRA as so determined shall be less than the Floor, then Daily Compounded CORRA shall be deemed to be the Floor.

“Daily Compounded CORRA Adjustment” means (i) a percentage equal to 0.29547% for an Interest Period of one-month’s duration, and (ii) a percentage equal to 0.32138% for an Interest Period of three-months’ duration.

“Daily Compounded CORRA Loan” means any Loan in Canadian Dollars with respect to which interest is calculated under this Agreement for the time being on the basis of the Daily Compounded CORRA.

“DBRS” means Dominion Bond Rating Service Limited and its successors for so long as it shall perform the functions of a securities rating agency.

“Default” means an event which, with the giving of notice or lapse of time, or both, would constitute an Event of Default.

“Demand Date” means any date that repayment of Accommodation or any other amount outstanding under this Agreement is demanded under ARTICLE 12.

“Depreciation and Amortization Expense” means with respect to the Borrower, for any period, depreciation and amortization expense of the Borrower that is included as a deduction in the calculation of Net Income for such period, determined on a unconsolidated basis in accordance with GAAP.

“Distribution” means, with respect to any Person, any payment by such Person (i)of any dividends on any of its Equity Securities, (ii)on account of, or for the purpose of setting apart any property for a sinking or other analogous fund for, the purchase, redemption, retirement or other acquisition of any of its Equity Securities or any warrants, options or rights to acquire any such shares, or the making by such Person of any other distribution

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in respect of any of its Equity Securities, (iii)of any principal of or interest or premium on or of any amount in respect of a sinking or analogous fund or defeasance fund for any Indebtedness of such Person ranking in right of payment subordinate to any liability of such Person under the Loan Documents, (iv)of any principal of or interest or premium on or of any amount in respect of a sinking or analogous fund or defeasance fund for any indebtedness of such Person to a shareholder or partner of such Person or to an Affiliate of a shareholder or partner of such Person, or (v)of any management, consulting or similar fee or any bonus payment or comparable payment, or by way of gift or other gratuity, to any Affiliate of such Person or to any director or officer thereof, other than management fees paid in the ordinary course of business, not to exceed $5,000,000 in aggregate in any Fiscal Year.

“Documentary Credit” means a letter of credit or a letter of guarantee issued or to be issued by a Documentary Credit Lender for the account of Borrower pursuant to ARTICLE 3, as the same may be amended, supplemented, extended or restated from time to time.

“Documentary Credit Lenders” means, in the singular, Royal Bank of Canada or any other Lender selected by Borrower which is willing to issue Documentary Credits and, collectively, means all such Documentary Credit Lenders.

“EBITDA” means, with respect to the Borrower, on an unconsolidated basis, for any period, the Net Income of the Borrower for such period (a) increased, to the extent deducted in calculating Net Income for such period, by the sum of (i) Interest Expense for such period, (ii) Income Tax Expense for such period, (iii) Depreciation and Amortization Expense for such period and (iv) any other non-cash items decreasing Net Income for such period, and (b) decreased, to the extent included in calculating Net Income for such period, by the sum of (i) non-cash items relating to consolidated foreign exchange gains on debt and related foreign exchange contracts increasing Net Income for such period, and (ii) any other non-cash items increasing Net Income for such period, provided that any amounts which were included in Net Income and which represent the Borrower’s share of the net income of AltaLink which was available for distribution to the Borrower during the applicable period shall not be deducted for the purpose of this paragraph (b)(ii).

“Effective Date” means the date of this Agreement.

“Eligible Assignees” means any Person (other than a natural person, any Credit Party or any Affiliate of a Credit Party), in respect of which any consent that is required by Section 20.1(b)has been obtained.

“Environmental Adverse Effect” means one or more of the following in connection with an Environmental Matter:

(a)impairment or adverse alteration of the quality of the natural environment for any use that can be made of it by humans, or by any animal, fish or plant that is useful to humans;

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(b)injury or damage to property or to plant or animal life;

(c)harm or material discomfort to any Person;

(d)an adverse effect on the health of any Person;

(e)impairment of the safety of any Person;

(f)rendering any property or plant or animal life unfit for human use;

(g)loss of enjoyment of normal use of property; and

(h)interference with the normal conduct of business.

“Environmental Approvals” means all applicable permits, licences, authorizations, consents, directions or approvals required by Governmental Authorities pursuant to the Environmental Laws with respect to the operation of the Business.

“Environmental Laws” means all applicable federal, provincial and local laws, by-laws, rules, regulations, orders, codes and judgments relating to the protection of the environment and public health and safety, and without restricting the generality of the foregoing, includes without limitation those Environmental Laws relating to the storage, transportation, treatment and disposal of Hazardous Substances, employee and product safety, and the Release or threatened Release of Hazardous Substances into the air, surface water, ground water, land surface, subsurface strata or any building or structure and, in each such case, as such Environmental Laws may be amended or supplemented from time to time.

“Environmental Liability” means any liability of the Borrower under any Environmental Laws or any other applicable law for any adverse impact on the environment, health or safety, including the Release of a Hazardous Substance, and any liability for the costs of any clean-up, preventative or other remedial action including costs relating to studies undertaken or arising out of security fencing, alternative water supplies, temporary evacuation and housing and other emergency assistance undertaken by any Governmental Authority to prevent or minimize any actual or threatened Release by the Borrower of any Hazardous Substance.

“Environmental Matter” means any past, present or future activity, event or circumstance in respect of the environment, health or safety including the Release of any Hazardous Substance including any substance which is hazardous to Persons, animals, plants, or which has a detrimental effect on the soil, air or water, or the generation, treatment, storage, use, manufacture, holding, collection, processing, treatment, presence, transportation or disposal of any Hazardous Substances.

“Environmental Proceeding” means any judgment, action, proceeding or investigation pending before any court or Governmental Authority, including any environmental Governmental Authority, with respect to or threatened against or affecting the Borrower or relating to the assets or liabilities of the Borrower or any of their respective operations,

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in connection with any Environmental Laws, Environmental Matter or Environmental Liability.

“Equity Securities” means, with respect to any Person, any and all shares, interests, participations, rights in, or other equivalents (however designated and whether voting or non-voting) of, such Person’s capital, whether outstanding on the date hereof or issued after the date hereof, including any interest in a partnership, limited partnership or other similar Person and any beneficial interest in a trust, and any and all rights, warrants, options or other rights exchangeable for or convertible into any of the foregoing.

“Equivalent Amount” means, with respect to any two currencies, the amount obtained in one such currency when an amount in the second currency is translated into the first currency using the Spot Rate between such currencies on the Business Day for which such computation is made.

“Event of Default” shall have the meaning specified in Section 12.1.

“Excluded Taxes” means, with respect to the Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of a Credit Party hereunder or under any Loan Document, (a) taxes imposed on or measured by its net income, and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes or any similar tax imposed by any jurisdiction in which the Lender is located and (c) in the case of a Foreign Lender (other than (i) an assignee pursuant to a request by the Borrower under Section 13.3(b), (ii) an assignee pursuant to an Assignment and Assumption made when an Event of Default has occurred and is continuing, or (iii) any other assignee to the extent that the Borrower has expressly agreed that any withholding tax shall be an Indemnified Tax), any withholding tax that (A) is imposed or assessed other than in respect of an Accommodation that was made on the premise that an exemption from such withholding tax would be available where the exemption is subsequently determined, or alleged by a taxing authority, not to be available and (B) is required by Applicable Law to be withheld or paid in respect of any amount payable hereunder or under any Loan Document to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a Change in Law) to comply with Section 13.2(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from a Credit Party with respect to such withholding tax pursuant to 13.2(a). For greater certainty, for purposes of item (c) above, a withholding tax includes any Tax that a Foreign Lender is required to pay pursuant to Part XIII of the Income Tax Act (Canada) or any successor provision thereto.

“Face Amount” means in respect of a Documentary Credit, the maximum amount which the Documentary Credit Lender is contingently liable to pay the Beneficiary.

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“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code, any intergovernmental agreements entered into in connection with the implementation of the foregoing, and any fiscal or regulatory legislation, rules, guidance or practices by any jurisdiction to implement the foregoing.

“Financial Instrument Obligation” means the obligation under any transaction that is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, commodity future, equity or equity index swap or option, bond, note or bill option, interest rate option, forward foreign exchange transaction, cap, collar or floor transaction, currency swap, cross-currency rate swap, swaption, currency option or any other similar transaction, including any option to enter into any of the foregoing, or any combination of the foregoing. The amount of any Financial Instrument Obligation is the net amount due to or accruing due under the agreement governing such obligation, determined by marking the obligation to market at the time of determination in accordance with its terms.

“Fiscal Quarter” means, in respect of the Borrower, a period of three consecutive months in each Fiscal Year ending on March 31, June 30, September 30 and December 31, as the case may be, of such year, or such other fiscal quarter as the Lenders may agree to.

“Fiscal Year” shall mean with respect to the Borrower, a 12-month period commencing on the first day of January of each calendar year, or such other fiscal year as the Lenders may agree to.

“Floor” means a rate of interest equal to 0%.

“Foreign Lender” means any Lender that is not resident for income tax or withholding tax purposes under the laws of the jurisdiction in which the Borrower is resident for tax purposes on the date hereof and that is not otherwise considered or deemed in respect of any amount payable to it hereunder or under any Loan Document to be resident for income tax or withholding tax purposes in the jurisdiction in which the Borrower is resident for tax purposes by application of the laws of that jurisdiction. For purposes of this definition Canada and each Province and Territory thereof shall be deemed to constitute a single jurisdiction and the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

“GAAP” means (i) generally accepted accounting principles as approved by the Canadian Institute of Chartered Accountants or any successor institute from time to time, including those set out in the CPA Canada Handbook, or (ii) IFRS, if the Borrower has adopted IFRS, subject at all times to the application of Section 1.5.

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“General Partner” means AltaLink Investment Management Ltd., a corporation incorporated under the Business Corporations Act (Alberta), in its capacity as general partner of the Borrower, and its permitted successors and permitted assigns in such capacity.

“Governmental Approvals” means any authorization, order, permit, approval, grant, licence, consent, right, privilege, certificate or the like which may be issued or granted by law or by rule, regulation, policy or directive of any Governmental Authority now or hereafter required in connection with the use, management, maintenance and operation of the Business by the Borrower and its Subsidiaries.

“Governmental Authority” means with respect to any Person, any (i) international tribunal, agency, body, commission or other authority, any government, executive, parliament, legislature or local authority, or any governmental body, ministry, department or agency or regulatory authority, court, tribunal, commission or board of or within Canada or any foreign jurisdiction, or any political subdivision of any thereof or any authority having jurisdiction therein or (ii) quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the above, which in each case, has jurisdiction over a specified Person or its property and assets under the laws of the jurisdiction in which that Person or its property and assets are located.

“Guarantee” means, with respect to a Person, any obligation (other than an endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing, or in effect guaranteeing, any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation incurred through an agreement, contingent or otherwise, by such Person:

(a)to purchase such Indebtedness or obligation or any property or assets constituting security therefor;

(b)to advance or supply funds (i) for the purchase or payment of such Indebtedness or obligation, (ii) to maintain working capital, net worth or other balance sheet condition of the primary obligor, or (iii) otherwise to advance or make available funds for the purchase or payment of such Indebtedness or obligation;

(c)to lease property or to purchase securities or other property or services primarily for the purpose of assuring the owner of such Indebtedness or obligation of the ability of the primary obligor to make payment of the Indebtedness or obligation; or

(d)otherwise to assure or indemnify the owner of the Indebtedness or obligation of the primary obligor against loss in respect thereof.

For the purposes of all computations made under this Agreement, a Guarantee in respect of any Indebtedness shall be deemed, without duplication, to be equal to the principal

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amount of such Indebtedness and any capitalized interest thereon (and any other amount which becomes due and owing in respect thereof) which has been guaranteed, and a Guarantee in respect of any other obligation shall be deemed to be Indebtedness equal to the maximum aggregate amount of such obligation.

“Hazardous Substance” means any contaminant, pollutant or substance that is likely to cause immediately, or at some future time, harm or degradation to the environment or risk to human health or safety, and without restricting the generality of the foregoing, includes without limitation any pollutant, contaminant, waste, hazardous waste, toxic substance or dangerous good which is defined or identified in any Environmental Law or industry standard, or which is present in the environment in such quantity or state that it contravenes any Environmental Law.

“IFRS” means at any given date, International Financial Reporting Standards, which include standards and interpretations adopted by the International Accounting Standards Board (IASB), applied on a consistent basis.

“Income Tax Expense” shall mean, with respect to the Borrower for any fiscal period, the aggregate of all taxes on the income of the Borrower for such period, whether current or deferred, determined on an unconsolidated basis in accordance with GAAP.

“Indebtedness” of any Person means, at any time, (without duplication),

(a)the aggregate principal amount of all obligations of that Person for borrowed money (other than Obligations arising out of the issuance of any Refunding Bonds (as such term is defined in the Master Trust Indenture) during such period of time as the Indebtedness to be repaid by the Refunding Bonds continues to be outstanding), including obligations with respect to contingent reimbursement obligations in respect of letters of credit and other instruments, and including all capitalized interest and other similar amounts required to be paid at maturity on obligations for borrowed money, but excluding Preferred Securities issued by that Person;

(b)the aggregate principal amount of all obligations issued or assumed by that Person in connection with its acquisition of property in respect of the deferred purchase price of that property;

(c)all Capital Lease Obligations and the aggregate principal amount of all Purchase Money Obligations of that Person;

(d)the amount of any Mark-to-Market Exposure with respect to any Financial Instrument Obligations of that Person;

(e)the principal amount of all borrowed money outstanding from time to time under any Commercial Paper Program;

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(f)the principal amount of all borrowed money outstanding from time to time which constitutes Subordinated Debt (as such term is defined in the Master Trust Indenture); and

(g)all Guarantees of that Person in respect of any of the foregoing;

in each case expressed in Canadian Dollars and, with respect to any amount which is expressed in any other currency, the Canadian Dollar amount thereof shall be the Equivalent Amount at the time of determination. For greater certainty: (i) the capitalization of interest or other similar amounts payable at maturity on existing Indebtedness shall not be treated as the incurrence of Indebtedness, and (ii) the aggregate amount of all regulatory liabilities and asset retirement obligations shall not be treated as Indebtedness.

“Indemnified Taxes” means Taxes other than Excluded Taxes.

“Interest Expense” shall mean, with respect to the Borrower for any fiscal period, interest expense and payments made in respect of Capital Lease Obligations, determined on an unconsolidated basis in accordance with GAAP, and which shall exclude amortization of financing fees.

“Interest Payment Date” means (a) with respect to any Term CORRA Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part; and (b) with respect to any Daily Compounded CORRA Loan, the last day of each Interest Period applicable to the Borrowing of which such Loan is a part.

“Interest Period” means, (a) with respect to each Term CORRA Loan, the initial period (subject to availability) of one (1) month or three (3) months commencing on and including the date specified in the Borrowing Notice is made, applicable to such Term CORRA Loan and ending on and excluding the last day of such initial period, and thereafter, each successive period (subject to availability) of approximately one (1) month or three (3) months as selected by the Borrower and notified to the Administrative Agent in writing commencing on and including the last day of the prior Interest Period; and (b) with respect to each Daily Compounded CORRA Loan, the initial period (subject to availability) of approximately one (1) month or three (3) months commencing on and including the date on which a Borrowing, rollover or is made, as the case may be, applicable to such Daily Compounded CORRA Loan and ending on and excluding the last day of such initial period, and thereafter, each successive period (subject to availability) of approximately one (1) month or three (3) months commencing on and including the last day of the prior Interest Period; provided however that:

(i)in the case of the rollover, the last day of each Interest Period shall also be the first day of the next Interest Period;

(ii)the last day of each Interest Period shall be a Business Day and if not, the Borrower shall be deemed to have selected an Interest Period the last day of which is the first Business Day following the last day of the Interest Period

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selected by the Borrower, unless such first Business Day is in a succeeding calendar month, in which case, the last day of such Interest Period shall be the immediately preceding Business Day; and

(iii) notwithstanding any of the foregoing, the last day of each Interest Period shall be on or before the Maturity Date.

“Insurance Proceeds” means insurance proceeds or other awards payable to the Borrower or any of its Subsidiaries in connection with the loss, destruction or condemnation of any property or assets of such Person, net of reasonable costs, fees and expenses for repairing or replacing any such property or assets.

“Investments” means, in respect of any Person, any advance, loan, guarantee or other extension of credit or capital contribution (other than prepaid expenses in the ordinary course of business) to (by means of transfers of property, money or assets) in, to or in respect of any other Person, and, for greater certainty, includes any Indebtedness of any other Person guaranteed by such Person.

“Issue” means an issue of a Documentary Credit by the Documentary Credit Lender pursuant to Article 3.

“Issue Notice” has the meaning given to it in Section 3.2(a).

“Lenders” means RBC and all other financial institutions from time to time that have become a Lender in accordance with this Agreement and the Documentary Credit Lender and “Lender” means any one of them.

“Lien” means any mortgage, lien, pledge, assignment, charge (whether floating or fixed), security, title retention agreement intended as security, hypothec, execution, seizure, attachment, garnishment or other similar encumbrance and any other arrangement which has the effect of creating an interest in property to secure payment or performance of an obligation including, without limitation, any Lien granted by the Borrower in favour of the Agent and Lenders designated as being secured, pursuant to the Master Trust Indenture and/or a Supplemental Indenture.

“Loan” means the amount of Canadian Dollars advanced by a Lender or Lenders to the Borrower on any Borrowing Date pursuant to a Borrowing Notice or as otherwise provided herein and includes a Prime Rate Loan, a Term CORRA Loan, and a Daily Compounded CORRA Loan.

“Loan Documents” means this Agreement, any Documentary Credit documents, the Master Trust Indenture and the Third Supplemental Indenture, the Senior Pledged Bond, Series 2, the Bond Delivery Agreement and all other documents, certificates, fee letters, instruments and agreements to be executed and delivered to the Agent or the Lenders by any Credit Party as contemplated hereunder and thereunder or any one or more of such documents.

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“Majority Lenders” means, (i) where there are less than three Lenders, all Lenders and (ii) at any other time, Lenders having, in the aggregate, Applicable Percentages of a minimum of 66.7% of the Committed Amount.

“Mark-to-Market Exposure” means, at any time, the negative net marked to market amount, if any, that would be carried in the accounts of the Borrower at such time as a liability in accordance with GAAP.

“Master Trust Indenture” means the trust indenture dated as of the 21st day of November, 2005 among the Borrower, the General Partner and BNY Trust Company of Canada, as trustee, as such agreement may be amended and supplemented from time to time.

“Material Adverse Change” means a change in the business, operations, results of operations, Assets, liabilities or financial condition of the Borrower and its Subsidiaries, taken as a whole, that would reasonably be expected to have a Material Adverse Effect.

“Material Adverse Effect” means a material adverse effect on the ability of the Borrower to perform its obligations under this Agreement or any of the other Loan Documents or on the validity or priority of any Lien held by the Agent, or an event which results in an Event of Default and includes an Environmental Adverse Effect which constitutes or results in any of the foregoing effects.

“Material Agreement” means, collectively (i) the agreements specified by the Borrower in Schedule 10; and (ii) any other agreement of the Borrower or any of its Subsidiaries the breach, non-performance or cancellation of which or the failure of which to renew could reasonably be expected to have a Material Adverse Effect.

“Maturity Date” means, in respect of each Lender, unless otherwise accelerated as provided in this Agreement, December 15, 2026, as such date may be extended by such Lender in its sole discretion pursuant to Section 6.2(b), in which case, the Maturity Date in respect of such Lender shall be the date agreed to by such Lender pursuant to Section 6.2(b).

“Net Income” means, with respect to the Borrower for any period, the net income (loss) of the Borrower for such period, determined on an unconsolidated basis in accordance with GAAP, provided there shall be excluded therefrom (i) after-tax gains or losses from assets sales or abandonments or reserves relating thereto; (ii) after-tax items classified as extraordinary or non-recurring gains or losses; (iii) gains or losses from write-ups or write-downs of Assets; and (iv) net income (loss) from discontinued operations or the sale of discontinued operations.

“Non-AltaLink Subsidiary” means, individually, any Subsidiary of the Borrower other than AltaLink and its Subsidiaries, and “Non-AltaLink Subsidiaries” means all such Subsidiaries of the Borrower.

“Notice of Extension” shall have the meaning specified in Section 6.2(b).

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“Notice of Repayment” has the meaning given to it in Section 6.1(a).

“Other Taxes” means all present or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document.

“Participant” has the meaning specified in Section 20.1(d).

“Permitted Investment” means any Investment made by the Borrower:

(a)in AltaLink and its present and future Subsidiaries;

(b)in any Wholly-Owned Subsidiary of the Borrower (other than AltaLink) or in any Non-AltaLink Subsidiary in conjunction with an Acquisition made by the Borrower and permitted by Section 10.18 of this Agreement or other Investments in such Subsidiaries (and provided for greater certainty that the aggregate amount of all such Investments in any Fiscal Year together with the amount of Acquisitions under Section 10.18 in any Fiscal Year shall not exceed the aggregate amount permitted by Section 10.18); and

(c)other Investments related to the Business to a maximum aggregate amount of $10,000,000,

provided however that the Borrower and its Subsidiaries may not make any Investment in respect of any activities covered in paragraph (g) of the definition of Business.

“Permitted Lien” means, in connection with the Borrower and any Non-AltaLink Subsidiary:

(d)any Purchase Money Mortgage or Lien granted with respect to a Capital Lease Obligation, provided that the total Indebtedness secured by such Purchase Money Mortgages and Liens shall not exceed ten million dollars ($10,000,000) at any time;

(e)any Lien for taxes, assessments, government charges or claims not yet due or that are being contested in good faith and in respect of which appropriate provision is made in the Borrower’s consolidated financial statements in accordance with GAAP;

(f)any Lien securing appeal bonds or other similar liens arising in connection with court proceedings or contracts, bids or tenders entered into in the ordinary course of business, including, without limitation, surety bonds, security for costs of litigation where required by law, Documentary Credits, or any other instruments serving a similar purpose;

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(g)any Lien or deposit under workers’ compensation, social security or similar legislation or good faith deposits in connection with bids, tenders, leases and contracts entered into in the ordinary course of business or expropriation proceedings, or deposits to secure public or statutory obligations or deposits of cash or obligations to secure surety and appeal bonds;

(h)any Lien or privilege imposed by law, such as builders’, carriers’, warehousemen’s, landlords’, mechanics’ and materialmen’s liens and privileges arising in the ordinary course of business which relate to Indebtedness not yet due or delinquent or the validity or amount of which are being contested in good faith and in respect of which adequate provision for payment has been made; any lien or privilege arising out of judgments or awards with respect to which the Borrower is prosecuting an appeal or proceedings for review and with respect to which it has secured a stay of execution pending that appeal or proceedings for review (provided no Event of Default has resulted therefrom); or undetermined or inchoate Liens and privileges incidental to current operations which have not at such time been filed pursuant to law against the Borrower or the applicable Non-AltaLink Subsidiary or which relate to obligations not due or delinquent; or the deposit of cash or securities in connection with any Lien or privilege referred to in this paragraph (e);

(i)a Lien in cash or marketable debt securities in a sinking fund account established by the Borrower in support of a particular series of bonds under the Master Trust Indenture;

(j)any encumbrance, such as easements, rights-of-way, servitudes or other similar rights in land granted to or reserved by other Persons, rights-of-way for access, sewers, electric lines, telegraph and telephone lines, oil and natural gas pipelines and other similar purposes, or zoning or other restrictions as to the Borrower or any Non-AltaLink Subsidiary’s use of real property or interests therein, which do not in the aggregate materially impair its use in the operation of the Business of such Person;

(k)any right reserved to or vested in any municipality or governmental or other public authority (whether by statutory provision or otherwise) to terminate, purchase assets used in connection with, or require annual or other periodic payments as a condition to the continuance of, any lease, licence, franchise, grant or permit;

(l)any lien or right of distress reserved in or exercisable under any lease for rent and for compliance with the terms of such lease;

(m)any Lien granted by the Borrower or the applicable Non-AltaLink Subsidiary to a public utility or any municipality or governmental or other public authority when required by such utility, municipality or other authority in connection with the operations of the Business of the Borrower or applicable Non-AltaLink Subsidiary;

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(n)any reservation, limitation, proviso or condition, if any, expressed in any original grants to the Borrower or the applicable Non-AltaLink Subsidiary from the Crown; and

(o)any extension, renewal, alteration, substitution or replacement, in whole or in part, of any Lien referred to in any of the foregoing paragraphs, provided that the Lien is limited to all or part of the same property that secured the Lien and the principal amount of the secured Indebtedness is not increased by that action.

“Person” means any individual, corporation, company, voluntary association, partnership, limited liability company, unlimited liability company, joint venture, trust, unincorporated organization or Governmental Authority or other entity of whatever nature.

“Preferred Securities” means any securities which on the date of issue by a Person (a) have a term to maturity of more than thirty (30) years; (b) are unsecured and rank subordinate to the unsecured and unsubordinated Indebtedness of that Person outstanding on that date; (c) entitle that Person to satisfy the obligation to pay the principal or face amount by issuing partnership units, limited partnership units or other securities evidencing an ownership interest, (d) entitle that Person to defer the payment of interest for more than four (4) years without causing an event of default to occur, and (e) entitle that Person to satisfy the obligation to make payments of interest by issuing partnership units, limited partnership units or other securities evidencing an ownership interest.

“Prime Rate” means for any day, the rate of interest per annum equal to the greater of (i) the per annum rate of interest quoted or established as the “prime rate” of the Agent which it quotes or establishes for such day as its reference rate of interest in order to determine interest rates for commercial loans in Canadian Dollars in Canada to its Canadian borrowers; and (ii) Adjusted Term CORRA having the term of one month plus 100 basis points per annum, adjusted automatically with each quoted or established change in such rate, all without the necessity of any notice to the Borrower or any other Person.

“Prime Rate Loan” means any Loan in Canadian Dollars with respect to which interest is calculated under this Agreement for the time being on the basis of the Prime Rate.

“Principal Property” means any of the Borrower’s fixed assets from time to time.

“Purchase Money Mortgage” means any Lien created, issued or assumed by a Person to secure a Purchase Money Obligation of such Person; provided that the Lien is limited only to the assets acquired or constructed (together with all improvements and accessions thereto and proceeds thereof) using the funds advanced to such Person in connection with that Purchase Money Obligation.

“Purchase Money Obligation” means, with respect to any Person, Indebtedness of that Person incurred or assumed to finance the cost, in whole or in part, of the acquisition or construction of any equipment, real property or fixtures, and the cost of installation and

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any improvements thereto, so long as the Indebtedness is incurred or assumed within twenty-four (24) months after the purchase of that equipment, real property or fixture or the completion of that construction, installation or improvement, as the case may be, and includes any extension, renewal or refunding of any of that Indebtedness, so long as the principal amount thereof outstanding on the date of the extension, renewal or refunding is not increased.

“Rating Agency” means DBRS or Standard & Poor’s and any other nationally recognized credit rating agency approved bythe Majority Lenders.

“RBC” means Royal Bank of Canada, its successors and permitted assigns.

“Register” has the meaning specified in Section 20.1(c).

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the directors, officers, employees and agents of such Person and of such Person’s Affiliates.

“Release” means the method by which a Contaminant comes to be in the environment at large and includes discharging, spraying, injection, abandonment, depositing, spilling, leaking, seeping, pouring, emitting, emptying, throwing, dumping, placing and exhausting, and when used as a noun has a correlative meaning.

“Relevant Governmental Body” means the Bank of Canada, or a committee officially endorsed or convened by the Bank of Canada, or any successor thereto.

“Remedial Order” means any administrative complaint, direction, order or sanction issued, filed or imposed by any Governmental Authority pursuant to any Environmental Laws and includes any order requiring investigation, assessment or remediation or any site or Hazardous Substance, or requiring that any Release or any other activity be reduced, modified or eliminated or requiring any form of payment or co-operation be provided to any Governmental Authority.

“Schedule I Bank” means a bank listed on Schedule I under the Bank Act (Canada).

“Schedule II Bank” means a bank listed on Schedule II under the Bank Act (Canada).

“Schedule III Bank” means a bank listed on Schedule III under the Bank Act (Canada).

“Scheduled Unavailability Date” has the meaning specified in Section 2.10.

“Screen Rate” has the meaning specified in Section 2.10.

“Senior Pledged Bond, Series 2” means the Three Hundred and Fifty Million Canadian Dollars (Cdn.$350,000,000) Senior Pledged Bond, Series 2 of the Borrower, issued and certified on December 15, 2010 under the Master Trust Indenture.

“Spot Rate” means, in relation to the conversion of one currency into another currency, the spot rate of exchange for such conversion as quoted by the Bank of Canada at the

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close of business on the Business Day that such conversion is to be made (or, if such conversion is to be made before close of business on such Business Day, then at approximately close of business on the immediately preceding Business Day,), and, in either case, if no such rate is quoted, the spot rate of exchange quoted for wholesale transactions by the Agent on the Business Day such conversion is to be made in accordance with its normal practice.

“Standard & Poor’s” means Standard & Poor’s Ratings Service and its successors for so long as it shall perform the functions of a securities rating agency.

“Subsidiary” means (a) any corporation of which there is owned, directly or indirectly, by the Borrower and/or by or for any corporation in like relation to the Borrower, voting shares which, in the aggregate, entitle the holders thereof to cast more than fifty per cent (50%) of the votes which may be cast by the holders of the outstanding voting shares of such first mentioned corporation for the election of its directors and includes any corporation in like relation to a Subsidiary; or (b) any other Person of which at least a majority of voting ownership interest is at the time, directly or indirectly, owned by the Borrower and/or by any Person in like relation to the Borrower.

“Successor Rate” has the meaning specified in Section 2.10.

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"Term CORRA” means, for any calculation with respect to a Term CORRA Loan, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term CORRA Determination Day”) that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 1:00 p.m. (Toronto time) on any Periodic Term CORRA Determination Day the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Day; provided, further, that if Term CORRA shall ever be less than the Floor, then Term CORRA shall be deemed to be the Floor.

“Term CORRA Adjustment” means (i) a percentage equal to 0.29547% for an Interest Period of one-month’s duration, and (ii) a percentage equal to 0.32138% for an Interest Period of three-months’ duration.

“Term CORRA Administrator” means CanDeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.

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“Term CORRA Loan” means any Loan in Canadian Dollars with respect to which interest is calculated under this Agreement for the time being on the basis of the Adjusted Term CORRA.

“Term CORRA Reference Rate” means the forward-looking term rate based on CORRA.

“Third Supplemental Indenture” means the Third Supplemental Indenture between the Borrower, the General Partner and the Trustee dated as of December 15, 2010 and attached hereto as Schedule 8, pursuant to which the Borrower shall issue the Senior Pledged Bond, Series 2, as such indenture may be amended, supplemented or modified from time to time.

“Trustee” means BNY Trust Company of Canada, as trustee under the Master Trust Indenture or any successor thereof.

“Type” means the type of Documentary Credit, being a letter of credit or a letter of guarantee.

“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

“Undisbursed Credit” means, at any time, the excess, if any, of the Committed Amount then in effect over the Canadian Dollar Amount of all Accommodations then outstanding under the Credit Facility.

“Wholly-Owned Subsidiary” means a Subsidiary of the Borrower:

(a)that is a limited partnership,

(i)the Borrower holds all the limited partner interest(s) in such limited partnership and beneficially owns at least 99.9% of the Equity Securities of such limited partnership,

(ii)the sole general partner of such limited partnership is the owner of a 0.1% interest in such limited partnership, and

(iii)no Person has any right or option to purchase or otherwise acquire any of the Equity Securities of such limited partnership Subsidiary; and

(b)that is a corporation or any other Person (other than a limited partnership),

(i)where Berkshire Hathaway Energy Company owns, directly or indirectly, 100% of the issued and outstanding voting shares or voting ownership interest, as applicable, of such corporation or other Person; and

(ii)no Person has any right or option to purchase or otherwise acquire any of the Equity Securities of such Subsidiary.

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1.2References.

The terms “ARTICLE”, “Section”, “subsection” or “paragraph” followed by a number refer to the specified ARTICLE, Section, subsection or paragraph of this Agreement unless otherwise expressly stated or the context otherwise requires. References to contracts, agreements or instruments, unless otherwise specified, are deemed to include all present and future amendments, supplements, restatements or replacements to or of such contracts, agreements or instruments, provided that such amendments, supplements, restatements or replacements to or of such contracts, agreements or instruments have been, if applicable, approved or consented to and otherwise made in accordance with the provisions of this Agreement.

1.3Headings.

The Article or Section or other headings contained in this Agreement are inserted for convenience only and shall not affect the meaning or construction of any of the provisions of this Agreement.

1.4Included Words.

Words importing the singular number only shall include the plural and vice versa where the context requires. The word “include” and derivatives thereof means “include without limitation”.

1.5Accounting Terms.

Subject to this Section 1.5, all accounting terms not otherwise defined in this Agreement shall have the meanings assigned to them by GAAP. The Borrower may adopt new accounting policies from time to time (including with respect to IFRS) whether such adoption is compelled by accounting or regulatory bodies having jurisdiction or at its own discretion. In the event that any changes to accounting policies result in a material change in the calculation of the financial covenants or financial covenant thresholds or terms used in this Agreement or any other Loan Document, the Borrower, the Agent and the Lenders agree to enter into negotiations in order to amend such provisions of this Agreement or such Loan Document, as applicable, so as to equitably reflect such accounting changes with the desired result that the criteria for evaluating the Borrower’s or any of its Subsidiary’s financial condition, financial covenants, financial covenant thresholds or terms used in this Agreement or any other Loan Document shall be the same after such accounting changes as if such accounting changes had not been made; provided, however, that the agreement of the Majority Lenders to any required amendments of such provisions shall be sufficient to bind all Lenders. If the Borrower and the Majority Lenders cannot agree upon the required amendments immediately prior to the date of implementation of any accounting policy change, then all calculations of financial covenant, financial covenant thresholds or terms used in this Agreement or any other Loan Document shall be prepared and delivered on the basis of accounting policies of the Borrower as at the date hereof without reflecting such accounting policy change.

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1.6Time.

Unless otherwise expressly stated, any reference herein to a time shall mean local time in Calgary, Alberta.

1.7Currency.

Unless otherwise specified herein, or the context otherwise requires, all statements of or references to dollar amounts in this Agreement and the Loan Documents shall mean Canadian Dollars.

1.8Certificates and Opinions.

(a)Unless otherwise provided in a particular Schedule to this Agreement, each certificate and each opinion furnished pursuant to any provision of this Agreement shall specify the Section or Sections under which such certificate or opinion is furnished, shall include a statement that the Person making such certificate or giving such opinion has read the provisions of this Agreement relevant thereto and shall include a statement that, in the opinion of such Person, such Person has made such examination and investigation as is necessary to enable such Person to express an informed opinion on the matters set out in the certificate or opinion.

(b)Whenever the delivery of a certificate or opinion is a condition precedent to the taking of any action by the Agent or a Lender or Lenders under this Agreement, the truth and accuracy of the facts and opinions stated in such certificate or opinion shall in each case be conditions precedent to the right of the Borrower to have such action taken, and each statement of fact contained therein shall be deemed to be a representation and warranty of the Borrower for the purposes of this Agreement.

1.9Amendment and Restatement; No Novation

The parties hereto acknowledge and confirm that this Amended and Restated Credit Agreement does not constitute a novation of the Existing Credit Agreement and that all debts, liabilities and obligations (including without limitation any issued and outstanding Documentary Credits) of the Borrower under the Existing Credit Agreement (i) shall be debts, liabilities and obligations of the Borrower under this Amended and Restated Credit Agreement, (ii) shall remain unaffected, except as amended hereby and (iii) shall constitute “Obligations” for the purposes of the Third Supplemental Indenture and the Senior Pledged Bond, Series 2.

1.10Schedules.

The following are the Schedules attached to and forming part of this Agreement:

Schedule 1	Borrower’s Certificate of Compliance
Schedule 2(A)	Borrowing Notice

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Schedule 2(B)	Notice of Rollover
Schedule 2(C)	Conversion Option Notice
Schedule 3	Notice of Extension
Schedule 4	Form of Issue Notice
Schedule 5	Assignment and Assumption
Schedule 6	Commitments of the Lenders
Schedule 6.1(a)	Form of Notice of Repayment
Schedule 7	Senior Pledged Bond, Series 2
Schedule 8	Third Supplemental Indenture
Schedule 9.1(a)	Credit Party and Subsidiary Information
Schedule 10	Material Agreements

1.11Rates.

The Administrative Agent does not warrant or accept responsibility for, and shall not have any liability with respect to (a) the continuation of, administration of, submission of, calculation of or any other matter related to the Prime Rate, Term CORRA, Daily Compounded CORRA, Adjusted Term CORRA, Adjusted Daily Compounded CORRA or any component definition thereof or rates referred to in the definition thereof, or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Prime Rate, Term CORRA, Daily Compounded CORRA, Adjusted Term CORRA, Adjusted Daily Compounded CORRA or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of the Prime Rate, Term CORRA, Daily Compounded CORRA, Adjusted Term CORRA, Adjusted Daily Compounded CORRA or any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Prime Rate, Term CORRA, Daily Compounded CORRA, Adjusted Term CORRA, Adjusted Daily Compounded CORRA or any other Benchmark, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and

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whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

ARTICLE 2
AMOUNT AND TERMS OF THE CREDIT FACILITY

2.1Credit Facility.

(a)Subject to and upon the terms and conditions set forth in this Agreement, effective upon the Effective Date, the existing revolving credit facility under the Existing Credit Agreement shall be amended and restated as a revolving term credit facility in the maximum aggregate principal amount equal to three hundred million ($300,000,000.00) and the Lenders hereby agree to establish in favour of the Borrower such revolving term credit facility by way of Prime Rate Loans, Term CORRA Loans, and Daily Compounded CORRA Loans. The Credit Facility shall also include a sub-facility, to the maximum aggregate Canadian Dollar Amount of Ten Million Canadian Dollars (Cdn.$10,000,000), to be provided by the Documentary Credit Lender only by way of Documentary Credits on such terms as are agreed upon between the Borrower and the Documentary Credit Lender. The aggregate Canadian Dollar Amount of all Accommodations outstanding at any time under this Credit Facility shall not exceed the Committed Amount.

2.2Cancellation.

Subject to the provisions of ARTICLE 6, the Borrower may, at any time, by giving not less than two (2) Business Days’ prior written notice of cancellation to the Agent, cancel all or any part of the Undisbursed Credit as designated by the Borrower without penalty, provided that, if it is a part only, the minimum amount cancelled is One Million Canadian Dollars (Cdn.$1,000,000) or any multiples of One Million Canadian Dollars (Cdn.$1,000,000) in excess thereof. Effective on the date of cancellation set out in the applicable notice of cancellation, the Credit Facility and the Committed Amount shall be permanently reduced by the amount of Canadian Dollars stated in the notice of cancellation.

2.3Use of Proceeds.

The proceeds of the Credit Facility shall be used by the Borrower for operating expenses, capital expenditures and working capital needs of the Borrower and AltaLink and their Subsidiaries, and for general corporate purposes including the payment of dividends by the Borrower on its Equity Securities.

2.4Particulars of Borrowings.

(a)Notwithstanding any contrary provision contained in the Loan Documents, in the event of any conflict or inconsistency between any of the provisions in this Agreement and any of the provisions in the Loan Documents, as against the parties hereto, the provisions of this Agreement shall prevail.

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(b)No Borrowing from any Lender shall be obtained at any time for any period which would extend beyond the earlier of (i) the date which is 364 days following the Borrowing Date in respect of such Borrowing, and (ii) the Maturity Date of such Lender.

(c)Subject to the provisions hereof, any Accommodation which is repaid at any time prior to the expiry of the Maturity Date may be subsequently re-drawn.

2.5Borrowing Notice.

Whenever the Borrower desires to obtain a Borrowing (other than in the case of a Documentary Credit) it shall give to the Agent prior written notice in the form attached as Schedule 2(A) (Notice of Borrowing), Schedule 2(B) (Notice of Rollover) or Schedule 2(C) (Notice of Conversion), as applicable (each, a “Borrowing Notice”), specifying, as applicable:

(i)the amount and type or types of Accommodation desired; provided that if the type of Accommodation is not specified, then it shall be deemed to be a Prime Rate Loan;

(ii)the details of the account of the Borrower to which payment of the Borrowing is to be wired or otherwise made, if applicable;

(iii)the requested Borrowing Date;

(iv)the term thereof or Interest Period thereof, as applicable; provided that if no Interest Period is specified with respect to any requested Term CORRA Loan, then the Borrower shall be deemed to have selected an Interest Period of one (1) months duration;

(v)if applicable, the Accommodation to be renewed or converted and, where such Accommodation includes any Loan, the interest rate applicable thereto; and

(vi)if such Borrowing includes a Loan, whether it is to be a Prime Rate Loan.

The Borrowing Notice shall be given to the Agent not later than 12:00 p.m. (Toronto, Ontario time):

(i)on the applicable Borrowing Date, if the Accommodation is a new issue or if any such Accommodation to be renewed or drawn, converted or rolled over has a Canadian Dollar Amount in the aggregate equal to or greater than Five Hundred Thousand Canadian Dollars (Cdn.$500,000) and multiples of One Hundred Thousand Canadian Dollars (Cdn.$100,000) in excess thereof. In the event such Accommodation causes a Lender to incur costs relating solely to the providing of same day notice, the Borrower shall pay such costs to such Lender immediately upon request therefor;

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(ii)on the third Business Day preceding the applicable Borrowing Date, if the Accommodation is by way of Daily Compounded CORRA Loans and is a new issue or if any such Accommodation to be drawn, converted or rolled over has a Canadian Dollar Amount in the aggregate equal to or greater than One Million Dollars (Cdn.$1,000,000 and multiples of One Hundred Thousand Canadian Dollars (Cdn.$100,000) in excess thereof; and

(iii)on the third Business Day preceding the applicable Borrowing Date, if the Accommodation is by way of Term CORRA Loans and is a new issue or if any such Accommodation to be drawn, converted or rolled over has a Canadian Dollar Amount in the aggregate equal to or greater than One Million Dollars (Cdn.$1,000,000) and multiples of One Hundred Thousand Canadian Dollars (Cdn.$100,000) in excess thereof.

In all other cases, the Borrowing Notice shall be given to the party entitled thereto on the applicable Borrowing Date.

Any Borrowing Notice received by the Administrative Agent on any Business Day after 12:00 p.m. (Toronto, Ontario time) shall be deemed to have been given to such party on the next succeeding Business Day, unless otherwise agreed by the Lenders.

2.6Books of Account.

The Administrative Agent is hereby authorized to open and maintain books of account and other books and records evidencing all Loans advanced and repaid and all other amounts from time to time owing by the Borrower to the Lenders under this Agreement including interest, acceptance, Documentary Credits and standby and other fees, and to enter into such books and records details of all amounts from time to time owing, paid or repaid by the Borrower under this Agreement. The Borrower acknowledges, confirms and agrees with the Administrative Agent that all such books and records kept by the Administrative Agent will constitute prima facie evidence of the balance owing by the Borrower under this Agreement; provided, however, that the failure to make any entry or recording in such books and records shall not limit or otherwise affect the obligations of the Borrower under this Agreement. Notwithstanding the foregoing, each Lender is responsible for maintaining its own records as to Advances made by it, and in the event of any inconsistency between such Lender’s and the Administrative Agent’s records, the Administrative Agent’s records shall govern, absent manifest error.

2.7Co-ordination of Prime Rate Loans.

Each Lender shall advance its Applicable Percentage of each Prime Rate Loan in accordance with the following provisions:

(a)the Agent shall advise each Lender of its receipt of a notice from the Borrower pursuant to Section 2.5, on the day such notice is received and shall, as soon as possible, advise each Lender of such Lender’s Applicable Percentage of any Prime Rate Loan requested by the notice;

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(b)each Lender shall deliver its Applicable Percentage of such Loan to the Agent’s Account at the Branch not later than 11:00 a.m. on the Borrowing Date; and

(c)when the Agent determines that all the conditions precedent to a Borrowing specified in this Agreement have been met or waived, it shall advance to the Borrower the amount delivered by each Lender by wiring such amount to relevant account of the Borrower before 12:00 noon on the Borrowing Date, but if the conditions precedent to the Borrowing are not met or waived by such time, the Agent shall return the funds to the Lenders or invest them in an overnight investment as orally instructed by each Lender until such time as the Loan is advanced.

2.8[Intentionally Deleted].

2.9Certification to Third Parties.

The Agent will promptly provide to the Borrower and third parties at the request of the Borrower a certificate as to the Canadian Dollar Amount of Accommodations outstanding from time to time under this Agreement, and giving such other particulars in respect of the Indebtedness as the Borrower may reasonably request.

2.10[Intentionally Deleted].

2.11Benchmark Replacement Setting.

(a)Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (Toronto time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders. If the Benchmark Replacement is Adjusted Daily Compounded CORRA, all interest payments will be payable on the last day of each Interest Period.

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(b)Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document.

(c)Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) the implementation of any Benchmark Replacement and (ii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will notify the Borrower of (x) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 2.11(d) and (y) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.11 including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 2.11.

(d)Unavailability of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term CORRA) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is not or will not be representative, then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is not or will not be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

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(e)Benchmark Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Loans, which are of the type that have a rate of interest determined by reference to the then-current Benchmark, to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to, (i) for a Benchmark Unavailability Period in respect of Term CORRA, Daily Compounded CORRA Loans, and (ii) for a Benchmark Unavailability Period in respect of a Benchmark other than Term CORRA, Prime Rate Loans.

ARTICLE 3
DOCUMENTARY CREDITS

3.1Documentary Credits.

The Documentary Credit Lender agrees, on the terms and conditions of this Agreement, to issue Documentary Credits under the Credit Facility only for the account of the Borrower from time to time on any Business Day prior to the Maturity Date in respect of the Documentary Credit Lender.

3.2Procedure for Issue.

(a)Each Issue shall be made on notice substantially in the form of Schedule 4 (an “Issue Notice”) given by the Borrower to the Agent not later than 1:00 p.m. (Toronto time) on three (3) Business Day’s notice. The Issue Notice shall be in substantially the form of Schedule 4 shall be irrevocable and binding on the Borrower and shall specify (i) the requested date of Issue (the “Issue Date”), (ii) the Type of Documentary Credit, (iii) the Face Amount of the Documentary Credit, (iv) the expiration date, and (v) the name and address of the Beneficiary. The Agent shall, upon receipt of an Issue Notice, provide a copy of the Issue Notice to the Documentary Credit Lender and to each other Lender.

(b)Not later than 1:00 p.m. (Toronto time) on the Issue Date, the Documentary Credit Lender shall issue a Documentary Credit completed in accordance with the Issue Notice in the appropriate form. Upon receipt of the Documentary Credits and upon fulfilment of the conditions set forth in ARTICLE 11, the Agent shall deliver the Documentary Credits to or to the order of the Borrower.

(c)No Documentary Credit shall require that payment against a conforming draft be made on the same Business Day upon which the draft was presented, unless such presentation is made before 1:00 p.m. (Toronto time) on such Business Day.

(d)Prior to the Issue Date, the Borrower shall provide a precise description of the documents and the verbatim text of any certificates to be presented by the Beneficiary which, if presented by the Beneficiary, would require the

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Documentary Credit Lender, to make payment under the Documentary Credit. The Documentary Credit Lender may require reasonable changes in any such document or certificate.

3.3Form of Documentary Credits.

Each Documentary Credit (i) shall be in Canadian Dollars, (ii) shall be dated the Issue Date (iii) shall have an expiration date on a Business Day which occurs no more than 364 days after the Issue Date (provided, however, no expiration date shall be a date after the Maturity Date), and (iv) shall comply with the definition of Documentary Credit. Without limiting Section 2.1(a), the aggregate of the Canadian Dollar Amount of the Face Amounts of all issued Documentary Credits shall not exceed $10,000,000 at any time.

3.4Reimbursements of Amounts Drawn.

(a)At or before 11:00 a.m. (Toronto time) on the date specified by a Beneficiary as a drawing date under a Documentary Credit, the Borrower shall pay to the Documentary Credit Lender an amount in same day funds equal to the amount to be drawn by the Beneficiary under the Documentary Credit.

(b)If the Borrower fails to pay to the Documentary Credit Lender the amount drawn under any Documentary Credit, the unpaid amount due and payable shall be converted automatically as of such date, and without the necessity for the Borrower to give any Borrowing Notice pursuant to Section 2.5, to a Prime Rate Loan, where the Documentary Credit is denominated in Canadian Dollars, made by the Lenders rateably under the Credit Facility.

3.5Documentary Credit Participation.

(a)Each Lender shall acquire from the Documentary Credit Lender for the Lender’s own account and risk, an undivided interest equal to the Lender’s pro rata share of the Documentary Credit Lender’s obligations and rights under each Documentary Credit together with any amount paid by the Documentary Credit Lender under a Documentary Credit. If an amount is drawn under any Documentary Credit and the Documentary Credit Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement or if the amount is converted to an Advance pursuant to Section 3.4(b), each of the Lenders shall pay to the Documentary Credit Lender, upon demand, an amount equal to such Lender’s pro rata share of the amount which is not so reimbursed or shall acquire its pro rata share of the Advance into which the amount is converted, as the case may be.

(b)If any amount required to be paid by a Lender to the Documentary Credit Lender pursuant to Section (a) is not paid to the Documentary Credit Lender within two Business Days after the date the payment is due, the Lender shall pay to the Documentary Credit Lender, on demand, such amount together with interest, from the date the payment was to be made until the date it is actually made, at the prevailing interbank rate. A certificate of the Documentary Credit Lender,

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submitted to the relevant Lender with respect to any amounts owing under this Section shall be conclusive, absent manifest error.

(c)If, at any time after the Documentary Credit Lender has made a payment under any Documentary Credit and has received from the Lenders their pro rata share of such payment, the Documentary Credit Lender receives a payment in respect of the Documentary Credit (whether directly from the Borrower or otherwise), the Documentary Credit Lender will distribute to the Lenders their pro rata share of such payment; provided, however, if any payment so received by the Documentary Credit Lender shall be required to be returned by the Documentary Credit Lender, each Lender shall return to the Documentary Credit Lender the portion thereof previously distributed to it.

3.6Risk of Documentary Credits.

(a)In determining whether to pay under a Documentary Credit, the Documentary Credit Lender shall be responsible only to determine that the documents and certificates required to be delivered under the Documentary Credit have been delivered and that they comply on their face with the requirements of the Documentary Credit.

(b)The reimbursement obligation of the Borrower under any Documentary Credit shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including (i) any lack of validity or enforceability of a Documentary Credit, (ii) the existence of any claim, set-off, defence or other right which the Borrower may have at any time against a Beneficiary, the Documentary Credit Lender or any other Person, whether in connection with the Loan Documents and the transactions contemplated therein or any other transaction (including any underlying transaction between the Borrower and the Beneficiary), (iii) any certificate or other document presented with a Documentary Credit proving to be forged, fraudulent or invalid or any statement in it being untrue or inaccurate, (iv) the existence of any act or omission or any misuse of, a Documentary Credit or misapplication of proceeds by the Beneficiary, including any fraud in any certificate or other document presented with a Documentary Credit in each case unless, before payment of a Documentary Credit, (x) the Borrower has delivered to the Documentary Credit Lender a written notice of the fraud together with a written request that it refuse to honour such drawing, (y) the fraud by the Beneficiary has been established to the knowledge of the Documentary Credit Lender so as to make the fraud clear or obvious to the Documentary Credit Lender, and (z) in the case of fraud in the underlying transaction between the Borrower and the Beneficiary, the fraud is of such character as to make the demand for payment by the Beneficiary under the Documentary Credit a fraudulent one, (v) payment by the Documentary Credit Lender under the Documentary Credit against presentation of a certificate or other document which does not comply with the terms of the Documentary Credit, unless such payment

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is inconsistent with the standards of reasonable care specified in the Uniform Customs and Practice for Documentary Credits (1993 Revision), ICC Publication 500 (or any replacement publication), or (vi) the existence of a Default or Event of Default.

(c)The Documentary Credit Lender shall not be responsible for (i) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Documentary Credit or the rights or benefits under it or proceeds of it, in whole or in part, which may prove to be invalid or ineffective for any reason, (ii) errors, omissions, interruptions or delays in transmission or delivery of any messages by mail, facsimile or otherwise, (iii) errors in interpretation of technical terms, (iv) any loss or delay in the transmission of any document required in order to make a drawing, and (v) any consequences arising from causes beyond the control of the Documentary Credit Lender, including the acts or omissions, whether rightful or wrongful, of any Governmental Authority. None of the above shall affect, impair, or prevent the vesting of any of the Documentary Credit Lender’s rights or powers under this Agreement. Any action taken or omitted by the Documentary Credit Lender under or in connection with any Documentary Credit or the related certificates, if taken or omitted in good faith, shall not put the Documentary Credit Lender under any resulting liability to the Borrower provided that the Documentary Credit Lender acts in accordance with the standards of reasonable care specified in the Uniform Customs and Practice for Documentary Credits (1993 Revision), ICC Publication 500 (or any replacement publication).

3.7Fees.

(a)The Borrower shall pay to the Agent, (i) on behalf of the Documentary Credit Lender, a non-refundable fronting fee in respect of each Documentary Credit equal to 0.25% of its Face Amount (the “L/C Fronting Fee”), and (ii) on behalf of each Lender, a fee equal to theApplicable Margin for Documentary Credits of the Face Amount of each Documentary Credit for the period during which the Documentary Credit is outstanding (the “L/C Maintenance Fee”). The L/C Fronting Fee and the L/C Maintenance Fee shall be calculated and payable quarterly in arrears on the first Business Day following the end of each Fiscal Quarter.

(b)The Borrower shall pay to the Documentary Credit Lender, upon the issuance, amendment or transfer of each Documentary Credit issued by the Documentary Credit Lender and each drawing made under it, the Documentary Credit Lender’s standard and prevailing documentary and administrative charges for issuing, amending, transferring or drawing under, as the case may be, Documentary Credits of similar amount, term and risk.

3.8Repayments.

(a)If the Borrower is required to repay the Loans pursuant to ARTICLE 2 or ARTICLE 12, then the Borrower shall pay to the Agent an amount equal to each

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Lender’s contingent liability in respect of (i) any outstanding Documentary Credit, and (ii) any Documentary Credit which is the subject matter of any order, judgment, injunction or other such determination (a “Judicial Order”) restricting payment under and in accordance with such Documentary Credit or extending the Lender’s liability under such Documentary Credit beyond its stated expiration date.

(b)The Documentary Credit Lender shall, with respect to any Documentary Credit, upon the later of:

(i)the date on which any final and non-appealable order, judgment or other such determination has been rendered or issued either terminating the applicable Judicial Order or permanently enjoining the Lender from paying under such Documentary Credit; and

(ii)the earlier of (i) the date on which either (x) the original counterpart of the Documentary Credit is returned to the Documentary Credit Lender for cancellation, or (y) the Documentary Credit Lender is released by the Beneficiary from any further obligations, and (ii) the expiry (to the extent permitted by any applicable law) of the Documentary Credit,

pay to the Borrower an amount equal to the difference between the amount paid to the Documentary Credit Lender pursuant to Section 3.8(a) and the amounts paid by the Documentary Credit Lender under the Documentary Credit.

3.9Documentary Credits Outstanding Upon Default.

If any Documentary Credits are outstanding upon the occurrence of an Event of Default, the Borrower shall immediately pay to the Agent for the account of the Documentary Credit Lender an amount (the “Documentary Credit Deposit Amount”) equal to the undrawn principal amount of the Documentary Credits. The Documentary Credit Deposit Amount shall be held by the Agent in an interest bearing account to be applied on any drawing by a Beneficiary and shall constitute “Obligations” under the Third Supplemental Indenture. If no drawing is made in respect of a Documentary Credit prior to its expiry date, the Documentary Credit Deposit Amount applicable thereto and any accrued interest thereon, or such part thereof as has not been paid out, shall be returned to the Borrower promptly following the expiry or cancellation of the Documentary Credit.

ARTICLE 4
INTEREST

4.1Interest on Loans.

(a)Prime Rate Loans. Each Prime Rate Loan shall bear interest (both before and after demand, maturity, default and, to the extent permitted by law, judgment, with interest on overdue interest at the same rate) from and including the Borrowing Date for such Loan to, but not including, the date of repayment of such

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Loan on the unpaid principal amount of such Loan at a nominal rate per annum equal to the Prime Rate plus the Applicable Margin, which shall, in each case, change automatically without notice to the Borrower as and when: (i) the Prime Rate shall change so that at all times the rates set forth above shall be the Prime Rate then in effect; and (ii) the Applicable Margin shall change so that at all times the Applicable Margin shall be computed on the basis of the actual rating of the Borrower then in effect. Interest on each Prime Rate Loan shall be computed on the basis of the actual number of days elapsed divided by 365 or 366, as applicable. Interest in respect of outstanding Prime Rate Loans shall be payable monthly in arrears on the first Business Day of each month; provided, however, that interest on overdue interest shall be payable on demand.

(b)Term CORRA Loans. Each Term CORRA Loan shall bear interest (both before and after demand, maturity, default and, to the extent permitted by law, judgment, with interest on overdue interest at the same rate) during each Interest Period at a rate per annum equal to Adjusted Term CORRA, plus the Applicable Margin then in effect, which shall, in each case, change automatically without notice to the Borrower as and when Adjusted Term CORRA shall change so that at all times the rates set forth above shall be the Adjusted Term CORRA then in effect. Interest on each Term CORRA Loan shall be computed on the basis of the actual number of days elapsed divided by 365 or 366, as applicable. Interest in respect of outstanding Term CORRA Loans shall be payable in arrears on each Interest Payment Date for such Loan; provided, however, that interest on overdue interest shall be payable on demand. In the event of any conversion of any Term CORRA Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

(c)Daily Compounded CORRA Loans. Each Daily Compounded CORRA Loan shall bear interest (both before and after demand, maturity, default and, to the extent permitted by law, judgment, with interest on overdue interest at the same rate) during each Interest Period at a rate per annum equal to Adjusted Daily Compounded CORRA, plus the Applicable Margin then in effect, which shall, in each case, change automatically without notice to the Borrower as and when Adjusted Daily Compounded CORRA shall change so that at all times the rates set forth above shall be the Adjusted Daily Compounded CORRA then in effect. Interest on each Daily Compounded CORRA Loan shall be computed on the basis of the actual number of days elapsed divided by 365 or 366, as applicable. Interest in respect of outstanding Daily Compounded CORRA Loans shall be payable in arrears on each Interest Payment Date for such Loan; provided, however, that interest on overdue interest shall be payable on demand. In the event of any conversion of any Daily Compounded CORRA Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

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4.2[Intentionally Deleted].

4.3Interest on Overdue Amounts.

The Borrower will on demand pay interest to the Agent on all amounts (other than as provided in Section 4.1) payable by the Borrower pursuant to this Agreement that are not paid when due at the Prime Rate plus 2% per annum, in the case of amounts payable in Canadian Dollars, calculated daily and compounded monthly from the date of payment until paid in full (both before and after demand, maturity, default and, to the extent permitted by law, judgment), with interest on overdue interest at the same rate.

4.4Other Interest.

The Borrower shall pay interest on all amounts payable hereunder at the rate specified herein or, if no rate is specified, at the Prime Rate plus the Applicable Margin calculated daily and compounded monthly, from the date due until paid in full (both before and after demand, maturity, default and, to the extent permitted by law, judgment).

4.5Interest Act (Canada).

For the purpose of the Interest Act (Canada), the yearly rate of interest to which interest calculated on the basis of a year of 360 or 365 days is equivalent is the rate of interest as so determined multiplied by the actual number of days in such year divided by 360 or 365, respectively.

The Borrower and the General Partner acknowledge and confirm that this Section 4.5 satisfies the requirements of Section 4 of the Interest Act (Canada) to the extent it applies to the expression or statement of any interest payable under this Agreement and that each of the Borrower and the General Partner is able to calculate the yearly rate or percentage of interest payable under this Agreement based upon the methodology set out in this Section 4.5. The Borrower and the General Partner each agree not to plead or assert, whether by way of defence or otherwise, in any proceeding relating to this Agreement, that the interest payable hereunder and the calculation of interest herein have not been adequately disclosed to them, whether pursuant to Section 4 of the Interest Act (Canada) or any other Applicable Law or legal principle.

4.6Deemed Reinvestment Principle.

For the purpose of the Interest Act (Canada), the principle of deemed reinvestment of interest shall not apply to any interest calculation under this Agreement and the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or yields.

4.7Maximum Return.

It is the intent of the parties hereto that the return to the Lenders pursuant to this Agreement shall not exceed the maximum return permitted under the laws of Canada and if the return to the Lenders would, but for this provision, exceed the maximum return permitted under the laws of Canada, the return to the Lenders shall be limited to the maximum return permitted under the

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laws of Canada and this Agreement shall automatically be modified without the necessity of any further act or deed to give effect to the restriction on return set forth above.

4.8Inability to Determine CORRA Rates

(a)Subject to Section 2.11, if, on or prior to the first day of any Interest Period for any Term CORRA Loan or Daily Compounded CORRA Loan, as applicable:

(i)the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that “Adjusted Term CORRA” or “Adjusted Daily Compounded CORRA”, as applicable, cannot be determined pursuant to the definition thereof, for reasons other than a Benchmark Transition Event, or

(ii)the Majority Lenders determine that for any reason in connection with any request for a Term CORRA Loan or Daily Compounded CORRA Loan, as applicable, or a conversion thereto or a continuation thereof that Term CORRA or Daily Compounded CORRA, as applicable, for any requested Interest Period with respect to a proposed Term CORRA Loan or Daily Compounded CORRA Loan, as applicable, does not adequately and fairly reflect the cost to such Lenders of making and maintaining such Loan, and the Majority Lenders have provided notice of such determination to the Administrative Agent,

(b)the Administrative Agent will promptly so notify the Borrower and each Lender.

(c)Upon delivery of such notice by the Administrative Agent to the Borrower under Section 4.8(a), any obligation of the Lenders to make Term CORRA Loans or Daily Compounded CORRA Loans, as applicable, and any right of the Borrower to continue Term CORRA Loans or Daily Compounded CORRA Loans, as applicable, or to convert Prime Rate Loans to Term CORRA Loans or Daily Compounded CORRA Loans, as applicable, shall be suspended (to the extent of the affected Term CORRA Loans or Daily Compounded CORRA Loans, as applicable, or affected Interest Periods) until the Administrative Agent (with respect to clause (ii), at the instruction of the Majority Lenders) revokes such notice.

(d)Upon receipt of such notice by the Administrative Agent to the Borrower under 4.8(a)2.11(a), (i)(x) the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Term CORRA Loans or Daily Compounded CORRA Loans, as applicable, (to the extent of the affected Term CORRA Loans or Daily Compounded CORRA Loans, as applicable, or affected Interest Periods); (y) in respect of Term CORRA Loans, the Borrower may elect to convert any such request into a request for a Borrowing of or conversion to Daily Compounded CORRA Loans; or, failing such revocation or election, (z) the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Prime Rate Loans, in the amount specified therein

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and (ii) (x) in respect of Term CORRA Loans, the Borrower may elect to convert any outstanding affected Term CORRA Loans at the end of the applicable interest Period, into Daily Compounded CORRA Loans, and (y) otherwise, or failing such election, any outstanding affected Term CORRA Loans or Daily Compounded CORRA Loans, as applicable, will be deemed to have been converted, at the end of the applicable Interest Period, into Prime Rate Loans. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional amounts required pursuant to Section 6.1(b).

ARTICLE 5
FEES

5.1Commitment Fee.

The Borrower shall pay to the Agent a commitment fee in Canadian Dollars so long as the Agent has not demanded or the Lenders have not ceased to make advances under Section 12.2, calculated in accordance with the Applicable Margin on the amount of the Undisbursed Credit in existence during the period of calculation and as adjusted automatically upon any change thereof. Accrued commitment fees shall be calculated quarterly and be due and payable quarterly in arrears on the first Business Day after the end of each quarter of each Fiscal Year of the Borrower.

5.2Basis of Calculation of Fees.

The fees payable under Sections 3.7 and 5.1 with respect to any period shall be calculated on the basis of the actual number of days in such period divided by 365 or 366 days, as the case may be.

ARTICLE 6
PAYMENT

6.1Voluntary Repayment of Outstanding Accommodation.

(a)Repayments. Subject to Section 6.1(b), the Borrower shall have the right to voluntarily repay outstanding Accommodations from time to time on any Business Day without premium on the terms and conditions set forth in this Section:

(i)With respect to any voluntary repayment of an Accommodation, unless the Agent with the consent of the Lenders otherwise approves, the Canadian Dollar Amount of Accommodation included in such repayment shall be Two Million Five Hundred Thousand Canadian Dollars (Cdn.$2,500,000) or whole multiples of One Hundred Thousand Canadian Dollars (Cdn.$100,000) or the entire amount of that type of Accommodation outstanding, and the Borrower shall give the Agent a written notice of repayment substantially in the form of Schedule 6.1(a) (a “Notice of Repayment”), specifying the amount, the type or types of

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Accommodation to be included in the repayment (and where such Accommodation includes any Loan, the interest rate applicable thereto) and the applicable voluntary repayment date, which notice shall be irrevocable by the Borrower. The Notice of Repayment shall be given to the Agent not later than 10:00 a.m.:

(A)on the second Business Day preceding the applicable repayment date in the case of Loans with a Canadian Dollar Amount in the aggregate equal to or greater than Two Million Five Hundred Thousand Canadian Dollars (Cdn.$2,500,000).

(ii)In all other cases, Notice of Repayment shall be given on the applicable repayment date.

(iii)Any Notice of Repayment received by the Agent on any Business Day after 11:00 a.m. shall be deemed to have been given to the Agent on the next succeeding Business Day.

(iv)On the applicable voluntary repayment date, the Borrower shall pay to the Agent for the account of the Lenders, the amount of any Accommodation that is subject to the repayment, together with all interest and other fees and amounts accrued, unpaid and due in respect of such repayment; provided, however, that accrued interest will not be repayable prior to the applicable interest payment date in Section 4.1 in respect of Prime Rate Loans unless the full balance outstanding thereunder is voluntarily repaid.

(b)Compensation for Losses. In the event of (a) the payment of any principal of any Term CORRA Loan or Daily Compounded CORRA Loan, as applicable, prior to the last day of an Interest Period, (b) the conversion of any Term CORRA Loan or Daily Compounded CORRA Loan, as applicable, other than on the last day of the Interest Period, (c) the failure to borrow, convert, continue or prepay any Revolving Loan, or Term Loan on the date specified in any notice delivered pursuant hereto, or (d) the assignment of any Term CORRA Loan or Daily Compounded CORRA Loan, as applicable, other than on the last day of the Interest Period as a result of a request by the Borrower pursuant to Section 7.7, then, in any such event, the Borrower shall, after receipt of a written request by the Administrative Agent, on behalf of any Lender affected by any such event (which request shall set forth in reasonable detail the basis for requesting such amount), compensate each Lender for the loss, cost and expense attributable to such event by making payment to the Administrative Agent, and the Administrative Agent shall provide such payment to the relevant Lender. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section delivered to the Borrower shall be presumptively correct absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) days after receipt of such demand.

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6.2Repayment on Maturity Date and Extension.

(a)Subject to the provisions of this Agreement and to this Section, the Borrower shall repay in full all outstanding Accommodations to each Lender on the Maturity Date of such Lender, together with all interest, fees and other amounts payable hereunder on the Maturity Date of such Lender, in each case, to the Agent for the account of the applicable Lender(s), and the Commitment of such Lender shall be permanently cancelled and the aggregate Committed Amount shall be permanently cancelled by a corresponding amount.

(b)By notice in writing to the Agent in the form of Schedule 3 (a “Notice of Extension”) given not more than 90 and not less than 45 days prior to each anniversary date of the date of this Agreement, the Borrower may request each Lender to extend the Maturity Date of such Lender for an additional period of 365 days. The Lenders agree that they shall give or withhold their consent in a timely manner so that the Agent may provide a response to the Borrower to the Notice of Extension within thirty (30) days from the date of such receipt, provided that the decision of any Lender to extend the Maturity Date in respect of such Lender shall be at the sole discretion of such Lender. The Borrower shall be entitled to replace any Lender which dissents in response to the Notice of Extension (a “Dissenting Lender”) with another existing Lender or Lenders without the consent of any of the remaining Lenders; or to replace a Dissenting Lender with any financial institution which is not an existing Lender with the consent of the Agent and the Documentary Credit Lender, such consent not to be unreasonably withheld. The Borrower shall be entitled, with the unanimous consent of the Lenders who have agreed to extend, to permanently cancel the Commitment of any Dissenting Lender and repay such Dissenting Lender, at which time the Committed Amount shall be permanently reduced by the amount of such Commitment.

6.3Excess Accommodations.

In addition to the other repayment rights, obligations or options set forth in this Article, if the aggregate Canadian Dollar Amount of all Accommodations outstanding under the Credit Facility at any time exceeds the Committed Amount, the Borrower shall immediately upon request of the Agent repay such excess.

6.4Illegality.

Notwithstanding any other provision of this Agreement, if the making or continuation of any Accommodation shall have been made unlawful or prohibited due to compliance by any of the Agent and the Lenders in good faith with any change made after the date hereof in any law or governmental rule, regulation, guideline or order, or in any interpretation or application of any law or governmental rule, regulation, guideline or order by any competent authority, or with any request or directive (whether or not having the force of law) by any central bank, reserve board, superintendent of financial institutions or other comparable authority made after the date hereof, then the Agent will give notice thereof to the Borrower which shall repay such Accommodation within a reasonable period or such shorter period as may be required by law. During the

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continuation of any such event the Lenders will have no obligation under this Agreement to make or continue any Accommodation affected thereby.

ARTICLE 7
PAYMENTS AND INDEMNITIES

7.1Payments on Non-Business Days.

Unless otherwise provided herein, whenever any payment to be made under this Agreement shall be stated to be due on a day which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day, and interest or fees shall be payable at the appropriate rate during such extension.

7.2Method and Place of Payment.

Unless otherwise provided herein, all payments made by the Borrower to the Agent under this Agreement will be made not later than 2:00 p.m. on the date when due, and all such payments will be made in immediately available funds. Any amounts received after that time shall be deemed to have been received by the Agent on the next Business Day.

7.3Net Payments.

All payments by the Borrower under this Agreement shall be made without set-off or counterclaim or other deduction and without regard to any equities between the Borrower and the Agent or any of the Lenders or any other Person and free and clear of, and without reduction for or on account of, any present or future levies, imposts, duties, charges, fees, deductions or other withholdings, and if the Borrower is required by law to withhold any amount, then the Borrower will increase the amount of such payment to an amount which will ensure that the Agent receives the full amount of the original payment.

7.4Agent May Debit Account.

The Agent may debit accounts of the Borrower with the Agent (if any) for any payment or amount due and payable by the Borrower pursuant to this Agreement without further direction from the Borrower to the Agent.

7.5Currency of Payment.

Accommodations shall be repaid by the Borrower to the Agent or a Lender as required under this Agreement in the currency in which such Accommodation was obtained. Any payment on account of an amount payable under this Agreement in a particular currency (the “Proper Currency”) required by any authority having jurisdiction to be made (or which a Lender elects to accept) in a currency (the “Other Currency”) other than the Proper Currency, whether pursuant to a judgment or order of any court or tribunal or otherwise, shall constitute a discharge of the Borrower’s obligations under this Agreement only to the extent of the amount of the Proper Currency which each applicable Lender is able, as soon as practicable after receipt by it of such payment, to purchase with the amount of the Other Currency so received. If the amount of the Proper Currency which a Lender is so able to purchase is less than the amount of the

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Proper Currency originally due to it, the Borrower shall indemnify and hold such Lender harmless from and against all losses, costs, damages or expenses which such Lender may sustain, pay or incur as a result of such deficiency. This indemnity shall constitute an obligation separate and independent from any other obligation contained in this Agreement, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence granted by the Lenders from time to time, shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due under this Agreement or under any judgment or order and shall not merge in any order of foreclosure made in respect of any of the security given by the Borrower to or for the benefit of any Lender.

7.6General Indemnity.

The Borrower shall indemnify the Agent and the Lenders and their directors, officers, employees, attorneys and agents against and hold each of them harmless from any loss, liabilities, damages, claims, costs and expenses (including fees and expenses of counsel to the Agent and the Lenders on a solicitor and his own client basis and reasonable fees and expenses of all independent consultants) (each a “Claim”) suffered or incurred by any of them arising out of, resulting from or in any manner connected with or related to:

(a)any Environmental Matter, Environmental Liability or Environmental Proceeding; and

(b)any loss or expense incurred in liquidating or re-employing deposits from which such funds were obtained, which the Agent or Lender may sustain or incur as a consequence of:

(i)failure by the Borrower in proceeding with a Borrowing after the Borrower has given a Borrowing Notice;

(ii)failure by the Borrower in repaying a Borrowing after the Borrower has given a Notice of Repayment;

(iii)any breach, non-observance or non-performance by the Borrower of any of its obligations, covenants, agreements, representations or warranties contained in this Agreement.

The indemnity set forth herein shall be in addition to any other obligations or liabilities of the Borrower to any of the Agent and the Lenders at common law or otherwise and this Section shall survive the repayment of the Accommodation and the termination of this Agreement. A certificate of the Lender as to any such loss or expense, providing details of the calculation of such loss or expense, shall be prima facie evidence.

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7.7[Intentionally Deleted].

ARTICLE 8
SECURITY

8.1Security.

As general and continuing security for the due payment and performance of all present and future indebtedness, liabilities and obligations of the Borrower to the Agent and to the Lenders under the Existing Credit Agreement, the Borrower provided to the Agent on behalf of the Lenders a pledge of the Senior Pledged Bond, Series 2, such pledge being pursuant to the Bond Delivery Agreement. The parties hereby confirm that all present and future indebtedness, liabilities and obligations of the Borrower to the Agent and the Lenders under this Agreement shall constitute “Obligations” for the purposes of the Third Supplemental Indenture and shall be subject to the Senior Pledged Bond, Series 2.

ARTICLE 9
REPRESENTATIONS AND WARRANTIES

9.1Representations and Warranties.

To induce the Lenders to make Accommodations available to the Borrower, each of the Borrower and the General Partner, in its personal capacity, represents and warrants to the Agent and the Lenders that the following are true and correct in all material respects:

(a)Existence – the Borrower and each of its Subsidiaries is a partnership, corporation or other entity, as the case may be, incorporated or organized and subsisting under the laws of its jurisdiction of incorporation or organization, specified on Schedule 9.1(a) (as such Schedule may be amended from time to time by Borrower and provided to the Lenders, provided that such amendments shall not otherwise be contrary to this Agreement) with and has all requisite partnership, corporate or other power and authority to own, hold under license or lease its property, undertaking and Assets and to carry on (i) its Business as now conducted (and as now proposed to be conducted); and (ii) the transactions contemplated by this Agreement and each other Loan Document to which it is a party. The General Partner is a corporation, duly and validly incorporated, organized and existing as a corporation under the laws of the Province of Alberta and has the legal capacity to act as the General Partner of the Borrower;

(b)Capacity – each of the Borrower and the General Partner has the legal capacity and right to enter into the Loan Documents and do all acts and things and execute and deliver all agreements, documents and instruments as are required thereunder to be done, observed or performed by it in accordance with the terms and conditions thereof;

(c)Authority - the execution and delivery by the Borrower and General Partner of this Agreement and each of the Loan Documents to which it is a party, and the

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performance by it of its obligations thereunder have been duly authorized by all necessary corporate, partnership or other action including, without limitation, the obtaining of all necessary shareholder, partnership or other relevant consents. No authorization, consent, approval, registration, qualification, designation, declaration or filing with any Governmental Authority or other Person, is or was necessary in connection with the execution, delivery and performance of the Borrower’s or General Partner’s obligations under this Agreement and the other Loan Documents to which it is a party, except such as are in full force and effect, unamended at the date hereof;

(d)Execution and Delivery,Enforceability - each of the Loan Documents has been duly executed and delivered by each of the Borrower and the General Partner and constitutes a valid and legally binding obligation of the Borrower enforceable against it in accordance with its terms, subject only to bankruptcy, insolvency, reorganization, arrangement or other statutes or judicial decisions affecting the enforcement of creditors’ rights in general and to general principles of equity under which specific performance and injunctive relief may be refused by a court in its discretion;

(e)No Litigation - there is no existing, pending or, to the knowledge of the Borrower or the General Partner, threatened litigation by or against the Borrower, its Subsidiaries or the General Partner which could reasonably be expected to be adversely determined to the rights of the Borrower, its Subsidiaries or the General Partner and which could reasonably be expected to cause a Material Adverse Effect; no event has occurred and, to the knowledge of the Borrower or the General Partner, no state or condition exists, which could give rise to any such litigation;

(f)No Conflict - the execution and delivery by the Borrower and the General Partner and the performance by them of their obligations under, and compliance with the terms, conditions and provisions of, this Agreement and each other Loan Document will not conflict with or result in a breach of any of the terms, conditions or provisions of (i) its articles, by-laws, partnership agreement or other organizational documents, as the case may be; (ii) any Applicable Law; (iii) any Material Agreement or any material contractual restriction binding on or affecting it or its Assets; or (iv) any material judgment, injunction, determination or award which is binding on it in each such case except to the extent that such breach could not reasonably be expected to result in a Material Adverse Change;

(g)Financial Statements - the financial statements and forecasts of the Borrower and its Subsidiaries which have been provided to the Agent are accurate and complete in all material respects, and fairly present the consolidated financial condition and business operations of the Borrower and its Subsidiaries, as at the date thereof and are prepared in a form and manner consistent with existing financial reporting practices of the Borrower in accordance with GAAP;

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(h)Books and Records- all books and records of the Borrower and its Subsidiaries have been fully and accurately kept and completed and there are no material inaccuracies or discrepancies of any kind contained or reflected therein. The Borrower’s and its Subsidiaries’ records, systems, controls, data or information are not recorded, stored, maintained, operated or otherwise wholly or partly dependent upon or held by any means (including any electric, mechanical or photographic process, whether computerized or not) which (including all means of access thereto and therefrom) are not under the direct control of Borrower or its Subsidiaries, as applicable;

(i)No Material Adverse Change - there has been no Material Adverse Change since December 31, 2023;

(j)Compliance with Laws and Agreements – the Borrower, its Subsidiaries and the General Partner are in compliance with all Applicable Laws and all agreements or contracts where any non-compliance could reasonably be expected to cause a Material Adverse Effect;

(k)Approvals - all Governmental Approvals and other consents or authorizations necessary to permit the Borrower and its Subsidiaries and the General Partner (i) to execute, deliver and perform each Loan Document to which it is a party (if any), and to consummate the transactions contemplated thereby; and (ii) to own and operate the Business, have been obtained or effected and are in full force and effect. The Borrower and its Subsidiaries are in compliance with the requirements of all such Governmental Approvals and consents and there is no Claim existing, pending or, to the knowledge of the Borrower or the General Partner, threatened which could result in the revocation, cancellation, suspension or any adverse modification of any of such Governmental Approvals or consent;

(l)No Default - no Default or Event of Default under this Agreement or the Master Trust Indenture has occurred or is continuing which has not (i) been expressly waived in writing by the Agent and the Trustee under the Master Trust Indenture; or (ii) been remedied (or otherwise ceased to be continuing);

(m)Ownership of Assets, Principal Property - the Borrower and its Subsidiaries each has good and marketable title to (and in the case of the Borrower) free and clear of all Liens, other than Permitted Liens, all of its respective Assets used in the Business. The Principal Property in the name of the General Partner is and will be held by the General Partner in trust for the Borrower;

(n)Taxes -

(i)the Borrower and its Subsidiaries are currently exempt from (i) income tax under the Income Tax Act (Canada), and (ii) realty taxes under the Assessment Act (Alberta); the Borrower is not in default of any of the filings, payments or other requirements necessary to maintain such exempt status, nor does the Borrower have any knowledge of any event which

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could result in the Borrower or AltaLink ceasing to be exempt from taxation under such statutes; and

(ii)the Borrower and its Subsidiaries have filed or caused to be filed all tax returns which, to its knowledge, are required to have been filed, and have paid all taxes shown to be due and payable on said returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than those the amount or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided in its books); and no tax liens have been filed and, to the knowledge of the Borrower no claims are being asserted with respect to any such taxes, fees or other charges;

(o)No Proceedings- no essential portion of the Borrower’s or any of its Subsidiaries’ real or leased property has been taken or expropriated by any Governmental Authority nor has written notice or proceedings in respect thereof been given or commenced nor is the Borrower aware of any intent or proposal to give any such notice or commence any such proceedings;

(p)Environmental - except as disclosed to the Agent, neither the Borrower nor any of its Subsidiaries has:

(i)any knowledge of any Environmental Adverse Effect or any condition existing at, on or under the Principal Property which, in any case or in the aggregate, with the passage of time or the giving of notice or both, could reasonably be expected to give rise to liability of the Borrower or any of its Subsidiaries resulting in a Material Adverse Effect;

(ii)any knowledge of any present or prior leaks or spills with respect to underground storage tanks and piping system or any other underground structures existing at, on or under Principal Property or of any past violations by any Applicable Laws, policies or codes of practice involving the Principal Property, which violations, in any case or in the aggregate, could reasonably be expected to have a Material Adverse Effect;

(iii)any knowledge that it has any obligation under any Environmental Laws to pay any compensation or damages resulting from the operation of the Principal Property, or that it will have any such obligation resulting from the maintenance and operation of the Principal Property, which, in any case or in the aggregate, could reasonably be expected to have a Material Adverse Effect; and

(iv)any Environmental Liability which, in any case or in the aggregate, could reasonably be expected to have a Material Adverse Effect except as

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disclosed by the Borrower to the Agent in writing prior to the Effective Date;

(q)No Proceedings or Investigations - none of the Borrower or its Subsidiaries is, as at the date that this representation is made or deemed to be made, the subject of any civil, criminal or regulatory proceeding or governmental or regulatory investigation with respect to Environmental Laws nor are any of them aware of any threatened proceedings or investigations which, in any case or in the aggregate, could reasonably be expected to have a Material Adverse Effect except as disclosed in accordance with the notice requirements set out in Section 10.5. The Borrower and its Subsidiaries are actively and diligently proceeding to use all reasonable efforts to comply with all Environmental Laws and all such activities are being carried on in a prudent and responsible manner and with all due care and due diligence;

(r)Insurance - the Borrower and its Subsidiaries maintain insurance or self insure (including business interruption insurance, property insurance and general liability insurance) with responsible insurance carriers and in such amounts and covering such risks as are usually carried by companies engaged in similar businesses and owning similar properties;

(s)Pension Plans – Neither the Borrower nor any of its Subsidiaries (except AltaLink Management Ltd.) has established or is party to or obligated under any pension plans (excluding for certainty, applicable Canadian federal or provincial pension plans such as the Canada Pension Plan and the Quebec Pension Plan). All pension plans established by AltaLink Management Ltd. are being operated, administered and maintained in compliance with all laws, regulations and orders applicable thereto, except for such instances of non-compliance as have not resulted in and could not reasonably be expected to result in a Material Adverse Effect. All premiums, contributions and any other amounts required by applicable pension plan documents or Applicable Laws to be paid or accrued by AltaLink Management Ltd., to the extent failure to do so could reasonably be expected to result in a Material Adverse Effect, are being paid or accrued as required;

(t)Subsidiaries - (i) the Borrower is the sole limited partner and is the owner of 99.99% of the Equity Securities in AltaLink and AltaLink Management Ltd. is the sole general partner and is the owner of .01% of the Equity Securities of AltaLink, (ii) no Person has any right or option to purchase or otherwise acquire any of the Equity Securities of AltaLink; and (iii) the Borrower does not own or hold any Equity Securities in, directly or indirectly, any other Person, other than as disclosed in Schedule 9.1(a), as amended from time to time and provided to the Lenders (provided such amendments shall not otherwise be contrary to this Agreement); and

(u)Complete Disclosure - all written information and data concerning the Borrower, the General Partner and the Borrower’s Subsidiaries that have been prepared by it or any of its representatives or advisors and that have been made available to the

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Agent or the Lenders are and, at the time such information and data were made available, were true and correct in all material respects and do not, and, at the time such information and data were made available, did not, contain any untrue statement of a material fact, or omit to state a material fact necessary in order to make the statements contained in such information and data not misleading in light of the circumstances under which such statements were made.

9.2Survival of Representations and Warranties.

All representations and warranties contained in this Agreement, the Loan Documents and any certificate or document delivered pursuant hereto shall survive the execution and delivery of this Agreement and the Loan Documents, the advance of each Accommodation and exercise of any remedies under this Agreement or under any of the Loan Documents, notwithstanding any investigation made at any time by or on behalf of the Agent or the Lenders.

ARTICLE 10
COVENANTS

The Borrower covenants and agrees that, so long as any Accommodation is outstanding or the Borrower is entitled to obtain any Accommodation under the Credit Facility:

10.1Reporting Covenants.

(a)Information and Certificates. The Borrower shall furnish to the Agent (in “pdf” format where practicable, or in such other form as may be agreed between the Borrower and the Agent):

(i)not later than one hundred and forty (140) days (or such earlier date as may be prescribed from time to time under applicable securities legislation for the delivery of annual financial statements to security holders) after the end of each Fiscal Year, the annual financial statements (consolidated and unconsolidated) of the Borrower consisting of a balance sheet and statements of income, retained earnings and changes in financial position for the year then ended and for the immediately preceding Fiscal Year together with the report on such consolidated statements of the Borrower’s Auditors and the discussion and analysis of such consolidated statements prepared by the management of the Borrower;

(ii)not later than sixty (60) days (or such earlier date as may be prescribed from time to time under applicable securities legislation for the delivery of interim financial statements to security holders) after the end of the first, second and third Fiscal Quarters of each Fiscal Year, the unaudited interim financial statements (consolidated and unconsolidated) of the Borrower, including a balance sheet and statements of income and changes in financial position for the period then ended and for the year to date and for the comparative periods in the prior Fiscal Year of the Borrower;

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(iii)at the time the same are sent, copies of all financial statements and other information or material that are delivered to the Trustee under the Master Trust Indenture including, without limitation, notice of any “Event of Default” under the Master Trust Indenture;

(iv)on or before thirty (30) days prior to the beginning of the next Fiscal Year of the Borrower, an annual consolidated and unconsolidated financial forecast of the Borrower;

(v)a certified copy of any supplemental indenture which amends in any way the Master Trust Indenture; and

(vi)upon delivery of each of the items set out in Sections 10.1(a)(i) and (ii) of this Agreement, the Borrower’s Certificate of Compliance, which Certificate of Compliance shall be accompanied by, inter alia, details of the calculation of EBITDA in accordance with GAAP for the purposes of the Interest Coverage Ratio in Section 10.24(a), in form and substance satisfactory to the Lenders.

10.2Payments Under This Agreement and Loan Documents.

The Borrower shall pay, discharge or otherwise satisfy all amounts payable under this Agreement in accordance with the terms of this Agreement and all amounts payable under any Loan Document in accordance with the terms thereof.

10.3Proceeds.

The Borrower shall use the proceeds of any Accommodation only for the purposes permitted pursuant to Section 2.3.

10.4Inspection of Property, Books and Records, Discussions.

The Borrower and each of its Subsidiaries shall keep proper books of record and account in which full, true and correct entries in conformity with GAAP and all Applicable Laws and on a basis consistent with its financial statements shall be made of all dealings and transactions in relation to its business and activities, and permit representatives and agents of the Agent upon reasonable notice to the Borrower and during business hours, to visit and inspect any of the properties and examine and make abstracts from any of the books and records of the Borrower as often as may reasonably be desired, and, subject to applicable securities laws, to discuss the business, operations, property, condition and prospects (financial or otherwise) of the Borrower with those officers and employees of the Borrower designated by its senior executive officers.

10.5Notices.

The Borrower shall promptly give notice to the Agent of:

(a)     the occurrence of any Default or Event of Default;

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(b)    the commencement of, or receipt by the Borrower of a written threat of, any action, suit or proceeding against or affecting the Borrower before any Governmental Authority which, individually or in the aggregate, has, or has any reasonable likelihood of having, a Material Adverse Effect, and such further information in respect thereof as the Agent may request from time to time;

(c)    any notice of any violation or administrative or judicial complaint or order having been filed or, to the Borrower’s knowledge, about to be filed against the Borrower which has, or has any reasonable likelihood of having, a Material Adverse Effect;

(d)    any notice from any Governmental Authority or any other Person alleging that the Borrower is or may be subject to any Environmental Liability which has, or has any reasonable likelihood of having, a Material Adverse Effect;

(e)    any notice of any material violation of Applicable Utilities Legislation;

(f)    the occurrence or non-occurrence of any other event which has, or has a reasonable likelihood of having, a Material Adverse Effect;

(g)    any changes in the ownership structure of the Borrower; and

(h)    any notice of a change in rating to the Senior Bonds (as such term is defined in the Master Trust Indenture) by any of the Rating Agencies.

10.6Disbursements under Master Trust Indenture.

The Borrower shall disburse and apply all Net Revenues (as such term is defined in the Master Trust Indenture) in accordance with Section 4.1 of the Master Trust Indenture.

10.7Cure Defects.

The Borrower shall promptly cure or cause to be cured any defects in the execution and delivery of any of the Loan Documents or any of the other agreements, instruments or documents contemplated thereby or executed pursuant thereto or any defects in the validity or enforceability of any of the Loan Documents and execute and deliver or cause to be executed and delivered all such agreements, instruments and other documents as the Agent may consider necessary or desirable for the foregoing purposes.

10.8Carrying on Business.

The Borrower and each of its Subsidiaries shall own, maintain and repair or reconstruct the Principal Propertyand all other Assets, including licences, permits and intellectual property, necessary to operate the Business and directly receive all revenues associated therewith and shall at all times carry on and conduct the Business in a proper, efficient and businesslike manner and in accordance with good business practices so as to comply with all applicable regulatory requirements and preserve and protect the revenues thereof.

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10.9Insurance and Insurance Proceeds.

(a)The Borrower shall, and the Borrower shall cause each of its Subsidiaries to, maintain insurance with respect to its properties and business and against such casualties and contingencies and in such types and such amounts as shall be in accordance with sound business practices which are standard in the industry and in accordance with any express requirements of Governmental Authorities, where applicable, including the right to self-insure and/or co-insure with respect to any of the insurance required to be maintained by the Borrower pursuant to this paragraph.

(b)Immediately upon receipt by the Borrower of any Insurance Proceeds, Borrower shall apply such Insurance Proceeds in accordance with Section 4.1 of the Master Trust Indenture. Notwithstanding the foregoing, to the extent that any Insurance Proceeds are used by the Borrower, within 12 months after receipt of same, to replace or repair the Assets in respect of which the Insurance Proceeds were received, then such Insurance Proceeds need not be so applied. Borrower shall provide Agent with a copy of any officer’s certificate provided pursuant to Section 6.10 of the Master Trust Indenture.

10.10Compliance with Laws and Agreements.

The Borrower shall, and the Borrower shall cause each of its Subsidiaries to, at all times comply in all material respects with all requirements of the Applicable Utilities Legislation and all other Applicable Laws. The Borrower shall, and the Borrower shall cause each of its Material Subsidiaries to, at all times comply in all material respects with all Material Agreements, including the Master Trust Indenture.

10.11Taxes.

The Borrower shall, and the Borrower shall cause each of its Subsidiaries to, from time to time, pay or cause to be paid all Taxes lawfully levied, assessed or imposed upon them or in respect of their property or any part thereof or upon its income and profits as and when the same become due and payable and withhold and remit any amounts required to be withheld by it from payments due to others and remit the same to any government or agency thereof, and it will exhibit or cause to be exhibited to the Agent, when requested, the receipts and vouchers establishing such payment and will in all material respects duly observe and conform to all applicable requirements of any Governmental Authority relative to any of the property or rights of the Borrower and all covenants, terms and conditions upon or under which any such property or rights are held; provided, however, that the Borrower and each Subsidiary shall have the right to contest, in good faith and diligently by legal proceedings, any such Taxes and, during such contest, may delay or defer payment or discharge thereof.

10.12Further Assurances.

At the Borrower’s cost and expense, upon request of the Agent, duly execute and deliver or cause to be duly executed and delivered to the Agent such further instruments and do and cause

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to be done such further acts as may be necessary or proper in the reasonable opinion of the Agent to carry out more effectually the provisions and purposes of the Loan Documents.

10.13Limitation on Indebtedness.

The Borrower will not, and will not permit any Non-AltaLink Subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Indebtedness other than (i) the Indebtedness owing to the Lenders and/or the Agent under this Agreement, (ii) other Indebtedness, including Capital Lease Obligations and Purchase Money Obligations, not to exceed, in the aggregate at any time, $10,000,000 or the Equivalent Amount thereof, and (iii) Indebtedness of the Borrower under any interest rate, currency rate or commodity hedging agreement permitted under this Agreement.

10.14Negative Pledge.

The Borrower will not, and will not permit any Non-AltaLink Subsidiary to, create, incur, assume or suffer to exist any Lien on any of its Assets, whether now owned or hereafter acquired, other than Permitted Liens.

10.15Investments.

The Borrower shall not, directly or indirectly, make any Investments, other than Permitted Investments.

10.16Change in Business and Ownership of AltaLink and Subsidiaries.

The Borrower and its Subsidiaries shall not engage in any business other than the Business. The Borrower shall ensure that (a) AltaLink is at all times a direct, Wholly-Owned Subsidiary of the Borrower, and (b) at no time shall the total revenues and total Assets, respectively, of all non Wholly-Owned Subsidiaries of the Borrower exceed 10% of the Borrower’s consolidated revenues or Consolidated Assets, as disclosed in the most recent audited financial statements delivered to the Agent and the Lenders pursuant to Section 10.1, as the case may be.

10.17Mergers, Etc.

Neither the Borrower nor any Subsidiary of the Borrower shall enter into, any transaction (whether by way of reconstruction, reorganization, consolidation, amalgamation, winding-up, merger, transfer, sale, lease or otherwise) whereby all or any substantial part of its undertaking or Assets would become the property of any other Person.

10.18Acquisitions.

Neither the Borrower nor any Subsidiary of the Borrower shall make, directly or indirectly, any Acquisition other than Acquisitions which (i) pertain to the Business, and (ii) where the value of the Assets acquired do not, in any Fiscal Year, exceed the lesser of (y) 25% of the Consolidated Assets, and (z) 25% of consolidated revenues of the Borrower (determined in accordance with GAAP), in each case, as disclosed in the most recent audited financial statements delivered to Agent and Lenders pursuant to Section 10.1, and provided that no Default or Event of Default

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has occurred or is continuing or would occur as a result of such Acquisition, provided however that the Borrower and its Subsidiaries may not make any Acquisitions in respect of any activities covered in paragraph (g) of the definition of Business.

10.19Transactions with Non-Arm’s Length Persons.

Neither the Borrower nor any Subsidiary of the Borrower shall, directly or indirectly, (a) purchase, acquire, lease or license any material property, assets, right or service from, or (b) sell, transfer, lease or license any property, assets, right or services to, any Person (including any partner and their respective Affiliates) not dealing at arm’s length with the Borrower, or any Affiliate of any such Person, except at prices and on terms not less favourable to the Borrower than those which could have been obtained in an arm’s length transaction with an arm’s length Person.

10.20Environmental Covenants.

(a)The Borrower shall, at all times conduct and maintain the Business in compliance in all material respects with all Environmental Laws and Environmental Approvals.

(b)The Borrower shall cause its Subsidiaries to at all times conduct and maintain their respective Business in compliance in all material respects with all Environmental Laws and Environmental Approvals.

(c)If the Borrower or any of its Subsidiaries shall:

(i)receive notice from any Governmental Authority that any material violation of any Environmental Law or Environmental Approval has been, may have been, or is about to be committed by the Borrower or its Subsidiaries;

(ii)receive notice that any Remedial Order or other proceeding has been filed or is about to be filed against the Borrower or any of its Subsidiaries alleging material violations of any Environmental Law or requiring the Borrower or any of its Subsidiaries to take any material action in connection with the Release or threatened Release of a Hazardous Substance into the environment or requiring the cessation of a nuisance; or

(iii)receive any notice from a Governmental Authority alleging that the Borrower or any of its Subsidiaries may be liable or responsible for material costs associated with a nuisance or a response to, or clean up of, a Release or threatened Release of a Hazardous Substance into the environment or any damages caused thereby;

then the Borrower shall in each such case provide the Agent with a copy of such notice within ten (10) days of the Borrower’s or Subsidiary’s receipt thereof, and thereafter shall keep the Agent informed in a timely manner of any developments

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in such matters, and shall provide to the Agent such other information in respect thereto as may be reasonably requested by the Agent from time to time.

10.21Hedging Agreements.

Neither the Borrower nor any Subsidiary of the Borrower (excluding AltaLink) shall enter into any Financial Instrument Obligation (or similar understanding or obligation) except in accordance with Section 6.3 of the Master Trust Indenture.

10.22Distributions.

The Borrower shall not make or commit to make any Distributions if a Default or Event of Default has occurred and is continuing or could reasonably be expected to result therefrom. Borrower shall provide Agent with satisfactory evidence of pro forma compliance with the financial covenants set out in Section 10.24 of this Agreement, after giving effect to such proposed Distribution and compliance with Section 4.1 of the Master Trust Indenture.

10.23Fiscal Year.

Neither the Borrower nor any Subsidiary of the Borrower shall change its Fiscal Year.

10.24Financial Covenants.

The Borrower shall comply with the following financial covenants:

(a)Interest Coverage Ratio. The Borrower shall maintain, measured each Fiscal Quarter in each Fiscal Year, a ratio of EBITDA for the four Fiscal Quarters then ended to Interest Expense for the four Fiscal Quarters then ended, of not less than 2.25:1. The parties agree that for the purposes of this Section 10.24(a), and provided that the reporting requirements in Section 10.1(a)(vi) are complied with in respect of such calculation, EBITDA shall be calculated on the basis of GAAP (as in effect immediately prior to the adoption by the Borrower of IFRS), notwithstanding the fact that the Borrower may have adopted IFRS; and

(b)Consolidated Total Debt to Consolidated Total Capitalization. The Borrower and its Subsidiaries shall maintain, during each Fiscal Quarter in each Fiscal Year, a maximum ratio of Consolidated Total Debt to Consolidated Total Capitalization of 80%.

10.25Master Trust Indenture.

The Borrower covenants and agrees that so long as any Accommodation is outstanding or the Borrower is entitled to obtain any Accommodation under the Credit Facility, the Borrower will comply with all of the covenants, positive and negative, contained in the Master Trust Indenture. Notwithstanding the foregoing, in the event of any conflict or inconsistency between any of the provisions in this Agreement and any of the provisions in the Master Trust Indenture, as against the parties hereto and their respective successors and permitted assigns the provisions in this Agreement shall prevail.

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ARTICLE 11
CONDITIONS PRECEDENT TO BORROWINGS

11.1Conditions Precedent to the Closing.

The effectiveness of this Agreement is subject to the condition precedent that the Agent and each Lender shall be satisfied with, or the Borrower shall have delivered to the Agent, as the case may be, on or before the Effective Date, the following in form, substance and dated as of a date satisfactory to the Lenders and their counsel and in sufficient quantities for each Lender:

(a)this Agreement shall have been duly executed and delivered by the Borrower and the General Partner;

(b)completion of and satisfactory results with respect to, such financial, business and legal due diligence as reasonably requested by the Lenders;

(c)the Agent or the Lenders shall have received any other Loan Documents required by the Agent or the Lenders duly executed by the Borrower and the General Partner, as the case may be;

(d)the following documents in form, substance and execution acceptable to the Agent shall have been delivered to the Agent:

(i)duly certified copies of the constating documents of the Borrower and the General Partner, all necessary resolutions of the board of directors or similar necessary proceedings taken and required to be taken by the Borrower to authorize the execution and delivery of this Agreement and the Loan Documents (excluding Loan Documents executed and delivered prior to the date hereof pursuant to the Existing Credit Agreement) to which it is a party and the entering into and performance of the transactions contemplated herein and therein;

(ii)certificates of incumbency of the General Partner setting forth specimen signatures of the persons authorized to execute this Agreement, on behalf of the Borrower and the Loan Documents to which it is a party;

(iii)certificate of status or the equivalent relative to the Borrower and the General Partner under its jurisdiction of creation; and

(iv)the opinion of counsel for the Borrower in form and substance satisfactory to the Lenders;

(e)there not having occurred a Material Adverse Change since December 31, 2023;

(f)all fees payable on or before the date hereof in connection with the Credit Facility under this Agreement and any fee letter shall have been paid to the Agent; and

(g)there shall exist no Default or Event of Default.

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11.2Conditions Precedent to All Borrowings, Conversions.

The Lenders shall not be obliged to make available any portion of any Borrowing, or to give effect to any conversion or rollover, unless each of the following conditions is satisfied:

(a)the Agent shall have received any required Borrowing Notice;

(b)the Agent shall have received any required Documentary Credit agreement, or other Loan Document;

(c)there shall exist no Default or Event of Default on the applicable Borrowing Date, nor shall any arise as a result of giving effect to the requested Borrowing;

(d)all representations and warranties contained in ARTICLE 9 shall be true on and as of the Borrowing Date with the same effect as if such representations and warranties had been made on and as of such Borrowing Date; and

(e)all fees payable on or before the subsequent Borrowing in connection with the Credit Facility under this Agreement or any other Loan Document shall have been paid to the Agent and the Lenders, as applicable.

11.3Waiver.

The Lenders may, at their option, waive any condition precedent set out in Section 11.1 or 11.2 or make available any Borrowing prior to such condition precedent being fulfilled. Any such Borrowing shall be deemed to be made pursuant to the terms hereof. Any such waiver shall not be effective unless it is in writing and shall not operate to excuse the Borrower from full and complete compliance with this ARTICLE 11 or any other provision hereof on future occasions.

ARTICLE 12
EVENTS OF DEFAULT

12.1Events of Default.

Any of the following events shall constitute an “Event of Default” hereunder:

(a)Default in Payment of any Amount Hereunder. If the Borrower fails to pay (i) any principal amount of the Accommodations when such amount becomes due and payable, (ii) any interest or fees owing to the Lenders and/or Agent or any of them hereunder, or under any Loan Document when due and payable hereunder or thereunder and such failure shall remain unremedied for five (5) Business Days or (iii) any other amount owing to the Lenders and/or Agent or any of them hereunder, or under any Loan Document when due and payable hereunder or thereunder and such failure shall remain unremedied for five (5) Business Days;

(b)Representation or Warranty. If any representation and warranty made by the Borrower in or in connection with this Agreement or any of the other Loan

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Documents shall be untrue in any material respect on the date upon which it was given;

(c)Default in Certain Covenants.

(i)If the Borrower or any of its Subsidiaries (as applicable and as if each Subsidiary of the Borrower were party hereto) shall fail, refuse or default in any material respect with the performance or observance of any of the covenants contained in Sections 10.13, 10.15, 10.16(b), and 10.18 to 10.23 inclusive, and such failure shall continue unremedied for 15 days; or

(ii)If the Borrower or any of its Subsidiaries (as applicable and as if each Subsidiary of the Borrower were party hereto) shall fail, refuse or default in any material respect with the performance or observance of any of the covenants contained in Sections 10.14, 10.16(a), 10.17, 10.24 or 10.25, (provided that, in the case of Section 10.25, there shall be no Event of Default until the expiry of the applicable cure period, if any, under the Master Trust Indenture);

(d)Default in Other Provisions. If the Borrower or any of its Subsidiaries (as applicable and as if each Subsidiary of the Borrower were party hereto) shall fail, refuse or default in any material respect with the performance or observance of any of the other covenants, agreements or conditions contained herein and such failure, refusal or default adversely affects the Lenders and, such failure, refusal or default continues for a period of thirty (30) days after written notice thereof by the Agent;

(e)Indebtedness. If (i) the Borrower or any of its Subsidiaries fails to pay the principal of any of its Indebtedness (which shall, for greater certainty, exclude the Indebtedness under this Agreement but shall include (without limitation) the Indebtedness under the Master Trust Indenture) which is outstanding in an aggregate principal amount exceeding (x) Cdn. $15,000,000 in the case of the Borrower and (y) Cdn. $10,000,000 in the case of AltaLink or any other Subsidiary of the Borrower (or the Equivalent Amount in any other currency) when such amount becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure continues after the applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness described in paragraphs (x) and (y) above, without waiver of such failure by the holder of such Indebtedness on or before the expiration of such period; or (ii) any other event occurs or condition exists (including a failure to pay the premium or interest on such Indebtedness) and continues after the applicable grace period, if any, specified in any agreement or instrument relating to any such Indebtedness without waiver of such failure by the holder of such Indebtedness on or before the expiration of such period, if the effect of such event is to accelerate, or permit the acceleration of, such Indebtedness; or (iii) any such Indebtedness shall be declared to be, or otherwise becomes, due and payable prior to its stated maturity by reason of default;

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(f)Judgment. The rendering of a judgment or judgments against the Borrower or any of its Subsidiaries, in an aggregate amount in excess of Cdn. $20,000,000 (or the Equivalent Amount in any other currency), by a court or courts of competent jurisdiction, which judgment or judgments remain undischarged and unstayed for a period of sixty (60) days;

(g)Change in Legislation. If there occurs any change in the Applicable Utilities Legislation or any other Applicable Laws resulting in a Material Adverse Effect on the Business of the Borrower or any of its Subsidiaries;

(h)Termination of Material Agreements, licences etc.

(i)If any Material Agreement is terminated for any reason prior to the expiry of its term (except as contemplated thereunder) unless: (A) such Material Agreement is replaced by the Borrower with a contract on commercially reasonable terms or (B) such termination does not result in a Material Adverse Effect;

(ii)if a default occurs under, or if the Borrower fails to observe or perform any term, covenant or agreement contained in, any Material Agreement unless such default or failure does not result in a Material Adverse Effect; or

(iii)if any permit, licence, consent or other authorization required to be kept in full force and effect hereunder with respect to the Business is revoked or suspended for any reason whatsoever and such revocation or suspension results in a Material Adverse Effect and such revocation and suspension continues for a period of 45 days, unless the Borrower does not contest such revocation or suspension in good faith, diligently and by appropriate means;

(i)Winding Up. If an order shall be made or an effective resolution be passed for the winding-up or liquidation of the Borrower or any of its Subsidiaries or any such proceedings are initiated unless such proceedings are being actively and diligently contested by the Borrower in good faith;

(j)Bankruptcy or Insolvency. If the Borrower or any of its Subsidiaries shall make a general assignment for the benefit of its creditors or a notice of intention to make a proposal or a proposal under the Bankruptcy andInsolvency Act (Canada), or shall become insolvent or be declared or adjudged bankrupt, or a receiving order be made against the Borrower or any of its Subsidiaries or if a liquidator, trustee in bankruptcy, receiver, receiver and manager or any other officer with similar powers shall be appointed to the Borrower or any of its Subsidiaries, or if the Borrower or any of its Subsidiaries shall propose a compromise, arrangement or reorganization under the Companies’ CreditorsArrangement Act (Canada) or any other legislation of any jurisdiction (including corporate statutes, as applicable) providing for the reorganization or winding-up of Borrower or any of

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its Subsidiaries or business entities or providing for an arrangement, composition, extension or adjustment with its creditors or shall voluntarily suspend transaction of its usual business, or shall take corporate or other action in furtherance of any of the foregoing purposes;

(k)Receiver. If any proceeding for the appointment of a receiver or trustee for the Borrower or any of its Subsidiaries or for any substantial part of the property of the Borrower or any of its Subsidiaries which is material to the conduct of the Business, and any such receivership or trusteeship remains undischarged for a period of sixty (60) days, or if the Borrower or any of its Subsidiaries becomes bankrupt or unable to pay its obligations as they become due or is declared to be bankrupt or unable to pay its obligations as they become due;

(l)Full Force and Effect. If this Agreement or any material portion hereof shall, at any time after its respective execution and delivery and for any reason, cease in any way to be in full force and effect or if the validity or enforceability of this Agreement is disputed in any manner by such Borrower and the Credit Facility has not been repaid within 30 days of demand therefor by the Agent; and

(m)Change of Control. If there shall occur any Change of Control;

12.2Remedies.

Upon the occurrence of any Default or Event of Default, and at any time thereafter if the Default or Event of Default shall then be continuing, the Lenders in their sole discretion may direct the Agent to give notice to the Borrower that no further Accommodation will be available hereunder while the Default or Event of Default continues, whereupon the Lenders shall not be obliged to provide any further Borrowings to the Borrower while the Default or Event of Default continues. Upon the occurrence of any Event of Default, and at any time thereafter if the Event of Default shall then be continuing, the Lenders in their sole discretion, and the Agent acting on their behalf, may take any or all of the following actions:

(a)demand payment of any principal, accrued interest, fees and other amounts which are then due and owing in respect of the Accommodations under the Credit Facility without presentment, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower;

(b)declare by notice to the Borrower the Credit Facility terminated, whereupon the same shall terminate immediately without any further notice of any kind;

(c)commence such legal action or proceedings as it, in its sole discretion, may deem expedient, including the commencement of enforcement proceedings under the Loan Documents, all without any additional notice, presentation, demand, protest, notice of dishonour, entering into of possession of any of the assets, or any other action or notice, all of which the Borrower and General Partner hereby expressly waive; and

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(d)demand payment of the Senior Pledged Bond, Series 2 in accordance with the provisions of the Bond Delivery Agreement.

provided that, if any Event of Default described in Section 12.1(i) through (k) or Sections 10.1(h) through (j) of the Master Trust Indenture with respect to the Borrower shall occur, the Commitments (if not theretofore terminated) shall automatically terminate and the outstanding principal amount of all Advances and all other Obligations shall automatically be and become immediately due and payable. In such event either the Lenders or the Agent on their behalf may, in their discretion, exercise any right or recourse and/or proceed by any action, suit, remedy or proceeding against any Obligor authorized or permitted by law for the recovery of all the Obligations of the Borrower to the Lenders and proceed to exercise any and all rights hereunder (including the remedies set out in (a) through (d) above) and under the Security and no such remedy for the enforcement of the rights of the Lenders shall be exclusive of or dependent on any other remedy but any one or more of such remedies may from time to time be exercised independently or in combination.

12.3Remedies Cumulative.

The rights and remedies of the Lenders and the Agent under this Agreement and the Loan Documents are cumulative and are in addition to and not in substitution for any other rights or remedies. Nothing contained herein or in the Loan Documents with respect to the indebtedness or liability of the Borrower to the Agent and the Lenders or any part thereof, nor any act or omission of the Agent and the Lenders with respect to the Loan Documents shall in any way prejudice or affect the rights, remedies and powers of the Agent and the Lenders hereunder or under the Loan Documents.

12.4Appropriation of Moneys Received.

The Lenders, and the Agent on behalf of the Lenders as between the Lenders and the Borrower, may from time to time when an Event of Default has occurred and is continuing appropriate any monies received from the Borrower in or toward payment of such of the obligations of the Borrower hereunder as the Lenders in their sole discretion may see fit.

12.5Non-Merger.

The taking of any action or dealing whatsoever by the Lender or the Agent in respect of the Borrower or any security shall not operate as a merger of any of the obligations of the Borrower to the Lenders or the Agent or in any way suspend payment or affect or prejudice the rights, remedies and powers, legal or equitable, which the Lenders or the Agent may have under Section 12.3 in connection with such obligations.

12.6Waiver.

No delay on the part of the Lenders or the Agent in exercising any right or privilege hereunder shall operate as a waiver thereof. No Default or Event of Default shall be waived except by a written waiver in accordance with Section 21.1. Each written waiver shall apply only to the Default or Event of Default to which it is expressed to apply. No written waiver shall preclude

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the subsequent exercise by the Lenders or the Agent of any right, power or privilege hereunder or extend to or apply to any other Default or Event of Default.

12.7Set-off.

Upon the occurrence and during the continuance of any Event of Default, each Lender is authorized at any time and from time to time, to the fullest extent permitted by law (including general principles of common law), to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by it to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower under any of the Loan Documents, irrespective of whether or not the Lender has made demand under any of the Loan Documents and although such obligations may be unmatured or contingent. If an obligation is unascertained, the Lender may, in good faith, estimate the obligation and exercise its right of set-off in respect of the estimate, subject to providing the Borrower with an accounting when the obligation is finally determined. Each Lender shall promptly notify the Borrower after any set-off and application is made by it, provided that the failure to give notice shall not affect the validity of the set-off and application. The rights of the Lenders under this Section 12.7 are in addition to other rights and remedies (including all other rights of set-off) which the Lenders may have.

ARTICLE 13
YIELD PROTECTION

13.1Increased Costs.

(a)Increased Costs Generally. If any Change in Law shall:

(i)impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender;

(ii)subject any Lender to any Tax of any kind whatsoever with respect to this Agreement or any Accommodations made by it, or change the basis of taxation of payments to such Lender in respect thereof, except for Indemnified Taxes or Other Taxes covered by Section 13.2 and the imposition, or any change in the rate, of any Excluded Taxes payable by such Lender; or

(iii)impose on any Lender or any applicable interbank market any other condition, cost or expense affecting this Agreement or Accommodations made by such Lender,

and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Accommodation (or of maintaining its obligation to make any such Accommodation), or to increase the cost to such Lender, or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest

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or any other amount), then upon request of such Lender the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

(b)Capital Requirements. If any Lender determines that any Change in Law affecting such Lender, or any lending office of such Lender or such Lender’s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Accommodations made by such Lender, to a level below that which such Lender or its holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of its holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or its holding company for any such reduction suffered.

(c)Certificates for Reimbursement. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section (“Additional Compensation”), including a description of the event by reason of which it believes it is entitled to such compensation, and supplying reasonable supporting evidence (including, in the event of a Change in Law, a photocopy of the Applicable Law evidencing such change) and reasonable detail of the basis of calculation of the amount or amounts, and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. In the event the Lender subsequently recovers all or part of the Additional Compensation paid by the Borrower, it shall promptly repay an equal amount to the Borrower. The obligation to pay such Additional Compensation for subsequent periods will continue until the earlier of termination of the Accommodation or the Commitment affected by the Change in Law, change in capital requirement or the lapse or cessation of the Change in Law giving rise to the initial Additional Compensation. A Lender shall make reasonable efforts to limit the incidence of any such Additional Compensation and seek recovery for the account of the Borrower upon such Borrower’s request at such Borrower’s expense, provided such Lender in its reasonable determination suffers no appreciable economic, legal, regulatory or other disadvantage. Notwithstanding the foregoing provisions, a Lender shall only be entitled to rely upon the provisions of this Section 13.1 if and for so long as it is not treating the Borrower in any materially different or in any less favourable manner than is applicable to any other customers of such Lender, where such other customers are bound by similar provisions to the foregoing provisions of this Section 13.1.

(d)Delay in Requests. Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such

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Lender’s right to demand such compensation, except that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefore, unless the Change in Law giving rise to such increased costs or reductions is retroactive, in which case the nine-month period referred to above shall be extended to include the period of retroactive effect thereof.

13.2Taxes.

(a)Payments Subject to Taxes. If any Credit Party, the Agent or any Lender is required by Applicable Law to deduct or withhold any Indemnified Taxes (including any Other Taxes) in respect of any payment by or on account of any obligation of a Credit Party hereunder or under any other Loan Document, then (i) the sum payable shall be increased by that Credit Party when payable as necessary so that after making or allowing for all required deductions and withholds (including deductions and withholds applicable to additional sums payable under this Section) the Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions or withholds been required, (ii) the Credit Party shall make any such deductions or withholds required to be made by it under Applicable Law and (iii) the Credit Party shall timely pay the full amount required to be deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law.

(b)Payment of Other Taxes by the Borrower. Without limiting the provisions of paragraph (a) above, the Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with Applicable Law.

(c)Indemnification by the Borrower. The Borrower shall indemnify the Agent and each Lender, within 15 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Agent or such Lender and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. In the event the Lender subsequently recovers all or part of the payment made under this Section paid by the Borrower, it shall promptly repay an equal amount to the Borrower. A Lender shall make reasonable efforts to limit the incidence of any payments under this Section and seek recovery for the account of the Borrower upon the Borrower’s request at the Borrower’s expense, provided such Lender in its reasonable determination suffers no appreciable economic, legal, regulatory or other disadvantage.

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(d)Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Credit Party to a Governmental Authority, the Credit Parties shall deliver to the Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Agent.

(e)Status of Lenders. Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any other Loan Document shall, at the request of the Borrower, deliver to the Borrower (with a copy to the Agent), at the time or times prescribed by Applicable Law or reasonably requested by the Borrower or the Agent, such properly completed and executed documentation prescribed by Applicable Law as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition any Lender, if requested by the Borrower or the Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Lender is subject to withholding or information reporting requirements.

(f)Treatment of Certain Refunds and Tax Reductions. If the Agent or a Lender determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect to which a Credit Party has paid additional amounts pursuant to this Section 13.2 or that, because of the payment of such Taxes or Other Taxes, it has benefited from a reduction in Excluded Taxes otherwise payable by it, it shall pay to the Borrower or other Credit Party, as applicable, an amount equal to such refund or reduction (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower or other Credit Party under this Section with respect to the Taxes or Other Taxes giving rise to such refund or reduction), net of all out-of-pocket expenses of the Agent or such Lender, as the case may be, and without interest (other than any net after-Tax interest paid by the relevant Governmental Authority with respect to such refund). The Borrower or other Credit Party as applicable, upon the request of the Agent or such Lender, agrees to repay the amount paid over to the Borrower or other Credit Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Agent or such Lender if the Agent or such Lender is required to repay such refund or reduction to such Governmental Authority. This paragraph shall not be construed to require the Agent or any Lender to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the Borrower or any other Person, to arrange its affairs in any particular manner or to claim any available refund or reduction.

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(g)FATCA. If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Taxes imposed by FATCA, if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

The Agreements in this Section 13.2 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

13.3Mitigation Obligations: Replacement of Lenders.

(a)Designation of a Different Lending Office. If any Lender requests compensation under Section 13.1, or requires the Borrower to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 13.2, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Accommodations hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender (with the prior consent of the Borrower), such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 13.1 or Section 13.2, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or assignment.

(b)Replacement of Lenders. If any Lender requests compensation under Section 13.1, if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 13.2, if any Lender’s obligations are suspended pursuant to Section 13.4 or if any Lender defaults in its obligation to fund Accommodations hereunder, then the Borrower may either, at its sole expense and effort, upon 10 days’ notice to such Lender and the Agent: (i) repay all outstanding amounts due to such affected Lender (or such portion which has not been acquired pursuant to clause (ii) below) and thereupon such Commitment of the affected Lender shall be permanently cancelled and the aggregate Commitment shall be permanently reduced by the same amount and the Commitment of each of the other Lenders

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shall remain the same; or (ii) require such Lender to assign, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Article 20), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

(i)the Borrower pays the Agent the assignment fee specified in Section 20.1(b)(vi);

(ii)the assigning Lender receives payment of an amount equal to the outstanding principal of its Accommodations outstanding and participations in disbursements under Documentary Credits, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any breakage costs and amounts required to be paid under this Agreement as a result of prepayment to a Lender) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

(c)in the case of any such assignment resulting from a claim for compensation under Section 13.1 or payments required to be made pursuant to Section 13.2, such assignment will result in a reduction in such compensation or payments thereafter; and

(d)such assignment does not conflict with Applicable Law.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

13.4Illegality.

If any Lender determines that any Applicable Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make or maintain any Accommodations, or to determine or charge interest rates based upon any particular rate, then, on notice thereof by such Lender to the Borrower through the Agent, any obligation of such Lender with respect to the activity that is unlawful shall be suspended until such Lender notifies the Agent and the Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Agent), prepay or, if conversion would avoid the activity that is unlawful, convert any Accommodations, or take any necessary steps with respect to any Documentary Credits in order to avoid the activity that is unlawful. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to designate a different lending office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender.

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ARTICLE 14
RIGHT OF SETOFF

14.1Right of Setoff.

If an Event of Default has occurred and is continuing, each of the Lenders and each of their respective Affiliates is hereby authorized at any time and from time to time to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for the credit or the account of any Credit Party against any and all of the obligations of the Borrower or any guarantor now or hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether or not such Lender has made any demand under this Agreement or any other Loan Document and although such obligations of the Credit Party may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each the Lenders and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff, consolidation of accounts and bankers’ lien) that the Lenders or their respective Affiliates may have. Each Lender agrees to promptly notify the Borrower and the Agent after any such setoff and application, but the failure to give such notice shall not affect the validity of such setoff and application. If any Affiliate of a Lender exercises any rights under this Section 14.1, it shall share the benefit received in accordance with Section 15.1 as if the benefit had been received by the Lender of which it is an Affiliate.

ARTICLE 15
SHARING OF PAYMENTS BY LENDERS

15.1Sharing of Payments by Lenders.

If any Lender, by exercising any right of setoff or counterclaim or otherwise, obtains any payment or other reduction that might result in such Lender receiving payment or other reduction of a proportion of the aggregate amount of its Accommodations and accrued interest thereon or other obligations hereunder greater than its pro rata share thereof as provided herein, then the Lender receiving such payment or other reduction shall (a) notify the Agent of such fact, and (b) purchase (for cash at face value) participations in the Accommodations outstanding and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders rateably in accordance with the aggregate amount of principal of and accrued interest on their respective Accommodations outstanding and other amounts owing them, provided that:

(a)if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest;

(b)the provisions of this Section shall not be construed to apply to (x) any payment made by any Credit Party pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the

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assignment of or sale of a participation in any of its Accommodations or participations in disbursements under Documentary Credits to any assignee or Participant, other than to any Credit Party or any Affiliate of a Credit Party (as to which the provisions of this Section shall apply); and

(c)the provisions of this Section shall not be construed to apply to (w) any payment made while no Event of Default has occurred and is continuing in respect of obligations of the Borrower to such Lender that do not arise under or in connection with the Loan Documents, (x) any payment made in respect of an obligation that is secured by a Permitted Lien or that is otherwise entitled to priority over the Borrower’s obligations under or in connection with the Loan Documents, (y) any reduction arising from an amount owing to a Credit Party upon the termination of derivatives entered into between the Credit Party and such Lender, or (z) any payment to which such Lender is entitled as a result of any form of credit protection obtained by such Lender.

The Credit Parties consent to the foregoing and agree, to the extent they may effectively do so under Applicable Law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against each Credit Party rights of setoff and counterclaim and similar rights of Lenders with respect to such participation as fully as if such Lender were a direct creditor of each Credit Party in the amount of such participation.

ARTICLE 16
AGENT’S CLAWBACK

16.1Agent’s Clawback.

(a)Funding by Lenders; Presumption by Agent. Unless the Agent shall have received notice from a Lender prior to the proposed date of any advance of funds that such Lender will not make available to the Agent such Lender’s share of such advance, the Agent may assume that such Lender has made such share available on such date in accordance with the provisions of this Agreement concerning funding by Lenders and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable advance available to the Agent, then the applicable Lender shall pay to the Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Agent, at a rate determined by the Agent in accordance with prevailing banking industry practice on interbank compensation. If such Lender pays such amount to the Agent, then such amount shall constitute such Lender’s Accommodation included in such advance. If the Lender does not do so forthwith, the Borrower shall pay to the Agent forthwith on written demand such corresponding amount with interest thereon at the interest rate applicable to the advance in question. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that has failed to make such payment to the Agent.

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(b)Payments by Borrower; Presumptions by Agent. Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Agent for the account of any Lender hereunder that the Borrower will not make such payment, the Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute the amount due to the Lenders. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Agent, at a rate determined by the Agent in accordance with prevailing banking industry practice on interbank compensation.

ARTICLE 17
AGENCY

17.1Appointment and Authority.

Each of the Lenders hereby irrevocably appoints the Agent to act on its behalf as the Agent hereunder and under the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Agent and the Lenders, and no Credit Party shall have rights as a third party beneficiary of any of such provisions.

17.2Rights as a Lender.

The Person serving as the Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with any Credit Party or any Affiliate thereof as if such Person were not the Agent and without any duty to account to the Lenders.

17.3Exculpatory Provisions.

(a)The Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Agent:

(i)shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

(ii)shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly

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contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by the Majority Lenders (or such other number or percentage of the Lenders as shall be expressly provided for in the Loan Documents), but the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or that is contrary to any Loan Document or Applicable Law; and

(iii)shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of their Affiliates that is communicated to or obtained by the Person serving as the Agent or any of its Affiliates in any capacity.

(b)The Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the Majority Lenders (or such other number or percentage of the Lenders as is necessary, or as the Agent believes in good faith is necessary, under the provisions of the Loan Documents) or (ii) in the absence of its own gross negligence or wilful misconduct. The Agent shall be deemed not to have knowledge of any Default unless and until notice describing the Default is given to the Agent by the Borrower or a Lender.

(c)Except as otherwise expressly specified in this Agreement, the Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition specified in this Agreement, other than to confirm receipt of items expressly required to be delivered to the Agent.

17.4Reliance by Agent.

The Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of an Accommodation that by its terms must be fulfilled to the satisfaction of a Lender, the Agent may presume that such condition is satisfactory to such Lender unless the Agent shall have received notice to the contrary from such Lender prior to the making of such Accommodation or the issuance of such

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Documentary Credit. The Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

17.5Indemnification of Agent.

Each Lender agrees to indemnify the Agent and hold it harmless (to the extent not reimbursed by the Borrower), rateably according to its Applicable Percentage (and not jointly or jointly and severally) from and against any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel, which may be incurred by or asserted against the Agent in any way relating to or arising out of the Loan Documents or the transactions therein contemplated. However, no Lender shall be liable for any portion of such losses, claims, damages, liabilities and related expenses resulting from the Agent’s gross negligence or wilful misconduct.

17.6Delegation of Duties.

The Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Agent from among the Lenders (including the Person serving as Agent) and their respective Affiliates. The Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The provisions of this Article and other provisions of this Agreement for the benefit of the Agent shall apply to any such sub-agent and to the Related Parties of the Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the Credit Facilities provided for herein as well as activities as Agent.

17.7Replacement of Agent.

(a)The Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation, the Majority Lenders shall have the right, with the prior consent of the Borrower, to appoint a successor, which shall be a Lender having an office in Toronto, Ontario or Calgary Alberta or an Affiliate of any such Lender with an office in Toronto or Calgary. The Agent may also be removed at any time by the Majority Lenders upon 30 days’ notice to the Agent and the Borrower as long as the Majority Lenders, with the prior consent of the Borrower, appoint and obtain the acceptance of a successor within such 30 days, which shall have an office in Toronto/Calgary, or an Affiliate of any such Lender with an office in Toronto/Calgary.

(b)If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications specified in Section 17.7(a), provided that if the Agent shall notify the Borrower and the

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Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Agent on behalf of the Lenders under any of the Loan Documents, the retiring Agent shall continue to hold such collateral security until such time as a successor Agent is appointed); and (b) all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender directly, until such time as the Majority Lenders appoint a successor Agent as provided for above in the preceding paragraph.

(c)Upon a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the former Agent, and the former Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided in the preceding paragraph). The fees payable by the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the termination of the service of the former Agent, the provisions of this ARTICLE 17 and of ARTICLE 19 shall continue in effect for the benefit of such former Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the former Agent was acting as Agent.

17.8Non-Reliance on Agent and Other Lenders.

Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

17.9Collective Action of the Lenders.

Each of the Lenders hereby acknowledges that to the extent permitted by Applicable Law, any collateral security and the remedies provided under the Loan Documents to the Lenders are for the benefit of the Lenders collectively and acting together and not severally and further acknowledges that its rights hereunder and under any collateral security are to be exercised not severally, but by the Agent upon the decision of the Majority Lenders (or such other number or percentage of the Lenders as shall be expressly provided for in the Loan Documents). Accordingly, notwithstanding any of the provisions contained herein or in any collateral security, each of the Lenders hereby covenants and agrees that it shall not be entitled to take any action hereunder or thereunder including, without limitation, any declaration of default hereunder or

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thereunder but that any such action shall be taken only by the Agent with the prior written agreement of the Majority Lenders (or such other number or percentage of the Lenders as shall be expressly provided for in the Loan Documents). Each of the Lenders hereby further covenants and agrees that upon any such written agreement being given, it shall co-operate fully with the Agent to the extent requested by the Agent. Notwithstanding the foregoing, in the absence of instructions from the Lenders and where in the sole opinion of the Agent, acting reasonably and in good faith, the exigencies of the situation warrant such action, the Agent may without notice to or consent of the Lenders take such action on behalf of the Lenders as it deems appropriate or desirable in the interest of the Lenders.

17.10No Other Duties, etc.

Anything herein to the contrary notwithstanding, none of the bookrunners, arrangers or holders of similar titles, if any, specified in this Agreement shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Agent or a Lender hereunder.

17.11Recovery of Erroneous Payments.

Each Lender hereby agrees that if, at any time, (i) it receives any amount from the Agent on account of all present and future indebtedness, liabilities and obligations of the Borrower to the Agent and to the Lenders under this Agreement, whether for principal, interest, fees or otherwise (the “Applicable Payment”), and whether or not such amount or any other amount is then due and owing to such Lender by the Borrower or any other Credit Party, and (ii) the Agent subsequently notifies such Lender that the Applicable Payment was either (A) made in error or (B) has not been reimbursed by the Borrower, in whole or in part, to the Agent within the time specified thereof under this Agreement, then: (x) such Lender shall promptly return such amount (or, if applicable, its ratable share of the unreimbursed portion thereof) to the Agent within two (2) Business Days following notice thereof and (y) any amounts not so returned shall bear interest at the Prime Rate. The Agent shall not be liable for any apportionment or distribution of payments made by it in good faith and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of any Lender or other Person shall be to recover the amount from the Person that actually received it.

ARTICLE 18
NOTICES: EFFECTIVENESS; ELECTRONIC COMMUNICATION

18.1Notices, etc.

(a)Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except as-provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or telecopier to the addresses or facsimile or telecopier numbers specified elsewhere in this Agreement or, if to a Lender, to it at its address or telecopier number specified in

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the Register or, if to a Credit Party other than the Borrower, in care of the Borrower.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile or telecopier shall be deemed to have been given when sent (except that, if not given on a Business Day between 9:00 a.m. and 5:00 p.m. local time where the recipient is located, shall be deemed to have been given at 9:00 a.m. on the next Business Day for the recipient). Notices delivered through electronic communications to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

(b)Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agent, provided that the foregoing shall not apply to notices to any Lender if such Lender has notified the Agent that it is incapable of receiving notices under such Article by electronic communication. The Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

(c)Change of Address, Etc. Any party hereto may change its address or telecopier number for notices and other communications hereunder by notice to the other parties hereto.

18.2Notice Details

For purposes of Section 18.1, the notice details for the Agent, the Borrower and the General Partner are:

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If to the Agent:

Royal Bank of Canada
155 Wellington Street West, 8th Floor
Toronto, ON M5V 3K7

Attention:    Manager Agency
Facsimile:    [***]
Email:    [***]

If to the Borrower and/or the General Partner:

AltaLink Management Ltd.
2611 - 3rd Avenue SE
Calgary, Alberta T2A 7W7

Attention:    Christopher Lomore, Vice President, Treasurer
Facsimile:    [***]

ARTICLE 19
EXPENSES; INDEMNITY: DAMAGE WAIVER

19.1Expenses; Indemnity: Damage Waiver.

(a)Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Agent, in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all reasonable out-of-pocket expenses incurred by the Agent or any Lender including the reasonable fees, charges and disbursements of counsel, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Accommodations issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Accommodations.

(b)Indemnification by the Borrower. The Borrower shall indemnify the Agent (and any sub-agent thereof), each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Credit Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement,

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any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance or non-performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation or non-consummation of the transactions contemplated hereby or thereby, (ii) any Accommodation or the use or proposed use of the proceeds therefrom (including any refusal by the Documentary Credit Lender to honour a demand for payment under a Documentary Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Documentary Credit), (iii) any actual or alleged presence or Release of Hazardous Substance on or from any property owned or operated by any Credit Party, or any Environmental Liabilities related in any way to any Credit Party, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by a Credit Party and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or wilful misconduct of such Indemnitee or (y) result from a claim brought by the Borrower or any other Credit Party against an Indemnitee for breach of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Credit Party has obtained a final and nonappealable judgment in its favour on such claim as determined by a court of competent jurisdiction, nor shall it be available in respect of matters specifically addressed in Section 13.1, Section 13.2 and Section 19.1(a).

(c)Reimbursement by Lenders. To the extent that a Borrower for any reason fails to indefeasibly pay any amount required under paragraph (a) or (b) of this Section to be paid by it to the Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Agent (or any such sub-agent) or such Related Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Agent (or any such sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this paragraph (a) are subject to the other provisions of this Agreement concerning several liability of the Lenders.

(d)Waiver of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, the Credit Parties shall not assert, and hereby waive, any claim against any Indemnitee, on any theory of liability, for indirect, consequential, punitive, aggravated or exemplary damages (as opposed to direct damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby (or any

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breach thereof), the transactions contemplated hereby or thereby, any Accommodation or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

(e)Payments. All amounts due under this Section shall be payable promptly after demand therefor with documented particulars thereof. A certificate of the Agent or a Lender setting forth the amount or amounts owing to the Agent, Lender or a sub-agent or Related Party, as the case may be, as specified in this Section, including reasonable detail of the basis of calculation of the amount or amounts, and delivered to the Borrower shall be conclusive absent manifest error.

ARTICLE 20
SUCCESSORS AND ASSIGNS

20.1Successors and Assigns.

(a)Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Credit Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in accordance with the provisions of paragraph (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

(b)Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Accommodations outstanding at the time owing to it); provided that:

(i)except if an Event of Default has occurred and is continuing or in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Accommodations outstanding at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund with respect to a Lender, the aggregate amount of the

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Commitment being assigned (which for this purpose includes Accommodations outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Accommodations outstanding of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $10,000,000, unless each of the Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consent to a lower amount;

(ii)each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Accommodations outstanding or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its rights and obligations among separate credits on a non-pro rata basis;

(iii)any assignment must be approved by the Documentary Credit Lender (such approval not to be unreasonably withheld or delayed) unless the Person that is the proposed assignee is itself already a Lender;

(iv)any assignment must be approved by the Agent (such approval not to be unreasonably withheld or delayed) unless the proposed assignee is a bank whose senior, unsecured, non-credit enhanced, long term debt is rated at least A3, A- or A low by at least two of Moodys, S&P and DBRS, respectively;

(v)any assignment must be approved by the Borrower (such approval not to be unreasonably withheld or delayed) unless the proposed assignee is itself already a Lender or if an Event of Default has occurred and is continuing;and no assignment will be made to a Foreign Lender unless an Event of Default has occurred and is continuing; and

(vi)the parties to each assignment shall execute and deliver to the Agent an Assignment and Assumption, together with a processing and recordation fee of Cdn $3,500 and the Eligible Assignee, if it shall not be a Lender, shall deliver to the Agent an Administrative Questionnaire.

Subject to acceptance and recording thereof by the Agent pursuant to clause (iv) of this paragraph (b), from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement with respect to the interest assigned and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement and the other Loan Documents, including any collateral security, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and,

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in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of ARTICLE 13 and ARTICLE 19, and shall continue to be liable for any breach of this Agreement by such Lender, with respect to facts and circumstances occurring prior to the effective date of such assignment. Any payment by an assignee to an assigning Lender in connection with an assignment or transfer shall not be or be deemed to be a repayment by the Borrower or a new Accommodations to the Borrower.

(c)Register. The Agent shall maintain at one of its offices in Toronto, Ontario a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Accommodations outstanding owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

(d)Participations. Any Lender may at any time, without the consent of, or notice to, any Borrower or the Agent, sell participations to any Person (other than a natural person, a Credit Party or any Affiliate of a Credit Party ) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Accommodations outstanding owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any payment by a Participant to a Lender in connection with a sale of a participation shall not be or be deemed to be a repayment by the Borrower or a new Loan to the Borrower.

Subject to paragraph (e) of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of ARTICLE 13 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by Law, each Participant also shall be entitled to the benefits of ARTICLE 13 as though it were a Lender, provided such Participant agrees to be subject to ARTICLE 15 as though it were a Lender.

(e)Limitation on Participants Rights. A Participant shall not be entitled to receive any greater payment under Section 13.1 and Section 13.2 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made

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with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 13.2.

(f)Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, but no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

ARTICLE 21
AMENDMENTS AND WAIVERS

21.1Amendments and Waivers.

(a)Subject to subsections (b) and (c), no acceptance, amendment or waiver of any provision of any of the Loan Documents, nor consent to any departure by the Borrower or any other Person from such provisions, shall be effective unless in writing and approved by the Majority Lenders. Any acceptance, amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given.

(b)Only written acceptances, amendments, waivers or consents signed by all the Lenders shall (i) increase a Lender’s Commitment; (ii) reduce the principal or amount of, or interest on, directly or indirectly, any Accommodation outstanding or any fees; (iii) postpone any date fixed for any payment of principal of, or interest on, any Accommodation outstanding or any fees; (iv) change the percentage of the Commitments or the number or percentage of Lenders required for the Lenders, or any of them, or the Agent to take any action; (v) change the definition of Majority Lenders; (vi) release or cancel any security for any obligation of a Credit Party hereunder; or (vii) amend this Section 21.1(b).

(c)Only written acceptances, amendments, waivers or consents signed by the Agent, in addition to the Majority Lenders, shall affect the rights or duties of the Agent under the Loan Documents.

21.2Judgment Currency.

(a)If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due to a Lender in any currency (the “Original Currency”) into another currency (the “Other Currency”), the parties agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which, in accordance with normal banking procedures, such Lender could purchase the Original Currency with the Other Currency on the Business Day preceding the day on which final judgment is given or, if permitted by Applicable Law, on the day on which the judgment is paid or satisfied.

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(b)The obligations of the Borrower in respect of any sum due in the Original Currency from it to any Lender under any of the Loan Documents shall, notwithstanding any judgment in any Other Currency, be discharged only to the extent that on the Business Day following receipt by the Lender of any sum adjudged to be so due in the Other Currency, the Lender may, in accordance with normal banking procedures, purchase the Original Currency with such Other Currency. If the amount of the Original Currency so purchased is less than the sum originally due to the Lender in the Original Currency, the Borrower agrees, as a separate obligation and notwithstanding the judgment, to indemnify the Lender, against any loss, and, if the amount of the Original Currency so purchased exceeds the sum originally due to the Lender in the Original Currency, the Lender shall remit such excess to the Borrower.

ARTICLE 22
GOVERNING LAW; JURISDICTION; ETC.

22.1Governing Law; Jurisdiction; Etc.

(a)Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the Province of Alberta and the laws of Canada applicable in that Province.

(b)Submission to Jurisdiction. Each Credit Party irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the courts of the Province of Alberta, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document against any Credit Party or its properties in the courts of any jurisdiction.

(c)Waiver of Venue. Each Credit Party irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defence of an inconvenient forum to the maintenance of such action or proceeding in any such court.

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ARTICLE 23
WAIVER OF JURY TRIAL

23.1Waiver of Jury Trial.

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

ARTICLE 24
COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION

24.1Counterparts; Integration; Effectiveness; Electronic Execution.

(a)Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when it has been executed by the Agent and when the Agent has received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or by sending a scanned copy by electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement.

(b)Electronic Execution of Assignments. The words “execution,” “signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including Parts 2 and 3 of the Personal Information Protection and Electronic Documents Act (Canada), the Electronic Transactions Act, (Alberta), the Personal Information Protection Act (Alberta) and other similar federal or provincial laws based on the Uniform Electronic Commerce Act of the Uniform Law Conference of Canada or its Uniform Electronic Evidence Act, as the case may be.

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ARTICLE 25
TREATMENT OF CERTAIN INFORMATION: CONFIDENTIALITY

25.1Treatment of Certain Information: Confidentiality.

(a)Each of the Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to it, its Affiliates and its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives (to the extent necessary to administer or enforce this Agreement and the other Loan Documents) (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority having jurisdiction over it (including any self-regulatory authority), (c) to the extent required by Applicable Laws or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap, derivative, credit-linked note or similar transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section by such Person or actually known to such Person or (y) becomes available to the Agent or any Lender on a non-confidential basis from a source other than a Credit Party. If the Agent or any Lender is requested or required to disclose any Information (other than by any bank examiner) pursuant to or as required by Applicable Laws or by a subpoena or similar legal process, the Agent or such Lender, as applicable, shall use its reasonable commercial efforts to provide the Borrower with notice of such requests or obligation in sufficient time so that the Borrower may seek an appropriate protective order or waive the Agent’s, or such Lender’s, as applicable, compliance with the provisions of this Section, and the Agent and such Lender, as applicable, shall, to the extent reasonable, co-operate with the Borrower in the Borrower obtaining any such protective order.

(b)For purposes of this Section, “Information” means all information received from any Credit Party relating to any Credit Party or any of its Subsidiaries or any of their respective businesses, other than any such information that is available to the Agent or any Lender on a non-confidential basis prior to such receipt. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential

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information. In addition, the Agent may disclose to any agency or organization that assigns standard identification numbers to loan facilities such basic information describing the facilities provided hereunder as is necessary to assign unique identifiers (and, if requested, supply a copy of this Agreement), it being understood that the Person to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to make available to the public only such Information as such Person normally makes available in the course of its business of assigning identification numbers.

(c)In addition, and notwithstanding anything herein to the contrary, the Agent may provide basic information concerning the Borrower and the Credit Facilities established herein to Loan Pricing Corporation and/or other recognized trade publishers of information for general circulation in the loan market.

ARTICLE 26
MISCELLANEOUS

26.1Further Assurances

The Borrower shall, from time to time forthwith upon reasonable request by the Agent do, make and execute all such documents, acts, matters and things as may be required by the Agent to give effect to this Agreement and any of the Loan Documents.

26.2Acknowledgement

The Borrower is a limited partnership formed under the Partnership Act (Alberta), a limited partner of which is only liable for any of its liabilities or any of its losses to the extent of the amount that such limited partner has contributed or agreed to contribute to its capital and such limited partner’s pro rate share of any undistributed income.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS OF WHICH the parties hereto have duly executed this Agreement as of the date set forth on the first page of this Agreement.

ALTALINK INVESTMENT MANAGEMENT LTD., as general partner of ALTALINK INVESTMENTS, L.P.
By:	/s/ Todd Anliker
	Name: Todd Anliker
	Title: President
By:	/s/ Jeffrey A. Austin
	Name: Jeffrey A. Austin
	Title:Treasurer

ALTALINK INVESTMENT MANAGEMENT LTD.
By:	/s/ Todd Anliker
	Name: Todd Anliker
	Title: President
By:	/s/ Jeffrey A. Austin
	Name: Jeffrey A. Austin
	Title: Treasurer

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ROYAL BANK OF CANADA, as Agent
By:	/s/ Yvonne Brazier
	Name: Yvonne Brazier
	Title: Manager, Agency Services
By:
	Name:
	Title:

ROYAL BANK OF CANADA, as Lender
By:	/s/ Timothy P. Murray
	Name: Timothy P. Murray
	Title: Authroized Signatory
By:
	Name:
	Title:

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BANK OF MONTREAL, as Lender
By:	/s/ Steven Patchet
	Name: Steven Patchet
	Title: Managing Director
By:
	Name:
	Title:

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ATB Financial, as Lender
By:	/s/ Trevor Guinard
	Name: Trevor Guinard
	Title: Director - Energy Infrastructure
By:	/s/ Amber Busby
	Name: Amber Busby
	Title: Associate Director

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BANK OF NOVA SCOTIA, as Lender
By:	/s/ Andrew Rose
	Name: Andrew Rose
	Title: Associate Director
By:	/s/ Laura Ramsden
	Name: Laura Ramsden
	Title: Associate

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NATIONAL BANK OF CANADA, as Lender
By:	/s/ James Dexter
	Name: James Dexter
	Title: Authorized Signatory
By:	/s/ Chuck Warnica
	Name: Chuck Warnica
	Title: Authorized Signatory

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SCHEDULE 1
BORROWER’S CERTIFICATE OF COMPLIANCE

TO:    Royal Bank of Canada (“RBC”), as Agent for the Lenders, under the Credit Agreement

This Certificate is delivered to you pursuant to the sixth amended and restated credit agreement made as of March 22, 2024 (as amended, restated or replaced from time to time, the “Credit Agreement”) between AltaLink Investments, L.P., AltaLink Investment Management Ltd. and RBC, as Agent and Lender and the other Lenders party thereto. Capitalized terms used in this Certificate and not otherwise defined have the meanings given in the Credit Agreement.

The undersigned has read the provisions of the Credit Agreement which are relevant to the furnishing of this Certificate. The undersigned has made such examination and investigation as was, in the opinion of the undersigned, necessary to enable the undersigned to express an informed opinion on the matters set out herein.

The undersigned hereby certifies that as of the date hereof:

1.Representations and Warranties. The following representation and warranty of the Borrower and the General Partner is true and correct in all material respects as if made on and as of the date hereof, except as set out in Appendix I hereto or otherwise notified to RBC under the Credit Agreement: Financial Statements - the financial statements and forecasts of the Borrower and its Subsidiaries which have been provided to RBC are accurate and complete in all material respects, and fairly present the consolidated financial condition and business operations of the Borrower and its Subsidiaries, for the applicable reporting periods indicated therein and are prepared in a form and manner consistent with existing financial reporting practices of the Borrower in accordance with GAAP.

2.Default/Event of Default. No Default or Event of Default under the Credit Agreement has occurred and is continuing.

3.Financial Covenants. The Borrower is in compliance with the financial covenants set forth in Section 10.24 of the Credit Agreement and the detailed calculations evidencing such compliance are attached hereto.

4.Ratings. [The ratings assigned by each of the Rating Agencies to the Borrower are and .]

5.Change of Control Compliance. Pursuant to Section 10.16 of the Credit Agreement, the total revenues and total Assets of all non-Wholly-Owned Subsidiaries of the Borrower does not exceed 10% of the Borrower’s consolidated revenues or Consolidated Assets, as disclosed in the most recent audited financial statements delivered to the Agent and the Lenders.

[SIGNATURE PAGE FOLLOWS]

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DATED this ________ day of _________________, 20____.

ALTALINK INVESTMENT MANAGEMENT LTD., as general partner of ALTALINK INVESTMENTS, L.P.
By:
	Name:
	Title:
By:
	Name:
	Title:

ALTALINK INVESTMENT MANAGEMENT LTD.
By:
	Name:
	Title:
By:
	Name:
	Title:

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APPENDIX I
EXCEPTIONS AND QUALIFICATIONS TO
BORROWER’S CERTIFICATE OF COMPLIANCE

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SCHEDULE 2(A)
NOTICE OF BORROWING

Royal Bank of Canada

Agency Services Group

155 Wellington Street

8th Floor

Toronto, ON M5V 3K7

Attention:    Manager Agency

Facsimile:    [***]

The Lenders under the Credit Agreement

Dear Sirs:

You are hereby notified that the undersigned, intends to avail itself of the Credit Facility established in its favour pursuant to the sixth amended and restated credit agreement made as of 22, 2024 (as amended, restated or replaced from time to time, the “Credit Agreement”) between AltaLink Investments, L.P., as Borrower, AltaLink Investment Management Ltd. and Royal Bank of Canada, as Agent and Lender, and the other Lenders which become a party thereto. Capitalized terms used in this Borrowing Notice and not otherwise defined have the meanings given in the Credit Agreement.

The undersigned hereby irrevocably requests a Borrowing as follows:

(a)Prime Rate Loan in the amount of Cdn.$, having a term of [add same provision for any other amount and term requested];

(b)Term CORRA Loan in the aggregate amount of $ having an Interest Period of [add same provision for any other amount and Interest Period requested]; and

(c)Daily Compounded CORRA Loan in the aggregate amount of $ having an Interest Period [add same provision for any other amount and Interest Period requested].

All Loans made pursuant to this Notice of Borrowing shall be credited to the undersigned’s account no. at [insert account details]. In the case of a Documentary Credit, it shall be delivered to . The requested Borrowing Date is . [If the undersigned requires a bank draft to be issued by RBC as a debit to the undersigned account at the Borrower’s designated account and to be delivered on the undersigned’s behalf, add an irrevocable direction to that effect, specifying the Person to whom it is to be delivered.]

All representations and warranties of the Borrower contained in the Credit Agreement are true and correct in all material respects as if made on and as of the date hereof.

No Default or Event of Default under the Credit Agreement has occurred and is continuing.

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DATED this _____ day _______________________ 20    __.

ALTALINK INVESTMENT MANAGEMENT LTD., as general partner of ALTALINK INVESTMENTS, L.P.
By:
	Name:
	Title:
By:
	Name:
	Title:

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SCHEDULE 2(B)

NOTICE OF ROLLOVER

Royal Bank of Canada

Agency Services Group

155 Wellington Street

8th Floor

Toronto, ON M5V 3K7

Attention:    Manager Agency

Facsimile:    [***]

The Lenders under the Credit Agreement

Dear Sirs:

We refer to Section 2.5 of the Sixth Amended and Restated Credit Agreement made as of March 22, as amended, restated or replaced from time to time (the “Credit Agreement”) between AltaLink Investments, L.P., as Borrower, AltaLink Investment Management Ltd., Royal Bank of Canada, as Agent and Lender, and the other Lenders which become a party thereto from time to time.

Capitalized terms used in this Notice and not otherwise defined have the meanings given in the Credit Agreement.

The Borrower hereby confirms that:

(a)it intends to repay the following [Term CORRA Loan]/[Daily Compounded CORRA Loan], as the case may be, on the current Interest Payment Date:

aggregate amount - $____________;

Interest Payment Date _______________;

(b)the following [Term CORRA Loan]/[Daily Compounded CORRA Loan] are to be rolled over in accordance with the Credit Agreement on the current Interest Payment Date specified below:

aggregate amount - $____________;

Interest Payment Date - ______________;

new Interest Period - _______________; and

new Interest Payment Date - ________________.

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The Borrower hereby represents and warrants that the conditions contained in the Credit Agreement have been satisfied and will be satisfied as of the date hereof and before and after giving effect to such roll over on the applicable roll over date.

DATED this ___ day , 20____.

ALTALINK INVESTMENT MANAGEMENT LTD., as general partner of ALTALINK INVESTMENTS, L.P.
By:
	Name:
	Title:
By:
	Name:
	Title:
I/We have the authority to bind the Partnership.

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SCHEDULE 2(C)
CONVERSION OPTION NOTICE

Royal Bank of Canada

Agency Services Group

155 Wellington Street

8th Floor

Toronto, ON M5V 3K7

Attention:    Manager Agency

Facsimile:    [***]

The Lenders under the Credit Agreement

Dear Sirs/Mesdames:

We refer to Section 2.5 of the Sixth Amended and Restated Credit Agreement made as of March 22 (as amended, restated or replaced from time to time, the “Credit Agreement”) between AltaLink Investments, L.P., as Borrower, AltaLink Investment Management Ltd., Royal Bank of Canada, as Agent and Lender, and the other Lenders which become a party thereto from time to time.

Capitalized terms used in this Notice and not otherwise defined have the meanings given in the Credit Agreement.

Pursuant to the Credit Agreement, we hereby give notice of our irrevocable request for a conversion of Advances in the amount of $______________ outstanding by way of [insert type of loan] into corresponding Borrowings by way of [insert new type of loan] on the _________ day of ___________, 20____. [The term of the new [Term CORRA Loan]/[Daily Compounded CORRA Loan] shall be ________ with a new maturity date of ____________, 20____.][The Interest Period of the new [Term CORRA]/[Daily Compounded CORRA] Loan shall be ________ with Interest Payment Date of ____________, 20____.]

The Borrower hereby represents and warrants that the conditions contained in the Credit Agreement have been satisfied and will be satisfied as of the date hereof and before and after giving effect to such conversion on the applicable conversion date.

DATED this day , 20____.

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ALTALINK INVESTMENT MANAGEMENT LTD., as general partner of ALTALINK INVESTMENTS, L.P.
By:
	Name:
	Title:
By:
	Name:
	Title:
I/We have the authority to bind the Partnership.

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SCHEDULE 3

NOTICE OF EXTENSION

Royal Bank of Canada

Agency Services Group

155 Wellington Street

8th Floor

Toronto, ON M5V 3K7

Attention:    Manager Agency

Facsimile:    [***]

Dear Sirs:

You are hereby notified that the undersigned wishes to extend the Maturity Date of each Lender for a three hundred and sixty-five (365) day period. Capitalized terms used in this Notice of Extension and not otherwise defined have the meanings given in the sixth amended and restated credit agreement made as of March 22, 2024 between AltaLink Investments L.P., as Borrower, AltaLink Investment Management Ltd. and Royal Bank of Canada, as Agent and Lender, and the other Lenders party thereto, as amended, restated or replaced from time to time.

DATED this day of , 20.

ALTALINK INVESTMENT MANAGEMENT LTD., as general partner of ALTALINK INVESTMENTS, L.P.
By:
	Name:
	Title:
By:
	Name:
	Title:

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SCHEDULE 4

FORM OF ISSUE NOTICE

[Date]

Royal Bank of Canada

Agency Services Group

155 Wellington Street

8th Floor

Toronto, ON M5V 3K7

Attention:    Manager Agency

Facsimile:    [***]

Ladies and Gentlemen:

We refer to Section 3.2 of the sixth amended and restated credit agreement made as of March 22, 2024 (as amended, restated or replaced from time to time, the “Credit Agreement”) between AltaLink Investments, L.P., as Borrower, AltaLink Investment Management Ltd. and Royal Bank of Canada, as Agent and Lender, and the other Lenders which become a party thereto. Capitalized terms used in this Notice and not otherwise defined have the meanings given in the Credit Agreement.

The undersigned hereby gives you notice pursuant to Section 3.2 of the Credit Agreement that the Borrower hereby requests an Issue under the Credit Agreement, and, in that connection, sets forth below the information relating to such Issue as required by Section 3.2 of the Credit Agreement:

(a)The date of Issue, being a Business Day, is .

(b)The Face Amount of such Documentary Credit is Cdn $.

(c)The expiration date of such Documentary Credit, being a Business Day is .

(d)The proposed type of Documentary Credit is [letter of credit][letter of guarantee].

(e)The name and address of the Beneficiary is .

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(f)[Insert any special terms or conditions for the Documentary Credit.]

Yours truly,

ALTALINK INVESTMENT MANAGEMENT LTD., as general partner of ALTALINK INVESTMENTS, L.P.
By:
	Name:
	Title:
By:
	Name:
	Title:

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SCHEDULE 5

ASSIGNMENT AND ASSUMPTION

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including without limitation any letters of credit, guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be assigned under Applicable Law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan-transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

1.Assignor:

2.Assignee:

[and is an Affiliate/Approved Fund of [identify Lender]1]

3.Borrower(s):

4.Administrative Agent: Royal Bank of Canada, as the administrative agent under the Credit Agreement

5.Credit Agreement:     The Credit Agreement dated as of March 22, 2024, among AltaLink Investments L.P., the Lenders parties thereto, Royal Bank of Canada as

1     Select as applicable.

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Administrative Agent, and the other agents parties thereto, as amended, restated or replaced from time to time.

6.Assigned Interest:

Aggregate Amount of Commitment/Loans for all Lenders2	Amount of Commitment/Loans Assigned	Percentage Assigned of Commitment/Loans3	CUSIP Number
$	$	%
$	$	%
$	$	%

7.Trade Date:4

2     Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

3     Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

4     To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.

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Effective Date: ___________, 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

		ASSIGNOR [NAME OF ASSIGNOR]
		By:
			Title:
		ASSIGNEE [NAME OF ASSIGNEE]
		By:
			Title:
Consented to and Accepted:
Royal Bank of Canada, as Administrative Agent
By
	Title:
[Consented to:]5
[NAME OF RELEVANT PARTY]
By
	Title:

5     To be added only if the consent of the Borrower and/or other parties (e.g. Documentary Credit Lender) is required by the terms of the Credit Agreement.

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ANNEX 1 to Assignment and Assumption

STANDARD TERMS AND CONDITIONS FOR
ASSIGNMENT AND ASSUMPTION

1.Representations and Warranties.

Article 1Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.

Article 2Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section ___ thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

2.Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to, on

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or after the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.

3.General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy or by sending a scanned copy by electronic mail shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law governing the Credit Agreement.

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SCHEDULE 6

COMMITMENTS OF THE LENDERS

Lenders	Lender’s Commitment (Cdn.$)	Applicable Percentage
Royal Bank of Canada	$100,000,000	33.3%
Bank of Montreal	$75,000,000	25%
Bank of Nova Scotia	$65,000,000	21.7%
National Bank    of Canada	$40,000,000	13.3%
ATB Financial	$20,000,000	6.7%

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SCHEDULE 6.1(A)

FORM OF NOTICE OF REPAYMENT

(Letter to be typed on Borrower’s Letterhead)

                                    _________________, 20____

Royal Bank of Canada

Agency Services Group

155 Wellington Street

8th Floor

Toronto, ON M5V 3K7

Attention:    Manager Agency

Facsimile:    [***]

REPAYMENT NOTICE

Dear Sirs:

We refer to Section 6.1(a) of the sixth amended and restated credit agreement made as of March 22, 2024 (as amended, restated or replaced from time to time, the “Credit Agreement”) between AltaLink Investments, L.P., as Borrower, AltaLink Investment Management Ltd. and Royal Bank of Canada, as Agent and Lender, and the other Lenders which become a party thereto. Capitalized terms used in this Notice and not otherwise defined have the meanings given in the Credit Agreement.

We hereby notify the Agent of our repayment of the Loan subject to and in accordance with the terms and provisions of the Credit Agreement in the amount of:

A. Repayment amount:

Prime Rate Loan:                _______________    

Term CORRA Loan:                _______________    Maturity Date     ____________

Daily Compounded CORRA Loan:        _______________    Maturity Date     ____________

B. Date of repayment:    _________________________

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Proceeds of the repayment are to be deposited to the account of the Agent as follows:

Bank Name:                

Account Name:            

Transit #:                

Account Number:            CAD    

                        Yours truly,

ALTALINK INVESTMENT MANAGEMENT LTD., as general partner of ALTALINK INVESTMENTS, L.P.
By:
	Name:
	Title:
By:
	Name:
	Title:

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SCHEDULE 7

SENIOR PLEDGED BOND, SERIES 2

[See Attached]

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SCHEDULE 8

THIRD SUPPLEMENTAL INDENTURE

[See Attached]

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SCHEDULE 9.1(A)

CREDIT PARTY AND SUBSIDIARY INFORMATION

Schedule Omitted

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SCHEDULE 10

MATERIAL AGREEMENTS

Nil.

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EX-15.1

EXHIBIT 15.1

May 3, 2024

To the Board of Directors and Shareholders of

Berkshire Hathaway Energy Company

666 Grand Avenue

Des Moines, Iowa 50309

We are aware that our report dated May 3, 2024, on our review of the interim financial information of Berkshire Hathaway Energy Company appearing in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, is incorporated by reference in Registration Statement No. 333-276321 on Form S-8.

/s/ Deloitte & Touche LLP

Des Moines, Iowa

EX-15.2

EXHIBIT 15.2

May 3, 2024

The Board of Directors and Shareholders of

PacifiCorp

825 N.E. Multnomah Street, Suite 1900

Portland, Oregon 97232

We are aware that our report dated May 3, 2024, on our review of the interim financial information of PacifiCorp appearing in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, is incorporated by reference in Registration Statement No. 333-274494 on Form S-3.

/s/ Deloitte & Touche LLP

Portland, Oregon

EX-15.3

EXHIBIT 15.3

May 3, 2024

To the Board of Directors and Shareholder of

MidAmerican Energy Company

666 Grand Avenue

Des Moines, Iowa 50309

We are aware that our report dated May 3, 2024, on our review of the interim financial information of MidAmerican Energy Company appearing in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, is incorporated by reference in Registration Statement No. 333-257069 on Form S-3.

/s/ Deloitte & Touche LLP

Des Moines, Iowa

EX-15.4

EXHIBIT 15.4

May 3, 2024

To the Board of Directors and Shareholder of

Nevada Power Company

6226 West Sahara Avenue

Las Vegas, Nevada 89146

We are aware that our report dated May 3, 2024, on our review of the interim financial information of Nevada Power Company appearing in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, is incorporated by reference in Registration Statement No. 333-267865 on Form S-3.

/s/ Deloitte & Touche LLP

Las Vegas, Nevada

EX-15.5

EXHIBIT 15.5

May 3, 2024

To the Board of Directors and Shareholder of

Sierra Pacific Power Company

6100 Neil Road

Reno, Nevada 89511

We are aware that our report dated May 3, 2024, on our review of the interim financial information of Sierra Pacific Power Company appearing in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, is incorporated by reference in Registration Statement No. 333-278570 on Form S-4.

/s/ Deloitte & Touche LLP

Las Vegas, Nevada

EX-15.6

EXHIBIT 15.6

May 3, 2024

The Board of Directors of

Eastern Energy Gas

10700 Energy Way

Glen Allen, Virginia 23060

We are aware that our report dated May 3, 2024, on our review of the interim financial information of Eastern Energy Gas appearing in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, is incorporated by reference in Registration Statement No. 333-276072 on Form S-3.

/s/ Deloitte & Touche LLP

Richmond, Virginia

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott W. Thon, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Berkshire Hathaway Energy Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Scott W. Thon
	Scott W. Thon
	President and Chief Executive Officer
	(principal executive officer)

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Calvin D. Haack, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Berkshire Hathaway Energy Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Calvin D. Haack
	Calvin D. Haack
	Senior Vice President and Chief Financial Officer
	(principal financial officer)

EX-31.3

EXHIBIT 31.3

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Cindy A. Crane, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of PacifiCorp;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Cindy A. Crane
	Cindy A. Crane
	Chair of the Board of Directors and Chief Executive Officer
	(principal executive officer)

EX-31.4

EXHIBIT 31.4

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Nikki L. Kobliha, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of PacifiCorp;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Nikki L. Kobliha
	Nikki L. Kobliha
	Senior Vice President, Chief Financial Officer and Treasurer
	(principal financial officer)

EX-31.5

EXHIBIT 31.5

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Kelcey A. Brown, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of MidAmerican Energy Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Kelcey A. Brown
	Kelcey A. Brown
	President and Chief Executive Officer
	(principal executive officer)

EX-31.6

EXHIBIT 31.6

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Blake M. Groen, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of MidAmerican Energy Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Blake M. Groen
	Blake M. Groen
	Vice President and Chief Financial Officer
	(principal financial officer)

EX-31.7

EXHIBIT 31.7

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Kelcey A. Brown, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of MidAmerican Funding, LLC;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Kelcey A. Brown
	Kelcey A. Brown
	President
	(principal executive officer)

EX-31.8

EXHIBIT 31.8

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Blake M. Groen, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of MidAmerican Funding, LLC;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2024	/s/ Blake M. Groen
	Blake M. Groen
	Vice President and Controller
	(principal financial officer)

EX-31.9

EXHIBIT 31.9

 CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Douglas A. Cannon, certify that: 

1.I have reviewed this Quarterly Report on Form 10-Q of Nevada Power Company (dba NV Energy);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Douglas A. Cannon
	Douglas A. Cannon
	President and Chief Executive Officer
	(principal executive officer)

EX-31.10

EXHIBIT 31.10

 CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Michael J. Behrens, certify that: 

1.I have reviewed this Quarterly Report on Form 10-Q of Nevada Power Company (dba NV Energy);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Michael J. Behrens
	Michael J. Behrens
	Vice President and Chief Financial Officer
	(principal financial officer)

EX-31.11

EXHIBIT 31.11

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Douglas A. Cannon, certify that: 

1.I have reviewed this Quarterly Report on Form 10-Q of Sierra Pacific Power Company (dba NV Energy);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Douglas A. Cannon
	Douglas A. Cannon
	President and Chief Executive Officer
	(principal executive officer)

EX-31.12

EXHIBIT 31.12

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Michael J. Behrens, certify that: 

1.I have reviewed this Quarterly Report on Form 10-Q of Sierra Pacific Power Company (dba NV Energy);

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Michael J. Behrens
	Michael J. Behrens
	Vice President and Chief Financial Officer
	(principal financial officer)

EX-31.13

EXHIBIT 31.13

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Paul E. Ruppert, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Eastern Energy Gas Holdings, LLC;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Paul E. Ruppert
	Paul E. Ruppert
	President and Chief Executive Officer
	(principal executive officer)

EX-31.14

EXHIBIT 31.14

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott C. Miller, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Eastern Energy Gas Holdings, LLC;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Scott C. Miller
	Scott C. Miller
	Vice President, Chief Financial Officer and Treasurer
	(principal financial officer)

EX-31.15

EXHIBIT 31.15

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Paul E. Ruppert, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Eastern Gas Transmission and Storage, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Paul E. Ruppert
	Paul E. Ruppert
	President and Chair of the Board of Directors
	(principal executive officer)

EX-31.16

EXHIBIT 31.16

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott C. Miller, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Eastern Gas Transmission and Storage, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 3, 2024	/s/ Scott C. Miller
	Scott C. Miller
	Vice President, Chief Financial Officer and Treasurer
	(principal financial officer and accounting officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott W. Thon, President and Chief Executive Officer of Berkshire Hathaway Energy Company (the "Company"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: May 3, 2024	/s/ Scott W. Thon
	Scott W. Thon
	President and Chief Executive Officer
	(principal executive officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Calvin D. Haack, Senior Vice President and Chief Financial Officer of Berkshire Hathaway Energy Company (the "Company"), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of the Company for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: May 3, 2024	/s/ Calvin D. Haack
	Calvin D. Haack
	Senior Vice President and Chief Financial Officer
	(principal financial officer)

EX-32.3

EXHIBIT 32.3

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Cindy A. Crane, Chair of the Board of Directors and Chief Executive Officer of PacifiCorp, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of PacifiCorp for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of PacifiCorp.

Date: May 3, 2024	/s/ Cindy A. Crane
	Cindy A. Crane
	Chair of the Board of Directors and Chief Executive Officer
	(principal executive officer)

EX-32.4

EXHIBIT 32.4

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Nikki L. Kobliha, Senior Vice President, Chief Financial Officer and Treasurer of PacifiCorp, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of PacifiCorp for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of PacifiCorp.

Date: May 3, 2024	/s/ Nikki L. Kobliha
	Nikki L. Kobliha
	Senior Vice President, Chief Financial Officer and Treasurer
	(principal financial officer)

EX-32.5

EXHIBIT 32.5

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Kelcey A. Brown, President and Chief Executive Officer of MidAmerican Energy Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of MidAmerican Energy Company for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of MidAmerican Energy Company.

Date: May 3, 2024	/s/ Kelcey A. Brown
	Kelcey A. Brown
	President and Chief Executive Officer
	(principal executive officer)

EX-32.6

EXHIBIT 32.6

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Blake M. Groen, Vice President and Chief Financial Officer of MidAmerican Energy Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of MidAmerican Energy Company for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of MidAmerican Energy Company.

Date: May 3, 2024	/s/ Blake M. Groen
	Blake M. Groen
	Vice President and Chief Financial Officer
	(principal financial officer)

EX-32.7

EXHIBIT 32.7

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Kelcey A. Brown, President of MidAmerican Funding, LLC, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of MidAmerican Funding, LLC for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of MidAmerican Funding, LLC.

Date: May 3, 2024	/s/ Kelcey A. Brown
	Kelcey A. Brown
	President
	(principal executive officer)

EX-32.8

EXHIBIT 32.8

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Blake M. Groen, Vice President and Controller of MidAmerican Funding, LLC, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of MidAmerican Funding, LLC for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of MidAmerican Funding, LLC.

Date: May 3, 2024	/s/ Blake M. Groen
	Blake M. Groen
	Vice President and Controller
	(principal financial officer)

EX-32.9

EXHIBIT 32.9

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Douglas A. Cannon, President and Chief Executive Officer of Nevada Power Company (dba NV Energy), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of Nevada Power Company for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Nevada Power Company.

Date: May 3, 2024	/s/ Douglas A. Cannon
	Douglas A. Cannon
	President and Chief Executive Officer
	(principal executive officer)

EX-32.10

EXHIBIT 32.10

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Michael J. Behrens, Vice President and Chief Financial Officer of Nevada Power Company (dba NV Energy), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of Nevada Power Company for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Nevada Power Company.

Date: May 3, 2024	/s/ Michael J. Behrens
	Michael J. Behrens
	Vice President and Chief Financial Officer
	(principal financial officer)

EX-32.11

EXHIBIT 32.11

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Douglas A. Cannon, President and Chief Executive Officer of Sierra Pacific Power Company (dba NV Energy), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of Sierra Pacific Power Company for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Sierra Pacific Power Company.

Date: May 3, 2024	/s/ Douglas A. Cannon
	Douglas A. Cannon
	President and Chief Executive Officer
	(principal executive officer)

EX-32.12

EXHIBIT 32.12

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Michael J. Behrens, Vice President and Chief Financial Officer of Sierra Pacific Power Company (dba NV Energy), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of Sierra Pacific Power Company for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Sierra Pacific Power Company.

Date: May 3, 2024	/s/ Michael J. Behrens
	Michael J. Behrens
	Vice President and Chief Financial Officer
	(principal financial officer)

EX-32.13

EXHIBIT 32.13

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Paul E. Ruppert, President and Chief Executive Officer of Eastern Energy Gas Holdings, LLC, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of Eastern Energy Gas Holdings, LLC for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Eastern Energy Gas Holdings, LLC.

Date: May 3, 2024	/s/ Paul E. Ruppert
	Paul E. Ruppert
	President and Chief Executive Officer
	(principal executive officer)

EX-32.14

EXHIBIT 32.14

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott C. Miller, Vice President, Chief Financial Officer and Treasurer of Eastern Energy Gas Holdings, LLC, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of Eastern Energy Gas Holdings, LLC for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Eastern Energy Gas Holdings, LLC.

Date: May 3, 2024	/s/ Scott C. Miller
	Scott C. Miller
	Vice President, Chief Financial Officer and Treasurer
	(principal financial officer)

EX-32.15

EXHIBIT 32.15

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Paul E. Ruppert, President and Chair of the Board of Directors of Eastern Gas Transmission and Storage, Inc., certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of Eastern Gas Transmission and Storage, Inc. for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Eastern Gas Transmission and Storage, Inc.

Date: May 3, 2024	/s/ Paul E. Ruppert
	Paul E. Ruppert
	President and Chair of the Board of Directors
	(principal executive officer)

EX-32.16

EXHIBIT 32.16

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott C. Miller, Vice President, Chief Financial Officer and Treasurer of Eastern Gas Transmission and Storage, Inc., certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to the best of my knowledge:

(1)the Quarterly Report on Form 10-Q of Eastern Gas Transmission and Storage, Inc. for the quarterly period ended March 31, 2024 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of Eastern Gas Transmission and Storage, Inc.

Date: May 3, 2024	/s/ Scott C. Miller
	Scott C. Miller
	Vice President, Chief Financial Officer and Treasurer
	(principal financial and accounting officer)

EX-95

EXHIBIT 95

MINE SAFETY VIOLATIONS AND OTHER LEGAL MATTER DISCLOSURES

PURSUANT TO SECTION 1503(a) OF THE DODD-FRANK WALL STREET

REFORM AND CONSUMER PROTECTION ACT

PacifiCorp and its subsidiaries operate certain coal mines and coal processing facilities (collectively, the "mining facilities") that are regulated by the Federal Mine Safety and Health Administration ("MSHA") under the Federal Mine Safety and Health Act of 1977 (the "Mine Safety Act"). MSHA inspects PacifiCorp's mining facilities on a regular basis. The total number of reportable Mine Safety Act citations, orders, assessments and legal actions for the three-month period ended March 31, 2024 are summarized in the table below and are subject to contest and appeal. The severity and assessment of penalties may be reduced or, in some cases, dismissed through the contest and appeal process. Amounts are reported regardless of whether PacifiCorp has challenged or appealed the matter. Mines that are closed or idled are not included in the information below. There were no mining-related fatalities during the three-month period ended March 31, 2024. PacifiCorp has not received any notice of a pattern, or notice of the potential to have a pattern, of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of coal or other mine health or safety hazards under Section 104(e) of the Mine Safety Act during the three-month period ended March 31, 2024.

	Mine Safety Act							Legal Actions
						Total
	Section 104				Section	Value of
	Significant		Section		107(a)	Proposed		Pending
	and	Section	104(d)	Section	Imminent	MSHA		as of Last	Instituted	Resolved
	Substantial	104(b)	Citations/	110(b)(2)	Danger	Assessments		Day of	During	During
Mining Facilities	Citations(1)	Orders(2)	Orders(3)	Violations(4)	Orders(5)	(in thousands)		Period(6)	Period	Period
Bridger (surface)	—	—	—	—	—	$	—	—	—	—
Wyodak Coal Crushing Facility	—	—	—	—	—	—		—	—	—

(1)Citations for alleged violations of mandatory health and safety standards that could significantly or substantially contribute to the cause and effect of a safety or health hazard under Section 104 of the Mine Safety Act.

(2)For alleged failure to totally abate the subject matter of a Mine Safety Act Section 104(a) citation within the period specified in the citation.

(3)For alleged unwarrantable failure (i.e., aggravated conduct constituting more than ordinary negligence) to comply with a mandatory health or safety standard.

(4)For alleged flagrant violations (i.e., reckless or repeated failure to make reasonable efforts to eliminate a known violation of a mandatory health or safety standard that substantially and proximately caused, or reasonably could have been expected to cause, death or serious bodily injury).

(5)For the existence of any condition or practice in a coal or other mine which could reasonably be expected to cause death or serious physical harm before such condition or practice can be abated.

(6)For the existence of any proposed penalties under Subparts B-H of the Federal Mine Safety and Health Review Commission's procedural rules. The pending legal actions are not exclusive to citations, notices, orders and penalties assessed by the MSHA during the reporting period.

XML

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-14881
Entity Registrant Name	BERKSHIRE HATHAWAY ENERGY COMPANY
Entity Tax Identification Number	94-2213782
Entity Incorporation, State or Country Code	IA
Entity Address, Address Line One	666 Grand Avenue
Entity Address, City or Town	Des Moines
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50309-2580
City Area Code	515
Local Phone Number	242-4300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,627,913
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001081316
Current Fiscal Year End Date	--12-31
PAC
Document Information [Line Items]
Entity File Number	001-05152
Entity Registrant Name	PACIFICORP
Entity Tax Identification Number	93-0246090
Entity Incorporation, State or Country Code	OR
Entity Address, Address Line One	825 N.E. Multnomah Street
Entity Address, Address Line Two	Suite 1900
Entity Address, City or Town	Portland
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97232
City Area Code	888
Local Phone Number	221-7070
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		357,060,915
Entity Central Index Key	0000075594
MidAmerican Funding, LLC
Document Information [Line Items]
Entity File Number	333-90553
Entity Registrant Name	MIDAMERICAN FUNDING, LLC
Entity Tax Identification Number	47-0819200
Entity Incorporation, State or Country Code	IA
Entity Address, Address Line One	666 Grand Avenue
Entity Address, City or Town	Des Moines
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50309-2580
City Area Code	515
Local Phone Number	242-4300
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001098296
MEC
Document Information [Line Items]
Entity File Number	333-15387
Entity Registrant Name	MIDAMERICAN ENERGY COMPANY
Entity Tax Identification Number	42-1425214
Entity Incorporation, State or Country Code	IA
Entity Address, Address Line One	666 Grand Avenue
Entity Address, City or Town	Des Moines
Entity Address, State or Province	IA
Entity Address, Postal Zip Code	50309-2580
City Area Code	515
Local Phone Number	242-4300
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,980,203
Entity Central Index Key	0000928576
NPC
Document Information [Line Items]
Entity File Number	000-52378
Entity Registrant Name	NEVADA POWER COMPANY
Entity Tax Identification Number	88-0420104
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	6226 West Sahara Avenue
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89146
City Area Code	702
Local Phone Number	402-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,000
Entity Central Index Key	0000071180
SPPC
Document Information [Line Items]
Entity File Number	000-00508
Entity Registrant Name	SIERRA PACIFIC POWER COMPANY
Entity Tax Identification Number	88-0044418
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	6100 Neil Road
Entity Address, City or Town	Reno
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89511
City Area Code	775
Local Phone Number	834-4011
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,000
Entity Central Index Key	0000090144
EEGH
Document Information [Line Items]
Entity File Number	001-37591
Entity Registrant Name	EASTERN ENERGY GAS HOLDINGS, LLC
Entity Tax Identification Number	46-3639580
Entity Incorporation, State or Country Code	VA
Entity Address, Address Line One	10700 Energy Way
Entity Address, City or Town	Glen Allen
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23060
City Area Code	804
Local Phone Number	613-5100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001603291
EGTS
Document Information [Line Items]
Entity File Number	333-266049
Entity Registrant Name	EASTERN GAS TRANSMISSION AND STORAGE, INC.
Entity Tax Identification Number	55-0629203
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	10700 Energy Way
Entity Address, City or Town	Glen Allen
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23060
City Area Code	804
Local Phone Number	613-5100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,101
Entity Central Index Key	0001936737

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,744	$ 1,565
Trade receivables, net	2,465	2,667
Inventories	1,605	1,509
Mortgage loans held for sale	492	451
Regulatory assets	1,366	1,398
Other current assets	1,295	1,355
Total current assets	12,232	10,198
Property, plant and equipment, net	99,871	99,248
Goodwill	11,508	11,547
Regulatory assets	4,204	4,167
Investments and restricted cash and cash equivalents and investments	9,305	9,510
Other assets	3,115	3,170
Total assets	140,235	137,840
Current liabilities:
Accounts payable	2,602	3,175
Accrued interest	752	625
Accrued property, income and other taxes	756	828
Accrued employee expenses	381	354
Short-term debt	1,528	4,148
Current portion of long-term debt	3,133	2,740
Other current liabilities	1,942	1,551
Total current liabilities	11,094	13,421
BHE senior debt	12,703	13,101
BHE junior subordinated debentures	100	100
Subsidiary debt	41,092	36,231
Regulatory liabilities	6,709	6,644
Deferred income taxes	12,343	12,437
Other long-term liabilities	5,935	6,166
Total liabilities	89,976	88,100
Commitments and contingencies
BHE shareholders' equity:
Common stock	0	0
Additional paid-in capital	5,573	5,573
Retained earnings	45,417	44,765
Accumulated other comprehensive loss, net	(2,031)	(1,904)
Total shareholder's equity	48,959	48,434
Noncontrolling interests	1,300	1,306
Total equity	50,259	49,740
Total liabilities and equity	$ 140,235	$ 137,840

XML

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	115	115
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued (in shares)	76	76
Common stock, shares outstanding (in shares)	76	76

XML

Consolidated Balance Sheets (Unaudited) - PAC - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,744	$ 1,565
Inventories	1,605	1,509
Regulatory assets	1,366	1,398
Other current assets	1,295	1,355
Total current assets	12,232	10,198
Regulatory assets	4,204	4,167
Other assets	3,115	3,170
Total assets	140,235	137,840
Current liabilities:
Accounts payable	2,602	3,175
Accrued interest	752	625
Accrued property, income and other taxes	756	828
Accrued employee expenses	381	354
Short-term debt	1,528	4,148
Current portion of long-term debt	3,133	2,740
Other current liabilities	1,942	1,551
Total current liabilities	11,094	13,421
Regulatory liabilities	6,709	6,644
Deferred income taxes	12,343	12,437
Other long-term liabilities	5,935	6,166
Total liabilities	89,976	88,100
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	5,573	5,573
Retained earnings	45,417	44,765
Accumulated other comprehensive loss, net	(2,031)	(1,904)
Total shareholder's equity	48,959	48,434
Total liabilities and equity	140,235	137,840
PAC
Current assets:
Cash and cash equivalents	2,210	138
Trade receivables, net	832	853
Other receivables, net	132	447
Inventories	617	532
Derivative contracts	6	16
Regulatory assets	846	631
Prepaid expenses	162	188
Other current assets	79	182
Total current assets	4,884	2,987
Property, plant and equipment, net	27,471	27,051
Regulatory assets	1,915	1,942
Other assets	615	630
Total assets	34,885	32,610
Current liabilities:
Accounts payable	1,361	1,560
Accrued interest	228	152
Accrued property, income and other taxes	176	65
Accrued employee expenses	127	93
Short-term debt	0	1,604
Current portion of long-term debt	591	591
Regulatory liabilities	69	70
Wildfires liabilities (Note 10)	269	4
Other current liabilities	442	437
Total current liabilities	3,263	4,576
Long-term debt	13,584	9,819
Regulatory liabilities	2,566	2,540
Deferred income taxes	3,089	3,085
Wildfires liabilities	1,436	1,719
Other long-term liabilities	854	899
Total liabilities	24,792	22,638
Commitments and contingencies
Equity:
Preferred stock	2	2
Common stock	0	0
Additional paid-in capital	4,479	4,479
Retained earnings	5,622	5,501
Accumulated other comprehensive loss, net	(10)	(10)
Total shareholder's equity	10,093	9,972
Total liabilities and equity	$ 34,885	$ 32,610

XML

Consolidated Balance Sheets (Unaudited) - PAC (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2024	Dec. 31, 2023
Common stock, shares authorized (in shares)	115	115
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued (in shares)	76	76
Common stock, shares outstanding (in shares)	76	76
PAC
Common stock, shares authorized (in shares)	750	750
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued (in shares)	357	357
Common stock, shares outstanding (in shares)	357	357

XML

Balance Sheets (Unaudited) - MEC - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,744	$ 1,565
Inventories	1,605	1,509
Other current assets	1,295	1,355
Total current assets	12,232	10,198
Regulatory assets	4,204	4,167
Investments and restricted cash and cash equivalents and investments	9,305	9,510
Other assets	3,115	3,170
Total assets	140,235	137,840
Current liabilities:
Accounts payable	2,602	3,175
Accrued interest	752	625
Accrued property, income and other taxes	756	828
Short-term debt	1,528	4,148
Current portion of long-term debt	3,133	2,740
Other current liabilities	1,942	1,551
Total current liabilities	11,094	13,421
Regulatory liabilities	6,709	6,644
Deferred income taxes	12,343	12,437
Other long-term liabilities	5,935	6,166
Total liabilities	89,976	88,100
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	5,573	5,573
Retained earnings	45,417	44,765
Total shareholder's equity	48,959	48,434
Total liabilities and equity	140,235	137,840
MEC
Current assets:
Cash and cash equivalents	659	636
Trade receivables, net	275	272
Income tax receivable	83	1
Inventories	358	364
Prepaid expenses	135	113
Other current assets	48	39
Total current assets	1,558	1,425
Property, plant and equipment, net	22,085	21,970
Regulatory assets	621	600
Investments and restricted cash and cash equivalents and investments	1,084	1,030
Other assets	187	210
Total assets	25,535	25,235
Current liabilities:
Accounts payable	387	543
Accrued interest	100	106
Accrued property, income and other taxes	144	197
Short-term debt	15	0
Current portion of long-term debt	552	539
Other current liabilities	110	102
Total current liabilities	1,308	1,487
Long-term debt	8,807	8,227
Regulatory liabilities	1,153	1,079
Deferred income taxes	3,505	3,494
Asset retirement obligations	775	768
Other long-term liabilities	572	577
Total liabilities	16,120	15,632
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	561	561
Retained earnings	8,854	9,042
Total shareholder's equity	9,415	9,603
Total liabilities and equity	$ 25,535	$ 25,235

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Balance Sheets (Unaudited) - MEC (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2024	Dec. 31, 2023
Common stock, shares authorized (in shares)	115	115
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued (in shares)	76	76
Common stock, shares outstanding (in shares)	76	76
MEC
Common stock, shares authorized (in shares)	350	350
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued (in shares)	71	71
Common stock, shares outstanding (in shares)	71	71

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Consolidated Balance Sheets (Unaudited) - MidAmerican Funding LLC - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,744	$ 1,565
Inventories	1,605	1,509
Other current assets	1,295	1,355
Total current assets	12,232	10,198
Property, plant and equipment, net	99,871	99,248
Goodwill	11,508	11,547
Regulatory assets	4,204	4,167
Investments and restricted cash and cash equivalents and investments	9,305	9,510
Other assets	3,115	3,170
Total assets	140,235	137,840
Current liabilities:
Accounts payable	2,602	3,175
Accrued interest	752	625
Accrued property, income and other taxes	756	828
Short-term debt	1,528	4,148
Current portion of long-term debt	3,133	2,740
Other current liabilities	1,942	1,551
Total current liabilities	11,094	13,421
Regulatory liabilities	6,709	6,644
Deferred income taxes	12,343	12,437
Other long-term liabilities	5,935	6,166
Total liabilities	89,976	88,100
Commitments and contingencies
Equity:
Additional paid-in capital	5,573	5,573
Retained earnings	45,417	44,765
Total shareholder's equity	48,959	48,434
Total liabilities and equity	140,235	137,840
MidAmerican Funding, LLC
Current assets:
Cash and cash equivalents	660	637
Trade receivables, net	275	272
Income tax receivable	84	1
Inventories	358	364
Prepaid expenses	135	113
Other current assets	49	40
Total current assets	1,561	1,427
Property, plant and equipment, net	22,086	21,971
Goodwill	1,270	1,270
Regulatory assets	621	600
Investments and restricted cash and cash equivalents and investments	1,086	1,032
Other assets	186	209
Total assets	26,810	26,509
Current liabilities:
Accounts payable	387	543
Accrued interest	101	112
Accrued property, income and other taxes	144	197
Note payable to affiliate	8	0
Short-term debt	15	0
Current portion of long-term debt	552	539
Other current liabilities	110	102
Total current liabilities	1,317	1,493
Long-term debt	9,047	8,467
Regulatory liabilities	1,153	1,079
Deferred income taxes	3,503	3,492
Asset retirement obligations	775	768
Other long-term liabilities	572	577
Total liabilities	16,367	15,876
Commitments and contingencies
Equity:
Additional paid-in capital	1,679	1,679
Retained earnings	8,764	8,954
Total shareholder's equity	10,443	10,633
Total liabilities and equity	$ 26,810	$ 26,509

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Consolidated Balance Sheets (Unaudited) - NPC - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,744	$ 1,565
Inventories	1,605	1,509
Regulatory assets	1,366	1,398
Other current assets	1,295	1,355
Total current assets	12,232	10,198
Regulatory assets	4,204	4,167
Other assets	3,115	3,170
Total assets	140,235	137,840
Current liabilities:
Accounts payable	2,602	3,175
Accrued interest	752	625
Accrued property, income and other taxes	756	828
Other current liabilities	1,942	1,551
Total current liabilities	11,094	13,421
Regulatory liabilities	6,709	6,644
Deferred income taxes	12,343	12,437
Other long-term liabilities	5,935	6,166
Total liabilities	89,976	88,100
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	5,573	5,573
Retained earnings	45,417	44,765
Accumulated other comprehensive loss, net	(2,031)	(1,904)
Total shareholder's equity	48,959	48,434
Total liabilities and equity	140,235	137,840
NPC
Current assets:
Cash and cash equivalents	63	20
Trade receivables, net	287	374
Inventories	133	129
Regulatory assets	418	586
Prepaid expenses	51	32
Other current assets	33	31
Total current assets	985	1,172
Property, plant and equipment, net	8,847	8,658
Regulatory assets	525	499
Other assets	400	398
Total assets	10,757	10,727
Current liabilities:
Accounts payable	343	466
Accrued interest	50	44
Accrued property, income and other taxes	61	65
Regulatory liabilities	38	43
Customer deposits	83	59
Derivative contracts	91	62
Other current liabilities	54	48
Total current liabilities	720	787
Long-term debt	3,393	3,392
Finance lease obligations	276	279
Regulatory liabilities	1,006	1,017
Deferred income taxes	815	836
Other long-term liabilities	468	452
Total liabilities	6,678	6,763
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	2,833	2,733
Retained earnings	1,247	1,232
Accumulated other comprehensive loss, net	(1)	(1)
Total shareholder's equity	4,079	3,964
Total liabilities and equity	$ 10,757	$ 10,727

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Consolidated Balance Sheets (Unaudited) - NPC (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, shares authorized (in shares)	115,000,000	115,000,000
Common stock, shares issued (in shares)	76,000,000	76,000,000
Common stock, shares outstanding (in shares)	76,000,000	76,000,000
NPC
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000

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Consolidated Balance Sheets (Unaudited) - SPPC - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,744	$ 1,565
Inventories	1,605	1,509
Regulatory assets	1,366	1,398
Other current assets	1,295	1,355
Total current assets	12,232	10,198
Regulatory assets	4,204	4,167
Other assets	3,115	3,170
Total assets	140,235	137,840
Current liabilities:
Accounts payable	2,602	3,175
Accrued interest	752	625
Accrued property, income and other taxes	756	828
Other current liabilities	1,942	1,551
Total current liabilities	11,094	13,421
Regulatory liabilities	6,709	6,644
Deferred income taxes	12,343	12,437
Other long-term liabilities	5,935	6,166
Total liabilities	89,976	88,100
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	5,573	5,573
Retained earnings	45,417	44,765
Accumulated other comprehensive loss, net	(2,031)	(1,904)
Total shareholder's equity	48,959	48,434
Total liabilities and equity	140,235	137,840
SPPC
Current assets:
Cash and cash equivalents	96	44
Trade receivables, net	159	180
Inventories	126	117
Regulatory assets	85	161
Other current assets	50	35
Total current assets	516	537
Property, plant and equipment, net	3,883	3,822
Regulatory assets	227	220
Other assets	195	193
Total assets	4,821	4,772
Current liabilities:
Accounts payable	197	228
Accrued interest	14	18
Accrued property, income and other taxes	27	21
Regulatory liabilities	34	15
Customer deposits	32	21
Derivative contracts	26	16
Other current liabilities	31	30
Total current liabilities	361	349
Long-term debt, carrying value	1,526	1,293
Regulatory liabilities	423	424
Deferred income taxes	384	404
Other long-term liabilities	252	237
Total liabilities	2,946	2,707
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	1,576	1,576
Retained earnings	300	490
Accumulated other comprehensive loss, net	(1)	(1)
Total shareholder's equity	1,875	2,065
Total liabilities and equity	$ 4,821	$ 4,772

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Consolidated Balance Sheets (Unaudited) - SPPC (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, shares authorized (in shares)	115,000,000	115,000,000
Common stock, shares issued (in shares)	76,000,000	76,000,000
Common stock, shares outstanding (in shares)	76,000,000	76,000,000
SPPC
Common stock, par value (in dollars per share)	$ 3.75	$ 3.75
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000

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Consolidated Balance Sheets (Unaudited) - EEGH - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,744	$ 1,565
Trade receivables, net	2,465	2,667
Inventories	1,605	1,509
Other current assets	1,295	1,355
Total current assets	12,232	10,198
Property, plant and equipment, net	99,871	99,248
Goodwill	11,508	11,547
Investments	9,305	9,510
Other assets	3,115	3,170
Total assets	140,235	137,840
Current liabilities:
Accounts payable	2,602	3,175
Accrued property, income and other taxes	756	828
Current portion of long-term debt	3,133	2,740
Other current liabilities	1,942	1,551
Total current liabilities	11,094	13,421
Regulatory liabilities	6,709	6,644
Deferred income taxes	12,343	12,437
Other long-term liabilities	5,935	6,166
Total liabilities	89,976	88,100
Commitments and contingencies
Member's equity:
Accumulated other comprehensive loss, net	(2,031)	(1,904)
Total liabilities and equity	140,235	137,840
EEGH
Current assets:
Cash and cash equivalents	81	62
Trade receivables, net	173	195
Receivables from affiliates	$ 19	$ 25
Other receivable, related party type	Affiliated Entity [Member]	Affiliated Entity [Member]
Inventories	$ 145	$ 142
Income tax receivable	0	80
Prepayments and other deferred charges	61	76
Natural gas imbalances	33	39
Other current assets	41	51
Total current assets	553	670
Property, plant and equipment, net	10,317	10,343
Goodwill	1,286	1,286
Investments	285	281
Other assets	116	120
Total assets	12,557	12,700
Current liabilities:
Accrued property, income and other taxes	153	93
Note payable to affiliate	$ 208	$ 400
Notes payable, related party type	Affiliated Entity [Member]	Affiliated Entity [Member]
Current portion of long-term debt	$ 1,050	$ 1,050
Other current liabilities	141	141
Total current liabilities	1,618	1,818
Long-term debt	2,198	2,204
Regulatory liabilities	625	623
Deferred income taxes	415	383
Other long-term liabilities	151	144
Total liabilities	5,007	5,172
Commitments and contingencies
Member's equity:
Membership interests	6,297	6,273
Accumulated other comprehensive loss, net	(39)	(40)
Total member's equity	6,258	6,233
Noncontrolling interests	1,292	1,295
Total equity	7,550	7,528
Total liabilities and equity	12,557	12,700
EEGH | Nonrelated party
Current liabilities:
Accounts payable	49	89
EEGH | Related party
Current liabilities:
Accounts payable	$ 17	$ 45

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Consolidated Balance Sheets (Unaudited) - EGTS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,744	$ 1,565
Investments and restricted cash and cash equivalents	1,265	1,253
Trade receivables, net	2,465	2,667
Inventories	1,605	1,509
Other current assets	1,295	1,355
Total current assets	12,232	10,198
Property, plant and equipment, net	99,871	99,248
Other assets	3,115	3,170
Total assets	140,235	137,840
Current liabilities:
Accounts payable	2,602	3,175
Accrued interest	752	625
Accrued property, income and other taxes	756	828
Accrued employee expenses	381	354
Other current liabilities	1,942	1,551
Total current liabilities	11,094	13,421
Regulatory liabilities	6,709	6,644
Other long-term liabilities	5,935	6,166
Total liabilities	89,976	88,100
Commitments and contingencies
Shareholder's equity:
Common stock	0	0
Additional paid-in capital	5,573	5,573
Retained earnings	45,417	44,765
Accumulated other comprehensive loss, net	(2,031)	(1,904)
Total shareholder's equity	48,959	48,434
Total liabilities and equity	140,235	137,840
EGTS
Current assets:
Cash and cash equivalents	31	5
Investments and restricted cash and cash equivalents	24	29
Trade receivables, net	84	104
Receivables from affiliates	$ 8	$ 9
Other receivable, related party type	Affiliated Entity [Member]	Affiliated Entity [Member]
Inventories	$ 59	$ 59
Income tax receivable	12	70
Prepayments and other deferred charges	23	22
Natural gas imbalances	31	34
Other current assets	5	5
Total current assets	277	337
Property, plant and equipment, net	4,703	4,715
Other assets	92	92
Total assets	5,072	5,144
Current liabilities:
Accrued interest	23	7
Accrued property, income and other taxes	77	58
Accrued employee expenses	17	20
Note payable to affiliate	5	2
Regulatory liabilities	17	22
Customer and security deposits	24	29
Current portion of long-term debt	111	111
Other current liabilities	17	21
Total current liabilities	326	340
Long-term debt	1,472	1,472
Regulatory liabilities	525	523
Other long-term liabilities	140	121
Total liabilities	2,463	2,456
Commitments and contingencies
Shareholder's equity:
Common stock	609	609
Additional paid-in capital	1,305	1,304
Retained earnings	723	803
Accumulated other comprehensive loss, net	(28)	(28)
Total shareholder's equity	2,609	2,688
Total liabilities and equity	5,072	5,144
EGTS | Nonrelated party
Current liabilities:
Accounts payable	18	41
EGTS | Related party
Current liabilities:
Accounts payable	$ 17	$ 29

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Consolidated Balance Sheets (Unaudited) - EGTS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common stock, shares authorized (in shares)	115,000,000	115,000,000
Common stock, shares outstanding (in shares)	76,000,000	76,000,000
Common stock, shares issued (in shares)	76,000,000	76,000,000
EGTS
Common stock, shares authorized (in shares)	75,000	75,000
Common stock, par value (in dollars per share)	$ 10,000	$ 10,000
Common stock, shares outstanding (in shares)	60,101	60,101
Common stock, shares issued (in shares)	60,101	60,101

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Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenue:
Total operating revenue	$ 6,111	$ 6,346
Energy:
Cost of sales	1,670	1,955
Operations and maintenance	1,235	1,183
Wildfire losses, net of recoveries	0	359
Depreciation and amortization	1,013	1,050
Property and other taxes	212	212
Real estate	1,086	920
Total operating expenses	5,216	5,679
Operating income	895	667
Other income (expense):
Interest expense	(691)	(586)
Capitalized interest	46	24
Allowance for equity funds	83	49
Interest and dividend income	116	86
(Losses) gains on marketable securities, net	(123)	699
Other, net	31	40
Total other income (expense)	(538)	312
Income before income tax expense (benefit) and equity income (loss)	357	979
Income tax expense (benefit)	(371)	(162)
Equity income (loss)	(39)	(38)
Net income	689	1,103
Net income attributable to noncontrolling interests	36	114
Net income attributable to parent	653	989
Preferred dividends	0	8
Earnings on common shares	653	981
Energy
Operating revenue:
Total operating revenue	5,245	5,471
Real estate
Operating revenue:
Total operating revenue	$ 866	$ 875

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Consolidated Statements of Operations (Unaudited) - PAC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenue	$ 6,111	$ 6,346
Operating expenses:
Cost of sales	1,670	1,955
Wildfire losses, net of recoveries	0	359
Operating income	895	667
Other income (expense):
Interest expense	(691)	(586)
Allowance for borrowed funds	46	24
Allowance for equity funds	83	49
Interest and dividend income	116	86
Other, net	31	40
Total other income (expense)	(538)	312
Income before income tax expense (benefit) and equity income (loss)	357	979
Income tax expense (benefit)	(371)	(162)
Net income attributable to parent	653	989
PAC
Operating revenue	1,548	1,484
Operating expenses:
Cost of sales	632	614
Operations and maintenance	407	346
Wildfire losses, net of recoveries	0	359
Depreciation and amortization	292	279
Property and other taxes	52	53
Total operating expenses	1,383	1,651
Operating income	165	(167)
Other income (expense):
Interest expense	(192)	(124)
Allowance for borrowed funds	28	13
Allowance for equity funds	49	27
Interest and dividend income	58	19
Other, net	4	2
Total other income (expense)	(53)	(63)
Income before income tax expense (benefit) and equity income (loss)	112	(230)
Income tax expense (benefit)	(9)	(110)
Net income attributable to parent	$ 121	$ (120)

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Statements of Operations (Unaudited) - MEC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenue:
Total operating revenue	$ 6,111	$ 6,346
Operating expenses:
Cost of sales	1,670	1,955
Total operating expenses	5,216	5,679
Operating income	895	667
Other income (expense):
Interest expense	(691)	(586)
Allowance for equity funds	83	49
Other, net	31	40
Total other income (expense)	(538)	312
Income before income tax expense (benefit) and equity income (loss)	357	979
Income tax expense (benefit)	(371)	(162)
Net income attributable to parent	653	989
MEC
Operating revenue:
Total operating revenue	843	920
Operating expenses:
Operations and maintenance	218	205
Depreciation and amortization	227	234
Property and other taxes	42	42
Total operating expenses	767	832
Operating income	76	88
Other income (expense):
Interest expense	(104)	(80)
Allowance for borrowed funds	6	4
Allowance for equity funds	16	11
Other, net	25	16
Total other income (expense)	(57)	(49)
Income before income tax expense (benefit) and equity income (loss)	19	39
Income tax expense (benefit)	(219)	(203)
Net income attributable to parent	238	242
Regulated electric | MEC
Operating revenue:
Total operating revenue	565	591
Operating expenses:
Cost of sales	103	115
Regulated natural gas and other | MEC
Operating revenue:
Total operating revenue	278	329
Operating expenses:
Cost of sales	$ 177	$ 236

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Consolidated Statements of Operations (Unaudited) - MidAmerican Funding LLC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenue:
Total operating revenue	$ 6,111	$ 6,346
Operating expenses:
Cost of sales	1,670	1,955
Total operating expenses	5,216	5,679
Operating income	895	667
Other income (expense):
Interest expense	(691)	(586)
Allowance for equity funds	83	49
Other, net	31	40
Total other income (expense)	(538)	312
Income before income tax expense (benefit) and equity income (loss)	357	979
Income tax expense (benefit)	(371)	(162)
Net income attributable to parent	653	989
MidAmerican Funding, LLC
Operating revenue:
Total operating revenue	843	920
Operating expenses:
Operations and maintenance	218	205
Depreciation and amortization	227	234
Property and other taxes	42	42
Total operating expenses	767	832
Operating income	76	88
Other income (expense):
Interest expense	(108)	(84)
Allowance for borrowed funds	6	4
Allowance for equity funds	16	11
Other, net	25	28
Total other income (expense)	(61)	(41)
Income before income tax expense (benefit) and equity income (loss)	15	47
Income tax expense (benefit)	(220)	(202)
Net income attributable to parent	235	249
Regulated electric | MidAmerican Funding, LLC
Operating revenue:
Total operating revenue	565	591
Operating expenses:
Cost of sales	103	115
Regulated natural gas and other | MidAmerican Funding, LLC
Operating revenue:
Total operating revenue	278	329
Operating expenses:
Cost of sales	$ 177	$ 236

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Consolidated Statements of Operations (Unaudited) - NPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenue	$ 6,111	$ 6,346
Operating expenses:
Cost of sales	1,670	1,955
Total operating expenses	5,216	5,679
Operating income	895	667
Other income (expense):
Interest expense	(691)	(586)
Capitalized interest	46	24
Allowance for equity funds	83	49
Interest and dividend income	116	86
Other, net	31	40
Total other income (expense)	(538)	312
Income before income tax expense (benefit) and equity income (loss)	357	979
Income tax expense (benefit)	(371)	(162)
Net income attributable to parent	653	989
NPC
Operating revenue	561	599
Operating expenses:
Cost of sales	341	384
Operations and maintenance	71	73
Depreciation and amortization	92	106
Property and other taxes	15	14
Total operating expenses	519	577
Operating income	42	22
Other income (expense):
Interest expense	(53)	(49)
Capitalized interest	8	2
Allowance for equity funds	8	4
Interest and dividend income	9	22
Other, net	4	4
Total other income (expense)	(24)	(17)
Income before income tax expense (benefit) and equity income (loss)	18	5
Income tax expense (benefit)	3	1
Net income attributable to parent	$ 15	$ 4

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Consolidated Statements of Operations (Unaudited) - SPPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total operating revenue	$ 6,111	$ 6,346
Cost of sales	1,670	1,955
Total operating expenses	5,216	5,679
Operating income	895	667
Interest expense	(691)	(586)
Allowance for equity funds	83	49
Interest and dividend income	116	86
Other, net	31	40
Total other income (expense)	(538)	312
Income before income tax expense (benefit) and equity income (loss)	357	979
Income tax expense (benefit)	(371)	(162)
Net income attributable to parent	653	989
SPPC
Total operating revenue	346	400
Operations and maintenance	56	56
Depreciation and amortization	47	46
Property and other taxes	6	7
Total operating expenses	327	365
Operating income	19	35
Interest expense	(20)	(16)
Capitalized interest	1	2
Allowance for equity funds	4	2
Interest and dividend income	4	7
Other, net	3	1
Total other income (expense)	(8)	(4)
Income before income tax expense (benefit) and equity income (loss)	11	31
Income tax expense (benefit)	1	4
Net income attributable to parent	10	27
SPPC | Regulated electric
Total operating revenue	260	304
Cost of sales	151	181
SPPC | Regulated natural gas
Total operating revenue	86	96
Cost of sales	$ 67	$ 75

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Consolidated Statements of Operations (Unaudited) - EEGH - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenue	$ 6,111	$ 6,346
Operating expenses:
Total operating expenses	5,216	5,679
Operating income	895	667
Other income (expense):
Interest expense	(691)	(586)
Allowance for equity funds	83	49
Interest and dividend income	116	86
Other, net	31	40
Total other income (expense)	(538)	312
Income before income tax expense (benefit) and equity income (loss)	357	979
Income tax expense (benefit)	(371)	(162)
Equity income (loss)	(39)	(38)
Net income	689	1,103
Net income attributable to noncontrolling interests	36	114
Net income attributable to parent	653	989
EEGH
Operating revenue	533	553
Operating expenses:
(Excess) cost of gas	(2)	20
Operations and maintenance	132	143
Depreciation and amortization	82	80
Property and other taxes	33	37
Total operating expenses	245	280
Operating income	288	273
Other income (expense):
Interest expense	(36)	(37)
Allowance for equity funds	2	2
Interest and dividend income	2	9
Other, net	1	0
Total other income (expense)	(31)	(26)
Income before income tax expense (benefit) and equity income (loss)	257	247
Income tax expense (benefit)	66	39
Equity income (loss)	45	32
Net income	236	240
Net income attributable to noncontrolling interests	36	118
Net income attributable to parent	$ 200	$ 122

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Consolidated Statements of Operations (Unaudited) - EGTS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating revenue	$ 6,111	$ 6,346
Operating expenses:
Total operating expenses	5,216	5,679
Operating income	895	667
Other income (expense):
Interest expense	(691)	(586)
Allowance for equity funds	83	49
Other, net	31	40
Total other income (expense)	(538)	312
Income tax expense (benefit)	(371)	(162)
Net income attributable to parent	653	989
EGTS
Operating revenue	270	278
Operating expenses:
(Excess) cost of gas	(2)	20
Operations and maintenance	88	99
Depreciation and amortization	38	37
Property and other taxes	14	14
Total operating expenses	138	170
Operating income	132	108
Other income (expense):
Interest expense	(17)	(18)
Allowance for equity funds	1	1
Other, net	2	0
Total other income (expense)	(14)	(17)
Income before income tax expense (benefit)	118	91
Income tax expense (benefit)	31	23
Net income attributable to parent	$ 87	$ 68

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 689	$ 1,103
Other comprehensive (loss) income, net of tax:
Unrecognized amounts on retirement benefits, net of tax	11	(4)
Foreign currency translation adjustment	(145)	99
Unrealized gains (losses) on cash flow hedges, net of tax	7	(55)
Total other comprehensive (loss) income, net of tax	(127)	40
Comprehensive income	562	1,143
Comprehensive income attributable to noncontrolling interests	36	114
Comprehensive income attributable to BHE shareholders	$ 526	$ 1,029

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Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrecognized amounts on retirement benefits, tax	$ 4	$ (3)
Unrealized gains (losses) on cash flow hedges, tax	$ 2	$ (20)

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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - EEGH - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 689	$ 1,103
Other comprehensive (loss) income, net of tax:
Unrecognized amounts on retirement benefits, net of tax	11	(4)
Unrealized losses on cash flow hedges, net of tax	7	(55)
Total other comprehensive (loss) income, net of tax	(127)	40
Comprehensive income	562	1,143
Comprehensive income attributable to noncontrolling interests	36	114
Comprehensive income attributable to BHE shareholders	526	1,029
EEGH
Net income	236	240
Other comprehensive (loss) income, net of tax:
Unrecognized amounts on retirement benefits, net of tax	1	(1)
Unrealized losses on cash flow hedges, net of tax	0	(2)
Total other comprehensive (loss) income, net of tax	1	(3)
Comprehensive income	237	237
Comprehensive income attributable to noncontrolling interests	36	118
Comprehensive income attributable to BHE shareholders	$ 201	$ 119

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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - EEGH (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unrecognized amounts on retirement benefits, tax	$ 4	$ (3)
Unrealized gains (losses) on cash flow hedges, tax	2	(20)
EEGH
Unrecognized amounts on retirement benefits, tax	0	0
Unrealized gains (losses) on cash flow hedges, tax	$ 0	$ (1)

XML

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - EGTS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income (loss)	$ 653	$ 989
Other comprehensive (loss) income, net of tax:
Comprehensive income attributable to BHE shareholders	526	1,029
EGTS
Net income (loss)	87	68
Other comprehensive (loss) income, net of tax:
Unrealized gains (losses) on cash flow hedges, net of tax	0	1
Total other comprehensive (loss) income, net of tax	0	1
Comprehensive income attributable to BHE shareholders	$ 87	$ 69

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Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - EGTS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unrealized gains (losses) on cash flow hedges, tax	$ 2	$ (20)
EGTS
Unrealized gains (losses) on cash flow hedges, tax	$ 0	$ 0

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Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income, Net	Noncontrolling Interest
Beginning balance at Dec. 31, 2022	$ 50,639	$ 850	$ 0	$ 6,298	$ 41,833	$ (2,149)	$ 3,807
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	1,103				989		114
Other comprehensive income (loss)	40					40
Preferred stock dividend	(8)				(8)
Distributions	(125)						(125)
Contributions	2						2
Ending balance at Mar. 31, 2023	51,651	850	0	6,298	42,814	(2,109)	3,798
Beginning balance at Dec. 31, 2023	49,740	0	0	5,573	44,765	(1,904)	1,306
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	689				653		36
Other comprehensive income (loss)	(127)					(127)
Preferred stock dividend	0
Distributions	(40)						(40)
Other equity transactions	(3)				(1)		(2)
Ending balance at Mar. 31, 2024	$ 50,259	$ 0	$ 0	$ 5,573	$ 45,417	$ (2,031)	$ 1,300

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Consolidated Statements of Changes in Equity (Unaudited) - PAC - USD ($) $ in Millions	Total	PAC	PAC Preferred Stock	PAC Common Stock	PAC Additional Paid-in Capital	PAC Retained Earnings	PAC Accumulated Other Comprehensive (Loss) Income, Net
Balance at Dec. 31, 2022		$ 10,741	$ 2	$ 0	$ 4,479	$ 6,269	$ (9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 989	(120)				(120)
Common stock dividends declared		(300)				(300)
Balance at Mar. 31, 2023		10,321	2	0	4,479	5,849	(9)
Balance at Dec. 31, 2023	48,434	9,972	2	0	4,479	5,501	(10)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	653	121				121
Balance at Mar. 31, 2024	$ 48,959	$ 10,093	$ 2	$ 0	$ 4,479	$ 5,622	$ (10)

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Statements of Changes in Shareholder's Equity (Unaudited) - MEC - USD ($) $ in Millions	Total	Retained Earnings	MEC	MEC Common Stock	MEC Additional Paid-in Capital	MEC Retained Earnings
Balance at Dec. 31, 2022			$ 9,645	$ 0	$ 561	$ 9,084
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 989		242			242
Common stock dividend			(100)			(100)
Other equity transactions			1			1
Balance at Mar. 31, 2023			9,788	0	561	9,227
Balance at Dec. 31, 2023	48,434		9,603	0	561	9,042
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	653		238			238
Common stock dividend			(425)			(425)
Other equity transactions	(3)	$ (1)	(1)			(1)
Balance at Mar. 31, 2024	$ 48,959		$ 9,415	$ 0	$ 561	$ 8,854

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Consolidated Statements of Changes in Member's Equity (Unaudited) - MidAmerican Funding LLC - USD ($) $ in Millions	Total	MidAmerican Funding, LLC	MidAmerican Funding, LLC Additional Paid-in Capital	MidAmerican Funding, LLC Retained Earnings
Balance at Dec. 31, 2022		$ 10,679	$ 1,679	$ 9,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 989	249		249
Distribution to member		(100)		(100)
Balance at Mar. 31, 2023		10,828	1,679	9,149
Balance at Dec. 31, 2023	48,434	10,633	1,679	8,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	653	235		235
Distribution to member		(425)		(425)
Balance at Mar. 31, 2024	$ 48,959	$ 10,443	$ 1,679	$ 8,764

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Consolidated Statements of Changes in Shareholder's Equity (Unaudited) - NPC - USD ($) $ in Millions	Total	NPC	NPC Common Stock	NPC Additional Paid-in Capital	NPC Retained Earnings	NPC Accumulated Other Comprehensive (Loss) Income, Net
Balance (shares) at Dec. 31, 2022			1,000
Balance at Dec. 31, 2022		$ 3,354	$ 0	$ 2,333	$ 1,022	$ (1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 989	4			4
Contributions		400		400
Balance (shares) at Mar. 31, 2023			1,000
Balance at Mar. 31, 2023		$ 3,758	$ 0	2,733	1,026	(1)
Balance (shares) at Dec. 31, 2023	76,000,000	1,000	1,000
Balance at Dec. 31, 2023	$ 48,434	$ 3,964	$ 0	2,733	1,232	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 653	15			15
Contributions		$ 100		100
Balance (shares) at Mar. 31, 2024	76,000,000	1,000	1,000
Balance at Mar. 31, 2024	$ 48,959	$ 4,079	$ 0	$ 2,833	$ 1,247	$ (1)

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Consolidated Statements of Changes in Equity (Unaudited) - SPPC - USD ($) $ in Millions	Total	SPPC	SPPC Common Stock	SPPC Additional Paid-in Capital	SPPC Retained Earnings	SPPC Accumulated Other Comprehensive (Loss) Income, Net
Balance (shares) at Dec. 31, 2022			1,000
Balance at Dec. 31, 2022		$ 2,048	$ 0	$ 1,576	$ 473	$ (1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 989	27			27
Balance (shares) at Mar. 31, 2023			1,000
Balance at Mar. 31, 2023		$ 2,075	$ 0	1,576	500	(1)
Balance (shares) at Dec. 31, 2023	76,000,000	1,000	1,000
Balance at Dec. 31, 2023	$ 48,434	$ 2,065	$ 0	1,576	490	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 653	10			10
Dividends declared		$ (200)			(200)
Balance (shares) at Mar. 31, 2024	76,000,000	1,000	1,000
Balance at Mar. 31, 2024	$ 48,959	$ 1,875	$ 0	$ 1,576	$ 300	$ (1)

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Consolidated Statements of Changes in Equity (Unaudited) - EEGH - USD ($) $ in Millions	Total	EEGH	Member Interests EEGH	Accumulated Other Comprehensive (Loss) Income, Net	Accumulated Other Comprehensive (Loss) Income, Net EEGH	Noncontrolling Interest	Noncontrolling Interest EEGH
Beginning balance at Dec. 31, 2022	$ 50,639	$ 7,888	$ 3,983	$ (2,149)	$ (42)	$ 3,807	$ 3,947
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,103	240	122				118
Other comprehensive income (loss)	40	(3)		40	(3)
Distributions		(130)	(6)				(124)
Contributions		10	10
Ending balance at Mar. 31, 2023	51,651	8,005	4,109	(2,109)	(45)	3,798	3,941
Beginning balance at Dec. 31, 2023	49,740	7,528	6,273	(1,904)	(40)	1,306	1,295
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	689	236	200				36
Other comprehensive income (loss)	(127)	1		(127)	1
Distributions		(217)	(178)				(39)
Contributions		2	2
Ending balance at Mar. 31, 2024	$ 50,259	$ 7,550	$ 6,297	$ (2,031)	$ (39)	$ 1,300	$ 1,292

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Consolidated Statements of Changes in Equity (Unaudited) - EGTS - USD ($) $ in Millions	Total	EGTS	Common Stock EGTS	Additional Paid-in Capital EGTS	Retained Earnings EGTS	Accumulated Other Comprehensive Loss, Net EGTS
Balance (shares) at Dec. 31, 2022			60,101,000,000
Balance at Dec. 31, 2022		$ 2,600	$ 609	$ 1,275	$ 746	$ (30)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 989	68			68
Other comprehensive income		1				1
Dividends declared		(9)			(9)
Contributions		7		7
Balance (shares) at Mar. 31, 2023			60,101,000,000
Balance at Mar. 31, 2023		$ 2,667	$ 609	1,282	805	(29)
Balance (shares) at Dec. 31, 2023	76,000,000	60,101	60,101,000,000
Balance at Dec. 31, 2023	$ 48,434	$ 2,688	$ 609	1,304	803	(28)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 653	87			87
Other comprehensive income		0
Dividends declared		(167)			(167)
Contributions		$ 1		1
Balance (shares) at Mar. 31, 2024	76,000,000	60,101	60,101,000,000
Balance at Mar. 31, 2024	$ 48,959	$ 2,609	$ 609	$ 1,305	$ 723	$ (28)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 689	$ 1,103
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Losses (gains) on marketable securities, net	123	(699)
Depreciation and amortization	1,025	1,063
Allowance for equity funds	(83)	(49)
Equity (income) loss, net of distributions	87	68
Net power cost deferrals	63	(504)
Amortization of net power cost deferrals	81	130
Other changes in regulatory assets and liabilities	(42)	(26)
Deferred income taxes and investment tax credits, net	(81)	(11)
Other, net	(8)	15
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	67	161
Derivative collateral, net	(24)	(225)
Pension and other postretirement benefit plans	(2)	(7)
Accrued property, income and other taxes, net	(353)	(177)
Accounts payable and other liabilities	113	(106)
Wildfires insurance receivable	350	(41)
Wildfires liability	(19)	400
Net cash flows from operating activities	1,986	1,095
Cash flows from investing activities:
Capital expenditures	(2,153)	(1,848)
Purchases of marketable securities	(100)	(106)
Proceeds from sales of marketable securities	108	1,091
Purchases of U.S. Treasury Bills	0	(1,519)
Proceeds from maturities of U.S. Treasury Bills	0	623
Equity method investments	(17)	(19)
Other, net	13	0
Net cash flows from investing activities	(2,149)	(1,778)
Cash flows from financing activities:
Repayments of BHE senior debt	0	(400)
Proceeds from subsidiary debt	5,084	0
Repayments of subsidiary debt	(103)	(136)
Net (repayments of) proceeds from short-term debt	(2,618)	699
Distributions to noncontrolling interests	(40)	(126)
Other, net	(10)	(17)
Net cash flows from financing activities	2,313	20
Effect of exchange rate changes	(2)	1
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,148	(662)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,811	1,817
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 3,959	$ 1,155

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Consolidated Statements of Cash Flows (Unaudited) - PAC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 653	$ 989
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Allowance for equity funds	(83)	(49)
Net power cost deferrals	63	(504)
Amortization of net power cost deferrals	81	130
Other changes in regulatory assets and liabilities	(42)	(26)
Deferred income taxes and investment tax credits, net	(81)	(11)
Other, net	(8)	15
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	67	161
Derivative collateral, net	(24)	(225)
Accrued property, income and other taxes, net	(353)	(177)
Accounts payable and other liabilities	113	(106)
Wildfires insurance receivable	350	(41)
Wildfires liability	(19)	400
Net cash flows from operating activities	1,986	1,095
Cash flows from investing activities:
Capital expenditures	(2,153)	(1,848)
Other, net	13	0
Net cash flows from investing activities	(2,149)	(1,778)
Cash flows from financing activities:
Net repayments of short-term debt	(2,618)	699
Other, net	(10)	(17)
Net cash flows from financing activities	2,313	20
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,148	(662)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,811	1,817
Cash and cash equivalents and restricted cash and cash equivalents at end of period	3,959	1,155
PAC
Cash flows from operating activities:
Net income (loss)	121	(120)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	292	279
Allowance for equity funds	(49)	(27)
Net power cost deferrals	(205)	(136)
Amortization of net power cost deferrals	84	36
Other changes in regulatory assets and liabilities	(18)	(6)
Deferred income taxes and investment tax credits, net	(14)	(75)
Other, net	(1)	(2)
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	8	52
Inventories	(85)	(17)
Derivative collateral, net	(14)	(78)
Prepaid expenses	24	26
Accrued property, income and other taxes, net	219	(11)
Accounts payable and other liabilities	(11)	59
Wildfires insurance receivable	350	(41)
Wildfires liability	(18)	400
Net cash flows from operating activities	683	339
Cash flows from investing activities:
Capital expenditures	(774)	(643)
Other, net	6	(1)
Net cash flows from investing activities	(768)	(644)
Cash flows from financing activities:
Proceeds from long-term debt	3,764	0
Repayments of long-term debt	0	(9)
Net repayments of short-term debt	(1,604)	0
Dividends paid	0	(300)
Other, net	(1)	(2)
Net cash flows from financing activities	2,159	(311)
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,074	(616)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	192	674
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 2,266	$ 58

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Statements of Cash Flows (Unaudited) - MEC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 653	$ 989
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Allowance for equity funds	(83)	(49)
Deferred income taxes and investment tax credits, net	(81)	(11)
Other, net	(8)	15
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	67	161
Pension and other postretirement benefit plans	(2)	(7)
Accrued property, income and other taxes, net	(353)	(177)
Accounts payable and other liabilities	113	(106)
Net cash flows from operating activities	1,986	1,095
Cash flows from investing activities:
Capital expenditures	(2,153)	(1,848)
Purchases of marketable securities	(100)	(106)
Proceeds from sales of marketable securities	108	1,091
Other, net	13	0
Net cash flows from investing activities	(2,149)	(1,778)
Cash flows from financing activities:
Net (repayments of) proceeds from short-term debt	(2,618)	699
Other, net	(10)	(17)
Net cash flows from financing activities	2,313	20
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,148	(662)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,811	1,817
Cash and cash equivalents and restricted cash and cash equivalents at end of period	3,959	1,155
MEC
Cash flows from operating activities:
Net income	238	242
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	227	234
Amortization of utility plant to other operating expenses	9	8
Allowance for equity funds	(16)	(11)
Deferred income taxes and investment tax credits, net	65	32
Settlements of asset retirement obligations	0	(6)
Other, net	(9)	8
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	(36)	131
Inventories	6	(3)
Pension and other postretirement benefit plans	0	(3)
Accrued property, income and other taxes, net	(137)	(263)
Accounts payable and other liabilities	(79)	(81)
Net cash flows from operating activities	268	288
Cash flows from investing activities:
Capital expenditures	(428)	(382)
Purchases of marketable securities	(81)	(48)
Proceeds from sales of marketable securities	76	42
Other, net	8	4
Net cash flows from investing activities	(425)	(384)
Cash flows from financing activities:
Common stock dividends	(425)	(100)
Proceeds from long-term debt	592	0
Repayments of long-term debt	(1)	(7)
Net (repayments of) proceeds from short-term debt	15	0
Other, net	(1)	(1)
Net cash flows from financing activities	180	(108)
Net change in cash and cash equivalents and restricted cash and cash equivalents	23	(204)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	642	268
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 665	$ 64

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Consolidated Statements of Cash Flows (Unaudited) - MidAmerican Funding LLC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 653	$ 989
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Allowance for equity funds	(83)	(49)
Deferred income taxes and investment tax credits, net	(81)	(11)
Other, net	(8)	15
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	67	161
Pension and other postretirement benefit plans	(2)	(7)
Accrued property, income and other taxes, net	(353)	(177)
Accounts payable and other liabilities	113	(106)
Net cash flows from operating activities	1,986	1,095
Cash flows from investing activities:
Capital expenditures	(2,153)	(1,848)
Purchases of marketable securities	(100)	(106)
Proceeds from sales of marketable securities	108	1,091
Other, net	13	0
Net cash flows from investing activities	(2,149)	(1,778)
Cash flows from financing activities:
Proceeds from long-term debt	5,084	0
Repayments of long-term debt	(103)	(136)
Net proceeds from short-term debt	(2,618)	699
Other, net	(10)	(17)
Net cash flows from financing activities	2,313	20
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,148	(662)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,811	1,817
Cash and cash equivalents and restricted cash and cash equivalents at end of period	3,959	1,155
MidAmerican Funding, LLC
Cash flows from operating activities:
Net income (loss)	235	249
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	227	234
Amortization of utility plant to other operating expenses	9	8
Allowance for equity funds	(16)	(11)
Deferred income taxes and investment tax credits, net	65	32
Settlements of asset retirement obligations	0	(6)
Other, net	(9)	(5)
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	(36)	123
Inventories	6	(3)
Pension and other postretirement benefit plans	0	(3)
Accrued property, income and other taxes, net	(137)	(261)
Accounts payable and other liabilities	(84)	(85)
Net cash flows from operating activities	260	272
Cash flows from investing activities:
Capital expenditures	(428)	(382)
Purchases of marketable securities	(81)	(48)
Proceeds from sales of marketable securities	76	42
Proceeds from sale of investment	0	12
Other, net	8	5
Net cash flows from investing activities	(425)	(371)
Cash flows from financing activities:
Distributions to member	(425)	(100)
Proceeds from long-term debt	592	0
Repayments of long-term debt	(1)	(7)
Net change in note payable to affiliate	8	0
Net proceeds from short-term debt	15	0
Other, net	(1)	(1)
Net cash flows from financing activities	188	(108)
Net change in cash and cash equivalents and restricted cash and cash equivalents	23	(207)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	643	271
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 666	$ 64

XML

Consolidated Statements of Cash Flows (Unaudited) - NPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 653	$ 989
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Allowance for equity funds	(83)	(49)
Deferred energy	63	(504)
Amortization of deferred energy	81	130
Deferred income taxes and investment tax credits, net	(81)	(11)
Other, net	(8)	15
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	67	161
Accrued property, income and other taxes, net	(353)	(177)
Accounts payable and other liabilities	113	(106)
Net cash flows from operating activities	1,986	1,095
Cash flows from investing activities:
Capital expenditures	(2,153)	(1,848)
Net cash flows from investing activities	(2,149)	(1,778)
Cash flows from financing activities:
Net (repayments of) proceeds from short-term debt	(2,618)	699
Other, net	(10)	(17)
Net cash flows from financing activities	2,313	20
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,148	(662)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,811	1,817
Cash and cash equivalents and restricted cash and cash equivalents at end of period	3,959	1,155
NPC
Cash flows from operating activities:
Net income (loss)	15	4
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	92	106
Allowance for equity funds	(8)	(4)
Deferred energy	187	(370)
Amortization of deferred energy	(18)	52
Other changes in regulatory assets and liabilities	(11)	(9)
Deferred income taxes and investment tax credits, net	(27)	(10)
Other, net	0	1
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	85	74
Inventories	(3)	(13)
Accrued property, income and other taxes, net	(17)	1
Accounts payable and other liabilities	1	(44)
Net cash flows from operating activities	296	(212)
Cash flows from investing activities:
Capital expenditures	(346)	(333)
Proceeds from repayment of affiliate note receivable	0	100
Net cash flows from investing activities	(346)	(233)
Cash flows from financing activities:
Repayments of long-term debt	0	(1)
Net (repayments of) proceeds from short-term debt	0	33
Contributions from parent	100	400
Other, net	(5)	(5)
Net cash flows from financing activities	95	427
Net change in cash and cash equivalents and restricted cash and cash equivalents	45	(18)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	37	60
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 82	$ 42

XML

Consolidated Statements of Cash Flows (Unaudited) - SPPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 653	$ 989
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Allowance for equity funds	(83)	(49)
Deferred energy	63	(504)
Amortization of deferred energy	81	130
Deferred income taxes and investment tax credits, net	(81)	(11)
Other, net	(8)	15
Changes in other operating assets and liabilities:
Trade receivables and other assets	67	161
Accrued property, income and other taxes, net	(353)	(177)
Accounts payable and other liabilities	113	(106)
Net cash flows from operating activities	1,986	1,095
Cash flows from investing activities:
Capital expenditures	(2,153)	(1,848)
Net cash flows from investing activities	(2,149)	(1,778)
Cash flows from financing activities:
Net (repayments of) proceeds from short-term debt	(2,618)	699
Other, net	(10)	(17)
Net cash flows from financing activities	2,313	20
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,148	(662)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,811	1,817
Cash and cash equivalents and restricted cash and cash equivalents at end of period	3,959	1,155
SPPC
Cash flows from operating activities:
Net income (loss)	10	27
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	47	46
Allowance for equity funds	(4)	(2)
Deferred energy	81	2
Amortization of deferred energy	14	42
Other changes in regulatory assets and liabilities	1	6
Deferred income taxes and investment tax credits, net	(25)	(11)
Other, net	(2)	0
Changes in other operating assets and liabilities:
Trade receivables and other assets	14	(5)
Inventories	(9)	(4)
Accrued property, income and other taxes, net	1	17
Accounts payable and other liabilities	5	(31)
Net cash flows from operating activities	133	87
Cash flows from investing activities:
Capital expenditures	(113)	(104)
Net cash flows from investing activities	(113)	(104)
Cash flows from financing activities:
Proceeds from long-term debt	234	0
Net (repayments of) proceeds from short-term debt	0	50
Dividends paid	(200)	0
Repayment of affiliate note payable	0	(70)
Other, net	(2)	(2)
Net cash flows from financing activities	32	(22)
Net change in cash and cash equivalents and restricted cash and cash equivalents	52	(39)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	52	56
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 104	$ 17

XML

Consolidated Statements of Cash Flows (Unaudited) - EEGH - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 689	$ 1,103
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	1,025	1,063
Allowance for equity funds	(83)	(49)
Equity (income) loss, net of distributions	87	68
Deferred income taxes	(81)	(11)
Other, net	(8)	15
Changes in other operating assets and liabilities:
Trade receivables and other assets	67	161
Derivative collateral, net	(24)	(225)
Accrued property, income and other taxes	(353)	(177)
Accounts payable and other liabilities	113	(106)
Net cash flows from operating activities	1,986	1,095
Cash flows from investing activities:
Capital expenditures	(2,153)	(1,848)
Other, net	13	0
Net cash flows from investing activities	(2,149)	(1,778)
Cash flows from financing activities:
Distributions to noncontrolling interests	(40)	(126)
Net cash flows from financing activities	2,313	20
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,148	(662)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,811	1,817
Cash and cash equivalents and restricted cash and cash equivalents at end of period	3,959	1,155
EEGH
Cash flows from operating activities:
Net income	236	240
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Losses on other items, net	1	1
Depreciation and amortization	82	80
Allowance for equity funds	(2)	(2)
Equity (income) loss, net of distributions	(5)	(6)
Other changes in regulatory assets and liabilities	(7)	(92)
Deferred income taxes	35	20
Other, net	0	2
Changes in other operating assets and liabilities:
Trade receivables and other assets	36	40
Receivables from affiliates	6	0
Gas balancing activities	4	19
Derivative collateral, net	0	1
Accrued property, income and other taxes	15	9
Accounts payable to affiliates	(28)	(2)
Accounts payable and other liabilities	(17)	9
Net cash flows from operating activities	356	319
Cash flows from investing activities:
Capital expenditures	(64)	(59)
Notes to affiliates	0	(134)
Repayment of notes by affiliates	0	40
Other, net	4	(3)
Net cash flows from investing activities	(60)	(156)
Cash flows from financing activities:
Repayment of notes payable to affiliates, net	(192)	0
Distributions to noncontrolling interests	(39)	(124)
Distributions	(52)	0
Net cash flows from financing activities	(283)	(124)
Net change in cash and cash equivalents and restricted cash and cash equivalents	13	39
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	93	95
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 106	$ 134

XML

Consolidated Statements of Cash Flows (Unaudited) - EGTS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 653	$ 989
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	1,025	1,063
Allowance for equity funds	(83)	(49)
Deferred income taxes	(81)	(11)
Other, net	(8)	15
Changes in other operating assets and liabilities:
Trade receivables and other assets	67	161
Accrued property, income and other taxes	(353)	(177)
Accounts payable and other liabilities	113	(106)
Net cash flows from operating activities	1,986	1,095
Cash flows from investing activities:
Capital expenditures	(2,153)	(1,848)
Purchases of marketable securities	(100)	(106)
Proceeds from sales of marketable securities	108	1,091
Other, net	13	0
Net cash flows from investing activities	(2,149)	(1,778)
Cash flows from financing activities:
Net cash flows from financing activities	2,313	20
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,148	(662)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,811	1,817
Cash and cash equivalents and restricted cash and cash equivalents at end of period	3,959	1,155
EGTS
Cash flows from operating activities:
Net income (loss)	87	68
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	38	37
Allowance for equity funds	(1)	(1)
Other changes in regulatory assets and liabilities	(8)	(85)
Deferred income taxes	17	8
Other, net	0	1
Changes in other operating assets and liabilities:
Trade receivables and other assets	22	42
Receivables from affiliates	1	0
Gas balancing activities	4	17
Accrued property, income and other taxes	7	(15)
Accounts payable and other liabilities	(6)	21
Accounts payable to affiliates	(12)	0
Net cash flows from operating activities	149	93
Cash flows from investing activities:
Capital expenditures	(39)	(37)
Purchases of marketable securities	0	(3)
Proceeds from sales of marketable securities	3	0
Other, net	1	0
Net cash flows from investing activities	(35)	(40)
Cash flows from financing activities:
Issuance (repayment) of notes payable to affiliates, net	3	(23)
Dividends paid	(96)	0
Net cash flows from financing activities	(93)	(23)
Net change in cash and cash equivalents and restricted cash and cash equivalents	21	30
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	34	45
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 55	$ 75

XML

General

3 Months Ended

Mar. 31, 2024

Segment Reporting Information [Line Items]

General

General

Berkshire Hathaway Energy Company ("BHE") is a holding company that owns a highly diversified portfolio of locally managed and operated businesses principally engaged in the energy industry (collectively with its subsidiaries, the "Company") and is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway").

The Company's operations are organized as eight business segments: PacifiCorp and its subsidiaries ("PacifiCorp"), MidAmerican Funding, LLC and its subsidiaries ("MidAmerican Funding") (which primarily consists of MidAmerican Energy Company ("MidAmerican Energy")), NV Energy, Inc. and its subsidiaries ("NV Energy") (which primarily consists of Nevada Power Company and its subsidiaries ("Nevada Power") and Sierra Pacific Power Company and its subsidiaries ("Sierra Pacific")), Northern Powergrid Holdings Company and its subsidiaries ("Northern Powergrid") (which primarily consists of Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc), BHE Pipeline Group, LLC and its subsidiaries (which primarily consists of BHE GT&S, LLC and its subsidiaries ("BHE GT&S"), Northern Natural Gas Company ("Northern Natural Gas") and Kern River Gas Transmission Company ("Kern River")), BHE Transmission (which consists of BHE Canada Holdings Corporation and its subsidiaries ("BHE Canada") (which primarily consists of AltaLink, L.P. ("AltaLink")) and BHE U.S. Transmission, LLC and its subsidiaries), BHE Renewables, LLC and its subsidiaries ("BHE Renewables") and HomeServices of America, Inc. and its subsidiaries ("HomeServices"). The Company, through these locally managed and operated businesses, owns four utility companies in the U.S. serving customers in 11 states, two electricity distribution companies in Great Britain, five interstate natural gas pipeline companies in the U.S., one of which owns a liquefied natural gas ("LNG") export, import and storage facility, an electric transmission business in Canada, interests in electric transmission businesses in the U.S., a renewable energy business primarily investing in wind, solar, geothermal and hydroelectric projects, one of the largest residential real estate brokerage firms and residential real estate brokerage franchise networks in the U.S.

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in the Company's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

PAC

Segment Reporting Information [Line Items]

General

General

PacifiCorp, which includes PacifiCorp and its subsidiaries, is a U.S. regulated electric utility company serving retail customers, including residential, commercial, industrial, irrigation and other customers in portions of Utah, Oregon, Wyoming, Washington, Idaho and California. PacifiCorp owns, or has interests in, a number of thermal, hydroelectric, wind-powered and geothermal generating facilities, as well as electric transmission and distribution assets. PacifiCorp also buys and sells electricity on the wholesale market with other utilities, energy marketing companies, financial institutions and other market participants. PacifiCorp is subject to comprehensive state and federal regulation. PacifiCorp's subsidiaries support its electric utility operations by providing coal mining services. PacifiCorp is an indirect subsidiary of Berkshire Hathaway Energy Company ("BHE"), a holding company based in Des Moines, Iowa that owns subsidiaries principally engaged in energy businesses. BHE is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway").

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The Consolidated Statements of Comprehensive Income (Loss) have been omitted as net income (loss) materially equals comprehensive income (loss) for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in PacifiCorp's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in PacifiCorp's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

MEC

Segment Reporting Information [Line Items]

General

General

MidAmerican Energy Company ("MidAmerican Energy") is a public utility with electric and natural gas operations and is the principal subsidiary of MHC Inc. ("MHC"). MHC is a holding company that conducts no business other than the ownership of its subsidiaries. MHC's nonregulated subsidiary is Midwest Capital Group, Inc. MHC is the direct wholly owned subsidiary of MidAmerican Funding, LLC ("MidAmerican Funding"), which is an Iowa limited liability company with Berkshire Hathaway Energy Company ("BHE") as its sole member. BHE is a holding company based in Des Moines, Iowa, that owns subsidiaries principally engaged in energy businesses. BHE is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway").

The unaudited Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Financial Statements. Note 2 of Notes to Financial Statements included in MidAmerican Energy's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Financial Statements. There have been no significant changes in MidAmerican Energy's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

MidAmerican Funding, LLC

Segment Reporting Information [Line Items]

General

General

MidAmerican Funding, LLC ("MidAmerican Funding") is an Iowa limited liability company with Berkshire Hathaway Energy Company ("BHE") as its sole member. BHE is a holding company based in Des Moines, Iowa, that owns subsidiaries principally engaged in energy businesses. BHE is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway"). MidAmerican Funding's direct wholly owned subsidiary is MHC Inc. ("MHC"), which constitutes substantially all of MidAmerican Funding's assets, liabilities and business activities except those related to MidAmerican Funding's long-term debt securities. MHC conducts no business other than the ownership of its subsidiaries. MHC's principal subsidiary is MidAmerican Energy Company ("MidAmerican Energy"), a public utility with electric and natural gas operations, and its direct wholly owned nonregulated subsidiary is Midwest Capital Group, Inc.

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in MidAmerican Funding's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in MidAmerican Funding's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

NPC

Segment Reporting Information [Line Items]

General

General

Nevada Power Company, together with its subsidiaries ("Nevada Power"), is a wholly owned subsidiary of NV Energy, Inc. ("NV Energy"), a holding company that also owns Sierra Pacific Power Company and its subsidiaries ("Sierra Pacific") and certain other subsidiaries. Nevada Power is a U.S. regulated electric utility company serving retail customers, including residential, commercial and industrial customers, primarily in the Las Vegas, North Las Vegas, Henderson and adjoining areas. NV Energy is an indirect wholly owned subsidiary of Berkshire Hathaway Energy Company ("BHE"). BHE is a holding company based in Des Moines, Iowa that owns subsidiaries principally engaged in energy businesses. BHE is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway").

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in Nevada Power's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in Nevada Power's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

SPPC

Segment Reporting Information [Line Items]

General

General

Sierra Pacific Power Company, together with its subsidiaries ("Sierra Pacific"), is a wholly owned subsidiary of NV Energy, Inc. ("NV Energy"), a holding company that also owns Nevada Power Company and its subsidiaries ("Nevada Power") and certain other subsidiaries. Sierra Pacific is a U.S. regulated electric utility company serving retail customers, including residential, commercial and industrial customers and regulated retail natural gas customers primarily in northern Nevada. NV Energy is an indirect wholly owned subsidiary of Berkshire Hathaway Energy Company ("BHE"). BHE is a holding company based in Des Moines, Iowa that owns subsidiaries principally engaged in energy businesses. BHE is a consolidated subsidiary of Berkshire Hathaway Inc. ("Berkshire Hathaway").

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in Sierra Pacific's Annual Report on Form 10-K for the year ended December 31, 2023, describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in Sierra Pacific's accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

EEGH

Segment Reporting Information [Line Items]

General

General

Eastern Energy Gas Holdings, LLC is a holding company, and together with its subsidiaries ("Eastern Energy Gas") conducts business activities consisting of Federal Energy Regulatory Commission ("FERC")-regulated interstate natural gas transmission systems and underground storage operations in the eastern region of the U.S. and operates Cove Point LNG, LP ("Cove Point"), a liquefied natural gas ("LNG") export, import and storage facility. Eastern Energy Gas owns 100% of the general partner interest and 75% of the limited partner interests of Cove Point. In addition, Eastern Energy Gas owns a 50% noncontrolling interest in Iroquois Gas Transmission System, L.P. ("Iroquois"), a 416-mile FERC-regulated interstate natural gas transmission system. Eastern Energy Gas is an indirect wholly owned subsidiary of Berkshire Hathaway Energy Company ("BHE"). BHE is a holding company based in Des Moines, Iowa that owns subsidiaries principally engaged in the energy industry. BHE is a consolidated subsidiary of Berkshire Hathaway Inc.

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in Eastern Energy Gas' Annual Report on Form 10-K for the year ended December 31, 2023 describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in Eastern Energy Gas' accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

EGTS

Segment Reporting Information [Line Items]

General

General

Eastern Gas Transmission and Storage, Inc. and its subsidiaries ("EGTS") conduct business activities consisting of Federal Energy Regulatory Commission ("FERC")-regulated interstate natural gas transmission systems and underground storage. EGTS' operations include transmission assets located in Maryland, New York, Ohio, Pennsylvania, Virginia and West Virginia. EGTS also operates one of the nation's largest underground natural gas storage systems located in New York, Pennsylvania and West Virginia. EGTS is a wholly owned subsidiary of Eastern Energy Gas Holdings, LLC ("Eastern Energy Gas"), which is an indirect wholly owned subsidiary of Berkshire Hathaway Energy Company ("BHE"). BHE is a holding company based in Des Moines, Iowa that owns subsidiaries principally engaged in the energy industry. BHE is a consolidated subsidiary of Berkshire Hathaway Inc.

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year.

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements. Note 2 of Notes to Consolidated Financial Statements included in EGTS' Annual Report on Form 10-K for the year ended December 31, 2023 describes the most significant accounting policies used in the preparation of the unaudited Consolidated Financial Statements. There have been no significant changes in EGTS' accounting policies or its assumptions regarding significant accounting estimates during the three-month period ended March 31, 2024.

XML

New Accounting Pronouncements

3 Months Ended

Mar. 31, 2024

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. The Company is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

PAC

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. PacifiCorp is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. PacifiCorp is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. PacifiCorp is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

MEC

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. MidAmerican Energy is currently evaluating the impact of adopting this guidance on its Financial Statements and disclosures included within Notes to Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. MidAmerican Energy is currently evaluating the impact of adopting this guidance on its Financial Statements and disclosures included within Notes to Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. MidAmerican Energy is currently evaluating the impact of adopting the final rules on its Financial Statements and disclosures included within Notes to Financial Statements.

MidAmerican Funding, LLC

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

New Accounting Pronouncements

New Accounting Pronouncements

Refer to Note 2 of MidAmerican Energy's Notes to Financial Statements.

NPC

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. Nevada Power is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. Nevada Power is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. Nevada Power is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

SPPC

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. Sierra Pacific is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. Sierra Pacific is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. Sierra Pacific is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

EEGH

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. Eastern Energy Gas is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. Eastern Energy Gas is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. Eastern Energy Gas is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

EGTS

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. EGTS is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. EGTS is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. EGTS is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2024

PAC

Condensed Cash Flow Statements, Captions [Line Items]

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds representing vendor retention, nuclear decommissioning and custodial funds. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	2,210	$	138
Restricted cash and cash equivalents included in other current assets	53		51
Restricted cash included in other assets	3		3
Total cash and cash equivalents and restricted cash and cash equivalents	$	2,266	$	192

MEC

Condensed Cash Flow Statements, Captions [Line Items]

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds restricted for wildlife preservation. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	659	$	636
Restricted cash and cash equivalents in other current assets	6		6
Total cash and cash equivalents and restricted cash and cash equivalents	$	665	$	642

MidAmerican Funding, LLC

Condensed Cash Flow Statements, Captions [Line Items]

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds restricted for wildlife preservation. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	660	$	637
Restricted cash and cash equivalents in other current assets	6		6
Total cash and cash equivalents and restricted cash and cash equivalents	$	666	$	643

NPC

Condensed Cash Flow Statements, Captions [Line Items]

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of funds restricted by the Public Utilities Commission of Nevada ("PUCN") for a certain renewable energy contract. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	63	$	20
Restricted cash and cash equivalents included in other current assets	19		17
Total cash and cash equivalents and restricted cash and cash equivalents	$	82	$	37

SPPC

Condensed Cash Flow Statements, Captions [Line Items]

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of funds restricted by the Public Utilities Commission of Nevada ("PUCN") for a certain renewable energy contract. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	96	$	44
Restricted cash and cash equivalents included in other current assets	8		8
Total cash and cash equivalents and restricted cash and cash equivalents	$	104	$	52

XML

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
	Depreciable	March 31,		December 31,
	Life	2024		2023
Regulated assets:
Utility generation, transmission and distribution systems	5-80 years	$	96,675	$	96,195
Interstate natural gas pipeline assets	3-80 years	19,357		19,226
		116,032		115,421
Accumulated depreciation and amortization		(36,985)		(36,365)
Regulated assets, net		79,047		79,056
Nonregulated assets:
Independent power plants	2-50 years	8,518		8,484
Cove Point LNG facility	40 years	3,435		3,423
Other assets	2-30 years	2,877		2,874
		14,830		14,781
Accumulated depreciation and amortization		(3,916)		(3,856)
Nonregulated assets, net		10,914		10,925
		89,961		89,981
Construction work-in-progress		9,910		9,267
Property, plant and equipment, net		$	99,871	$	99,248

Construction work-in-progress includes $9.3 billion as of March 31, 2024 and $8.6 billion as of December 31, 2023, related to the construction of regulated assets.

PAC

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Utility plant:
Generation	15 - 59 years	$	13,964	$	13,904
Transmission	60 - 90 years	8,278		8,216
Distribution	20 - 75 years	9,204		9,060
Intangible plant and other	5 - 75 years	2,854		2,833
Utility plant in-service		34,300		34,013
Accumulated depreciation and amortization		(11,924)		(11,725)
Utility plant in-service, net		22,376		22,288
Nonregulated, net of accumulated depreciation and amortization	14 - 95 years	19		18
		22,395		22,306
Construction work-in-progress		5,076		4,745
Property, plant and equipment, net		$	27,471	$	27,051

MEC

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Utility plant:
Generation	20-62 years	$	18,132	$	18,129
Transmission	55-80 years	2,853		2,834
Electric distribution	15-80 years	5,352		5,288
Natural gas distribution	30-75 years	2,317		2,294
Utility plant in-service		28,654		28,545
Accumulated depreciation and amortization		(8,018)		(7,841)
Utility plant in-service, net		20,636		20,704
Nonregulated, net of accumulated depreciation and amortization	20-50 years	6		6
		20,642		20,710
Construction work-in-progress		1,443		1,260
Property, plant and equipment, net		$	22,085	$	21,970

Under a revenue sharing arrangement in Iowa, MidAmerican Energy accrues throughout the year a regulatory liability based on the extent to which its anticipated annual equity return exceeds specified thresholds, with an equal amount recorded in depreciation and amortization expense. The annual regulatory liability accrual reduces utility plant upon final determination of the amount. For the three-month periods ended March 31, 2024 and 2023, $— million and $20 million, respectively, is reflected in depreciation and amortization expense on the Statements of Operations.

MidAmerican Funding, LLC

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Refer to Note 4 of MidAmerican Energy's Notes to Financial Statements.

NPC

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
	Depreciable Life	March 31,		December 31,
		2024		2023
Utility plant:
Generation	30 - 65 years	$	4,511	$	4,476
Transmission	55 - 76 years	1,630		1,590
Distribution	24 - 70 years	4,518		4,451
Intangible plant and other	5 - 65 years	907		906
Utility plant		11,566		11,423
Accumulated depreciation and amortization		(3,926)		(3,856)
Utility plant, net		7,640		7,567
Nonregulated, net of accumulated depreciation and amortization	40 years	1		1
		7,641		7,568
Construction work-in-progress		1,206		1,090
Property, plant and equipment, net		$	8,847	$	8,658

During 2023, Nevada Power revised its electric and gas depreciation rates effective January 2024 based on the results of a new depreciation study, the most significant impact of which was longer lives for many production plants and other utility plant groups and shorter average service lives for intangible software. The net effect of these changes will decrease depreciation and amortization expense by $31 million annually based on depreciable plant balances at the time of the change.

SPPC

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
	Depreciable Life	March 31,		December 31,
		2024		2023
Utility plant:
Generation	25 - 70 years	$	1,314	$	1,313
Transmission	50 - 76 years	1,043		1,023
Electric distribution	20 - 76 years	2,109		2,074
Electric intangible plant and other	5 - 65 years	249		247
Natural gas distribution	35 - 70 years	541		537
Natural gas intangible plant and other	5 - 65 years	17		17
Common other	5 - 65 years	378		376
Utility plant		5,651		5,587
Accumulated depreciation and amortization		(2,123)		(2,091)
		3,528		3,496
Construction work-in-progress		355		326
Property, plant and equipment, net		$	3,883	$	3,822

EEGH

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Utility plant:
Interstate natural gas transmission and storage assets	23 - 49 years	$	9,353	$	9,318
Intangible plant	5 - 18 years	117		117
Utility plant in-service		9,470		9,435
Accumulated depreciation and amortization		(3,246)		(3,201)
Utility plant in-service, net		6,224		6,234
Nonutility plant:
LNG facility	40 years	4,545		4,533
Accumulated depreciation and amortization		(686)		(655)
Nonutility plant, net		3,859		3,878
		10,083		10,112
Construction work-in-progress		234		231
Property, plant and equipment, net		$	10,317	$	10,343

Construction work-in-progress includes $229 million and $223 million as of March 31, 2024 and December 31, 2023, respectively, related to the construction of utility plant.

EGTS

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Interstate natural gas transmission and storage assets	28 - 50 years	$	7,060	$	7,046
Intangible plant	12 - 20 years	82		80
Plant in-service		7,142		7,126
Accumulated depreciation and amortization		(2,598)		(2,563)
		4,544		4,563
Construction work-in-progress		159		152
Property, plant and equipment, net		$	4,703	$	4,715

XML

Investments and Restricted Cash and Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2024

Restricted Cash and Cash Equivalents Items [Line Items]

Investments and Restricted Cash and Cash Equivalents and Investments

Investments and Restricted Cash and Cash Equivalents and Investments

Investments and restricted cash and cash equivalents and investments consists of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Investments:
BYD Company Limited common stock	$	2,081	$	2,218
U.S. Treasury Bills	1,010		996
Rabbi trusts	512		487
Other	342		338
Total investments	3,945		4,039
Equity method investments:
BHE Renewables tax equity investments	3,937		4,058
Electric Transmission Texas, LLC	694		673
Iroquois Gas Transmission System, L.P.	605		599
Other	361		381
Total equity method investments	5,597		5,711
Restricted cash and cash equivalents and investments:
Quad Cities Station nuclear decommissioning trust funds	813		767
Other restricted cash and cash equivalents	215		246
Total restricted cash and cash equivalents and investments	1,028		1,013
Total investments and restricted cash and cash equivalents and investments	$	10,570	$	10,763
Reflected as:
Other current assets	$	1,265	$	1,253
Noncurrent assets	9,305		9,510
Total investments and restricted cash and cash equivalents and investments	$	10,570	$	10,763

Investments

(Losses) gains on marketable securities, net recognized during the period consists of the following (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Unrealized (losses) gains recognized on marketable securities held at the reporting date	$	(124)	$	529
Net gains recognized on marketable securities sold during the period	1		170
(Losses) gains on marketable securities, net	$	(123)	$	699

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds restricted for debt service obligations for certain of the Company's nonregulated renewable energy projects. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	3,744	$	1,565
Investments and restricted cash and cash equivalents	201		224
Investments and restricted cash and cash equivalents and investments	14		22
Total cash and cash equivalents and restricted cash and cash equivalents	$	3,959	$	1,811

EEGH

Restricted Cash and Cash Equivalents Items [Line Items]

Investments and Restricted Cash and Cash Equivalents and Investments

Investments and Restricted Cash and Cash Equivalents

Investments and restricted cash and cash equivalents consists of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Investments:
Investment funds	$	16	$	19
Equity method investments:
Iroquois	269		262
Total investments	285		281
Restricted cash and cash equivalents:
Customer deposits	25		31
Total restricted cash and cash equivalents	25		31
Total investments and restricted cash and cash equivalents	$	310	$	312
Reflected as:
Other current assets	$	25	$	31
Noncurrent assets	285		281
Total investments and restricted cash and cash equivalents	$	310	$	312

Equity Method Investments

Eastern Energy Gas, through subsidiaries, owns 50% of Iroquois, which owns and operates an interstate natural gas transmission system located in the states of New York and Connecticut.

As of March 31, 2024 and December 31, 2023, the carrying amount of Eastern Energy Gas' investments exceeded its share of underlying equity in net assets by $130 million. The difference reflects equity method goodwill and is not being amortized. Eastern Energy Gas received distributions from its investments of $40 million and $26 million for the three-month periods ended March 31, 2024 and 2023, respectively.

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of customer deposits as allowed under the FERC gas tariffs. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	81	$	62
Restricted cash and cash equivalents included in other current assets	25		31
Total cash and cash equivalents and restricted cash and cash equivalents	$	106	$	93

EGTS

Restricted Cash and Cash Equivalents Items [Line Items]

Investments and Restricted Cash and Cash Equivalents and Investments

Investments and Restricted Cash and Cash Equivalents

Investments and restricted cash and cash equivalents consists of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Investments:
Investment funds	$	16	$	19
Restricted cash and cash equivalents:
Customer deposits	24		29
Total restricted cash and cash equivalents	24		29
Total investments and restricted cash and cash equivalents	$	40	$	48
Reflected as:
Current assets	$	24	$	29
Other assets	16		19
Total investments and restricted cash and cash equivalents	$	40	$	48

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of customer deposits as allowed under the FERC gas tariff. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	31	$	5
Restricted cash and cash equivalents	24		29
Total cash and cash equivalents and restricted cash and cash equivalents	$	55	$	34

XML

Recent Financing Transactions

3 Months Ended

Mar. 31, 2024

Debt Instrument [Line Items]

Recent Financing Transactions

Recent Financing Transactions

Long-Term Debt

In January 2024, PacifiCorp issued $500 million of its 5.10% First Mortgage Bonds due February 2029, $700 million of its 5.30% First Mortgage Bonds due February 2031, $1.1 billion of its 5.45% First Mortgage Bonds due February 2034 and $1.5 billion of its 5.80% First Mortgage Bonds due January 2055 for a total of $3.8 billion. PacifiCorp initially used a portion of the net proceeds to repay outstanding short-term debt and intends to use the remaining net proceeds to fund capital expenditures and for general corporate purposes.

In January 2024, MidAmerican Energy issued $600 million of its 5.30% First Mortgage Bonds due February 2055. MidAmerican Energy intends, within 24 months of the issuance date, to allocate an amount equal to the net proceeds to finance, in whole or in part, new or existing investments or expenditures made in one or more eligible projects in alignment with BHE's Green Financing Framework.

In January 2024, Northern Natural Gas issued $500 million of its 5.625% Senior Bonds due February 2054. Northern Natural Gas intends to use the net proceeds from the sale of the bonds for general corporate purposes, including to fund capital expenditures.

In February 2024, Sierra Pacific entered into a re-offering of the following series of fixed-rate tax exempt bonds: $75 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016F, due 2036; $60 million of Washoe County, Nevada Gas and Water Facilities Refunding Revenue Bonds, Series 2016B, due 2036; $30 million of Humboldt County, Nevada Pollution Control Refunding Revenue Bonds, Series 2016B, due 2029; $30 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036; $20 million of Humboldt County, Nevada Pollution Control Refunding Revenue Bonds, Series 2016A due 2029; and $20 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016G, due 2036. The Humboldt County Series 2016A and Series 2016B bonds were offered at a term rate of 3.550%. The Washoe County Series 2016B and Series 2016G bonds were offered at a fixed rate of 3.625% and the Washoe County Series 2016C and Series 2016F bonds were offered at a fixed rate of 4.125%. Sierra Pacific previously purchased the bonds as required by the bond indentures. Sierra Pacific used the net proceeds of the re-offering for general corporate purposes.

Credit Facilities

In March 2024, AltaLink Investments, L.P. amended and restated its existing C$300 million unsecured revolving credit facility expiring December 2026. The restatement incorporated prior amendments as well as updated terms and definitions.

In March 2024, HomeServices amended its existing $700 million unsecured credit facility expiring September 2026. The amendment reduced the commitment of the lenders to $200 million and changed the credit facility from unsecured to secured.

PAC

Debt Instrument [Line Items]

Recent Financing Transactions

Recent Financing Transactions

Long-term Debt

In January 2024, PacifiCorp issued $500 million of its 5.10% First Mortgage Bonds due February 2029, $700 million of its 5.30% First Mortgage Bonds due February 2031, $1.1 billion of its 5.45% First Mortgage Bonds due February 2034 and $1.5 billion of its 5.80% First Mortgage Bonds due January 2055 for a total of $3.8 billion. PacifiCorp initially used a portion of the net proceeds to repay outstanding short-term debt and intends to use the remaining net proceeds to fund capital expenditures and for general corporate purposes.

MEC

Debt Instrument [Line Items]

Recent Financing Transactions

Recent Financing Transactions

Long-Term Debt

In January 2024, MidAmerican Energy issued $600 million of its 5.30% First Mortgage Bonds due February 2055. MidAmerican Energy intends, within 24 months of the issuance date, to allocate an amount equal to the net proceeds to finance, in whole or in part, new or existing investments or expenditures made in one or more eligible projects in alignment with BHE's Green Financing Framework.

MidAmerican Funding, LLC

Debt Instrument [Line Items]

Recent Financing Transactions

Recent Financing Transactions

Refer to Note 5 of MidAmerican Energy's Notes to Financial Statements.

SPPC

Debt Instrument [Line Items]

Recent Financing Transactions

Recent Financing Transactions

Long-Term Debt

In February 2024, Sierra Pacific entered into a re-offering of the following series of fixed-rate tax exempt bonds: $75 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016F, due 2036; $60 million of Washoe County, Nevada Gas and Water Facilities Refunding Revenue Bonds, Series 2016B, due 2036; $30 million of Humboldt County, Nevada Pollution Control Refunding Revenue Bonds, Series 2016B, due 2029; $30 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036; $20 million of Humboldt County, Nevada Pollution Control Refunding Revenue Bonds, Series 2016A due 2029; and $20 million of Washoe County, Nevada Water Facilities Refunding Revenue Bonds, Series 2016G, due 2036. The Humboldt County Series 2016A and Series 2016B bonds were offered at a term rate of 3.550%. The Washoe County Series 2016B and Series 2016G bonds were offered at a fixed rate of 3.625% and the Washoe County Series 2016C and Series 2016F bonds were offered at a fixed rate of 4.125%. Sierra Pacific previously purchased the bonds as required by the bond indentures. Sierra Pacific used the net proceeds of the re-offering for general corporate purposes.

XML

Income Taxes

3 Months Ended

Mar. 31, 2024

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Income tax credits	(108)		(35)
State income tax, net of federal income tax impacts	—		(4)
Income tax effect of foreign income	(6)		7
Effects of ratemaking	(7)		(3)
Equity earnings	(2)		(1)
Noncontrolling interest	(2)		(2)
Effective income tax rate	(104)	%	(17)	%

Income tax credits relate primarily to production tax credits ("PTCs") from wind- and solar-powered generating facilities owned by MidAmerican Energy, PacifiCorp and BHE Renewables. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs recognized for the three-month periods ended March 31, 2024 and 2023 totaled $383 million and $343 million, respectively.

Income tax effect on foreign income includes, among other items, a deferred income tax charge of $82 million recognized in March 2023 related to the July 2022 enactment of a new Energy Profits Levy 25% income tax in the United Kingdom effective May 26, 2022, through December 31, 2025, as well as an increase in the tax rate from 25% to 35% effective January 1, 2023, through March 31, 2028, enacted in January 2023.

The Company's provision for income taxes has been computed on a stand-alone basis. Berkshire Hathaway includes the Company in its consolidated U.S. federal and Iowa state income tax returns and the majority of the Company's U.S. federal income tax is remitted to or received from Berkshire Hathaway. The Company had no net cash payments for federal income taxes to Berkshire Hathaway for the three-month periods ended March 31, 2024 and 2023.

PAC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income (loss) before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax impacts	3		4
Income tax credits	(22)		13
Effects of ratemaking(1)	(11)		6
Valuation allowance	—		5
Other	1		(1)
Effective income tax rate	(8)	%	48	%

(1)Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.

The effective income tax rate for the three-month period ended March 31, 2023 of 48% resulted from a $110 million income tax benefit associated with a $230 million pre-tax loss, primarily related to a $359 million increase in wildfire loss accruals, net of expected insurance recoveries as described in Note 10. The $110 million income tax benefit is primarily comprised of a $48 million benefit, or 21%, from the application of the federal statutory income tax rate to the pre-tax loss and a $29 million benefit, or 13%, from federal income tax credits.

Income tax credits relate primarily to production tax credits ("PTC") from PacifiCorp's wind-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Wind-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs recognized for the three-month periods ended March 31, 2024 and 2023, totaled $25 million and $29 million, respectively.

Berkshire Hathaway includes BHE and its subsidiaries in its U.S. federal income tax return. Consistent with established regulatory practice, PacifiCorp's provision for federal and state income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. For the three-month period ended March 31, 2024, PacifiCorp received net cash payments for federal and state income tax from BHE totaling $189 million. As of March 31, 2024, net income taxes payable to BHE were $79 million. As of December 31, 2023, net income taxes receivable from BHE were $114 million.

MEC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

A reconciliation of the federal statutory income tax rate to MidAmerican Energy's effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Income tax credits	(1,158)		(518)
State income tax, net of federal income tax impacts	(11)		(18)
Effects of ratemaking	—		(8)
Other, net	(5)		2
Effective income tax rate	(1,153)	%	(521)	%

Income tax credits relate primarily to production tax credits ("PTC") earned by MidAmerican Energy's wind- and solar-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. MidAmerican Energy recognizes its renewable electricity PTCs throughout the year based on when the credits are earned and excludes them from the annual effective tax rate that is the basis for the interim recognition of the remaining income tax expense. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs recognized for the three-month periods ended March 31, 2024 and 2023, totaled $220 million and $202 million, respectively.

Berkshire Hathaway includes BHE and subsidiaries in its U.S. federal and Iowa state income tax returns. Consistent with established regulatory practice, MidAmerican Energy's provision for income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. MidAmerican Energy received net cash payments for income tax from BHE totaling $179 million and made net cash payments for income tax to BHE totaling $1 million for the three-month periods ended March 31, 2024 and 2023, respectively.

MidAmerican Funding, LLC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

A reconciliation of the federal statutory income tax rate to MidAmerican Funding's effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Income tax credits	(1,467)		(430)
State income tax, net of federal income tax impacts	(20)		(13)
Effects of ratemaking	—		(6)
Other, net	(1)		(2)
Effective income tax rate	(1,467)	%	(430)	%

Income tax credits relate primarily to production tax credits ("PTC") earned by MidAmerican Energy's wind- and solar-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. MidAmerican Funding recognizes its renewable electricity PTCs throughout the year based on when the credits are earned and excludes them from the annual effective tax rate that is the basis for the interim recognition of the remaining income tax expense. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs recognized for the three-month periods ended March 31, 2024 and 2023, totaled $220 million and $202 million, respectively.

Berkshire Hathaway includes BHE and subsidiaries in its U.S. federal and Iowa state income tax returns. Consistent with established regulatory practice, MidAmerican Funding's and MidAmerican Energy's provisions for income tax have been computed on a stand-alone basis, and substantially all of their currently payable or receivable income tax is remitted to or received from BHE. MidAmerican Funding received net cash payments for income tax from BHE totaling $180 million and $— million for the three-month periods ended March 31, 2024 and 2023, respectively.

NPC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Effects of ratemaking	(1)		(9)
Income tax credits	(8)		(2)
Other	5		10
Effective income tax rate	17	%	20	%

Effects of ratemaking is primarily attributable to the recognition of excess deferred income taxes related to 2017 tax reform pursuant to an order issued by the PUCN effective January 1, 2021.

Berkshire Hathaway includes BHE and its subsidiaries in its U.S. federal income tax return. Consistent with established regulatory practice, Nevada Power's provision for federal income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. Nevada Power made cash payments for federal income tax to BHE of $33 million and $— million for the three-month periods ended March 31, 2024 and 2023, respectively.

SPPC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Effects of ratemaking	(13)		(9)
Other	1		1
Effective income tax rate	9	%	13	%

Effects of ratemaking is primarily attributable to the recognition of excess deferred income taxes related to 2017 tax reform pursuant to an order issued by the PUCN effective January 1, 2020.

Berkshire Hathaway includes BHE and its subsidiaries in its U.S. federal income tax return. Consistent with established regulatory practice, Sierra Pacific's provision for federal income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. Sierra Pacific made cash payments to BHE for federal income tax of $22 million and $— million for the three-month period ended March 31, 2024 and 2023, respectively.

EEGH

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax impacts	4		2
Equity earnings	4		3
Noncontrolling interest	(3)		(10)
Effective income tax rate	26	%	16	%

Berkshire Hathaway Inc. includes BHE and its subsidiaries in its U.S. federal income tax return. Consistent with established regulatory practice, Eastern Energy Gas' provision for federal and state income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. For current federal and state income taxes, Eastern Energy Gas had a payable to BHE of $80 million as of March 31, 2024 and a receivable from BHE of $67 million as of December 31, 2023. The change is primarily due to the settlement of the income tax receivable balance through non-cash distributions in 2024.

EGTS

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax impacts	5		4
Effective income tax rate	26	%	25	%

Berkshire Hathaway Inc. includes BHE and its subsidiaries in its U.S. federal income tax return. Consistent with established regulatory practice, EGTS' provision for federal and state income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE. For current federal and state income taxes, EGTS had a payable to BHE of $20 million as of March 31, 2024 and a receivable from BHE of $57 million as of December 31, 2023. The change is primarily due to the settlement of the income tax receivable balance through non-cash distributions in 2024.

XML

Employee Benefit Plans

3 Months Ended

Mar. 31, 2024

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

Domestic Operations

Net periodic benefit cost (credit) for the domestic pension and other postretirement benefit plans included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Pension:
Service cost	$	3	$	4
Interest cost	26		28
Expected return on plan assets	(31)		(31)
Settlement	—		(5)
Net amortization	2		4
Net periodic benefit cost	$	—	$	—
Other postretirement:
Service cost	$	1	$	1
Interest cost	7		7
Expected return on plan assets	(8)		(8)
Net amortization	(1)		(1)
Net periodic benefit credit	$	(1)	$	(1)

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in other, net on the Consolidated Statements of Operations. Employer contributions to the domestic pension and other postretirement benefit plans are expected to be $13 million and $5 million, respectively, during 2024. As of March 31, 2024, $3 million and $1 million of contributions had been made to the domestic pension and other postretirement benefit plans, respectively.

Foreign Operations

Net periodic benefit cost for the United Kingdom pension plan included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Service cost	$	1	$	2
Interest cost	14		14
Expected return on plan assets	(20)		(19)
Net amortization	7		6
Net periodic benefit cost	$	2	$	3

Amounts other than the service cost for the United Kingdom pension plan are recorded in other, net on the Consolidated Statements of Operations. Employer contributions to the United Kingdom pension plan are expected to be £9 million during 2024. As of March 31, 2024, £2 million, or $3 million, of contributions had been made to the United Kingdom pension plan.

PAC

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

Net periodic benefit cost (credit) for the pension and other postretirement benefit plans included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Pension:
Interest cost	$	9	$	10
Expected return on plan assets	(12)		(12)
Net amortization	2		3
Net periodic benefit (credit) cost	$	(1)	$	1
Other postretirement:
Service cost	$	—	$	—
Interest cost	3		3
Expected return on plan assets	(3)		(3)
Net amortization	(1)		(1)
Net periodic benefit credit	$	(1)	$	(1)

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in other, net on the Consolidated Statements of Operations. Employer contributions to the pension and other postretirement benefit plans are expected to be $4 million and $— million, respectively, during 2024. As of March 31, 2024, $1 million of contributions had been made to the pension plans.

MEC

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

MidAmerican Energy sponsors a noncontributory defined benefit pension plan covering a majority of all employees of BHE and its domestic energy subsidiaries other than PacifiCorp and NV Energy, Inc. MidAmerican Energy also sponsors certain postretirement healthcare and life insurance benefits covering substantially all retired employees of BHE and its domestic energy subsidiaries other than PacifiCorp and NV Energy, Inc.

Net periodic benefit cost (credit) for the plans of MidAmerican Energy and the aforementioned affiliates included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Pension:
Service cost	$	2	$	3
Interest cost	8		8
Expected return on plan assets	(8)		(8)
Settlement	—		(5)
Net periodic benefit cost (credit)	$	2	$	(2)
Other postretirement:
Service cost	$	1	$	1
Interest cost	3		3
Expected return on plan assets	(4)		(4)
Net periodic benefit cost	$	—	$	—

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in Other, net on the Statements of Operations. Employer contributions to the pension and other postretirement benefit plans during 2024 are expected to be $8 million and $2 million, respectively. As of March 31, 2024, $2 million and $1 million of contributions had been made to the pension and other postretirement benefit plans, respectively.

MidAmerican Funding, LLC

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

Refer to Note 7 of MidAmerican Energy's Notes to Financial Statements.

NPC

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

Nevada Power is a participant in benefit plans sponsored by NV Energy. The NV Energy Retirement Plan includes a qualified pension plan ("Qualified Pension Plan") and a supplemental executive retirement plan and a restoration plan (collectively, "Non‑Qualified Pension Plans") that provide pension benefits for eligible employees. The NV Energy Comprehensive Welfare Benefit and Cafeteria Plan provides certain postretirement health care and life insurance benefits for eligible retirees ("Other Postretirement Plans") on behalf of Nevada Power. Amounts attributable to Nevada Power were allocated from NV Energy based upon the current, or in the case of retirees, previous, employment location. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates. Net periodic benefit costs not included in regulated rates are included in accumulated other comprehensive loss, net.

Amounts receivable from (payable to) NV Energy are included on the Consolidated Balance Sheets and consist of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Qualified Pension Plan -
Other non-current assets	$	38	$	38
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(6)		(6)
Other Postretirement Plans -
Other non-current assets	10		10

SPPC

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

Sierra Pacific is a participant in benefit plans sponsored by NV Energy. The NV Energy Retirement Plan includes a qualified pension plan ("Qualified Pension Plan") and a supplemental executive retirement plan and a restoration plan (collectively, "Non‑Qualified Pension Plans") that provide pension benefits for eligible employees. The NV Energy Comprehensive Welfare Benefit and Cafeteria Plan provides certain postretirement health care and life insurance benefits for eligible retirees ("Other Postretirement Plans") on behalf of Sierra Pacific. Amounts attributable to Sierra Pacific were allocated from NV Energy based upon the current, or in the case of retirees, previous, employment location. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates. Net periodic benefit costs not included in regulated rates are included in accumulated other comprehensive loss, net.

Amounts receivable from (payable to) NV Energy are included on the Consolidated Balance Sheets and consist of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Qualified Pension Plan -
Other non-current assets	$	54	$	53
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(5)		(5)
Other Postretirement Plans -
Other non-current assets	—		1

EEGH

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

Eastern Energy Gas is a participant in benefit plans sponsored by MidAmerican Energy Company ("MidAmerican Energy"), an affiliate. The MidAmerican Energy Company Retirement Plan includes a qualified pension plan that provides pension benefits for eligible employees. The MidAmerican Energy Company Welfare Benefit Plan provides certain postretirement health care and life insurance benefits for eligible retirees on behalf of Eastern Energy Gas. Eastern Energy Gas contributed $2 million to the MidAmerican Energy Company Retirement Plan for the three-month periods ended March 31, 2024 and 2023, and $1 million to the MidAmerican Energy Company Welfare Benefit Plan for the three-month periods ended March 31, 2024 and 2023. Contributions related to these plans are reflected as net periodic benefit cost in operations and maintenance expense on the Consolidated Statements of Operations. Amounts attributable to Eastern Energy Gas were allocated from MidAmerican Energy in accordance with the intercompany administrative service agreement. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates. Net periodic benefit costs not included in regulated rates are included in accumulated other comprehensive loss, net. As of March 31, 2024 and December 31, 2023, Eastern Energy Gas' amount due to MidAmerican Energy associated with these plans and reflected in other long-term liabilities on the Consolidated Balance Sheets was $53 million.

EGTS

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

EGTS is a participant in benefit plans sponsored by MidAmerican Energy Company ("MidAmerican Energy"), an affiliate. The MidAmerican Energy Company Retirement Plan includes a qualified pension plan that provides pension benefits for eligible employees. The MidAmerican Energy Company Welfare Benefit Plan provides certain postretirement health care and life insurance benefits for eligible retirees on behalf of EGTS. EGTS contributed $2 million to the MidAmerican Energy Company Retirement Plan for the three-month periods ended March 31, 2024 and 2023. Contributions related to these plans are reflected as net periodic benefit cost in operations and maintenance expense on the Consolidated Statements of Operations. Amounts attributable to EGTS were allocated from MidAmerican Energy in accordance with the intercompany administrative service agreement. Offsetting regulatory assets and liabilities have been recorded related to the amounts not yet recognized as a component of net periodic benefit costs that will be included in regulated rates. As of March 31, 2024 and December 31, 2023, EGTS' amount due to MidAmerican Energy associated with these plans and reflected in other long-term liabilities on the Consolidated Balance Sheets was $48 million.

XML

Risk Management and Hedging Activities

3 Months Ended

Mar. 31, 2024

PAC

Derivative [Line Items]

Risk Management and Hedging Activities

Risk Management and Hedging Activities

PacifiCorp is exposed to the impact of market fluctuations in commodity prices and interest rates. PacifiCorp is principally exposed to electricity, natural gas, coal and fuel oil commodity price risk as it has an obligation to serve retail customer load in its service territories. PacifiCorp's load and generating facilities represent substantial underlying commodity positions. Exposures to commodity prices consist mainly of variations in the price of fuel required to generate electricity and wholesale electricity that is purchased and sold. Commodity prices are subject to wide price swings as supply and demand are impacted by, among many other unpredictable items, weather, market liquidity, generating facility availability, customer usage, storage, and transmission and transportation constraints. Interest rate risk exists on variable-rate debt and future debt issuances. PacifiCorp does not engage in a material amount of proprietary trading activities.

PacifiCorp has established a risk management process that is designed to identify, assess, manage and report on each of the various types of risk involved in its business. To mitigate a portion of its commodity price risk, PacifiCorp uses commodity derivative contracts, which may include forwards, futures, options, swaps and other agreements, to effectively secure future supply or sell future production generally at fixed prices. PacifiCorp manages its interest rate risk by limiting its exposure to variable interest rates primarily through the issuance of fixed-rate long-term debt and by monitoring market changes in interest rates. Additionally, PacifiCorp has the ability to enter into interest rate derivative contracts, such as interest rate swaps or locks, to mitigate PacifiCorp's exposure to interest rate risk. No interest rate derivatives were in place during the periods presented. PacifiCorp does not hedge all of its commodity price and interest rate risks, thereby exposing the unhedged portion to changes in market prices. Refer to Note 9 for additional information on derivative contracts.

The following table, which reflects master netting arrangements and excludes contracts that have been designated as normal under the normal purchases or normal sales exception afforded by GAAP, summarizes the fair value of PacifiCorp's derivative contracts, on a gross basis, and reconciles those amounts to the amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

	Derivative
	Contracts -				Other		Other
	Current		Other		Current		Long-term
	Assets		Assets		Liabilities		Liabilities		Total
As of March 31, 2024
Not designated as hedging contracts(1):
Commodity assets	$	6	$	4	$	9	$	5	$	24
Commodity liabilities	—		(2)		(123)		(12)		(137)
Total	6		2		(114)		(7)		(113)
Total derivatives	6		2		(114)		(7)		(113)
Cash collateral receivable	—		—		24		—		24
Total derivatives - net basis	$	6	$	2	$	(90)	$	(7)	$	(89)
As of December 31, 2023
Not designated as hedging contracts(1):
Commodity assets	$	21	$	2	$	7	$	2	$	32
Commodity liabilities	(3)		—		(83)		(22)		(108)
Total	18		2		(76)		(20)		(76)
Total derivatives	18		2		(76)		(20)		(76)
Cash collateral receivable	(2)		—		12		—		10
Total derivatives - net basis	$	16	$	2	$	(64)	$	(20)	$	(66)

(1)PacifiCorp's commodity derivatives are generally included in rates. As of March 31, 2024, a regulatory asset of $113 million was recorded related to the net derivative liability of $113 million. As of December 31, 2023, a regulatory asset of $76 million was recorded related to the net derivative liability of $76 million.

The following table reconciles the beginning and ending balances of PacifiCorp's net regulatory assets (liabilities) and summarizes the pre-tax gains and losses on commodity derivative contracts recognized in net regulatory assets (liabilities), as well as amounts reclassified to earnings (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	76	$	(270)
Changes in fair value recognized in regulatory assets (liabilities)	91		(10)
Net gains (losses) reclassified to operating revenue	1		(6)
Net (losses) gains reclassified to energy costs	(55)		177
Ending balance	$	113	$	(109)

Derivative Contract Volumes

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2024	2023
Electricity purchases, net	Megawatt hours	2	2
Natural gas purchases	Decatherms	163	153

Credit Risk

PacifiCorp is exposed to counterparty credit risk associated with wholesale energy supply and marketing activities with other utilities, energy marketing companies, financial institutions and other market participants. Credit risk may be concentrated to the extent PacifiCorp's counterparties have similar economic, industry or other characteristics and due to direct or indirect relationships among the counterparties. Before entering into a transaction, PacifiCorp analyzes the financial condition of each significant wholesale counterparty, establishes limits on the amount of unsecured credit to be extended to each counterparty and evaluates the appropriateness of unsecured credit limits on an ongoing basis. To further mitigate wholesale counterparty credit risk, PacifiCorp enters into netting and collateral arrangements that may include margining and cross-product netting agreements and obtains third‑party guarantees, letters of credit and cash deposits. If required, PacifiCorp exercises rights under these arrangements, including calling on the counterparty's credit support arrangement.

Collateral and Contingent Features

In accordance with industry practice, certain wholesale agreements, including derivative contracts, contain credit support provisions that in part base certain collateral requirements on credit ratings for senior unsecured debt as reported by one or more of the recognized credit rating agencies. These agreements may provide bilateral rights to demand cash or other security if credit exposures on a net basis exceed specified rating-dependent threshold levels ("credit-risk-related contingent features"). These agreements and other agreements that do not refer to specified rating-dependent thresholds may provide the right for counterparties to demand "adequate assurance" if there is a material adverse change in PacifiCorp's creditworthiness. These rights can vary by contract and by counterparty. As of March 31, 2024, PacifiCorp's issuer credit ratings for its senior secured debt and its issuer credit ratings for senior unsecured debt from the recognized credit rating agencies were investment grade.

The aggregate fair value of PacifiCorp's derivative contracts in liability positions with specific credit-risk-related contingent features totaled $137 million and $108 million as of March 31, 2024 and December 31, 2023, respectively, for which PacifiCorp had posted collateral of $24 million and $12 million, respectively, in the form of cash deposits. If all credit-risk-related contingent features for derivative contracts in liability positions had been triggered as of March 31, 2024 and December 31, 2023, PacifiCorp would have been required to post $93 million and $84 million, respectively, of additional collateral. PacifiCorp's collateral requirements could fluctuate considerably due to market price volatility, changes in credit ratings, changes in legislation or regulation or other factors.

NPC

Derivative [Line Items]

Risk Management and Hedging Activities

Risk Management and Hedging Activities

Nevada Power is exposed to the impact of market fluctuations in commodity prices and interest rates. Nevada Power is principally exposed to electricity and natural gas market fluctuations primarily through Nevada Power's obligation to serve retail customer load in its regulated service territory. Nevada Power's load and generating facilities represent substantial underlying commodity positions. Exposures to commodity prices consist mainly of variations in the price of fuel required to generate electricity and wholesale electricity that is purchased and sold. Commodity prices are subject to wide price swings as supply and demand are impacted by, among many other unpredictable items, weather, market liquidity, generating facility availability, customer usage, storage, and transmission and transportation constraints. The actual cost of fuel and purchased power is recoverable through the deferred energy mechanism. Interest rate risk exists on variable-rate debt and future debt issuances. Nevada Power does not engage in proprietary trading activities.

Nevada Power has established a risk management process that is designed to identify, assess, manage and report on each of the various types of risk involved in its business. To mitigate a portion of its commodity price risk, Nevada Power uses commodity derivative contracts, which may include forwards, futures, options, swaps and other agreements, to effectively secure future supply or sell future production generally at fixed prices. Nevada Power manages its interest rate risk by limiting its exposure to variable interest rates primarily through the issuance of fixed-rate long-term debt and by monitoring market changes in interest rates. Additionally, Nevada Power may from time to time enter into interest rate derivative contracts, such as interest rate swaps or locks, to mitigate Nevada Power's exposure to interest rate risk. Nevada Power does not hedge all of its commodity price and interest rate risks, thereby exposing the unhedged portion to changes in market prices.

There have been no significant changes in Nevada Power's accounting policies related to derivatives. Refer to Note 8 for additional information on derivative contracts.

The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Nevada Power's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

			Derivative
	Other		Contracts -		Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2024
Not designated as hedging contracts(1) -
Commodity liabilities	$	—	$	(91)	$	(10)	$	(101)
As of December 31, 2023
Not designated as hedging contracts(1) -
Commodity liabilities	$	—	$	(62)	$	(6)	$	(68)

(1)Nevada Power's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2024 a regulatory asset of $101 million was recorded related to the net derivative liability of $101 million. As of December 31, 2023 a regulatory asset of $68 million was recorded related to the net derivative liability of $68 million.

Derivative Contract Volumes

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2024	2023
Electricity purchases	Megawatt hours	2	1
Natural gas purchases	Decatherms	118	132

Credit Risk

Nevada Power is exposed to counterparty credit risk associated with wholesale energy supply and marketing activities with other utilities, energy marketing companies, financial institutions and other market participants. Credit risk may be concentrated to the extent Nevada Power's counterparties have similar economic, industry or other characteristics and due to direct and indirect relationships among the counterparties. Before entering into a transaction, Nevada Power analyzes the financial condition of each significant wholesale counterparty, establishes limits on the amount of unsecured credit to be extended to each counterparty and evaluates the appropriateness of unsecured credit limits on an ongoing basis. To further mitigate wholesale counterparty credit risk, Nevada Power enters into netting and collateral arrangements that may include margining and cross-product netting agreements and obtain third-party guarantees, letters of credit and cash deposits. If required, Nevada Power exercises rights under these arrangements, including calling on the counterparty's credit support arrangement.

Collateral and Contingent Features

In accordance with industry practice, certain wholesale agreements, including derivative contracts, contain credit support provisions that in part base certain collateral requirements on credit ratings for senior unsecured debt as reported by one or more of the recognized credit rating agencies. These agreements may either specifically provide bilateral rights to demand cash or other security if credit exposures on a net basis exceed specified rating-dependent threshold levels "credit-risk-related contingent features") or provide the right for counterparties to demand "adequate assurance" if there is a material adverse change in Nevada Power's creditworthiness. These rights can vary by contract and by counterparty. As of March 31, 2024, Nevada Power's credit ratings for its senior secured debt and its issuer credit ratings for senior unsecured debt from the recognized credit rating agencies were investment grade.

The aggregate fair value of Nevada Power's derivative contracts in liability positions with specific credit-risk-related contingent features totaled $7 million as of March 31, 2024 and December 31, 2023, which represents the amount of collateral to be posted if all credit risk related contingent features for derivative contracts in liability positions had been triggered. Nevada Power's collateral requirements could fluctuate considerably due to market price volatility, changes in credit ratings, changes in legislation or regulation or other factors.

SPPC

Derivative [Line Items]

Risk Management and Hedging Activities

Risk Management and Hedging Activities

Sierra Pacific is exposed to the impact of market fluctuations in commodity prices and interest rates. Sierra Pacific is principally exposed to electricity, natural gas and coal market fluctuations primarily through Sierra Pacific's obligation to serve retail customer load in its regulated service territory. Sierra Pacific's load and generating facilities represent substantial underlying commodity positions. Exposures to commodity prices consist mainly of variations in the price of fuel required to generate electricity and wholesale electricity that is purchased and sold. Commodity prices are subject to wide price swings as supply and demand are impacted by, among many other unpredictable items, weather, market liquidity, generating facility availability, customer usage, storage, and transmission and transportation constraints. The actual cost of fuel and purchased power is recoverable through the deferred energy mechanism. Interest rate risk exists on variable-rate debt and future debt issuances. Sierra Pacific does not engage in proprietary trading activities.

Sierra Pacific has established a risk management process that is designed to identify, assess, manage and report on each of the various types of risk involved in its business. To mitigate a portion of its commodity price risk, Sierra Pacific uses commodity derivative contracts, which may include forwards, futures, options, swaps and other agreements, to effectively secure future supply or sell future production generally at fixed prices. Sierra Pacific manages its interest rate risk by limiting its exposure to variable interest rates primarily through the issuance of fixed-rate long-term debt and by monitoring market changes in interest rates. Additionally, Sierra Pacific may from time to time enter into interest rate derivative contracts, such as interest rate swaps or locks, to mitigate Sierra Pacific's exposure to interest rate risk. Sierra Pacific does not hedge all of its commodity price and interest rate risks, thereby exposing the unhedged portion to changes in market prices.

There have been no significant changes in Sierra Pacific's accounting policies related to derivatives. Refer to Note 9 for additional information on derivative contracts.

The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Sierra Pacific's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

	Other				Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2024
Not designated as hedging contracts(1) -
Commodity assets	$	—	$	—	$	1	$	1
Commodity liabilities	—		(26)		(1)		(27)
Total derivative - net basis	$	—	$	(26)	$	—	$	(26)
As of December 31, 2023
Not designated as hedging contracts(1) -
Commodity liabilities	$	—	$	(16)	$	—	$	(16)

(1)Sierra Pacific's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2024 a net regulatory asset of $26 million was recorded related to the net derivative liability of $26 million. As of December 31, 2023 a net regulatory asset of $16 million was recorded related to the net derivative liability of $16 million.

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2024	2023
Electricity purchases	Megawatt hours	1	—
Natural gas purchases	Decatherms	50	55

Credit Risk

Sierra Pacific is exposed to counterparty credit risk associated with wholesale energy supply and marketing activities with other utilities, energy marketing companies, financial institutions and other market participants. Credit risk may be concentrated to the extent Sierra Pacific's counterparties have similar economic, industry or other characteristics and due to direct and indirect relationships among the counterparties. Before entering into a transaction, Sierra Pacific analyzes the financial condition of each significant wholesale counterparty, establishes limits on the amount of unsecured credit to be extended to each counterparty and evaluates the appropriateness of unsecured credit limits on an ongoing basis. To further mitigate wholesale counterparty credit risk, Sierra Pacific enters into netting and collateral arrangements that may include margining and cross-product netting agreements and obtain third-party guarantees, letters of credit and cash deposits. If required, Sierra Pacific exercises rights under these arrangements, including calling on the counterparty's credit support arrangement.

Collateral and Contingent Features

In accordance with industry practice, certain wholesale agreements, including derivative contracts, contain credit support provisions that in part base certain collateral requirements on credit ratings for senior unsecured debt as reported by one or more of the recognized credit rating agencies. These agreements may either specifically provide bilateral rights to demand cash or other security if credit exposures on a net basis exceed specified rating-dependent threshold levels ("credit-risk-related contingent features") or provide the right for counterparties to demand "adequate assurance" if there is a material adverse change in Sierra Pacific's creditworthiness. These rights can vary by contract and by counterparty. As of March 31, 2024, Sierra Pacific's credit ratings for its senior secured debt and its issuer credit ratings for senior unsecured debt from the recognized credit rating agencies were investment grade.

The aggregate fair value of Sierra Pacific's derivative contracts in liability positions with specific credit-risk-related contingent features totaled $1 million as of March 31, 2024 and December 31, 2023, which represents the amount of collateral to be posted if all credit risk related contingent features for derivative contracts in liability positions had been triggered. Sierra Pacific's collateral requirements could fluctuate considerably due to market price volatility, changes in credit ratings, changes in legislation or regulation or other factors.

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

The carrying value of the Company's cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. The Company has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

•Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 — Unobservable inputs reflect the Company's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. The Company develops these inputs based on the best information available, including its own data.

The following table presents the Company's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	1	$	89	$	6	$	(18)	$	78
Interest rate derivatives	37		48		11		—		96
Mortgage loans held for sale	—		492		—		—		492
Money market mutual funds	3,435		—		—		—		3,435
Debt securities:
U.S. government obligations	1,265		—		—		—		1,265
Corporate obligations	—		84		—		—		84
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	458		—		—		—		458
International companies	2,091		—		—		—		2,091
Investment funds	306		—		—		—		306
	$	7,593	$	716	$	17	$	(18)	$	8,308
Liabilities:
Commodity derivatives	$	(4)	$	(154)	$	(141)	$	53	$	(246)
Foreign currency exchange rate derivatives	—		(15)		—		—		(15)
Interest rate derivatives	—		(3)		—		1		(2)
	$	(4)	$	(172)	$	(141)	$	54	$	(263)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2023:
Assets:
Commodity derivatives	$	1	$	121	$	4	$	(31)	$	95
Interest rate derivatives	38		40		7		—		85
Mortgage loans held for sale	—		451		—		—		451
Money market mutual funds	1,310		—		—		—		1,310
Debt securities:
U.S. government obligations	1,253		—		—		—		1,253
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	427		—		—		—		427
International companies	2,226		—		—		—		2,226
Investment funds	268		—		—		—		268
	$	5,523	$	685	$	11	$	(31)	$	6,188
Liabilities:
Commodity derivatives	$	(7)	$	(134)	$	(95)	$	54	$	(182)
Foreign currency exchange rate derivatives	—		(8)		—		—		(8)
Interest rate derivatives	—		(7)		—		4		(3)
	$	(7)	$	(149)	$	(95)	$	58	$	(193)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $36 million and $27 million as of March 31, 2024 and December 31, 2023, respectively.

Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchases or normal sales and qualify for the exception afforded by GAAP. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which the Company transacts. When quoted prices for identical contracts are not available, the Company uses forward price curves. Forward price curves represent the Company's estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. The Company bases its forward price curves upon market price quotations, when available, or internally developed and commercial models, with internal and external fundamental data inputs. Market price quotations are obtained from independent brokers, exchanges, direct communication with market participants and actual transactions executed by the Company. Market price quotations are generally readily obtainable for the applicable term of the Company's outstanding derivative contracts; therefore, the Company's forward price curves reflect observable market quotes. Market price quotations for certain electricity and natural gas trading hubs are not as readily obtainable due to the length of the contract. Given that limited market data exists for these contracts, as well as for those contracts that are not actively traded, the Company uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The estimated fair value of these derivative contracts is a function of the underlying forward commodity prices, interest rates, currency rates, related volatility, counterparty creditworthiness and duration of contracts.

The Company's mortgage loans held for sale are valued based on independent quoted market prices, where available, or the prices of other mortgage whole loans with similar characteristics. As necessary, these prices are adjusted for typical securitization activities, including servicing value, portfolio composition, market conditions and liquidity.

The Company's investments in money market mutual funds and debt and equity securities are stated at fair value. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value. In the absence of a quoted market price or net asset value of an identical security, the fair value is determined using pricing models or net asset values based on observable market inputs and quoted market prices of securities with similar characteristics.

The following table reconciles the beginning and ending balances of the Company's financial assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions). Transfers out of Level 3 occur primarily due to increased price observability.

	Three-Month Periods
	Ended March 31,
			Interest
	Commodity		Rate
	Derivatives		Derivatives
2024:
Beginning balance	$	(91)	$	7
Changes included in earnings(1)	(3)		4
Changes in fair value recognized in net regulatory assets	(56)		—
Settlements	15		—
Ending balance	$	(135)	$	11

2023:
Beginning balance	$	(59)	$	6
Changes included in earnings(1)	9		9
Changes in fair value recognized in OCI	(3)		—
Changes in fair value recognized in net regulatory assets	(98)		—
Settlements	1		—
Ending balance	$	(150)	$	15

(1)Changes included in earnings for interest rate derivatives are reported net of amounts related to the satisfaction of the associated loan commitment.

The Company's long-term debt is carried at cost on the Consolidated Balance Sheets. The fair value of the Company's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of the Company's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of the Company's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	57,028	$	52,594	$	52,172	$	48,624

PAC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

The carrying value of PacifiCorp's cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. PacifiCorp has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that PacifiCorp has the ability to access at the measurement date.

•Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 — Unobservable inputs reflect PacifiCorp's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. PacifiCorp develops these inputs based on the best information available, including its own data.

The following table presents PacifiCorp's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	—	$	24	$	—	$	(16)	$	8
Money market mutual funds	2,231		—		—		—		2,231
Investment funds	27		—		—		—		27
	$	2,258	$	24	$	—	$	(16)	$	2,266
Liabilities - Commodity derivatives	$	—	$	(137)	$	—	$	40	$	(97)
As of December 31, 2023:
Assets:
Commodity derivatives	$	—	$	32	$	—	$	(14)	$	18
Money market mutual funds	175		—		—		—		175
Investment funds	26		—		—		—		26
	$	201	$	32	$	—	$	(14)	$	219
Liabilities - Commodity derivatives	$	—	$	(108)	$	—	$	24	$	(84)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $24 million and $10 million as of March 31, 2024 and December 31, 2023, respectively.

Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchases or normal sales and qualify for the exception afforded by GAAP. A discounted cash flow valuation method was used to estimate fair value. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which PacifiCorp transacts. When quoted prices for identical contracts are not available, PacifiCorp uses forward price curves. Forward price curves represent PacifiCorp's estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. PacifiCorp bases its forward price curves upon market price quotations, when available, or internally developed and commercial models, with internal and external fundamental data inputs. Market price quotations are obtained from independent energy brokers, exchanges, direct communication with market participants and actual transactions executed by PacifiCorp. Market price quotations for certain major electricity and natural gas trading hubs are generally readily obtainable for the first three years; therefore, PacifiCorp's forward price curves for those locations and periods reflect observable market quotes. Market price quotations for other electricity and natural gas trading hubs are not as readily obtainable for the first three years. Given that limited market data exists for these contracts, as well as for those contracts that are not actively traded, PacifiCorp uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The estimated fair value of these derivative contracts is a function of underlying forward commodity prices, interest rates, currency rates, related volatility, counterparty creditworthiness and duration of contracts. Refer to Note 8 for further discussion regarding PacifiCorp's risk management and hedging activities.

PacifiCorp's investments in money market mutual funds and investment funds are stated at fair value. When available, PacifiCorp uses a readily observable quoted market price or net asset value of an identical security in an active market to record the fair value. In the absence of a quoted market price or net asset value of an identical security, the fair value is determined using pricing models or net asset values based on observable market inputs and quoted market prices of securities with similar characteristics.

PacifiCorp's long-term debt is carried at cost on the Consolidated Balance Sheets. The fair value of PacifiCorp's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of PacifiCorp's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	14,175	$	13,300	$	10,410	$	9,722

MEC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

The carrying value of MidAmerican Energy's cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. MidAmerican Energy has various financial assets and liabilities that are measured at fair value on the Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that MidAmerican Energy has the ability to access at the measurement date.

•Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 — Unobservable inputs reflect MidAmerican Energy's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. MidAmerican Energy develops these inputs based on the best information available, including its own data.

The following table presents MidAmerican Energy's financial assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	1	$	—	$	—	$	(1)	$	—
Money market mutual funds	667		—		—		—		667
Debt securities:
U.S. government obligations	255		—		—		—		255
Corporate obligations	—		84		—		—		84
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	458		—		—		—		458
International companies	10		—		—		—		10
Investment funds	23		—		—		—		23
	$	1,414	$	87	$	—	$	(1)	$	1,500
Liabilities - commodity derivatives	$	—	$	(17)	$	(6)	$	6	$	(17)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2023:
Assets:
Commodity derivatives	$	—	$	15	$	—	$	(2)	$	13
Money market mutual funds	643		—		—		—		643
Debt securities:
U.S. government obligations	257		—		—		—		257
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	427		—		—		—		427
International companies	9		—		—		—		9
Investment funds	19		—		—		—		19
	$	1,355	$	88	$	—	$	(2)	$	1,441
Liabilities - commodity derivatives	$	—	$	(15)	$	(11)	$	14	$	(12)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $5 million and $12 million as of March 31, 2024 and December 31, 2023, respectively.

MidAmerican Energy's investments in money market mutual funds and debt and equity securities are stated at fair value, with debt securities accounted for as available-for-sale securities. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value. In the absence of a quoted market price or net asset value of an identical security, the fair value is determined using pricing models or net asset values based on observable market inputs and quoted market prices of securities with similar characteristics.

The following table reconciles the beginning and ending balances of MidAmerican Energy's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	(11)	$	5
Changes in fair value recognized in net regulatory assets	(4)		(13)
Settlements	9		3
Ending balance	$	(6)	$	(5)

MidAmerican Energy's long-term debt is carried at cost on the Balance Sheets. The fair value of MidAmerican Energy's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of MidAmerican Energy's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of MidAmerican Energy's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	9,359	$	8,661	$	8,766	$	8,252

MidAmerican Funding, LLC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

Refer to Note 8 of MidAmerican Energy's Notes to Financial Statements. MidAmerican Funding's long-term debt is carried at cost on the Consolidated Financial Statements. The fair value of MidAmerican Funding's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of MidAmerican Funding's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of MidAmerican Funding's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	9,599	$	8,920	$	9,006	$	8,515

NPC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

The carrying value of Nevada Power's cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. Nevada Power has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that Nevada Power has the ability to access at the measurement date.

•Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 — Unobservable inputs reflect Nevada Power's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. Nevada Power develops these inputs based on the best information available, including its own data.

The following table presents Nevada Power's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Money market mutual funds	$	59	—		—		$	59
Investment funds	4		—		—		4
	$	63	$	—	$	—	$	63
Liabilities - commodity derivatives	$	—	$	—	$	(101)	$	(101)
As of December 31, 2023:
Assets:
Money market mutual funds	$	10	$	—	$	—	$	10
Investment funds	4		—		—		4
	$	14	$	—	$	—	$	14
Liabilities - commodity derivatives	$	—	$	—	$	(68)	$	(68)

Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchases or normal sales and qualify for the exception afforded by GAAP. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which Nevada Power transacts. When quoted prices for identical contracts are not available, Nevada Power uses forward price curves. Forward price curves represent Nevada Power's estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. Nevada Power bases its forward price curves upon internally developed models, with internal and external fundamental data inputs. Market price quotations for certain electricity and natural gas trading hubs are not as readily obtainable due to markets that are not active. Given that limited market data exists for these contracts, Nevada Power uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The model incorporates a mid-market pricing convention (the mid‑point price between bid and ask prices) as a practical expedient for valuing its assets and liabilities measured and reported at fair value. The determination of the fair value for derivative contracts not only includes counterparty risk, but also the impact of Nevada Power's nonperformance risk on its liabilities, which as of March 31, 2024 and December 31, 2023, had an immaterial impact to the fair value of its derivative contracts. As such, Nevada Power considers its derivative contracts to be valued using Level 3 inputs.

Nevada Power's investments in money market mutual funds and investment funds are stated at fair value. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value.

The following table reconciles the beginning and ending balances of Nevada Power's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	(68)	$	(52)
Changes in fair value recognized in regulatory assets	(41)		(65)
Settlements	8		1
Ending balance	$	(101)	$	(116)

Nevada Power's long-term debt is carried at cost on the Consolidated Balance Sheets. The fair value of Nevada Power's long‑term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of Nevada Power's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of Nevada Power's long‑term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	3,393	$	3,344	$	3,392	$	3,417

SPPC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

The carrying value of Sierra Pacific's cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. Sierra Pacific has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that Sierra Pacific has the ability to access at the measurement date.

•Level 2 — Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 — Unobservable inputs reflect Sierra Pacific's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. Sierra Pacific develops these inputs based on the best information available, including its own data.

The following table presents Sierra Pacific's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	—	$	—	$	1	$	1
Money market mutual funds	91		—		—		91
Investment funds	1		—		—		1
	$	92	$	—	$	1	$	93
Liabilities - commodity derivatives	$	—	$	—	$	(27)	$	(27)
As of December 31, 2023:
Assets:
Money market mutual funds	$	41	$	—	$	—	$	41
Investment funds	1		—		—		1
	$	42	$	—	$	—	$	42
Liabilities - commodity derivatives	$	—	$	—	$	(16)	$	(16)

Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchases or normal sales and qualify for the exception afforded by GAAP. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which Sierra Pacific transacts. When quoted prices for identical contracts are not available, Sierra Pacific uses forward price curves. Forward price curves represent Sierra Pacific's estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. Sierra Pacific bases its forward price curves upon internally developed models, with internal and external fundamental data inputs. Market price quotations for certain electricity and natural gas trading hubs are not as readily obtainable due to markets that are not active. Given that limited market data exists for these contracts, Sierra Pacific uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The model incorporates a mid-market pricing convention (the mid‑point price between bid and ask prices) as a practical expedient for valuing its assets and liabilities measured and reported at fair value. The determination of the fair value for derivative contracts not only includes counterparty risk, but also the impact of Sierra Pacific's nonperformance risk on its liabilities, which as of March 31, 2024 and December 31, 2023, had an immaterial impact to the fair value of its derivative contracts. As such, Sierra Pacific considers its derivative contracts to be valued using Level 3 inputs.

Sierra Pacific's investments in money market mutual funds and investment funds are stated at fair value. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value.

The following table reconciles the beginning and ending balances of Sierra Pacific's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	(16)	$	(13)
Changes in fair value recognized in regulatory assets	(11)		(20)
Settlements	1		—
Ending balance	$	(26)	$	(33)

Sierra Pacific's long-term debt is carried at cost on the Consolidated Balance Sheets. The fair value of Sierra Pacific's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of Sierra Pacific's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of Sierra Pacific's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	1,526	$	1,512	$	1,293	$	1,311

EEGH

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

The carrying value of Eastern Energy Gas' cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. Eastern Energy Gas has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that Eastern Energy Gas has the ability to access at the measurement date.

•Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 - Unobservable inputs reflect Eastern Energy Gas' judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. Eastern Energy Gas develops these inputs based on the best information available, including its own data.

The following table presents Eastern Energy Gas' financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Money market mutual funds	$	81	$	—	$	—	$	81
Equity securities:
Investment funds	16		—		—		16
	$	97	$	—	$	—	$	97
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(15)	$	—	$	(15)
	$	—	$	(15)	$	—	$	(15)
As of December 31, 2023:
Assets:
Money market mutual funds	$	62	$	—	$	—	$	62
Equity securities:
Investment funds	19		—		—		19
	$	81	$	—	$	—	$	81
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(8)	$	—	$	(8)
	$	—	$	(8)	$	—	$	(8)

Eastern Energy Gas' investments in money market mutual funds and investment funds are stated at fair value. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value.

Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchase or normal sales and qualify for the exception afforded by GAAP. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which Eastern Energy Gas transacts. When quoted prices for identical contracts are not available, Eastern Energy Gas uses forward price curves. Forward price curves represent Eastern Energy Gas' estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. Eastern Energy Gas bases its forward price curves upon market price quotations, when available, or internally developed and commercial models, with internal and external fundamental data inputs. Market price quotations are obtained from independent brokers, exchanges, direct communication with market participants and actual transactions executed by Eastern Energy Gas. Market price quotations are generally readily obtainable for the applicable term of Eastern Energy Gas' outstanding derivative contracts; therefore, Eastern Energy Gas' forward price curves reflect observable market quotes. Market price quotations for certain natural gas trading hubs are not as readily obtainable due to the length of the contracts. Given that limited market data exists for these contracts, as well as for those contracts that are not actively traded, Eastern Energy Gas uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The estimated fair value of these derivative contracts is a function of underlying forward commodity prices, interest rates, currency rates, related volatility, counterparty creditworthiness and duration of contracts.

Eastern Energy Gas' long-term debt is carried at cost on the Consolidated Financial Statements. The fair value of Eastern Energy Gas' long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The following table presents the carrying value and estimated fair value of Eastern Energy Gas' long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	3,248	$	2,962	$	3,254	$	2,968

EGTS

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

Fair Value Measurements

The carrying value of EGTS' cash, certain cash equivalents, receivables, payables, accrued liabilities and short-term borrowings approximates fair value because of the short-term maturity of these instruments. EGTS has various financial assets and liabilities that are measured at fair value on the Consolidated Financial Statements using inputs from the three levels of the fair value hierarchy. A financial asset or liability classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The three levels are as follows:

•Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that EGTS has the ability to access at the measurement date.

•Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•Level 3 - Unobservable inputs reflect EGTS' judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. EGTS develops these inputs based on the best information available, including its own data.

The following table presents EGTS' financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Money market mutual funds	$	31	$	—	$	—	$	31
Equity securities:
Investment funds	16		—		—		16
	$	47	$	—	$	—	$	47
As of December 31, 2023:
Assets:
Money market mutual funds	$	5	$	—	$	—	$	5
Equity securities:
Investment funds	19		—		—		19
	$	24	$	—	$	—	$	24

EGTS' investments in money market mutual funds and investment funds are stated at fair value. When available, a readily observable quoted market price or net asset value of an identical security in an active market is used to record the fair value.

Derivative contracts are recorded on the Consolidated Balance Sheets as either assets or liabilities and are stated at estimated fair value unless they are designated as normal purchase or normal sales and qualify for the exception afforded by GAAP. When available, the fair value of derivative contracts is estimated using unadjusted quoted prices for identical contracts in the market in which EGTS transacts. When quoted prices for identical contracts are not available, EGTS uses forward price curves. Forward price curves represent EGTS' estimates of the prices at which a buyer or seller could contract today for delivery or settlement at future dates. EGTS bases its forward price curves upon market price quotations, when available, or internally developed and commercial models, with internal and external fundamental data inputs. Market price quotations are obtained from independent brokers, exchanges, direct communication with market participants and actual transactions executed by EGTS. Market price quotations are generally readily obtainable for the applicable term of EGTS' outstanding derivative contracts; therefore, EGTS' forward price curves reflect observable market quotes. Market price quotations for certain natural gas trading hubs are not as readily obtainable due to the length of the contracts. Given that limited market data exists for these contracts, as well as for those contracts that are not actively traded, EGTS uses forward price curves derived from internal models based on perceived pricing relationships to major trading hubs that are based on unobservable inputs. The estimated fair value of these derivative contracts is a function of underlying forward commodity prices, related volatility, counterparty creditworthiness and duration of contracts.

EGTS' long-term debt is carried at cost on the Consolidated Financial Statements. The fair value of EGTS' long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The following table presents the carrying value and estimated fair value of EGTS' long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	1,583	$	1,380	$	1,583	$	1,386

XML

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Commitments

The Company has the following firm commitments that are not reflected on the Consolidated Balance Sheets.

Fuel Contracts

During the three-month period ended March 31, 2024, PacifiCorp entered into certain coal supply and transportation agreements totaling $1.9 billion through 2030.

Environmental Laws and Regulations

The Company is subject to federal, state, local and foreign laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal, hazardous and other environmental matters that have the potential to impact the Company's current and future operations. The Company believes it is in material compliance with all applicable laws and regulations.

Lower Klamath Hydroelectric Project

In November 2022, the Federal Energy Regulatory Commission ("FERC") issued a license surrender order for the Lower Klamath Project, which was accepted by the Klamath River Renewal Corporation ("KRRC") and the states of Oregon and California ("States") in December 2022, along with the transfer of the Lower Klamath Project dams. Although PacifiCorp no longer owned the Lower Klamath Project, PacifiCorp continued to operate the facilities under an operation and maintenance agreement with the KRRC until each facility was ready for removal. PacifiCorp's obligations under the operations and maintenance agreement terminated in January 2024. Removal of the Copco No. 2 facility was completed in November 2023, and removal of the remaining three dams (J.C. Boyle, Copco No. 1 and Iron Gate) began in January 2024 and is anticipated to be completed in late 2024. The KRRC has $450 million in funding available for dam removal and restoration; $200 million collected from PacifiCorp's Oregon and California customers and $250 million in California bond funds. PacifiCorp and the States have also agreed to equally share cost overruns that may occur above the initial $450 million in funding. Specifically, PacifiCorp and the States have agreed to equally fund an initial $45 million contingency fund and equally share any additional costs above that amount to ensure dam removal and restoration is complete.

Legal Matters

The Company is party to a variety of legal actions, including litigation, arising out of the normal course of business, some of which assert claims for damages in substantial amounts and are described below. For certain legal actions, parties at times may seek to impose fines, penalties and other costs.

Pursuant to ASC 450, "Contingencies," a provision for a loss contingency is recorded when it is probable a liability is likely to occur and the amount of loss can be reasonably estimated. The Company evaluates the related range of reasonably estimated losses and records a loss based on its best estimate within that range or the lower end of the range if there is no better estimate.

Wildfires

In California, under inverse condemnation, courts have held that investor-owned utilities can be liable for real and personal property damages from wildfires without the utility being found negligent and regardless of fault. California law also permits inverse condemnation plaintiffs to recover reasonable attorney fees and costs. In both Oregon and California, PacifiCorp has equipment in areas accessed through special use permits, easements or similar agreements that may contain provisions requiring it to pay for damages caused by its equipment regardless of fault. Even if inverse condemnation or other provisions do not apply, PacifiCorp could be found liable for all damages.

2020 Wildfires

In September 2020, a severe weather event resulting in high winds, low humidity and warm temperatures contributed to several major wildfires, which resulted in real and personal property and natural resource damage, personal injuries and loss of life and widespread power outages in Oregon and Northern California. The wildfires spread across certain parts of PacifiCorp's service territory and surrounding areas across multiple counties in Oregon and California, including Siskiyou County, California; Jackson County, Oregon; Douglas County, Oregon; Marion County, Oregon; Lincoln County, Oregon; and Klamath County, Oregon, burning over 500,000 acres in aggregate. Third-party reports for these wildfires ("2020 Wildfires") indicate over 2,000 structures destroyed, including residences; several structures damaged; multiple individuals injured; and several fatalities.

Investigations into the cause and origin of each wildfire are complex and ongoing and have been or are being conducted by various entities, including the U.S. Forest Service, the California Public Utilities Commission, the Oregon Department of Forestry, the Oregon Department of Justice, PacifiCorp and various experts engaged by PacifiCorp.

As of the date of this filing, a significant number of complaints and demands alleging similar claims related to the 2020 Wildfires have been filed in Oregon and California, including a class action complaint in Oregon for which certain jury verdicts were issued as described below. The plaintiffs seek damages for economic losses, noneconomic losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys' fees. Several insurance carriers have filed subrogation complaints in Oregon and California with allegations similar to those made in the aforementioned complaints. Additionally, the U.S. and Oregon Departments of Justice have informed PacifiCorp that they are contemplating filing actions against PacifiCorp in connection with certain of the Oregon 2020 Wildfires. PacifiCorp is actively cooperating with the U.S. and Oregon Departments of Justice on resolving these alleged claims through alternative dispute resolution.

As of March 31, 2024, amounts sought in the complaints and demands filed in Oregon and in certain demands made in California totaled approximately $7 billion, excluding any doubling or trebling of damages included in the complaints and those settled. Generally, the complaints filed in California do not specify damages sought and are excluded from this amount. For class actions, amounts specified by the plaintiffs in the complaints include amounts based on estimates of the potential class size, which ultimately may be significantly greater than estimated. Additionally, damages are not limited to the amounts specified in the initially filed complaints as plaintiffs are frequently allowed to amend their complaints to add additional damages and amounts awarded in a court proceeding may be significantly greater than the damages specified. Oregon law provides for doubling of economic and property damages in the event the defendant is found to have acted with gross negligence, recklessness, willfulness or malice. Oregon law provides for trebling of the damages associated with timber, shrubs and produce in the event the defendant is determined to have willfully and intentionally trespassed. Based on available information to date, PacifiCorp believes it is probable that losses will be incurred associated with the 2020 Wildfires. Final determinations of liability will only be made following the completion of comprehensive investigations, litigation or similar processes, the outcome of which, if adverse, could, in the aggregate, have a material adverse effect on PacifiCorp's financial condition. In April 2024, a complaint in the James case described below was filed by 1,000 individual class members seeking $5 billion in economic and $25 billion in noneconomic damages before doubling of economic damages and punitive damages included in the complaint.

The James Case

On September 30, 2020, a class action complaint against PacifiCorp was filed, captioned Jeanyne James et al. v. PacifiCorp et al, in Multnomah County Circuit Court, Oregon ("James"). The complaint was filed by Oregon residents and businesses who seek to represent a class of all Oregon citizens and entities whose real or personal property was harmed beginning on September 7, 2020, by wildfires in Oregon allegedly caused by PacifiCorp. In November 2021, the plaintiffs filed an amended complaint to limit the class to include Oregon citizens allegedly impacted by the Santiam Canyon, Echo Mountain Complex, South Obenchain and 242 wildfires. In May 2022, the Multnomah County Circuit Court granted issue class certification and consolidated the James case with several other cases. While PacifiCorp's pre-trial request for immediate appeal of the class certification was denied, it subsequently filed to appeal the class issues as described below.

On April 29, 2024, a complaint against PacifiCorp naming 1,000 individual class members was filed in Multnomah County Circuit Court, Oregon, referencing James as the lead case. The April 2024 James complaint makes damages only allegations seeking economic, noneconomic and punitive damages, as well as doubling of economic damages. PacifiCorp believes the magnitude of damages sought by the class members in the April 2024 James complaint to be of remote likelihood of being awarded based on the amounts awarded in the jury verdicts described below that are being appealed.

In April 2023, the jury trial for James with respect to 17 named plaintiffs began in Multnomah County Circuit Court. In June 2023, the jury issued its verdict finding PacifiCorp liable to the 17 named plaintiffs and to the class with respect to the four wildfires. The jury found PacifiCorp's conduct grossly negligent, reckless and willful as to each plaintiff and the entire class. The jury awarded the 17 named plaintiffs $90 million of damages, including $4 million of economic damages, $68 million of noneconomic damages and $18 million of punitive damages based on a 0.25 multiplier of the economic and noneconomic damages.

In September 2023, the Multnomah County Circuit Court ordered trial dates for three damages phase trials described below wherein plaintiffs in each of the three damages phase trials would present evidence regarding their damages.

In January 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the June 2023 James verdict. The limited judgment awards $92 million of damages based on the amounts awarded by the jury, as well as doubling of the economic damages and offsetting of any insurance proceeds received by plaintiffs. The limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. Under ORS 82.010, interest at a rate of 9% per annum will accrue on the judgment commencing at the date the judgment was entered until the entire money award is paid, amended or reversed by an appellate court. In January 2024, PacifiCorp filed a notice of appeal associated with the June 2023 verdict in James, including whether the case can proceed as a class action and filed a motion to stay further damages phase trials. On February 14, 2024, the Oregon Court of Appeals denied PacifiCorp's request to stay the damages phase trials. On February 13, 2024, the 17 named plaintiffs filed a notice of cross-appeal as to the January 2024 limited judgment and money award. The appeals process and further actions could take several years.

In January 2024, the jury for the first James damages phase trial awarded nine plaintiffs $62 million of damages, including $6 million of economic damages and $56 million of noneconomic damages. After the jury verdict, the Multnomah County Circuit Court doubled the economic damages to $12 million and added $16 million of punitive damages using the 0.25 multiplier determined by the jury for the June 2023 James verdict bringing the total damages awarded to $84 million. PacifiCorp requested that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the nine plaintiffs, and on March 25, 2024, the Multnomah County Circuit Court granted in large part the offset request. In April 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the January 2024 James verdict. The limited judgment awards $80 million of damages based on the amounts awarded by the jury and offsetting insurance proceeds received by plaintiffs. The limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. In April 2024, PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. PacifiCorp amended its January 2024 appeal of the June 2023 James verdict to include the January 2024 jury verdict.

In March 2024, the jury for the second James damages phase trial awarded ten plaintiffs $42 million of damages, including $12 million of doubled economic damages, $23 million of noneconomic damages and $7 million of punitive damages using the 0.25 multiplier determined by the jury for the June 2023 James verdict. PacifiCorp has requested that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the ten plaintiffs. PacifiCorp intends to appeal the jury's damage awards associated with the March 2024 jury verdict once judgment is entered.

In March 2024, settlement was reached with five commercial timber plaintiffs in the James consolidated cases, and the jury trial scheduled for April 2024 was cancelled.

2022 McKinney Fire

According to the California Department of Forestry and Fire Protection, on July 29, 2022, a wildfire began in the Oak Knoll Ranger District of the Klamath National Forest in Siskiyou County, California located in PacifiCorp's service territory ("2022 McKinney Fire"), burning over 60,000 acres. Third-party reports indicate that the 2022 McKinney Fire resulted in 11 structures damaged; 185 structures destroyed, including residences; 12 injuries; and four fatalities. The cause of the 2022 McKinney Fire is undetermined and remains under investigation by the U.S. Forest Service, the California Public Utilities Commission, PacifiCorp and various experts engaged by PacifiCorp.

As of the date of this filing, multiple complaints have been filed in California on behalf of plaintiffs related to the 2022 McKinney Fire. The plaintiffs seek damages for economic losses, noneconomic losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys' fees, but the amount of damages sought is not specified.

Based on available information to date, PacifiCorp believes it is probable a loss will be incurred associated with the 2022 McKinney Fire. Final determinations of liability will only be made following the completion of comprehensive investigations, litigation or similar processes.

Estimated Losses for and Settlements Associated with the Wildfires

Based on the facts and circumstances available to PacifiCorp as of the date of this filing, including (i) ongoing cause and origin investigations; (ii) ongoing settlement and mediation discussions; (iii) other litigation matters and upcoming legal proceedings; and (iv) the status of the James case, PacifiCorp recorded cumulative estimated probable losses associated with the 2020 Wildfires and the 2022 McKinney Fire ("Wildfires") of $2,407 million through March 31, 2024. PacifiCorp's cumulative accrual includes estimates of probable losses for fire suppression costs, real and personal property damages, natural resource damages and noneconomic damages such as personal injury damages and loss of life damages that it is reasonably able to estimate at this time and which is subject to change as additional relevant information becomes available.

Through March 31, 2024, PacifiCorp paid $702 million in settlements associated with the 2020 Wildfires and paid an additional $52 million subsequent to March 31, 2024. PacifiCorp has also reached settlement agreements associated with the 2020 Wildfires totaling $23 million that have yet to be paid. As a result of the settlements, various trials have been cancelled.

The following table presents changes in PacifiCorp's liability for estimated losses associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	1,723	$	424
Accrued losses	—		400
Payments	(18)		—
Ending balance	$	1,705	$	824

As of March 31, 2024 and December 31, 2023, $269 million and $4 million of PacifiCorp's liability for estimated losses associated with the Wildfires is classified as a current liability captioned Wildfires liabilities on the Consolidated Balance Sheets. The amounts reflected as current as of March 31, 2024 reflect amounts reasonably expected to be paid out within the next year based on settlements reached as well as ongoing settlement and mediation efforts. The remainder of PacifiCorp's liability for estimated losses associated with the Wildfires as of March 31, 2024 and December 31, 2023 is classified as a noncurrent liability captioned Wildfires liabilities on the Consolidated Balance Sheets.

The following table presents changes in PacifiCorp's receivable for expected insurance recoveries associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	499	$	246
Accruals	—		41
Payments received	(350)		—
Ending balance	$	149	$	287

As of March 31, 2024, $15 million of PacifiCorp's receivable for expected insurance recoveries was included in Other receivables, net while the remaining $134 million was included in Other assets on the Consolidated Balance Sheets. As of December 31, 2023, $350 million of PacifiCorp's receivable for expected insurance recoveries was included in Other receivables, net while the remaining $149 million was included in Other assets on the Consolidated Balance Sheets. Insurance proceeds received to date relate to the 2020 Wildfires.

During the three-month period ended March 31, 2024 and 2023, PacifiCorp recognized probable losses net of expected insurance recoveries associated with the Wildfires of $— million and $359 million, respectively. No additional insurance recoveries beyond those accrued and received to date are expected to be available.

It is reasonably possible PacifiCorp will incur material additional losses beyond the amounts accrued for the Wildfires that could have a material adverse effect on PacifiCorp's financial condition. PacifiCorp is currently unable to reasonably estimate a specific range of possible additional losses that could be incurred due to the number of properties and parties involved, including claimants in the class to the James case, the variation in the types of properties and damages and the ultimate outcome of legal actions.

HomeServices Antitrust Cases

HomeServices is currently defending against several antitrust cases, all in federal district courts. In each case, plaintiffs claim HomeServices and certain of its subsidiaries (in one instance, HomeServices and BHE) conspired with co-defendants to artificially inflate real estate commissions by following and enforcing multiple listing service ("MLS") rules that require listing agents to offer a commission split to cooperating agents in order for the property to appear on the MLS ("Cooperative Compensation Rule"). None of the complaints specify damages sought. However, two cases allege Texas state law deceptive trade practices claims, for which plaintiffs have provided written notice of the damages sought totaling approximately $9 billion by separate notice as required by Texas law.

In April 2019, the Burnett (formerly Sitzer) et al. v. HomeServices of America, Inc. et al. complaint was filed in the U.S. District Court for the Western District of Missouri (the "Burnett case"). This lawsuit, which was certified as a class in April 2022, was originally brought on behalf of named plaintiffs Joshua Sitzer and Amy Winger against the National Association of Realtors ("NAR"), Anywhere Real Estate (formerly Realogy Holdings Corp.), HomeServices of America, Inc., RE/MAX, LLC, and Keller Williams Realty, Inc. HSF Affiliates, LLC and BHH Affiliates, LLC, each a subsidiary of HomeServices, were subsequently added as defendants. Rhonda Burnett became a lead class plaintiff in June 2021. The jury trial commenced on October 16, 2023, and the jury returned a verdict for the plaintiffs on October 31, 2023, finding that the named defendants participated in a conspiracy to follow and enforce the Cooperative Compensation Rule, which conspiracy had the purpose or effect of raising, inflating, or stabilizing broker commission rates paid by home sellers. The jury further found that the class plaintiffs had proved damages in the amount of $1.8 billion. Joint and several liability applies for the co-defendants. Federal law authorizes trebling of damages and the award of pre-judgment interest and attorney fees. Prior to the trial, Anywhere Real Estate (formerly Realogy Holdings Corp.) and RE/MAX, LLC reached settlement agreements with the plaintiffs. Subsequent to the trial, settlements were reached by Keller Williams and NAR on February 1, 2024 and March 15, 2024, respectively. All settlements are subject to court approval, which is scheduled for May 9, 2024, except for the NAR settlement for which the date is November 26, 2024. Final judgment has not yet been entered by the U.S. District Court for the Western District of Missouri.

In April 2024, HomeServices agreed to terms with the plaintiffs to settle all claims asserted against HomeServices, HSF Affiliates, LLC and BHH Affiliates, LLC in the Burnett case as part of a proposed nationwide class settlement. The final settlement agreement, which includes scheduled payments over the next four years aggregating $250 million, has yet to be filed with the court and is ultimately subject to court approval. HomeServices recognized an after-tax charge of approximately $140 million during the three-month period ended March 31, 2024. If the settlement is not approved by the court, HomeServices intends to vigorously appeal on multiple grounds the jury's findings and damage award in the Burnett case, including whether the case can proceed as a class action. The appeals process and further actions could take several years.

Guarantees

The Company has entered into guarantees as part of the normal course of business and the sale or transfer of certain assets. These guarantees are not expected to have a material impact on the Company's consolidated financial results.

PAC

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Commitments

PacifiCorp has the following firm commitments that are not reflected on the Consolidated Balance Sheets.

Fuel Contracts

During the three-month period ended March 31, 2024, PacifiCorp entered into certain coal supply and transportation agreements totaling $1.9 billion through 2030.

Environmental Laws and Regulations

PacifiCorp is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal, wildfire prevention and mitigation and other environmental matters that have the potential to impact its current and future operations. PacifiCorp believes it is in material compliance with all applicable laws and regulations.

Lower Klamath Hydroelectric Project

In November 2022, the Federal Energy Regulatory Commission ("FERC") issued a license surrender order for the Lower Klamath Project, which was accepted by the Klamath River Renewal Corporation ("KRRC") and the states of Oregon and California ("States") in December 2022, along with the transfer of the Lower Klamath Project dams. Although PacifiCorp no longer owned the Lower Klamath Project, PacifiCorp continued to operate the facilities under an operation and maintenance agreement with the KRRC until each facility was ready for removal. PacifiCorp's obligations under the operations and maintenance agreement terminated in January 2024. Removal of the Copco No. 2 facility was completed in November 2023, and removal of the remaining three dams (J.C. Boyle, Copco No. 1 and Iron Gate) began in January 2024 and is anticipated to be completed in late 2024. The KRRC has $450 million in funding available for dam removal and restoration; $200 million collected from PacifiCorp's Oregon and California customers and $250 million in California bond funds. PacifiCorp and the States have also agreed to equally share cost overruns that may occur above the initial $450 million in funding. Specifically, PacifiCorp and the States have agreed to equally fund an initial $45 million contingency fund and equally share any additional costs above that amount to ensure dam removal and restoration is complete.

Legal Matters

PacifiCorp is party to a variety of legal actions, including litigation, arising out of the normal course of business, some of which assert claims for damages in substantial amounts and are described below. For certain legal actions, parties at times may seek to impose fines, penalties and other costs.

Pursuant to ASC 450, "Contingencies," a provision for a loss contingency is recorded when it is probable a liability is likely to occur and the amount of loss can be reasonably estimated. PacifiCorp evaluates the related range of reasonably estimated losses and records a loss based on its best estimate within that range or the lower end of the range if there is no better estimate.

Wildfires

In California, under inverse condemnation, courts have held that investor-owned utilities can be liable for real and personal property damages from wildfires without the utility being found negligent and regardless of fault. California law also permits inverse condemnation plaintiffs to recover reasonable attorney fees and costs. In both Oregon and California, PacifiCorp has equipment in areas accessed through special use permits, easements or similar agreements that may contain provisions requiring it to pay for damages caused by its equipment regardless of fault. Even if inverse condemnation or other provisions do not apply, PacifiCorp could be found liable for all damages.

2020 Wildfires

In September 2020, a severe weather event resulting in high winds, low humidity and warm temperatures contributed to several major wildfires, which resulted in real and personal property and natural resource damage, personal injuries and loss of life and widespread power outages in Oregon and Northern California. The wildfires spread across certain parts of PacifiCorp's service territory and surrounding areas across multiple counties in Oregon and California, including Siskiyou County, California; Jackson County, Oregon; Douglas County, Oregon; Marion County, Oregon; Lincoln County, Oregon; and Klamath County, Oregon, burning over 500,000 acres in aggregate. Third-party reports for these wildfires ("2020 Wildfires") indicate over 2,000 structures destroyed, including residences; several structures damaged; multiple individuals injured; and several fatalities.

Investigations into the cause and origin of each wildfire are complex and ongoing and have been or are being conducted by various entities, including the U.S. Forest Service, the California Public Utilities Commission, the Oregon Department of Forestry, the Oregon Department of Justice, PacifiCorp and various experts engaged by PacifiCorp.

As of the date of this filing, a significant number of complaints and demands alleging similar claims related to the 2020 Wildfires have been filed in Oregon and California, including a class action complaint in Oregon for which certain jury verdicts were issued as described below. The plaintiffs seek damages for economic losses, noneconomic losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys' fees. Several insurance carriers have filed subrogation complaints in Oregon and California with allegations similar to those made in the aforementioned complaints. Additionally, the U.S. and Oregon Departments of Justice have informed PacifiCorp that they are contemplating filing actions against PacifiCorp in connection with certain of the Oregon 2020 Wildfires. PacifiCorp is actively cooperating with the U.S. and Oregon Departments of Justice on resolving these alleged claims through alternative dispute resolution.

As of March 31, 2024, amounts sought in the complaints and demands filed in Oregon and in certain demands made in California totaled approximately $7 billion, excluding any doubling or trebling of damages included in the complaints and those settled. Generally, the complaints filed in California do not specify damages sought and are excluded from this amount. For class actions, amounts specified by the plaintiffs in the complaints include amounts based on estimates of the potential class size, which ultimately may be significantly greater than estimated. Additionally, damages are not limited to the amounts specified in the initially filed complaints as plaintiffs are frequently allowed to amend their complaints to add additional damages and amounts awarded in a court proceeding may be significantly greater than the damages specified. Oregon law provides for doubling of economic and property damages in the event the defendant is found to have acted with gross negligence, recklessness, willfulness or malice. Oregon law provides for trebling of the damages associated with timber, shrubs and produce in the event the defendant is determined to have willfully and intentionally trespassed. Based on available information to date, PacifiCorp believes it is probable that losses will be incurred associated with the 2020 Wildfires. Final determinations of liability will only be made following the completion of comprehensive investigations, litigation or similar processes, the outcome of which, if adverse, could, in the aggregate, have a material adverse effect on PacifiCorp's financial condition. In April 2024, a complaint in the James case described below was filed by 1,000 individual class members seeking $5 billion in economic and $25 billion in noneconomic damages before doubling of economic damages and punitive damages included in the complaint.

The James Case

On September 30, 2020, a class action complaint against PacifiCorp was filed, captioned Jeanyne James et al. v. PacifiCorp et al, in Multnomah County Circuit Court, Oregon ("James"). The complaint was filed by Oregon residents and businesses who seek to represent a class of all Oregon citizens and entities whose real or personal property was harmed beginning on September 7, 2020, by wildfires in Oregon allegedly caused by PacifiCorp. In November 2021, the plaintiffs filed an amended complaint to limit the class to include Oregon citizens allegedly impacted by the Santiam Canyon, Echo Mountain Complex, South Obenchain and 242 wildfires. In May 2022, the Multnomah County Circuit Court granted issue class certification and consolidated the James case with several other cases. While PacifiCorp's pre-trial request for immediate appeal of the class certification was denied, it subsequently filed to appeal the class issues as described below.

On April 29, 2024, a complaint against PacifiCorp naming 1,000 individual class members was filed in Multnomah County Circuit Court, Oregon, referencing James as the lead case. The April 2024 James complaint makes damages only allegations seeking economic, noneconomic and punitive damages, as well as doubling of economic damages. PacifiCorp believes the magnitude of damages sought by the class members in the April 2024 James complaint to be of remote likelihood of being awarded based on the amounts awarded in the jury verdicts described below that are being appealed.

In April 2023, the jury trial for James with respect to 17 named plaintiffs began in Multnomah County Circuit Court. In June 2023, the jury issued its verdict finding PacifiCorp liable to the 17 named plaintiffs and to the class with respect to the four wildfires. The jury found PacifiCorp's conduct grossly negligent, reckless and willful as to each plaintiff and the entire class. The jury awarded the 17 named plaintiffs $90 million of damages, including $4 million of economic damages, $68 million of noneconomic damages and $18 million of punitive damages based on a 0.25 multiplier of the economic and noneconomic damages.

In September 2023, the Multnomah County Circuit Court ordered trial dates for three damages phase trials described below wherein plaintiffs in each of the three damages phase trials would present evidence regarding their damages.

In January 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the June 2023 James verdict. The limited judgment awards $92 million of damages based on the amounts awarded by the jury, as well as doubling of the economic damages and offsetting of any insurance proceeds received by plaintiffs. The limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. Under ORS 82.010, interest at a rate of 9% per annum will accrue on the judgment commencing at the date the judgment was entered until the entire money award is paid, amended or reversed by an appellate court. In January 2024, PacifiCorp filed a notice of appeal associated with the June 2023 verdict in James, including whether the case can proceed as a class action and filed a motion to stay further damages phase trials. On February 14, 2024, the Oregon Court of Appeals denied PacifiCorp's request to stay the damages phase trials. On February 13, 2024, the 17 named plaintiffs filed a notice of cross-appeal as to the January 2024 limited judgment and money award. The appeals process and further actions could take several years.

In January 2024, the jury for the first James damages phase trial awarded nine plaintiffs $62 million of damages, including $6 million of economic damages and $56 million of noneconomic damages. After the jury verdict, the Multnomah County Circuit Court doubled the economic damages to $12 million and added $16 million of punitive damages using the 0.25 multiplier determined by the jury for the June 2023 James verdict bringing the total damages awarded to $84 million. PacifiCorp requested that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the nine plaintiffs, and on March 25, 2024, the Multnomah County Circuit Court granted in large part the offset request. In April 2024, the Multnomah County Circuit Court entered a limited judgment and money award for the January 2024 James verdict. The limited judgment awards $80 million of damages based on the amounts awarded by the jury and offsetting insurance proceeds received by plaintiffs. The limited judgment created a lien against PacifiCorp, attaching a debt for the money awards. In April 2024, PacifiCorp posted a supersedeas bond, which stays any effort to seek payment of the judgment pending final resolution of any appeals. PacifiCorp amended its January 2024 appeal of the June 2023 James verdict to include the January 2024 jury verdict.

In March 2024, the jury for the second James damages phase trial awarded ten plaintiffs $42 million of damages, including $12 million of doubled economic damages, $23 million of noneconomic damages and $7 million of punitive damages using the 0.25 multiplier determined by the jury for the June 2023 James verdict. PacifiCorp has requested that the Multnomah County Circuit Court judge offset the damage awards by deducting insurance proceeds received by any of the ten plaintiffs. PacifiCorp intends to appeal the jury's damage awards associated with the March 2024 jury verdict once judgment is entered.

In March 2024, settlement was reached with five commercial timber plaintiffs in the James consolidated cases, and the jury trial scheduled for April 2024 was cancelled.

2022 McKinney Fire

According to the California Department of Forestry and Fire Protection, on July 29, 2022, a wildfire began in the Oak Knoll Ranger District of the Klamath National Forest in Siskiyou County, California located in PacifiCorp's service territory ("2022 McKinney Fire"), burning over 60,000 acres. Third-party reports indicate that the 2022 McKinney Fire resulted in 11 structures damaged; 185 structures destroyed, including residences; 12 injuries; and four fatalities. The cause of the 2022 McKinney Fire is undetermined and remains under investigation by the U.S. Forest Service, the California Public Utilities Commission, PacifiCorp and various experts engaged by PacifiCorp.

As of the date of this filing, multiple complaints have been filed in California on behalf of plaintiffs related to the 2022 McKinney Fire. The plaintiffs seek damages for economic losses, noneconomic losses, including mental suffering, emotional distress, personal injury and loss of life, punitive damages, other damages and attorneys' fees, but the amount of damages sought is not specified.

Based on available information to date, PacifiCorp believes it is probable a loss will be incurred associated with the 2022 McKinney Fire. Final determinations of liability will only be made following the completion of comprehensive investigations, litigation or similar processes.

Estimated Losses for and Settlements Associated with the Wildfires

Based on the facts and circumstances available to PacifiCorp as of the date of this filing, including (i) ongoing cause and origin investigations; (ii) ongoing settlement and mediation discussions; (iii) other litigation matters and upcoming legal proceedings; and (iv) the status of the James case, PacifiCorp recorded cumulative estimated probable losses associated with the 2020 Wildfires and the 2022 McKinney Fire ("Wildfires") of $2,407 million through March 31, 2024. PacifiCorp's cumulative accrual includes estimates of probable losses for fire suppression costs, real and personal property damages, natural resource damages and noneconomic damages such as personal injury damages and loss of life damages that it is reasonably able to estimate at this time and which is subject to change as additional relevant information becomes available.

Through March 31, 2024, PacifiCorp paid $702 million in settlements associated with the 2020 Wildfires and paid an additional $52 million subsequent to March 31, 2024. PacifiCorp has also reached settlement agreements associated with the 2020 Wildfires totaling $23 million that have yet to be paid. As a result of the settlements, various trials have been cancelled.

The following table presents changes in PacifiCorp's liability for estimated losses associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	1,723	$	424
Accrued losses	—		400
Payments	(18)		—
Ending balance	$	1,705	$	824

As of March 31, 2024 and December 31, 2023, $269 million and $4 million of PacifiCorp's liability for estimated losses associated with the Wildfires is classified as a current liability captioned Wildfires liabilities on the Consolidated Balance Sheets. The amounts reflected as current as of March 31, 2024 reflect amounts reasonably expected to be paid out within the next year based on settlements reached as well as ongoing settlement and mediation efforts. The remainder of PacifiCorp's liability for estimated losses associated with the Wildfires as of March 31, 2024 and December 31, 2023 is classified as a noncurrent liability captioned Wildfires liabilities on the Consolidated Balance Sheets.

The following table presents changes in PacifiCorp's receivable for expected insurance recoveries associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	499	$	246
Accruals	—		41
Payments received	(350)		—
Ending balance	$	149	$	287

As of March 31, 2024, $15 million of PacifiCorp's receivable for expected insurance recoveries was included in Other receivables, net while the remaining $134 million was included in Other assets on the Consolidated Balance Sheets. As of December 31, 2023, $350 million of PacifiCorp's receivable for expected insurance recoveries was included in Other receivables, net while the remaining $149 million was included in Other assets on the Consolidated Balance Sheets. Insurance proceeds received to date relate to the 2020 Wildfires.

During the three-month periods ended March 31, 2024 and 2023, PacifiCorp recognized probable losses net of expected insurance recoveries associated with the Wildfires of $— million and $359 million, respectively. No additional insurance recoveries beyond those accrued and received to date are expected to be available.

It is reasonably possible PacifiCorp will incur material additional losses beyond the amounts accrued for the Wildfires that could have a material adverse effect on PacifiCorp's financial condition. PacifiCorp is currently unable to reasonably estimate a specific range of possible additional losses that could be incurred due to the number of properties and parties involved, including claimants in the class to the James case, the variation in the types of properties and damages and the ultimate outcome of legal actions.

Guarantees

PacifiCorp has entered into guarantees as part of the normal course of business and the sale or transfer of certain assets. These guarantees are not expected to have a material impact on PacifiCorp's consolidated financial results.

MEC

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Environmental Laws and Regulations

MidAmerican Energy is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality, coal ash disposal and other environmental matters that have the potential to impact its current and future operations. MidAmerican Energy believes it is in material compliance with all applicable laws and regulations.

Legal Matters

MidAmerican Energy is party to a variety of legal actions arising out of the normal course of business. MidAmerican Energy does not believe that such normal and routine litigation will have a material impact on its financial results.

Transmission Rates

MidAmerican Energy's wholesale transmission rates are set annually using formula rates approved by the Federal Energy Regulatory Commission ("FERC") subject to true-up for actual cost of service. In November 2013 and February 2015, a coalition of intervenors filed successive complaints with the FERC requesting that the base return on equity ("ROE") used to determine rates in effect prior to September 2016 no longer be found just and reasonable and sought to reduce the base ROE. In August 2022, the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion vacating all orders related to the complaints and remanding them back to the FERC. MidAmerican Energy cannot predict the ultimate outcome of these matters or the amount of potential refunds.

MidAmerican Funding, LLC

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

MidAmerican Funding is party to a variety of legal actions arising out of the normal course of business. MidAmerican Funding does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

Refer to Note 9 of MidAmerican Energy's Notes to Financial Statements.

NPC

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Environmental Laws and Regulations

Nevada Power is subject to federal, state and local laws and regulations regarding climate change, renewable portfolio standards, air and water quality, emissions performance standards, coal combustion byproduct disposal, hazardous and solid waste disposal, protected species and other environmental matters that have the potential to impact Nevada Power's current and future operations. Nevada Power believes it is in material compliance with all applicable laws and regulations.

Legal Matters

Nevada Power is party to a variety of legal actions arising out of the normal course of business. Nevada Power does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

SPPC

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Environmental Laws and Regulations

Sierra Pacific is subject to federal, state and local laws and regulations regarding climate change, renewable portfolio standards, air and water quality, emissions performance standards, coal combustion byproduct disposal, hazardous and solid waste disposal, protected species and other environmental matters that have the potential to impact Sierra Pacific's current and future operations. Sierra Pacific believes it is in material compliance with all applicable laws and regulations.

Legal Matters

Sierra Pacific is party to a variety of legal actions arising out of the normal course of business. Sierra Pacific does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

EEGH

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Environmental Laws and Regulations

Eastern Energy Gas is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality and other environmental matters that have the potential to impact its current and future operations. Eastern Energy Gas believes it is in material compliance with all applicable laws and regulations.

Legal Matters

Eastern Energy Gas is party to a variety of legal actions arising out of the normal course of business. Eastern Energy Gas does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

EGTS

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Environmental Laws and Regulations

EGTS is subject to federal, state and local laws and regulations regarding air quality, climate change, emissions performance standards, water quality and other environmental matters that have the potential to impact its current and future operations. EGTS believes it is in material compliance with all applicable laws and regulations.

Legal Matters

EGTS is party to a variety of legal actions arising out of the normal course of business. EGTS does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

XML

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2024

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Energy Products and Services

The following table summarizes the Company's energy products and services revenue from contracts with customers ("Customer Revenue") by regulated and nonregulated, with further disaggregation of regulated by line of business, including a reconciliation to the Company's reportable segment information included in Note 12 (in millions):

	For the Three-Month Period Ended March 31, 2024
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,447	$	485	$	782	$	—	$	—	$	—	$	—	$	—	$	2,714
Retail gas	—		254		85		—		—		—		—		—		339
Wholesale	29		72		18		—		—		—		—		(1)		118
Transmission and    distribution	41		15		20		266		—		167		—		—		509
Interstate pipeline	—		—		—		—		869		—		—		(45)		824
Other	26		—		—		—		1		—		—		—		27
Total Regulated	1,543		826		905		266		870		167		—		(46)		4,531
Nonregulated	—		2		1		23		257		31		296		—		610
Total Customer Revenue	1,543		828		906		289		1,127		198		296		(46)		5,141
Other revenue	5		15		2		31		1		—		51		(1)		104
Total	$	1,548	$	843	$	908	$	320	$	1,128	$	198	$	347	$	(47)	$	5,245

	For the Three-Month Period Ended March 31, 2023
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,349	$	491	$	848	$	—	$	—	$	—	$	—	$	—	$	2,688
Retail gas	—		296		96		—		—		—		—		—		392
Wholesale	61		100		31		—		—		—		—		(1)		191
Transmission and    distribution	38		14		18		281		—		165		—		—		516
Interstate pipeline	—		—		—		—		878		—		—		(56)		822
Other	32		—		—		—		2		—		—		—		34
Total Regulated	1,480		901		993		281		880		165		—		(57)		4,643
Nonregulated	—		3		1		45		266		40		305		—		660
Total Customer Revenue	1,480		904		994		326		1,146		205		305		(57)		5,303
Other revenue	4		16		5		28		27		—		88		—		168
Total	$	1,484	$	920	$	999	$	354	$	1,173	$	205	$	393	$	(57)	$	5,471

(1)The BHE and Other reportable segment represents amounts related principally to other corporate entities, corporate functions and intersegment eliminations.

Real Estate Services

The following table summarizes the Company's real estate services Customer Revenue by line of business (in millions):

	HomeServices
	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Brokerage	$	794	$	799
Franchise	12		12
Total Customer Revenue	806		811
Mortgage and other revenue	60		64
Total	$	866	$	875

Remaining Performance Obligations

The following table summarizes the Company's revenue it expects to recognize in future periods related to significant unsatisfied remaining performance obligations for fixed contracts with expected durations in excess of one year as of March 31, 2024, by reportable segment (in millions):

	Performance obligations expected to be satisfied:
	Less than 12 months		More than 12 months		Total
BHE Pipeline Group	$	2,961	$	19,752	$	22,713

PAC

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

The following table summarizes PacifiCorp's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Retail:
Residential	$	610	$	585
Commercial	472		430
Industrial	319		290
Other retail	46		44
Total retail	1,447		1,349
Wholesale	29		61
Transmission	41		38
Other Customer Revenue	26		32
Total Customer Revenue	1,543		1,480
Other revenue	5		4
Total operating revenue	$	1,548	$	1,484

MEC

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

The following table summarizes MidAmerican Energy's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class, including a reconciliation to MidAmerican Energy's reportable segment information included in Note 12 (in millions):

	For the Three-Month Period Ended March 31, 2024
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	160	$	167	$	—	$	327
Commercial	72		64		—		136
Industrial	218		6		—		224
Natural gas transportation services	—		14		—		14
Other retail	35		3		—		38
Total retail	485		254		—		739
Wholesale	51		21		—		72
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		2		2
Total Customer Revenue	551		275		2		828
Other revenue	14		1		—		15
Total operating revenue	$	565	$	276	$	2	$	843

	For the Three-Month Period Ended March 31, 2023
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	167	$	199	$	—	$	366
Commercial	75		78		—		153
Industrial	214		7		—		221
Natural gas transportation services	—		13		—		13
Other retail	35		(1)		—		34
Total retail	491		296		—		787
Wholesale	71		29		—		100
Multi-value transmission projects	14		—		—		14
Other Customer Revenue	—		—		3		3
Total Customer Revenue	576		325		3		904
Other revenue	15		1		—		16
Total operating revenue	$	591	$	326	$	3	$	920

MidAmerican Funding, LLC

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Refer to Note 10 of MidAmerican Energy's Notes to Financial Statements.

NPC

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

The following table summarizes Nevada Power's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Retail:
Residential	$	271	$	293
Commercial	133		136
Industrial	134		138
Other	1		6
Total fully bundled	539		573
Distribution only service	4		3
Total retail	543		576
Wholesale, transmission and other	17		18
Total Customer Revenue	560		594
Other revenue	1		5
Total operating revenue	$	561	$	599

SPPC

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

The following table summarizes Sierra Pacific's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class, including a reconciliation to Sierra Pacific's reportable segment information included in Note 12 (in millions):

	Three-Month Periods
	Ended March 31,
	2024						2023
	Electric		Natural Gas		Total		Electric		Natural Gas		Total
Customer Revenue:
Retail:
Residential	$	100	$	53	$	153	$	115	$	60	$	175
Commercial	82		24		106		91		27		118
Industrial	55		8		63		63		9		72
Other	1		1		2		2		—		2
Total fully bundled	238		86		324		271		96		367
Distribution only service	1		—		1		1		—		1
Total retail	239		86		325		272		96		368
Wholesale, transmission and other	21		—		21		32		—		32
Total Customer Revenue	260		86		346		304		96		400
Total operating revenue	$	260	$	86	$	346	$	304	$	96	$	400

EEGH

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

The following table summarizes Eastern Energy Gas' revenue from contracts with customers ("Customer Revenue") by regulated and nonregulated, with further disaggregation of regulated by line of business (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Regulated:
Gas transmission and storage	$	329	$	332
Other	1		2
Total regulated	330		334
Nonregulated	203		217
Total Customer Revenue	533		551
Other revenue(1)	—		2
Total operating revenue	$	533	$	553

(1)Other revenue consists primarily of revenue recognized in accordance with Accounting Standards Codification 815, "Derivative and Hedging" which includes unrealized gains and losses for derivatives not designated as hedges related to natural gas sales contracts and the royalties from the conveyance of mineral rights accounted for under ASC 932 "Extractive Activities – Oil and Gas".

Eastern Energy Gas has recognized contract liabilities of $38 million and $40 million as of March 31, 2024 and December 31, 2023, respectively, due to the relationship between Eastern Energy Gas' performance and the customer's payment. Eastern Energy Gas recognizes revenue as it fulfills its obligations to provide services to its customers. During the three-month periods ended March 31, 2024 and 2023, Eastern Energy Gas recognized revenue of $11 million and $22 million, respectively, from the beginning contract liability balances.

Remaining Performance Obligations

The following table summarizes Eastern Energy Gas' revenue it expects to recognize in future periods related to significant unsatisfied remaining performance obligations for fixed contracts with expected durations in excess of one year as of March 31, 2024 (in millions):

	Performance obligations expected to be satisfied
	Less than 12 months		More than 12 months		Total
Eastern Energy Gas	$	1,651	$	14,473	$	16,124

EGTS

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

The following table summarizes EGTS' revenue from contracts with customers ("Customer Revenue") by regulated and other, with further disaggregation of regulated by line of business (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Regulated:
Gas transmission	$	188	$	191
Gas storage	70		67
Other	—		2
Total regulated	258		260
Management service and other revenues	12		17
Total Customer Revenue	270		277
Other revenue(1)	—		1
Total operating revenue	$	270	$	278

(1)Other revenue consists primarily of revenue recognized in accordance with Accounting Standards Codification 815, "Derivative and Hedging" which includes unrealized gains and losses for derivatives not designated as hedges related to natural gas sales contracts and the royalties from the conveyance of mineral rights accounted for under ASC 932 "Extractive Activities – Oil and Gas".

Remaining Performance Obligations

The following table summarizes EGTS' revenue it expects to recognize in future periods related to significant unsatisfied remaining performance obligations for fixed contracts with expected durations in excess of one year as of March 31, 2024 (in millions):

	Performance obligations expected to be satisfied
	Less than 12 months		More than 12 months		Total
EGTS	$	772	$	3,314	$	4,086

XML

Shareholder's Equity

3 Months Ended

Mar. 31, 2024

MEC

Class of Stock [Line Items]

Shareholder's Equity

Shareholder's Equity

In February 2024, MidAmerican Energy paid $425 million in a cash dividend to its parent company, MHC.

XML

Member's Equity

3 Months Ended

Mar. 31, 2024

MidAmerican Funding, LLC

Class of Stock [Line Items]

Member's Equity

Member's Equity

In February 2024, MidAmerican Funding paid $425 million in a cash distribution to its parent company, BHE.

XML

Components of Accumulated Other Comprehensive Loss, Net

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss) [Line Items]

Components of Accumulated Other Comprehensive Loss, Net

Components of Accumulated Other Comprehensive Loss, Net

The following table shows the change in accumulated other comprehensive loss by each component of other comprehensive (loss) income, net of applicable income tax (in millions):

	Unrecognized		Foreign		Unrealized				AOCI
	Amounts on		Currency		Gains				Attributable
	Retirement		Translation		on Cash		Noncontrolling		To BHE
	Benefits		Adjustment		Flow Hedges		Interests		Shareholders, Net
Balance, December 31, 2022	$	(390)	$	(1,896)	$	135	$	2	$	(2,149)
Other comprehensive (loss) income	(4)		99		(55)		—		40
Balance, March 31, 2023	$	(394)	$	(1,797)	$	80	$	2	$	(2,109)
Balance, December 31, 2023	$	(426)	$	(1,550)	$	71	$	1	$	(1,904)
Other comprehensive income (loss)	11		(145)		7		—		(127)
Balance, March 31, 2024	$	(415)	$	(1,695)	$	78	$	1	$	(2,031)

EEGH

Accumulated Other Comprehensive Income (Loss) [Line Items]

Components of Accumulated Other Comprehensive Loss, Net

Components of Accumulated Other Comprehensive Loss, Net

The following table shows the change in accumulated other comprehensive loss by each component of other comprehensive income (loss), net of applicable income tax (in millions):

	Unrecognized						Accumulated
	Amounts On		Unrealized				Other
	Retirement		Losses on Cash		Noncontrolling		Comprehensive
	Benefits		Flow Hedges		Interests		Loss, Net
Balance, December 31, 2022	$	(1)	$	(43)	$	2	$	(42)
Other comprehensive loss	(1)		(2)		—		(3)
Balance, March 31, 2023	$	(2)	$	(45)	$	2	$	(45)
Balance, December 31, 2023	$	(3)	$	(38)	$	1	$	(40)
Other comprehensive income	1		—		—		1
Balance, March 31, 2024	$	(2)	$	(38)	$	1	$	(39)

XML

Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting Information [Line Items]

Segment Information

Segment Information

The Company's reportable segments with foreign operations include Northern Powergrid, whose business is principally in the United Kingdom, and BHE Transmission, whose business includes operations in Canada. Intersegment eliminations and adjustments, including the allocation of goodwill, have been made. Information related to the Company's reportable segments is shown below (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
PacifiCorp	$	1,548	$	1,484
MidAmerican Funding	843		920
NV Energy	908		999
Northern Powergrid	320		354
BHE Pipeline Group	1,128		1,173
BHE Transmission	198		205
BHE Renewables	347		393
HomeServices	866		875
BHE and Other(1)	(47)		(57)
Total operating revenue	$	6,111	$	6,346

Depreciation and amortization:
PacifiCorp	$	292	$	279
MidAmerican Funding	227		234
NV Energy	139		152
Northern Powergrid	88		85
BHE Pipeline Group	139		172
BHE Transmission	58		61
BHE Renewables	67		66
HomeServices	12		13
BHE and Other(1)	3		1
Total depreciation and amortization	$	1,025	$	1,063

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating income:
PacifiCorp	$	155	$	(167)
MidAmerican Funding	76		88
NV Energy	61		57
Northern Powergrid	130		146
BHE Pipeline Group	664		584
BHE Transmission	85		88
BHE Renewables	(19)		(69)
HomeServices	(220)		(45)
BHE and Other(1)	(37)		(15)
Total operating income	895		667
Interest expense	(691)		(586)
Capitalized interest	46		24
Allowance for equity funds	83		49
Interest and dividend income	116		86
(Losses) gains on marketable securities, net	(123)		699
Other, net	31		40
Total income before income tax expense (benefit) and equity income (loss)	$	357	$	979

Interest expense:
PacifiCorp	$	192	$	124
MidAmerican Funding	108		84
NV Energy	73		63
Northern Powergrid	34		30
BHE Pipeline Group	40		39
BHE Transmission	37		37
BHE Renewables	35		45
HomeServices	4		4
BHE and Other(1)	168		160
Total interest expense	$	691	$	586

Earnings on common shares:
PacifiCorp	$	114	$	(120)
MidAmerican Funding	235		249
NV Energy	27		34
Northern Powergrid	86		11
BHE Pipeline Group	499		369
BHE Transmission	66		64
BHE Renewables	101		79
HomeServices	(159)		(34)
BHE and Other(1)	(316)		329
Total earnings on common shares	$	653	$	981

	As of
	March 31,		December 31,
	2024		2023
Assets:
PacifiCorp	$	36,020	$	33,757
MidAmerican Funding	27,624		27,331
NV Energy	17,878		17,788
Northern Powergrid	9,610		9,596
BHE Pipeline Group	21,624		21,723
BHE Transmission	9,419		9,624
BHE Renewables	10,966		11,045
HomeServices	3,383		3,407
BHE and Other(1)	3,711		3,569
Total assets	$	140,235	$	137,840

(1)The differences between the reportable segment amounts and the consolidated amounts, described as BHE and Other, relate principally to other corporate entities, corporate functions and intersegment eliminations.

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue by country:
U.S.	$	5,614	$	5,815
United Kingdom	313		333
Canada	177		177
Australia	5		21
Other	2		—
Total operating revenue by country	$	6,111	$	6,346

Income before income tax expense (benefit) and equity income (loss) by country:
U.S.	$	211	$	819
United Kingdom	102		113
Canada	49		43
Australia	(4)		5
Other	(1)		(1)
Total income before income tax expense (benefit) and equity income (loss) by country	$	357	$	979

The following table shows the change in the carrying amount of goodwill by reportable segment for the three-month period ended March 31, 2024 (in millions):

									BHE Pipeline Group
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid				BHE Transmission		BHE Renewables		HomeServices
																	Total
December 31, 2023	$	1,129	$	2,102	$	2,369	$	950	$	1,814	$	1,492	$	95	$	1,596	$	11,547
Foreign currency translation	—		—		—		(6)		—		(33)		—		—		(39)
March 31, 2024	$	1,129	$	2,102	$	2,369	$	944	$	1,814	$	1,459	$	95	$	1,596	$	11,508

MEC

Segment Reporting Information [Line Items]

Segment Information

Segment Information

MidAmerican Energy has identified two reportable segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and evaluating performance. Common operating costs, interest income, interest expense and income tax expense are allocated to each segment based on certain factors, which primarily relate to the nature of the cost.

The following tables provide information on a reportable segment basis (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	565	$	591
Regulated natural gas	276		326
Other	2		3
Total operating revenue	$	843	$	920
Operating income:
Regulated electric	$	31	$	50
Regulated natural gas	45		38
Total operating income	76		88
Interest expense	(104)		(80)
Allowance for borrowed funds	6		4
Allowance for equity funds	16		11
Other, net	25		16
Total income before income tax expense (benefit)	$	19	$	39

	As of
	March 31, 2024		December 31, 2023
Assets:
Regulated electric	$	23,635	$	23,334
Regulated natural gas	1,899		1,900
Other	1		1
Total assets	$	25,535	$	25,235

MidAmerican Funding, LLC

Segment Reporting Information [Line Items]

Segment Information

Segment Information

MidAmerican Funding has identified two reportable segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and evaluating performance. Common operating costs, interest income, interest expense and income tax expense are allocated to each segment based on certain factors, which primarily relate to the nature of the cost. "Other" in the tables below consists of the financial results and assets of nonregulated operations, MHC and MidAmerican Funding.

The following tables provide information on a reportable segment basis (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	565	$	591
Regulated natural gas	276		326
Other	2		3
Total operating revenue	$	843	$	920
Operating income:
Regulated electric	$	31	$	50
Regulated natural gas	45		38
Total operating income	76		88
Interest expense	(108)		(84)
Allowance for borrowed funds	6		4
Allowance for equity funds	16		11
Other, net	25		28
Total income before income tax expense (benefit)	$	15	$	47

	As of
	March 31, 2024		December 31, 2023
Assets(1):
Regulated electric	$	24,826	$	24,525
Regulated natural gas	1,978		1,979
Other	6		5
Total assets	$	26,810	$	26,509

(1) Assets by reportable segment reflect the assignment of goodwill to applicable reporting units.

SPPC

Segment Reporting Information [Line Items]

Segment Information

Segment Information

Sierra Pacific has identified two reportable operating segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and regulated natural gas sales are established separately by the PUCN; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance.

The following tables provide information on a reportable segment basis (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	260	$	304
Regulated natural gas	86		96
Total operating revenue	$	346	$	400
Operating income:
Regulated electric	$	12	$	25
Regulated natural gas	7		10
Total operating income	19		35
Interest expense	(20)		(16)
Allowance for borrowed funds	1		2
Allowance for equity funds	4		2
Interest and dividend income	4		7
Other, net	3		1
Total income before income tax expense (benefit)	$	11	$	31

	As of
	March 31,		December 31,
	2024		2023
Assets:
Regulated electric	$	4,239	$	4,251
Regulated natural gas	461		454
Other(1)	121		67
Total assets	$	4,821	$	4,772

(1)    Consists principally of cash and cash equivalents not included in either the regulated electric or regulated natural gas segments.

XML

General (Policies)

3 Months Ended

Mar. 31, 2024

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Basis of Accounting

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements.

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. The Company is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. The Company is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

PAC

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Basis of Accounting

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The Consolidated Statements of Comprehensive Income (Loss) have been omitted as net income (loss) materially equals comprehensive income (loss) for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements.

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. PacifiCorp is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. PacifiCorp is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. PacifiCorp is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

MEC

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Basis of Accounting

The unaudited Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of the unaudited Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Financial Statements.

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. MidAmerican Energy is currently evaluating the impact of adopting this guidance on its Financial Statements and disclosures included within Notes to Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. MidAmerican Energy is currently evaluating the impact of adopting this guidance on its Financial Statements and disclosures included within Notes to Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. MidAmerican Energy is currently evaluating the impact of adopting the final rules on its Financial Statements and disclosures included within Notes to Financial Statements.

Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds restricted for wildlife preservation.

MidAmerican Funding, LLC

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Basis of Accounting

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements.

Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist substantially of funds restricted for wildlife preservation.

NPC

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Basis of Accounting

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements.

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. Nevada Power is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. Nevada Power is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. Nevada Power is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of funds restricted by the Public Utilities Commission of Nevada ("PUCN") for a certain renewable energy contract.

SPPC

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Basis of Accounting

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements.

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. Sierra Pacific is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. Sierra Pacific is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. Sierra Pacific is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

Cash and Cash Equivalents

Cash equivalents consist of funds invested in money market mutual funds, U.S. Treasury Bills and other investments with a maturity of three months or less when purchased. Cash and cash equivalents exclude amounts where availability is restricted by legal requirements, loan agreements or other contractual provisions. Restricted cash and cash equivalents consist of funds restricted by the Public Utilities Commission of Nevada ("PUCN") for a certain renewable energy contract

EEGH

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Basis of Accounting

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements.

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. Eastern Energy Gas is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. Eastern Energy Gas is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. Eastern Energy Gas is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

EGTS

Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]

Basis of Accounting

The unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the United States Securities and Exchange Commission's rules and regulations for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for annual financial statements. Management believes the unaudited Consolidated Financial Statements contain all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair presentation of the unaudited Consolidated Financial Statements as of March 31, 2024, and for the three-month periods ended March 31, 2024 and 2023. The results of operations for the three-month period ended March 31, 2024 are not necessarily indicative of the results to be expected for the full year.

Use of Estimates

The preparation of the unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the unaudited Consolidated Financial Statements and the reported amounts of revenue and expenses during the period. Actual results may differ from the estimates used in preparing the unaudited Consolidated Financial Statements.

New Accounting Pronouncements

New Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-07, Segment Reporting Topic 280, "Segment Reporting—Improvements to Reportable Segment Disclosures" which allows disclosure of one or more measures of segment profit or loss used by the chief operating decision maker to allocate resources and assess performance. Additionally, the standard requires enhanced disclosures of significant segment expenses and other segment items, as well as incremental qualitative disclosures on both an annual and interim basis. This guidance is effective for annual reporting periods beginning after December 15, 2023, and interim reporting periods after December 15, 2024. Early adoption is permitted and retrospective application is required for all periods presented. EGTS is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes Topic 740, "Income Tax—Improvements to Income Tax Disclosures" which requires enhanced disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. This guidance is effective for annual reporting periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. EGTS is currently evaluating the impact of adopting this guidance on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

In March 2024, the United States Securities and Exchange Commission adopted final rules requiring disclosure of certain climate-related information in registrations statements and Form 10-Ks. The final rules require a registrant to disclose, among other things: material climate-related risks; activities to mitigate or adapt to such risks; information about the registrant's board of directors' oversight of climate-related risks and management's role in managing material climate-related risks; and information on any climate-related targets or goals that are material to the registrant's business, results of operations, or financial condition. Further, to facilitate investors' assessment of certain climate-related risks, the final rules require disclosure of Scope 1 and/or Scope 2 greenhouse gas emissions when those emissions are material and disclosure of the financial statement effects of severe weather events and other natural conditions. The final rules include phased-in compliance periods for all registrants, with the compliance date dependent on the registrant's filer status and the content of the disclosure. On April 4, 2024, the United States Securities and Exchange Commission voluntarily stayed implementation of the final rules, pending the completion of judicial review of consolidated challenges by the Court of Appeals for the Eighth Circuit. EGTS is currently evaluating the impact of adopting the final rules on its Consolidated Financial Statements and disclosures included within Notes to Consolidated Financial Statements.

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Tables)

3 Months Ended

Mar. 31, 2024

Condensed Cash Flow Statements, Captions [Line Items]

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	3,744	$	1,565
Investments and restricted cash and cash equivalents	201		224
Investments and restricted cash and cash equivalents and investments	14		22
Total cash and cash equivalents and restricted cash and cash equivalents	$	3,959	$	1,811

PAC

Condensed Cash Flow Statements, Captions [Line Items]

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	2,210	$	138
Restricted cash and cash equivalents included in other current assets	53		51
Restricted cash included in other assets	3		3
Total cash and cash equivalents and restricted cash and cash equivalents	$	2,266	$	192

MEC

Condensed Cash Flow Statements, Captions [Line Items]

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	659	$	636
Restricted cash and cash equivalents in other current assets	6		6
Total cash and cash equivalents and restricted cash and cash equivalents	$	665	$	642

MidAmerican Funding, LLC

Condensed Cash Flow Statements, Captions [Line Items]

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	660	$	637
Restricted cash and cash equivalents in other current assets	6		6
Total cash and cash equivalents and restricted cash and cash equivalents	$	666	$	643

NPC

Condensed Cash Flow Statements, Captions [Line Items]

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	63	$	20
Restricted cash and cash equivalents included in other current assets	19		17
Total cash and cash equivalents and restricted cash and cash equivalents	$	82	$	37

SPPC

Condensed Cash Flow Statements, Captions [Line Items]

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	96	$	44
Restricted cash and cash equivalents included in other current assets	8		8
Total cash and cash equivalents and restricted cash and cash equivalents	$	104	$	52

EEGH

Condensed Cash Flow Statements, Captions [Line Items]

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	81	$	62
Restricted cash and cash equivalents included in other current assets	25		31
Total cash and cash equivalents and restricted cash and cash equivalents	$	106	$	93

XML

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment

Property, plant and equipment, net consists of the following (in millions):

		As of
	Depreciable	March 31,		December 31,
	Life	2024		2023
Regulated assets:
Utility generation, transmission and distribution systems	5-80 years	$	96,675	$	96,195
Interstate natural gas pipeline assets	3-80 years	19,357		19,226
		116,032		115,421
Accumulated depreciation and amortization		(36,985)		(36,365)
Regulated assets, net		79,047		79,056
Nonregulated assets:
Independent power plants	2-50 years	8,518		8,484
Cove Point LNG facility	40 years	3,435		3,423
Other assets	2-30 years	2,877		2,874
		14,830		14,781
Accumulated depreciation and amortization		(3,916)		(3,856)
Nonregulated assets, net		10,914		10,925
		89,961		89,981
Construction work-in-progress		9,910		9,267
Property, plant and equipment, net		$	99,871	$	99,248

PAC

Property, Plant and Equipment [Line Items]

Public Utility Property, Plant, and Equipment

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Utility plant:
Generation	15 - 59 years	$	13,964	$	13,904
Transmission	60 - 90 years	8,278		8,216
Distribution	20 - 75 years	9,204		9,060
Intangible plant and other	5 - 75 years	2,854		2,833
Utility plant in-service		34,300		34,013
Accumulated depreciation and amortization		(11,924)		(11,725)
Utility plant in-service, net		22,376		22,288
Nonregulated, net of accumulated depreciation and amortization	14 - 95 years	19		18
		22,395		22,306
Construction work-in-progress		5,076		4,745
Property, plant and equipment, net		$	27,471	$	27,051

MEC

Property, Plant and Equipment [Line Items]

Public Utility Property, Plant, and Equipment

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Utility plant:
Generation	20-62 years	$	18,132	$	18,129
Transmission	55-80 years	2,853		2,834
Electric distribution	15-80 years	5,352		5,288
Natural gas distribution	30-75 years	2,317		2,294
Utility plant in-service		28,654		28,545
Accumulated depreciation and amortization		(8,018)		(7,841)
Utility plant in-service, net		20,636		20,704
Nonregulated, net of accumulated depreciation and amortization	20-50 years	6		6
		20,642		20,710
Construction work-in-progress		1,443		1,260
Property, plant and equipment, net		$	22,085	$	21,970

NPC

Property, Plant and Equipment [Line Items]

Public Utility Property, Plant, and Equipment

Property, plant and equipment, net consists of the following (in millions):

		As of
	Depreciable Life	March 31,		December 31,
		2024		2023
Utility plant:
Generation	30 - 65 years	$	4,511	$	4,476
Transmission	55 - 76 years	1,630		1,590
Distribution	24 - 70 years	4,518		4,451
Intangible plant and other	5 - 65 years	907		906
Utility plant		11,566		11,423
Accumulated depreciation and amortization		(3,926)		(3,856)
Utility plant, net		7,640		7,567
Nonregulated, net of accumulated depreciation and amortization	40 years	1		1
		7,641		7,568
Construction work-in-progress		1,206		1,090
Property, plant and equipment, net		$	8,847	$	8,658

SPPC

Property, Plant and Equipment [Line Items]

Public Utility Property, Plant, and Equipment

Property, plant and equipment, net consists of the following (in millions):

		As of
	Depreciable Life	March 31,		December 31,
		2024		2023
Utility plant:
Generation	25 - 70 years	$	1,314	$	1,313
Transmission	50 - 76 years	1,043		1,023
Electric distribution	20 - 76 years	2,109		2,074
Electric intangible plant and other	5 - 65 years	249		247
Natural gas distribution	35 - 70 years	541		537
Natural gas intangible plant and other	5 - 65 years	17		17
Common other	5 - 65 years	378		376
Utility plant		5,651		5,587
Accumulated depreciation and amortization		(2,123)		(2,091)
		3,528		3,496
Construction work-in-progress		355		326
Property, plant and equipment, net		$	3,883	$	3,822

EEGH

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Utility plant:
Interstate natural gas transmission and storage assets	23 - 49 years	$	9,353	$	9,318
Intangible plant	5 - 18 years	117		117
Utility plant in-service		9,470		9,435
Accumulated depreciation and amortization		(3,246)		(3,201)
Utility plant in-service, net		6,224		6,234
Nonutility plant:
LNG facility	40 years	4,545		4,533
Accumulated depreciation and amortization		(686)		(655)
Nonutility plant, net		3,859		3,878
		10,083		10,112
Construction work-in-progress		234		231
Property, plant and equipment, net		$	10,317	$	10,343

EGTS

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment

Property, plant and equipment, net consists of the following (in millions):

		As of
		March 31,		December 31,
	Depreciable Life	2024		2023
Interstate natural gas transmission and storage assets	28 - 50 years	$	7,060	$	7,046
Intangible plant	12 - 20 years	82		80
Plant in-service		7,142		7,126
Accumulated depreciation and amortization		(2,598)		(2,563)
		4,544		4,563
Construction work-in-progress		159		152
Property, plant and equipment, net		$	4,703	$	4,715

XML

Investments and Restricted Cash and Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 31, 2024

Restricted Cash and Cash Equivalents Items [Line Items]

Investments and Restricted Cash

Investments and restricted cash and cash equivalents and investments consists of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Investments:
BYD Company Limited common stock	$	2,081	$	2,218
U.S. Treasury Bills	1,010		996
Rabbi trusts	512		487
Other	342		338
Total investments	3,945		4,039
Equity method investments:
BHE Renewables tax equity investments	3,937		4,058
Electric Transmission Texas, LLC	694		673
Iroquois Gas Transmission System, L.P.	605		599
Other	361		381
Total equity method investments	5,597		5,711
Restricted cash and cash equivalents and investments:
Quad Cities Station nuclear decommissioning trust funds	813		767
Other restricted cash and cash equivalents	215		246
Total restricted cash and cash equivalents and investments	1,028		1,013
Total investments and restricted cash and cash equivalents and investments	$	10,570	$	10,763
Reflected as:
Other current assets	$	1,265	$	1,253
Noncurrent assets	9,305		9,510
Total investments and restricted cash and cash equivalents and investments	$	10,570	$	10,763

Unrealized Gain (Loss) on Investments

(Losses) gains on marketable securities, net recognized during the period consists of the following (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Unrealized (losses) gains recognized on marketable securities held at the reporting date	$	(124)	$	529
Net gains recognized on marketable securities sold during the period	1		170
(Losses) gains on marketable securities, net	$	(123)	$	699

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	3,744	$	1,565
Investments and restricted cash and cash equivalents	201		224
Investments and restricted cash and cash equivalents and investments	14		22
Total cash and cash equivalents and restricted cash and cash equivalents	$	3,959	$	1,811

EEGH

Restricted Cash and Cash Equivalents Items [Line Items]

Investments and Restricted Cash

Investments and restricted cash and cash equivalents consists of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Investments:
Investment funds	$	16	$	19
Equity method investments:
Iroquois	269		262
Total investments	285		281
Restricted cash and cash equivalents:
Customer deposits	25		31
Total restricted cash and cash equivalents	25		31
Total investments and restricted cash and cash equivalents	$	310	$	312
Reflected as:
Other current assets	$	25	$	31
Noncurrent assets	285		281
Total investments and restricted cash and cash equivalents	$	310	$	312

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	81	$	62
Restricted cash and cash equivalents included in other current assets	25		31
Total cash and cash equivalents and restricted cash and cash equivalents	$	106	$	93

EGTS

Restricted Cash and Cash Equivalents Items [Line Items]

Investments and Restricted Cash

Investments and restricted cash and cash equivalents consists of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Investments:
Investment funds	$	16	$	19
Restricted cash and cash equivalents:
Customer deposits	24		29
Total restricted cash and cash equivalents	24		29
Total investments and restricted cash and cash equivalents	$	40	$	48
Reflected as:
Current assets	$	24	$	29
Other assets	16		19
Total investments and restricted cash and cash equivalents	$	40	$	48

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented on the Consolidated Statements of Cash Flows is outlined below and disaggregated by the line items in which they appear on the Consolidated Balance Sheets (in millions):

	As of
	March 31,		December 31,
	2024		2023
Cash and cash equivalents	$	31	$	5
Restricted cash and cash equivalents	24		29
Total cash and cash equivalents and restricted cash and cash equivalents	$	55	$	34

XML

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Income tax credits	(108)		(35)
State income tax, net of federal income tax impacts	—		(4)
Income tax effect of foreign income	(6)		7
Effects of ratemaking	(7)		(3)
Equity earnings	(2)		(1)
Noncontrolling interest	(2)		(2)
Effective income tax rate	(104)	%	(17)	%

PAC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income (loss) before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax impacts	3		4
Income tax credits	(22)		13
Effects of ratemaking(1)	(11)		6
Valuation allowance	—		5
Other	1		(1)
Effective income tax rate	(8)	%	48	%

(1)Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.

MEC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to MidAmerican Energy's effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Income tax credits	(1,158)		(518)
State income tax, net of federal income tax impacts	(11)		(18)
Effects of ratemaking	—		(8)
Other, net	(5)		2
Effective income tax rate	(1,153)	%	(521)	%

MidAmerican Funding, LLC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to MidAmerican Funding's effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Income tax credits	(1,467)		(430)
State income tax, net of federal income tax impacts	(20)		(13)
Effects of ratemaking	—		(6)
Other, net	(1)		(2)
Effective income tax rate	(1,467)	%	(430)	%

NPC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Effects of ratemaking	(1)		(9)
Income tax credits	(8)		(2)
Other	5		10
Effective income tax rate	17	%	20	%

SPPC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
Effects of ratemaking	(13)		(9)
Other	1		1
Effective income tax rate	9	%	13	%

EEGH

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax impacts	4		2
Equity earnings	4		3
Noncontrolling interest	(3)		(10)
Effective income tax rate	26	%	16	%

EGTS

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows:

	Three-Month Periods
	Ended March 31,
	2024		2023
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax impacts	5		4
Effective income tax rate	26	%	25	%

XML

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2024

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Net periodic benefit cost (credit) for the domestic pension and other postretirement benefit plans included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Pension:
Service cost	$	3	$	4
Interest cost	26		28
Expected return on plan assets	(31)		(31)
Settlement	—		(5)
Net amortization	2		4
Net periodic benefit cost	$	—	$	—
Other postretirement:
Service cost	$	1	$	1
Interest cost	7		7
Expected return on plan assets	(8)		(8)
Net amortization	(1)		(1)
Net periodic benefit credit	$	(1)	$	(1)

Net periodic benefit cost for the United Kingdom pension plan included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Service cost	$	1	$	2
Interest cost	14		14
Expected return on plan assets	(20)		(19)
Net amortization	7		6
Net periodic benefit cost	$	2	$	3

PAC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Net periodic benefit cost (credit) for the pension and other postretirement benefit plans included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Pension:
Interest cost	$	9	$	10
Expected return on plan assets	(12)		(12)
Net amortization	2		3
Net periodic benefit (credit) cost	$	(1)	$	1
Other postretirement:
Service cost	$	—	$	—
Interest cost	3		3
Expected return on plan assets	(3)		(3)
Net amortization	(1)		(1)
Net periodic benefit credit	$	(1)	$	(1)

MEC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Net Benefit Costs

Net periodic benefit cost (credit) for the plans of MidAmerican Energy and the aforementioned affiliates included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Pension:
Service cost	$	2	$	3
Interest cost	8		8
Expected return on plan assets	(8)		(8)
Settlement	—		(5)
Net periodic benefit cost (credit)	$	2	$	(2)
Other postretirement:
Service cost	$	1	$	1
Interest cost	3		3
Expected return on plan assets	(4)		(4)
Net periodic benefit cost	$	—	$	—

NPC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Amounts Recognized in Balance Sheet

Amounts receivable from (payable to) NV Energy are included on the Consolidated Balance Sheets and consist of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Qualified Pension Plan -
Other non-current assets	$	38	$	38
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(6)		(6)
Other Postretirement Plans -
Other non-current assets	10		10

SPPC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Amounts Recognized in Balance Sheet

Amounts receivable from (payable to) NV Energy are included on the Consolidated Balance Sheets and consist of the following (in millions):

	As of
	March 31,		December 31,
	2024		2023
Qualified Pension Plan -
Other non-current assets	$	54	$	53
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(5)		(5)
Other Postretirement Plans -
Other non-current assets	—		1

XML

Risk Management and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2024

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2024	2023
Electricity purchases	Megawatt hours	1	—
Natural gas purchases	Decatherms	50	55

PAC

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table, which reflects master netting arrangements and excludes contracts that have been designated as normal under the normal purchases or normal sales exception afforded by GAAP, summarizes the fair value of PacifiCorp's derivative contracts, on a gross basis, and reconciles those amounts to the amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

	Derivative
	Contracts -				Other		Other
	Current		Other		Current		Long-term
	Assets		Assets		Liabilities		Liabilities		Total
As of March 31, 2024
Not designated as hedging contracts(1):
Commodity assets	$	6	$	4	$	9	$	5	$	24
Commodity liabilities	—		(2)		(123)		(12)		(137)
Total	6		2		(114)		(7)		(113)
Total derivatives	6		2		(114)		(7)		(113)
Cash collateral receivable	—		—		24		—		24
Total derivatives - net basis	$	6	$	2	$	(90)	$	(7)	$	(89)
As of December 31, 2023
Not designated as hedging contracts(1):
Commodity assets	$	21	$	2	$	7	$	2	$	32
Commodity liabilities	(3)		—		(83)		(22)		(108)
Total	18		2		(76)		(20)		(76)
Total derivatives	18		2		(76)		(20)		(76)
Cash collateral receivable	(2)		—		12		—		10
Total derivatives - net basis	$	16	$	2	$	(64)	$	(20)	$	(66)

(1)PacifiCorp's commodity derivatives are generally included in rates. As of March 31, 2024, a regulatory asset of $113 million was recorded related to the net derivative liability of $113 million. As of December 31, 2023, a regulatory asset of $76 million was recorded related to the net derivative liability of $76 million.

Schedule of Regulatory Assets (Liabilities), Net, Unrealized Loss (Gain), Net, on Derivative Contracts

The following table reconciles the beginning and ending balances of PacifiCorp's net regulatory assets (liabilities) and summarizes the pre-tax gains and losses on commodity derivative contracts recognized in net regulatory assets (liabilities), as well as amounts reclassified to earnings (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	76	$	(270)
Changes in fair value recognized in regulatory assets (liabilities)	91		(10)
Net gains (losses) reclassified to operating revenue	1		(6)
Net (losses) gains reclassified to energy costs	(55)		177
Ending balance	$	113	$	(109)

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2024	2023
Electricity purchases, net	Megawatt hours	2	2
Natural gas purchases	Decatherms	163	153

NPC

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Nevada Power's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

			Derivative
	Other		Contracts -		Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2024
Not designated as hedging contracts(1) -
Commodity liabilities	$	—	$	(91)	$	(10)	$	(101)
As of December 31, 2023
Not designated as hedging contracts(1) -
Commodity liabilities	$	—	$	(62)	$	(6)	$	(68)

(1)Nevada Power's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2024 a regulatory asset of $101 million was recorded related to the net derivative liability of $101 million. As of December 31, 2023 a regulatory asset of $68 million was recorded related to the net derivative liability of $68 million.

Schedule of Notional Amounts of Outstanding Derivative Positions

The following table summarizes the net notional amounts of outstanding commodity derivative contracts with fixed price terms that comprise the mark-to-market values as of (in millions):

	Unit of	March 31,	December 31,
	Measure	2024	2023
Electricity purchases	Megawatt hours	2	1
Natural gas purchases	Decatherms	118	132

SPPC

Derivative [Line Items]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table, which excludes contracts that have been designated as normal under the normal purchases and normal sales exception afforded by GAAP, summarizes the fair value of Sierra Pacific's derivative contracts, on a gross basis, and reconciles those amounts presented on a net basis on the Consolidated Balance Sheets (in millions):

	Other				Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2024
Not designated as hedging contracts(1) -
Commodity assets	$	—	$	—	$	1	$	1
Commodity liabilities	—		(26)		(1)		(27)
Total derivative - net basis	$	—	$	(26)	$	—	$	(26)
As of December 31, 2023
Not designated as hedging contracts(1) -
Commodity liabilities	$	—	$	(16)	$	—	$	(16)

(1)Sierra Pacific's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2024 a net regulatory asset of $26 million was recorded related to the net derivative liability of $26 million. As of December 31, 2023 a net regulatory asset of $16 million was recorded related to the net derivative liability of $16 million.

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	1	$	89	$	6	$	(18)	$	78
Interest rate derivatives	37		48		11		—		96
Mortgage loans held for sale	—		492		—		—		492
Money market mutual funds	3,435		—		—		—		3,435
Debt securities:
U.S. government obligations	1,265		—		—		—		1,265
Corporate obligations	—		84		—		—		84
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	458		—		—		—		458
International companies	2,091		—		—		—		2,091
Investment funds	306		—		—		—		306
	$	7,593	$	716	$	17	$	(18)	$	8,308
Liabilities:
Commodity derivatives	$	(4)	$	(154)	$	(141)	$	53	$	(246)
Foreign currency exchange rate derivatives	—		(15)		—		—		(15)
Interest rate derivatives	—		(3)		—		1		(2)
	$	(4)	$	(172)	$	(141)	$	54	$	(263)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2023:
Assets:
Commodity derivatives	$	1	$	121	$	4	$	(31)	$	95
Interest rate derivatives	38		40		7		—		85
Mortgage loans held for sale	—		451		—		—		451
Money market mutual funds	1,310		—		—		—		1,310
Debt securities:
U.S. government obligations	1,253		—		—		—		1,253
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	427		—		—		—		427
International companies	2,226		—		—		—		2,226
Investment funds	268		—		—		—		268
	$	5,523	$	685	$	11	$	(31)	$	6,188
Liabilities:
Commodity derivatives	$	(7)	$	(134)	$	(95)	$	54	$	(182)
Foreign currency exchange rate derivatives	—		(8)		—		—		(8)
Interest rate derivatives	—		(7)		—		4		(3)
	$	(7)	$	(149)	$	(95)	$	58	$	(193)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $36 million and $27 million as of March 31, 2024 and December 31, 2023, respectively.

Reconciliation of Fair Value Assets and Liabilities

The following table reconciles the beginning and ending balances of the Company's financial assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions). Transfers out of Level 3 occur primarily due to increased price observability.

	Three-Month Periods
	Ended March 31,
			Interest
	Commodity		Rate
	Derivatives		Derivatives
2024:
Beginning balance	$	(91)	$	7
Changes included in earnings(1)	(3)		4
Changes in fair value recognized in net regulatory assets	(56)		—
Settlements	15		—
Ending balance	$	(135)	$	11

2023:
Beginning balance	$	(59)	$	6
Changes included in earnings(1)	9		9
Changes in fair value recognized in OCI	(3)		—
Changes in fair value recognized in net regulatory assets	(98)		—
Settlements	1		—
Ending balance	$	(150)	$	15

(1)Changes included in earnings for interest rate derivatives are reported net of amounts related to the satisfaction of the associated loan commitment.

Fair Value, by Balance Sheet Grouping

The following table presents the carrying value and estimated fair value of the Company's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	57,028	$	52,594	$	52,172	$	48,624

PAC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents PacifiCorp's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	—	$	24	$	—	$	(16)	$	8
Money market mutual funds	2,231		—		—		—		2,231
Investment funds	27		—		—		—		27
	$	2,258	$	24	$	—	$	(16)	$	2,266
Liabilities - Commodity derivatives	$	—	$	(137)	$	—	$	40	$	(97)
As of December 31, 2023:
Assets:
Commodity derivatives	$	—	$	32	$	—	$	(14)	$	18
Money market mutual funds	175		—		—		—		175
Investment funds	26		—		—		—		26
	$	201	$	32	$	—	$	(14)	$	219
Liabilities - Commodity derivatives	$	—	$	(108)	$	—	$	24	$	(84)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $24 million and $10 million as of March 31, 2024 and December 31, 2023, respectively.

Fair Value, by Balance Sheet Grouping

PacifiCorp's long-term debt is carried at cost on the Consolidated Balance Sheets. The fair value of PacifiCorp's long-term debt is a Level 2 fair value measurement and has been estimated based upon quoted market prices, where available, or at the present value of future cash flows discounted at rates consistent with comparable maturities with similar credit risks. The carrying value of PacifiCorp's variable-rate long-term debt approximates fair value because of the frequent repricing of these instruments at market rates. The following table presents the carrying value and estimated fair value of PacifiCorp's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	14,175	$	13,300	$	10,410	$	9,722

MEC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents MidAmerican Energy's financial assets and liabilities recognized on the Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	1	$	—	$	—	$	(1)	$	—
Money market mutual funds	667		—		—		—		667
Debt securities:
U.S. government obligations	255		—		—		—		255
Corporate obligations	—		84		—		—		84
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	458		—		—		—		458
International companies	10		—		—		—		10
Investment funds	23		—		—		—		23
	$	1,414	$	87	$	—	$	(1)	$	1,500
Liabilities - commodity derivatives	$	—	$	(17)	$	(6)	$	6	$	(17)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2023:
Assets:
Commodity derivatives	$	—	$	15	$	—	$	(2)	$	13
Money market mutual funds	643		—		—		—		643
Debt securities:
U.S. government obligations	257		—		—		—		257
Corporate obligations	—		70		—		—		70
Municipal obligations	—		3		—		—		3
Equity securities:
U.S. companies	427		—		—		—		427
International companies	9		—		—		—		9
Investment funds	19		—		—		—		19
	$	1,355	$	88	$	—	$	(2)	$	1,441
Liabilities - commodity derivatives	$	—	$	(15)	$	(11)	$	14	$	(12)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $5 million and $12 million as of March 31, 2024 and December 31, 2023, respectively.

Fair Value of Derivative Asset (Liability) Reconciliation

The following table reconciles the beginning and ending balances of MidAmerican Energy's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	(11)	$	5
Changes in fair value recognized in net regulatory assets	(4)		(13)
Settlements	9		3
Ending balance	$	(6)	$	(5)

Fair Value, by Balance Sheet Grouping

The following table presents the carrying value and estimated fair value of MidAmerican Energy's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	9,359	$	8,661	$	8,766	$	8,252

MidAmerican Funding, LLC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, by Balance Sheet Grouping

The following table presents the carrying value and estimated fair value of MidAmerican Funding's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	9,599	$	8,920	$	9,006	$	8,515

NPC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents Nevada Power's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Money market mutual funds	$	59	—		—		$	59
Investment funds	4		—		—		4
	$	63	$	—	$	—	$	63
Liabilities - commodity derivatives	$	—	$	—	$	(101)	$	(101)
As of December 31, 2023:
Assets:
Money market mutual funds	$	10	$	—	$	—	$	10
Investment funds	4		—		—		4
	$	14	$	—	$	—	$	14
Liabilities - commodity derivatives	$	—	$	—	$	(68)	$	(68)

Fair Value of Derivative Asset (Liability) Reconciliation

The following table reconciles the beginning and ending balances of Nevada Power's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	(68)	$	(52)
Changes in fair value recognized in regulatory assets	(41)		(65)
Settlements	8		1
Ending balance	$	(101)	$	(116)

Fair Value, by Balance Sheet Grouping

The following table presents the carrying value and estimated fair value of Nevada Power's long‑term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	3,393	$	3,344	$	3,392	$	3,417

SPPC

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents Sierra Pacific's financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Commodity derivatives	$	—	$	—	$	1	$	1
Money market mutual funds	91		—		—		91
Investment funds	1		—		—		1
	$	92	$	—	$	1	$	93
Liabilities - commodity derivatives	$	—	$	—	$	(27)	$	(27)
As of December 31, 2023:
Assets:
Money market mutual funds	$	41	$	—	$	—	$	41
Investment funds	1		—		—		1
	$	42	$	—	$	—	$	42
Liabilities - commodity derivatives	$	—	$	—	$	(16)	$	(16)

Reconciliation of Fair Value Assets and Liabilities

The following table reconciles the beginning and ending balances of Sierra Pacific's commodity derivative assets and liabilities measured at fair value on a recurring basis using significant Level 3 inputs (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	(16)	$	(13)
Changes in fair value recognized in regulatory assets	(11)		(20)
Settlements	1		—
Ending balance	$	(26)	$	(33)

Fair Value, by Balance Sheet Grouping

The following table presents the carrying value and estimated fair value of Sierra Pacific's long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	1,526	$	1,512	$	1,293	$	1,311

EEGH

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents Eastern Energy Gas' financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Money market mutual funds	$	81	$	—	$	—	$	81
Equity securities:
Investment funds	16		—		—		16
	$	97	$	—	$	—	$	97
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(15)	$	—	$	(15)
	$	—	$	(15)	$	—	$	(15)
As of December 31, 2023:
Assets:
Money market mutual funds	$	62	$	—	$	—	$	62
Equity securities:
Investment funds	19		—		—		19
	$	81	$	—	$	—	$	81
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(8)	$	—	$	(8)
	$	—	$	(8)	$	—	$	(8)

Fair Value, by Balance Sheet Grouping

The following table presents the carrying value and estimated fair value of Eastern Energy Gas' long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	3,248	$	2,962	$	3,254	$	2,968

EGTS

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents EGTS' financial assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions):

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Total
As of March 31, 2024:
Assets:
Money market mutual funds	$	31	$	—	$	—	$	31
Equity securities:
Investment funds	16		—		—		16
	$	47	$	—	$	—	$	47
As of December 31, 2023:
Assets:
Money market mutual funds	$	5	$	—	$	—	$	5
Equity securities:
Investment funds	19		—		—		19
	$	24	$	—	$	—	$	24

Fair Value, by Balance Sheet Grouping

The following table presents the carrying value and estimated fair value of EGTS' long-term debt (in millions):

	As of March 31, 2024				As of December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	1,583	$	1,380	$	1,583	$	1,386

XML

Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Loss Contingencies [Line Items]

Schedule of Loss Contingencies by Contingency

The following table presents changes in PacifiCorp's liability for estimated losses associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	1,723	$	424
Accrued losses	—		400
Payments	(18)		—
Ending balance	$	1,705	$	824

The following table presents changes in PacifiCorp's receivable for expected insurance recoveries associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	499	$	246
Accruals	—		41
Payments received	(350)		—
Ending balance	$	149	$	287

PAC

Loss Contingencies [Line Items]

Schedule of Loss Contingencies by Contingency

The following table presents changes in PacifiCorp's liability for estimated losses associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	1,723	$	424
Accrued losses	—		400
Payments	(18)		—
Ending balance	$	1,705	$	824

The following table presents changes in PacifiCorp's receivable for expected insurance recoveries associated with the Wildfires (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Beginning balance	$	499	$	246
Accruals	—		41
Payments received	(350)		—
Ending balance	$	149	$	287

XML

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

The following table summarizes the Company's energy products and services revenue from contracts with customers ("Customer Revenue") by regulated and nonregulated, with further disaggregation of regulated by line of business, including a reconciliation to the Company's reportable segment information included in Note 12 (in millions):

	For the Three-Month Period Ended March 31, 2024
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,447	$	485	$	782	$	—	$	—	$	—	$	—	$	—	$	2,714
Retail gas	—		254		85		—		—		—		—		—		339
Wholesale	29		72		18		—		—		—		—		(1)		118
Transmission and    distribution	41		15		20		266		—		167		—		—		509
Interstate pipeline	—		—		—		—		869		—		—		(45)		824
Other	26		—		—		—		1		—		—		—		27
Total Regulated	1,543		826		905		266		870		167		—		(46)		4,531
Nonregulated	—		2		1		23		257		31		296		—		610
Total Customer Revenue	1,543		828		906		289		1,127		198		296		(46)		5,141
Other revenue	5		15		2		31		1		—		51		(1)		104
Total	$	1,548	$	843	$	908	$	320	$	1,128	$	198	$	347	$	(47)	$	5,245

	For the Three-Month Period Ended March 31, 2023
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,349	$	491	$	848	$	—	$	—	$	—	$	—	$	—	$	2,688
Retail gas	—		296		96		—		—		—		—		—		392
Wholesale	61		100		31		—		—		—		—		(1)		191
Transmission and    distribution	38		14		18		281		—		165		—		—		516
Interstate pipeline	—		—		—		—		878		—		—		(56)		822
Other	32		—		—		—		2		—		—		—		34
Total Regulated	1,480		901		993		281		880		165		—		(57)		4,643
Nonregulated	—		3		1		45		266		40		305		—		660
Total Customer Revenue	1,480		904		994		326		1,146		205		305		(57)		5,303
Other revenue	4		16		5		28		27		—		88		—		168
Total	$	1,484	$	920	$	999	$	354	$	1,173	$	205	$	393	$	(57)	$	5,471

(1)The BHE and Other reportable segment represents amounts related principally to other corporate entities, corporate functions and intersegment eliminations.

Real Estate Services

The following table summarizes the Company's real estate services Customer Revenue by line of business (in millions):

	HomeServices
	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Brokerage	$	794	$	799
Franchise	12		12
Total Customer Revenue	806		811
Mortgage and other revenue	60		64
Total	$	866	$	875

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue by country:
U.S.	$	5,614	$	5,815
United Kingdom	313		333
Canada	177		177
Australia	5		21
Other	2		—
Total operating revenue by country	$	6,111	$	6,346

Income before income tax expense (benefit) and equity income (loss) by country:
U.S.	$	211	$	819
United Kingdom	102		113
Canada	49		43
Australia	(4)		5
Other	(1)		(1)
Total income before income tax expense (benefit) and equity income (loss) by country	$	357	$	979

Summary of Remaining Performance Obligations

The following table summarizes the Company's revenue it expects to recognize in future periods related to significant unsatisfied remaining performance obligations for fixed contracts with expected durations in excess of one year as of March 31, 2024, by reportable segment (in millions):

	Performance obligations expected to be satisfied:
	Less than 12 months		More than 12 months		Total
BHE Pipeline Group	$	2,961	$	19,752	$	22,713

PAC

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

The following table summarizes PacifiCorp's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Retail:
Residential	$	610	$	585
Commercial	472		430
Industrial	319		290
Other retail	46		44
Total retail	1,447		1,349
Wholesale	29		61
Transmission	41		38
Other Customer Revenue	26		32
Total Customer Revenue	1,543		1,480
Other revenue	5		4
Total operating revenue	$	1,548	$	1,484

MEC

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

The following table summarizes MidAmerican Energy's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class, including a reconciliation to MidAmerican Energy's reportable segment information included in Note 12 (in millions):

	For the Three-Month Period Ended March 31, 2024
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	160	$	167	$	—	$	327
Commercial	72		64		—		136
Industrial	218		6		—		224
Natural gas transportation services	—		14		—		14
Other retail	35		3		—		38
Total retail	485		254		—		739
Wholesale	51		21		—		72
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		2		2
Total Customer Revenue	551		275		2		828
Other revenue	14		1		—		15
Total operating revenue	$	565	$	276	$	2	$	843

	For the Three-Month Period Ended March 31, 2023
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	167	$	199	$	—	$	366
Commercial	75		78		—		153
Industrial	214		7		—		221
Natural gas transportation services	—		13		—		13
Other retail	35		(1)		—		34
Total retail	491		296		—		787
Wholesale	71		29		—		100
Multi-value transmission projects	14		—		—		14
Other Customer Revenue	—		—		3		3
Total Customer Revenue	576		325		3		904
Other revenue	15		1		—		16
Total operating revenue	$	591	$	326	$	3	$	920

NPC

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

The following table summarizes Nevada Power's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Retail:
Residential	$	271	$	293
Commercial	133		136
Industrial	134		138
Other	1		6
Total fully bundled	539		573
Distribution only service	4		3
Total retail	543		576
Wholesale, transmission and other	17		18
Total Customer Revenue	560		594
Other revenue	1		5
Total operating revenue	$	561	$	599

SPPC

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

The following table summarizes Sierra Pacific's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class, including a reconciliation to Sierra Pacific's reportable segment information included in Note 12 (in millions):

	Three-Month Periods
	Ended March 31,
	2024						2023
	Electric		Natural Gas		Total		Electric		Natural Gas		Total
Customer Revenue:
Retail:
Residential	$	100	$	53	$	153	$	115	$	60	$	175
Commercial	82		24		106		91		27		118
Industrial	55		8		63		63		9		72
Other	1		1		2		2		—		2
Total fully bundled	238		86		324		271		96		367
Distribution only service	1		—		1		1		—		1
Total retail	239		86		325		272		96		368
Wholesale, transmission and other	21		—		21		32		—		32
Total Customer Revenue	260		86		346		304		96		400
Total operating revenue	$	260	$	86	$	346	$	304	$	96	$	400

EEGH

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

The following table summarizes Eastern Energy Gas' revenue from contracts with customers ("Customer Revenue") by regulated and nonregulated, with further disaggregation of regulated by line of business (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Regulated:
Gas transmission and storage	$	329	$	332
Other	1		2
Total regulated	330		334
Nonregulated	203		217
Total Customer Revenue	533		551
Other revenue(1)	—		2
Total operating revenue	$	533	$	553

(1)Other revenue consists primarily of revenue recognized in accordance with Accounting Standards Codification 815, "Derivative and Hedging" which includes unrealized gains and losses for derivatives not designated as hedges related to natural gas sales contracts and the royalties from the conveyance of mineral rights accounted for under ASC 932 "Extractive Activities – Oil and Gas".

Summary of Remaining Performance Obligations

The following table summarizes Eastern Energy Gas' revenue it expects to recognize in future periods related to significant unsatisfied remaining performance obligations for fixed contracts with expected durations in excess of one year as of March 31, 2024 (in millions):

	Performance obligations expected to be satisfied
	Less than 12 months		More than 12 months		Total
Eastern Energy Gas	$	1,651	$	14,473	$	16,124

EGTS

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

The following table summarizes EGTS' revenue from contracts with customers ("Customer Revenue") by regulated and other, with further disaggregation of regulated by line of business (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Regulated:
Gas transmission	$	188	$	191
Gas storage	70		67
Other	—		2
Total regulated	258		260
Management service and other revenues	12		17
Total Customer Revenue	270		277
Other revenue(1)	—		1
Total operating revenue	$	270	$	278

(1)Other revenue consists primarily of revenue recognized in accordance with Accounting Standards Codification 815, "Derivative and Hedging" which includes unrealized gains and losses for derivatives not designated as hedges related to natural gas sales contracts and the royalties from the conveyance of mineral rights accounted for under ASC 932 "Extractive Activities – Oil and Gas".

Summary of Remaining Performance Obligations

The following table summarizes EGTS' revenue it expects to recognize in future periods related to significant unsatisfied remaining performance obligations for fixed contracts with expected durations in excess of one year as of March 31, 2024 (in millions):

	Performance obligations expected to be satisfied
	Less than 12 months		More than 12 months		Total
EGTS	$	772	$	3,314	$	4,086

XML

Components of Accumulated Other Comprehensive Loss, Net (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Other Comprehensive Income (Loss), Net

The following table shows the change in accumulated other comprehensive loss by each component of other comprehensive (loss) income, net of applicable income tax (in millions):

	Unrecognized		Foreign		Unrealized				AOCI
	Amounts on		Currency		Gains				Attributable
	Retirement		Translation		on Cash		Noncontrolling		To BHE
	Benefits		Adjustment		Flow Hedges		Interests		Shareholders, Net
Balance, December 31, 2022	$	(390)	$	(1,896)	$	135	$	2	$	(2,149)
Other comprehensive (loss) income	(4)		99		(55)		—		40
Balance, March 31, 2023	$	(394)	$	(1,797)	$	80	$	2	$	(2,109)
Balance, December 31, 2023	$	(426)	$	(1,550)	$	71	$	1	$	(1,904)
Other comprehensive income (loss)	11		(145)		7		—		(127)
Balance, March 31, 2024	$	(415)	$	(1,695)	$	78	$	1	$	(2,031)

EEGH

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Other Comprehensive Income (Loss), Net

The following table shows the change in accumulated other comprehensive loss by each component of other comprehensive income (loss), net of applicable income tax (in millions):

	Unrecognized						Accumulated
	Amounts On		Unrealized				Other
	Retirement		Losses on Cash		Noncontrolling		Comprehensive
	Benefits		Flow Hedges		Interests		Loss, Net
Balance, December 31, 2022	$	(1)	$	(43)	$	2	$	(42)
Other comprehensive loss	(1)		(2)		—		(3)
Balance, March 31, 2023	$	(2)	$	(45)	$	2	$	(45)
Balance, December 31, 2023	$	(3)	$	(38)	$	1	$	(40)
Other comprehensive income	1		—		—		1
Balance, March 31, 2024	$	(2)	$	(38)	$	1	$	(39)

XML

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information by Segment

The Company's reportable segments with foreign operations include Northern Powergrid, whose business is principally in the United Kingdom, and BHE Transmission, whose business includes operations in Canada. Intersegment eliminations and adjustments, including the allocation of goodwill, have been made. Information related to the Company's reportable segments is shown below (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
PacifiCorp	$	1,548	$	1,484
MidAmerican Funding	843		920
NV Energy	908		999
Northern Powergrid	320		354
BHE Pipeline Group	1,128		1,173
BHE Transmission	198		205
BHE Renewables	347		393
HomeServices	866		875
BHE and Other(1)	(47)		(57)
Total operating revenue	$	6,111	$	6,346

Depreciation and amortization:
PacifiCorp	$	292	$	279
MidAmerican Funding	227		234
NV Energy	139		152
Northern Powergrid	88		85
BHE Pipeline Group	139		172
BHE Transmission	58		61
BHE Renewables	67		66
HomeServices	12		13
BHE and Other(1)	3		1
Total depreciation and amortization	$	1,025	$	1,063

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating income:
PacifiCorp	$	155	$	(167)
MidAmerican Funding	76		88
NV Energy	61		57
Northern Powergrid	130		146
BHE Pipeline Group	664		584
BHE Transmission	85		88
BHE Renewables	(19)		(69)
HomeServices	(220)		(45)
BHE and Other(1)	(37)		(15)
Total operating income	895		667
Interest expense	(691)		(586)
Capitalized interest	46		24
Allowance for equity funds	83		49
Interest and dividend income	116		86
(Losses) gains on marketable securities, net	(123)		699
Other, net	31		40
Total income before income tax expense (benefit) and equity income (loss)	$	357	$	979

Interest expense:
PacifiCorp	$	192	$	124
MidAmerican Funding	108		84
NV Energy	73		63
Northern Powergrid	34		30
BHE Pipeline Group	40		39
BHE Transmission	37		37
BHE Renewables	35		45
HomeServices	4		4
BHE and Other(1)	168		160
Total interest expense	$	691	$	586

Earnings on common shares:
PacifiCorp	$	114	$	(120)
MidAmerican Funding	235		249
NV Energy	27		34
Northern Powergrid	86		11
BHE Pipeline Group	499		369
BHE Transmission	66		64
BHE Renewables	101		79
HomeServices	(159)		(34)
BHE and Other(1)	(316)		329
Total earnings on common shares	$	653	$	981

	As of
	March 31,		December 31,
	2024		2023
Assets:
PacifiCorp	$	36,020	$	33,757
MidAmerican Funding	27,624		27,331
NV Energy	17,878		17,788
Northern Powergrid	9,610		9,596
BHE Pipeline Group	21,624		21,723
BHE Transmission	9,419		9,624
BHE Renewables	10,966		11,045
HomeServices	3,383		3,407
BHE and Other(1)	3,711		3,569
Total assets	$	140,235	$	137,840

(1)The differences between the reportable segment amounts and the consolidated amounts, described as BHE and Other, relate principally to other corporate entities, corporate functions and intersegment eliminations.

Disaggregation of Revenue

The following table summarizes the Company's energy products and services revenue from contracts with customers ("Customer Revenue") by regulated and nonregulated, with further disaggregation of regulated by line of business, including a reconciliation to the Company's reportable segment information included in Note 12 (in millions):

	For the Three-Month Period Ended March 31, 2024
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,447	$	485	$	782	$	—	$	—	$	—	$	—	$	—	$	2,714
Retail gas	—		254		85		—		—		—		—		—		339
Wholesale	29		72		18		—		—		—		—		(1)		118
Transmission and    distribution	41		15		20		266		—		167		—		—		509
Interstate pipeline	—		—		—		—		869		—		—		(45)		824
Other	26		—		—		—		1		—		—		—		27
Total Regulated	1,543		826		905		266		870		167		—		(46)		4,531
Nonregulated	—		2		1		23		257		31		296		—		610
Total Customer Revenue	1,543		828		906		289		1,127		198		296		(46)		5,141
Other revenue	5		15		2		31		1		—		51		(1)		104
Total	$	1,548	$	843	$	908	$	320	$	1,128	$	198	$	347	$	(47)	$	5,245

	For the Three-Month Period Ended March 31, 2023
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,349	$	491	$	848	$	—	$	—	$	—	$	—	$	—	$	2,688
Retail gas	—		296		96		—		—		—		—		—		392
Wholesale	61		100		31		—		—		—		—		(1)		191
Transmission and    distribution	38		14		18		281		—		165		—		—		516
Interstate pipeline	—		—		—		—		878		—		—		(56)		822
Other	32		—		—		—		2		—		—		—		34
Total Regulated	1,480		901		993		281		880		165		—		(57)		4,643
Nonregulated	—		3		1		45		266		40		305		—		660
Total Customer Revenue	1,480		904		994		326		1,146		205		305		(57)		5,303
Other revenue	4		16		5		28		27		—		88		—		168
Total	$	1,484	$	920	$	999	$	354	$	1,173	$	205	$	393	$	(57)	$	5,471

(1)The BHE and Other reportable segment represents amounts related principally to other corporate entities, corporate functions and intersegment eliminations.

Real Estate Services

The following table summarizes the Company's real estate services Customer Revenue by line of business (in millions):

	HomeServices
	Three-Month Periods
	Ended March 31,
	2024		2023
Customer Revenue:
Brokerage	$	794	$	799
Franchise	12		12
Total Customer Revenue	806		811
Mortgage and other revenue	60		64
Total	$	866	$	875

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue by country:
U.S.	$	5,614	$	5,815
United Kingdom	313		333
Canada	177		177
Australia	5		21
Other	2		—
Total operating revenue by country	$	6,111	$	6,346

Income before income tax expense (benefit) and equity income (loss) by country:
U.S.	$	211	$	819
United Kingdom	102		113
Canada	49		43
Australia	(4)		5
Other	(1)		(1)
Total income before income tax expense (benefit) and equity income (loss) by country	$	357	$	979

Schedule of Goodwill

The following table shows the change in the carrying amount of goodwill by reportable segment for the three-month period ended March 31, 2024 (in millions):

									BHE Pipeline Group
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid				BHE Transmission		BHE Renewables		HomeServices
																	Total
December 31, 2023	$	1,129	$	2,102	$	2,369	$	950	$	1,814	$	1,492	$	95	$	1,596	$	11,547
Foreign currency translation	—		—		—		(6)		—		(33)		—		—		(39)
March 31, 2024	$	1,129	$	2,102	$	2,369	$	944	$	1,814	$	1,459	$	95	$	1,596	$	11,508

MEC

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information by Segment

The following tables provide information on a reportable segment basis (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	565	$	591
Regulated natural gas	276		326
Other	2		3
Total operating revenue	$	843	$	920
Operating income:
Regulated electric	$	31	$	50
Regulated natural gas	45		38
Total operating income	76		88
Interest expense	(104)		(80)
Allowance for borrowed funds	6		4
Allowance for equity funds	16		11
Other, net	25		16
Total income before income tax expense (benefit)	$	19	$	39

	As of
	March 31, 2024		December 31, 2023
Assets:
Regulated electric	$	23,635	$	23,334
Regulated natural gas	1,899		1,900
Other	1		1
Total assets	$	25,535	$	25,235

Disaggregation of Revenue

The following table summarizes MidAmerican Energy's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class, including a reconciliation to MidAmerican Energy's reportable segment information included in Note 12 (in millions):

	For the Three-Month Period Ended March 31, 2024
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	160	$	167	$	—	$	327
Commercial	72		64		—		136
Industrial	218		6		—		224
Natural gas transportation services	—		14		—		14
Other retail	35		3		—		38
Total retail	485		254		—		739
Wholesale	51		21		—		72
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		2		2
Total Customer Revenue	551		275		2		828
Other revenue	14		1		—		15
Total operating revenue	$	565	$	276	$	2	$	843

	For the Three-Month Period Ended March 31, 2023
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	167	$	199	$	—	$	366
Commercial	75		78		—		153
Industrial	214		7		—		221
Natural gas transportation services	—		13		—		13
Other retail	35		(1)		—		34
Total retail	491		296		—		787
Wholesale	71		29		—		100
Multi-value transmission projects	14		—		—		14
Other Customer Revenue	—		—		3		3
Total Customer Revenue	576		325		3		904
Other revenue	15		1		—		16
Total operating revenue	$	591	$	326	$	3	$	920

MidAmerican Funding, LLC

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information by Segment

The following tables provide information on a reportable segment basis (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	565	$	591
Regulated natural gas	276		326
Other	2		3
Total operating revenue	$	843	$	920
Operating income:
Regulated electric	$	31	$	50
Regulated natural gas	45		38
Total operating income	76		88
Interest expense	(108)		(84)
Allowance for borrowed funds	6		4
Allowance for equity funds	16		11
Other, net	25		28
Total income before income tax expense (benefit)	$	15	$	47

	As of
	March 31, 2024		December 31, 2023
Assets(1):
Regulated electric	$	24,826	$	24,525
Regulated natural gas	1,978		1,979
Other	6		5
Total assets	$	26,810	$	26,509

(1) Assets by reportable segment reflect the assignment of goodwill to applicable reporting units.

SPPC

Segment Reporting Information [Line Items]

Schedule of Segment Reporting Information by Segment

The following tables provide information on a reportable segment basis (in millions):

	Three-Month Periods
	Ended March 31,
	2024		2023
Operating revenue:
Regulated electric	$	260	$	304
Regulated natural gas	86		96
Total operating revenue	$	346	$	400
Operating income:
Regulated electric	$	12	$	25
Regulated natural gas	7		10
Total operating income	19		35
Interest expense	(20)		(16)
Allowance for borrowed funds	1		2
Allowance for equity funds	4		2
Interest and dividend income	4		7
Other, net	3		1
Total income before income tax expense (benefit)	$	11	$	31

	As of
	March 31,		December 31,
	2024		2023
Assets:
Regulated electric	$	4,239	$	4,251
Regulated natural gas	461		454
Other(1)	121		67
Total assets	$	4,821	$	4,772

(1)    Consists principally of cash and cash equivalents not included in either the regulated electric or regulated natural gas segments.

Disaggregation of Revenue

The following table summarizes Sierra Pacific's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class, including a reconciliation to Sierra Pacific's reportable segment information included in Note 12 (in millions):

	Three-Month Periods
	Ended March 31,
	2024						2023
	Electric		Natural Gas		Total		Electric		Natural Gas		Total
Customer Revenue:
Retail:
Residential	$	100	$	53	$	153	$	115	$	60	$	175
Commercial	82		24		106		91		27		118
Industrial	55		8		63		63		9		72
Other	1		1		2		2		—		2
Total fully bundled	238		86		324		271		96		367
Distribution only service	1		—		1		1		—		1
Total retail	239		86		325		272		96		368
Wholesale, transmission and other	21		—		21		32		—		32
Total Customer Revenue	260		86		346		304		96		400
Total operating revenue	$	260	$	86	$	346	$	304	$	96	$	400

XML

General - BHE (Details)	3 Months Ended
	Mar. 31, 2024 company state operatingSegment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | operatingSegment	8
Number of owned and operated utility companies in the United States	4
Number of states owned and operated utility companies serve customers | state	11
Number of owned and operated electricity distribution companies in Great Britain	2
Number of owned and operated interstate natural gas pipeline companies in the United States	5
Number of owned and operated residential real estate brokerage franchise networks in the United States	1

XML

General - EEGH (Details) - EEGH	3 Months Ended
	Mar. 31, 2024 mi
Iroquois Gas Transmission System, L.P.
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	50.00%
Primary Beneficiary | Limited partner | Cove Point LNG, LP
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	75.00%
Primary Beneficiary | General partner | Cove Point LNG, LP
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	100.00%
Primary Beneficiary | Federal Energy Regulatory Commission | Iroquois Gas Transmission System, L.P.
Variable Interest Entity [Line Items]
Miles of interstate natural gas transportation pipeline	416

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - PAC (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 3,744	$ 1,565
Restricted cash and cash equivalents	201	224
Restricted cash, cash equivalents and investments, noncurrent	14	22
Total cash and cash equivalents and restricted cash and cash equivalents	3,959	1,811	$ 1,155	$ 1,817
PAC
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	2,210	138
Restricted cash and cash equivalents	53	51
Restricted cash, cash equivalents and investments, noncurrent	3	3
Total cash and cash equivalents and restricted cash and cash equivalents	$ 2,266	$ 192	$ 58	$ 674

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - MEC (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 3,744	$ 1,565
Restricted cash and cash equivalents	201	224
Total cash and cash equivalents and restricted cash and cash equivalents	3,959	1,811	$ 1,155	$ 1,817
MEC
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	659	636
Restricted cash and cash equivalents	6	6
Total cash and cash equivalents and restricted cash and cash equivalents	$ 665	$ 642	$ 64	$ 268

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - LLC (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 3,744	$ 1,565
Restricted cash and cash equivalents	201	224
Total cash and cash equivalents and restricted cash and cash equivalents	3,959	1,811	$ 1,155	$ 1,817
MidAmerican Funding, LLC
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	660	637
Restricted cash and cash equivalents	6	6
Total cash and cash equivalents and restricted cash and cash equivalents	$ 666	$ 643	$ 64	$ 271

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - NPC (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 3,744	$ 1,565
Restricted cash and cash equivalents	201	224
Total cash and cash equivalents and restricted cash and cash equivalents	3,959	1,811	$ 1,155	$ 1,817
NPC
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	63	20
Restricted cash and cash equivalents	19	17
Total cash and cash equivalents and restricted cash and cash equivalents	$ 82	$ 37	$ 42	$ 60

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - SPPC (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 3,744	$ 1,565
Restricted cash and cash equivalents	201	224
Total cash and cash equivalents and restricted cash and cash equivalents	3,959	1,811	$ 1,155	$ 1,817
SPPC
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	96	44
Restricted cash and cash equivalents	8	8
Total cash and cash equivalents and restricted cash and cash equivalents	$ 104	$ 52	$ 17	$ 56

XML

Property, Plant and Equipment, Net - BHE (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 99,871	$ 99,248
Regulated
Property, Plant and Equipment [Line Items]
Property, plant and equipment	116,032	115,421
Accumulated depreciation and amortization	(36,985)	(36,365)
Net operating assets	79,047	79,056
Construction work-in-progress	9,300	8,600
Regulated | Utility generation, transmission and distribution systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 96,675	96,195
Regulated | Utility generation, transmission and distribution systems | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	5 years
Regulated | Utility generation, transmission and distribution systems | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	80 years
Regulated | Interstate natural gas pipeline assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 19,357	19,226
Regulated | Interstate natural gas pipeline assets | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	3 years
Regulated | Interstate natural gas pipeline assets | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	80 years
Nonregulated
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 14,830	14,781
Accumulated depreciation and amortization	(3,916)	(3,856)
Net operating assets	10,914	10,925
Nonregulated | Independent power plants
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 8,518	8,484
Nonregulated | Independent power plants | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	2 years
Nonregulated | Independent power plants | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	50 years
Nonregulated | LNG facility
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 3,435	3,423
Depreciable life	40 years
Nonregulated | Other assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2,877	2,874
Nonregulated | Other assets | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	2 years
Nonregulated | Other assets | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	30 years
Common Facilities
Property, Plant and Equipment [Line Items]
Net operating assets	$ 89,961	89,981
Property, plant and equipment, net	99,871	99,248
Construction in Progress
Property, Plant and Equipment [Line Items]
Construction work-in-progress	$ 9,910	$ 9,267

XML

Property, Plant and Equipment, Net - PAC (Details) - PAC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Utility plant in-service	$ 34,300	$ 34,013
Accumulated depreciation and amortization	(11,924)	(11,725)
Utility plant in-service, net	22,376	22,288
Plant, net	22,395	22,306
Construction work-in-progress	5,076	4,745
Property, plant and equipment, net	$ 27,471	27,051
Minimum
Property, Plant and Equipment [Line Items]
Useful life, generation	15 years
Useful life, transmission	60 years
Useful life, distribution	20 years
Useful life, intangible asset	5 years
Maximum
Property, Plant and Equipment [Line Items]
Useful life, generation	59 years
Useful life, transmission	90 years
Useful life, distribution	75 years
Useful life, intangible asset	75 years
Generation
Property, Plant and Equipment [Line Items]
Utility plant in-service	$ 13,964	13,904
Transmission
Property, Plant and Equipment [Line Items]
Utility plant in-service	8,278	8,216
Distribution
Property, Plant and Equipment [Line Items]
Utility plant in-service	9,204	9,060
Intangible plant and other
Property, Plant and Equipment [Line Items]
Utility plant in-service	2,854	2,833
Nonregulated
Property, Plant and Equipment [Line Items]
Plant, net	$ 19	$ 18
Nonregulated | Minimum
Property, Plant and Equipment [Line Items]
Useful life, other	14 years
Nonregulated | Maximum
Property, Plant and Equipment [Line Items]
Useful life, other	95 years

XML

Property, Plant and Equipment, Net - MEC (Details) - MEC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Plant, net	$ 20,642		$ 20,710
Construction work-in-progress	1,443		1,260
Property, plant and equipment, net	22,085		21,970
Anticipated equity returns exceeding threshold
Property, Plant and Equipment [Line Items]
Regulatory liability, additions	0	$ 20
Regulated
Property, Plant and Equipment [Line Items]
Utility plant in-service	28,654		28,545
Accumulated depreciation and amortization	(8,018)		(7,841)
Plant, net	20,636		20,704
Nonregulated
Property, Plant and Equipment [Line Items]
Plant, net	$ 6		6
Nonregulated | Minimum
Property, Plant and Equipment [Line Items]
Useful life, other	20 years
Nonregulated | Maximum
Property, Plant and Equipment [Line Items]
Useful life, other	50 years
Electric Operations | Regulated
Property, Plant and Equipment [Line Items]
Generation	$ 18,132		18,129
Transmission	2,853		2,834
Distribution	$ 5,352		5,288
Electric Operations | Regulated | Minimum
Property, Plant and Equipment [Line Items]
Useful life, generation	20 years
Useful life, transmission	55 years
Useful life, distribution	15 years
Electric Operations | Regulated | Maximum
Property, Plant and Equipment [Line Items]
Useful life, generation	62 years
Useful life, transmission	80 years
Useful life, distribution	80 years
Natural Gas Processing Plant | Regulated
Property, Plant and Equipment [Line Items]
Distribution	$ 2,317		$ 2,294
Natural Gas Processing Plant | Regulated | Minimum
Property, Plant and Equipment [Line Items]
Useful life, distribution	30 years
Natural Gas Processing Plant | Regulated | Maximum
Property, Plant and Equipment [Line Items]
Useful life, distribution	75 years

XML

Property, Plant and Equipment, Net - NPC (Details) - NPC - USD ($) $ in Millions		3 Months Ended
	Jan. 01, 2024	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Plant, net		$ 7,641	$ 7,568
Construction work-in-progress		1,206	1,090
Property, plant and equipment, net		8,847	8,658
Depreciation and amortization expense, annual decrease	$ 31
Regulated
Property, Plant and Equipment [Line Items]
Generation		4,511	4,476
Distribution		1,630	1,590
Transmission		4,518	4,451
Intangible plant and other		907	906
Utility plant in-service		11,566	11,423
Accumulated depreciation and amortization		(3,926)	(3,856)
Plant, net		$ 7,640	7,567
Regulated | Minimum
Property, Plant and Equipment [Line Items]
Useful life, generation		30 years
Useful life, distribution		55 years
Useful life, transmission		24 years
Useful life, other		5 years
Regulated | Maximum
Property, Plant and Equipment [Line Items]
Useful life, generation		65 years
Useful life, distribution		76 years
Useful life, transmission		70 years
Useful life, other		65 years
Nonregulated
Property, Plant and Equipment [Line Items]
Useful life, other		40 years
Plant, net		$ 1	$ 1

XML

Property, Plant and Equipment, Net - SPPC (Details) - SPPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Construction work-in-progress	$ 355	$ 326
Property, plant and equipment, net	3,883	3,822
Regulated
Property, Plant and Equipment [Line Items]
Utility plant in-service	5,651	5,587
Accumulated depreciation and amortization	(2,123)	(2,091)
Plant, net	3,528	3,496
Regulated | Generation
Property, Plant and Equipment [Line Items]
Generation	1,314	1,313
Transmission	1,043	1,023
Distribution	2,109	2,074
Intangible plant and other	$ 249	247
Regulated | Generation | Minimum
Property, Plant and Equipment [Line Items]
Useful life, generation	25 years
Useful life, transmission	50 years
Useful life, distribution	20 years
Useful life, other	5 years
Regulated | Generation | Maximum
Property, Plant and Equipment [Line Items]
Useful life, generation	70 years
Useful life, transmission	76 years
Useful life, distribution	76 years
Useful life, other	65 years
Regulated | Natural Gas Processing Plant
Property, Plant and Equipment [Line Items]
Distribution	$ 541	537
Intangible plant and other	$ 17	17
Regulated | Natural Gas Processing Plant | Minimum
Property, Plant and Equipment [Line Items]
Useful life, distribution	35 years
Useful life, other	5 years
Regulated | Natural Gas Processing Plant | Maximum
Property, Plant and Equipment [Line Items]
Useful life, distribution	70 years
Useful life, other	65 years
Regulated | Common Facilities
Property, Plant and Equipment [Line Items]
Common other	$ 378	$ 376
Regulated | Common Facilities | Minimum
Property, Plant and Equipment [Line Items]
Useful life, common general	5 years
Regulated | Common Facilities | Maximum
Property, Plant and Equipment [Line Items]
Useful life, common general	65 years

XML

Property, Plant and Equipment, Net - EEGH (Details) - EEGH - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Plant, net	$ 10,083	$ 10,112
Construction work-in-progress	234	231
Property, plant and equipment, net	10,317	10,343
Regulated
Property, Plant and Equipment [Line Items]
Plant in service, net	9,470	9,435
Accumulated depreciation and amortization	(3,246)	(3,201)
Plant, net	6,224	6,234
Construction work-in-progress	229	223
Nonregulated
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	(686)	(655)
Plant, net	3,859	3,878
Interstate natural gas transmission and storage assets | Regulated
Property, Plant and Equipment [Line Items]
Plant in service, net	$ 9,353	9,318
Interstate natural gas transmission and storage assets | Regulated | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	23 years
Interstate natural gas transmission and storage assets | Regulated | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	49 years
Intangible plant | Regulated
Property, Plant and Equipment [Line Items]
Plant in service, net	$ 117	117
Intangible plant | Regulated | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	5 years
Intangible plant | Regulated | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	18 years
LNG facility | Nonregulated
Property, Plant and Equipment [Line Items]
Depreciable life	40 years
Plant in service, net	$ 4,545	$ 4,533

XML

Property, Plant and Equipment, Net - EGTS (Details) - EGTS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Utility plant in-service	$ 7,142	$ 7,126
Accumulated depreciation and amortization	(2,598)	(2,563)
Plant, net	4,544	4,563
Construction work-in-progress	159	152
Property, plant and equipment, net	4,703	4,715
Interstate natural gas transmission and storage assets
Property, Plant and Equipment [Line Items]
Utility plant in-service	$ 7,060	7,046
Interstate natural gas transmission and storage assets | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	28 years
Interstate natural gas transmission and storage assets | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	50 years
Intangible plant
Property, Plant and Equipment [Line Items]
Utility plant in-service	$ 82	$ 80
Intangible plant | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	12 years
Intangible plant | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	20 years

XML

Investments and Restricted Cash and Cash Equivalents and Investments - BHE - Components and Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments:
Total investments	$ 3,945		$ 4,039
Equity method investments	5,597		5,711
Restricted cash and cash equivalents and investments	1,028		1,013
Total investments and restricted cash and cash equivalents and investments	10,570		10,763
Reflected as:
Other current assets	1,265		1,253
Noncurrent assets	9,305		9,510
Unrealized (losses) gains recognized on marketable securities held at the reporting date	(124)	$ 529
Net gains recognized on marketable securities sold during the period	1	170
(Losses) gains on marketable securities, net	(123)	$ 699
Quad Cities Station nuclear decommissioning trust funds
Investments:
Restricted cash and cash equivalents and investments	813		767
Other restricted cash and cash equivalents
Investments:
Restricted cash and cash equivalents and investments	215		246
BHE Renewables tax equity investments
Investments:
Equity method investments	3,937		4,058
Electric Transmission Texas, LLC
Investments:
Equity method investments	694		673
Iroquois Gas Transmission System, L.P.
Investments:
Equity method investments	605		599
Other
Investments:
Equity method investments	361		381
BYD Company Limited common stock
Investments:
Total investments	2,081		2,218
U.S. Treasury Bills
Investments:
Total investments	1,010		996
Rabbi trusts
Investments:
Total investments	512		487
Other
Investments:
Total investments	$ 342		$ 338

XML

Investments and Restricted Cash and Cash Equivalents and Investments - BHE - Reconciliation of Cash (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Investments and Restricted Cash and Investments [Abstract]
Cash and cash equivalents	$ 3,744	$ 1,565
Restricted cash and cash equivalents	201	224
Restricted cash, cash equivalents and investments, noncurrent	14	22
Total cash and cash equivalents and restricted cash and cash equivalents	$ 3,959	$ 1,811	$ 1,155	$ 1,817

XML

Investments and Restricted Cash and Cash Equivalents and Investments - EEGH - Components (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments:
Equity method investments	$ 5,597	$ 5,711
Total investments and restricted cash and cash equivalents and investments	10,570	10,763
Reflected as:
Other current assets	1,265	1,253
Noncurrent assets	9,305	9,510
EEGH
Investments:
Investments	16	19
Total investments	285	281
Restricted cash and cash equivalents	25	31
Total investments and restricted cash and cash equivalents and investments	310	312
Reflected as:
Other current assets	25	31
Noncurrent assets	285	281
EEGH | Customer deposits
Investments:
Restricted cash and cash equivalents	25	31
Iroquois Gas Transmission System, L.P.
Investments:
Equity method investments	605	599
Iroquois Gas Transmission System, L.P. | EEGH
Investments:
Equity method investments	$ 269	$ 262

XML

Investments and Restricted Cash and Cash Equivalents and Investments - EEGH - Narrative (Details) - EEGH - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments And Restricted Cash And Investments [Line Items]
Investment exceeded share of equity in net assets	$ 130		$ 130
Distributions received from investments	$ 40	$ 26
Iroquois Gas Transmission System, L.P.
Investments And Restricted Cash And Investments [Line Items]
Equity method investment, ownership percentage	50.00%

XML

Investments and Restricted Cash and Cash Equivalents and Investments - EEGH - Reconciliation of Cash (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 3,744	$ 1,565
Restricted cash and cash equivalents	201	224
Total cash and cash equivalents and restricted cash and cash equivalents	3,959	1,811	$ 1,155	$ 1,817
EEGH
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	81	62
Restricted cash and cash equivalents	25	31
Total cash and cash equivalents and restricted cash and cash equivalents	$ 106	$ 93	$ 134	$ 95

XML

Investments and Restricted Cash and Cash Equivalents and Investments - EGTS - Components (Details) - EGTS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Investments And Restricted Cash And Investments [Line Items]
Investments	$ 16	$ 19
Restricted cash and cash equivalents	24	29
Total investments and restricted cash and cash equivalents	40	48
Reflected as:
Current assets	24	29
Other assets	16	19
Customer deposits
Investments And Restricted Cash And Investments [Line Items]
Restricted cash and cash equivalents	$ 24	$ 29

XML

Investments and Restricted Cash and Cash Equivalents and Investments - EGTS - Reconciliation of Cash (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 3,744	$ 1,565
Investments and restricted cash and cash equivalents	1,265	1,253
Total cash and cash equivalents and restricted cash and cash equivalents	3,959	1,811	$ 1,155	$ 1,817
EGTS
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	31	5
Investments and restricted cash and cash equivalents	24	29
Total cash and cash equivalents and restricted cash and cash equivalents	$ 55	$ 34	$ 75	$ 45

XML

Recent Financing Transactions - BHE (Details) $ in Millions, $ in Millions	1 Months Ended
	Jan. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 CAD ($)	Feb. 29, 2024 USD ($)
Washoe County Series 2016F, due 2036 | SPPC
Debt Instrument [Line Items]
Stated interest rate				4.125%
Washoe County Series 2016B, due 2036 | SPPC
Debt Instrument [Line Items]
Stated interest rate				3.625%
Washoe County Series 2016C, due 2036 | SPPC
Debt Instrument [Line Items]
Stated interest rate				4.125%
Washoe County Series 2016G, due 2036 | SPPC
Debt Instrument [Line Items]
Stated interest rate				3.625%
Unsecured credit facility, C$300 million, expiring December 2026 | AltaLink L.P. | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 300
Unsecured credit facility, $700 million, HomeServices, expiring September 2026 | HomeServices | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 700
Secured credit facility, $200 million, HomeServices, expiring September 2026 | HomeServices | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 200
Subsidiary Debt | PAC
Debt Instrument [Line Items]
Face amount	$ 3,800
Subsidiary Debt | First Mortgage Bonds, 5.10%, due 2029 | PAC
Debt Instrument [Line Items]
Face amount	$ 500
Stated interest rate	5.10%
Subsidiary Debt | First Mortgage Bonds, 5.30%, due 2031 | PAC
Debt Instrument [Line Items]
Face amount	$ 700
Stated interest rate	5.30%
Subsidiary Debt | First Mortgage Bonds, 5.45%, due 2034 | PAC
Debt Instrument [Line Items]
Face amount	$ 1,100
Stated interest rate	5.45%
Subsidiary Debt | First Mortgage Bonds, 5.80%, due 2055 | PAC
Debt Instrument [Line Items]
Face amount	$ 1,500
Stated interest rate	5.80%
Subsidiary Debt | First Mortgage Bonds, 5.30%, due 2055 | MEC
Debt Instrument [Line Items]
Face amount	$ 600
Stated interest rate	5.30%
Proceeds allocation period	24 months
Subsidiary Debt | Senior Bonds, 5.625%, due 2054 | Northern Natural Gas
Debt Instrument [Line Items]
Face amount	$ 500
Stated interest rate	5.625%
Subsidiary Debt | Washoe County Series 2016F, due 2036 | SPPC
Debt Instrument [Line Items]
Face amount				$ 75
Subsidiary Debt | Washoe County Series 2016B, due 2036 | SPPC
Debt Instrument [Line Items]
Face amount				60
Subsidiary Debt | Humboldt County Series 2016B, due 2029 | SPPC
Debt Instrument [Line Items]
Face amount				$ 30
Stated interest rate				3.55%
Subsidiary Debt | Washoe County Series 2016C, due 2036 | SPPC
Debt Instrument [Line Items]
Face amount				$ 30
Subsidiary Debt | Humboldt County Series 2016A due 2029 | SPPC
Debt Instrument [Line Items]
Face amount				$ 20
Stated interest rate				3.55%
Subsidiary Debt | Washoe County Series 2016G, due 2036 | SPPC
Debt Instrument [Line Items]
Face amount				$ 20

XML

Recent Financing Transactions - PAC (Details) - PAC - Subsidiary Debt $ in Millions	Jan. 31, 2024 USD ($)
Debt Instrument [Line Items]
Face amount	$ 3,800
First Mortgage Bonds, 5.10%, due 2029
Debt Instrument [Line Items]
Face amount	$ 500
Stated interest rate	5.10%
First Mortgage Bonds, 5.30%, due 2031
Debt Instrument [Line Items]
Face amount	$ 700
Stated interest rate	5.30%
First Mortgage Bonds, 5.45%, due 2034
Debt Instrument [Line Items]
Face amount	$ 1,100
Stated interest rate	5.45%
First Mortgage Bonds, 5.80%, due 2055
Debt Instrument [Line Items]
Face amount	$ 1,500
Stated interest rate	5.80%

XML

Recent Financing Transactions - MEC (Details) - First Mortgage Bonds, 5.30%, due 2055 - MEC - Subsidiary Debt $ in Millions	1 Months Ended
	Jan. 31, 2024 USD ($)
Debt Instrument [Line Items]
Face amount	$ 600
Stated interest rate	5.30%
Proceeds allocation period	24 months

XML

Recent Financing Transactions - SPPC (Details) - SPPC $ in Millions	Feb. 29, 2024 USD ($)
Washoe County Series 2016F, due 2036
Debt Instrument [Line Items]
Stated interest rate	4.125%
Washoe County Series 2016F, due 2036 | Subsidiary Debt
Debt Instrument [Line Items]
Face amount	$ 75
Washoe County Series 2016B, due 2036
Debt Instrument [Line Items]
Stated interest rate	3.625%
Washoe County Series 2016B, due 2036 | Subsidiary Debt
Debt Instrument [Line Items]
Face amount	$ 60
Humboldt County Series 2016B, due 2029 | Subsidiary Debt
Debt Instrument [Line Items]
Face amount	$ 30
Stated interest rate	3.55%
Washoe County Series 2016C, due 2036
Debt Instrument [Line Items]
Stated interest rate	4.125%
Washoe County Series 2016C, due 2036 | Subsidiary Debt
Debt Instrument [Line Items]
Face amount	$ 30
Humboldt County Series 2016A due 2029 | Subsidiary Debt
Debt Instrument [Line Items]
Face amount	$ 20
Stated interest rate	3.55%
Washoe County Series 2016G, due 2036
Debt Instrument [Line Items]
Stated interest rate	3.625%
Washoe County Series 2016G, due 2036 | Subsidiary Debt
Debt Instrument [Line Items]
Face amount	$ 20

XML

Income Taxes - BHE (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate		21.00%	21.00%
Income tax credits		(108.00%)	(35.00%)
State income tax, net of federal income tax impacts		0.00%	(4.00%)
Income tax effect of foreign income		(6.00%)	7.00%
Effects of ratemaking		(7.00%)	(3.00%)
Equity earnings		(2.00%)	(1.00%)
Noncontrolling interest		(2.00%)	(2.00%)
Effective income tax rate		(104.00%)	(17.00%)
Years eligible for federal renewable energy production tax credit		10 years
Production tax credits		$ 383,000,000	$ 343,000,000
Related party transaction, cash received (paid) for income taxes		$ 0	$ 0
United Kingdom
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Income tax effect, change in enacted tax rate, Energy Profit Levy	$ 82,000,000

XML

Income Taxes - PAC (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State income tax, net of federal income tax impacts	0.00%	(4.00%)
Income tax credits	(108.00%)	(35.00%)
Effects of ratemaking	(7.00%)	(3.00%)
Effective income tax rate	(104.00%)	(17.00%)
Income tax expense (benefit)	$ (371,000,000)	$ (162,000,000)
Income (loss) before income tax expense (benefit) and equity income (loss)	357,000,000	979,000,000
Wildfire losses, net of recoveries	$ 0	359,000,000
Years eligible for federal renewable energy production tax credit	10 years
Related party transaction, cash received (paid) for income taxes	$ 0	$ 0
PAC
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate	21.00%	21.00%
State income tax, net of federal income tax impacts	3.00%	4.00%
Income tax credits	(22.00%)	13.00%
Effects of ratemaking	(11.00%)	6.00%
Valuation allowance	0.00%	5.00%
Other	1.00%	(1.00%)
Effective income tax rate	(8.00%)	48.00%
Income tax expense (benefit)	$ (9,000,000)	$ (110,000,000)
Income (loss) before income tax expense (benefit) and equity income (loss)	112,000,000	(230,000,000)
Wildfire losses, net of recoveries	0	359,000,000
Federal statutory income tax rate, benefit		48,000,000
Income tax credit benefit	$ 25,000,000	$ 29,000,000
Years eligible for federal renewable energy production tax credit	10 years
Related party transaction, cash received (paid) for income taxes	$ 189,000,000
Income taxes payable	$ 79,000,000
Income taxes receivable			$ 114,000,000

XML

Income Taxes - MEC (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Income tax credits	(108.00%)	(35.00%)
State income tax, net of federal income tax impacts	0.00%	(4.00%)
Effects of ratemaking	(7.00%)	(3.00%)
Effective income tax rate	(104.00%)	(17.00%)
Years eligible for federal renewable energy production tax credit	10 years
Production tax credits	$ 383,000,000	$ 343,000,000
Related party transaction, cash received (paid) for income taxes	$ 0	$ 0
MEC
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Income tax credits	(1158.00%)	(518.00%)
State income tax, net of federal income tax impacts	(11.00%)	(18.00%)
Effects of ratemaking	0.00%	(8.00%)
Other	(5.00%)	2.00%
Effective income tax rate	(1153.00%)	(521.00%)
Years eligible for federal renewable energy production tax credit	10 years
Production tax credits	$ 220,000,000	$ 202,000,000
MEC | BHE
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Related party transaction, cash received (paid) for income taxes	$ 179,000,000	$ (1,000,000)

XML

Income Taxes - LLC (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Income tax credits	(108.00%)	(35.00%)
State income tax, net of federal income tax impacts	0.00%	(4.00%)
Effects of ratemaking	(7.00%)	(3.00%)
Effective income tax rate	(104.00%)	(17.00%)
Production Tax Credit Carryforwards [Abstract]
Years eligible for federal renewable energy production tax credit	10 years
Production tax credits	$ 383,000,000	$ 343,000,000
Related Party Income Tax Receivable (Payable) [Abstract]
Related party transaction, cash received (paid) for income taxes	$ 0	$ 0
MidAmerican Funding, LLC
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Income tax credits	(1467.00%)	(430.00%)
State income tax, net of federal income tax impacts	(20.00%)	(13.00%)
Effects of ratemaking	0.00%	(6.00%)
Other	(1.00%)	(2.00%)
Effective income tax rate	(1467.00%)	(430.00%)
Production Tax Credit Carryforwards [Abstract]
Years eligible for federal renewable energy production tax credit	10 years
Production tax credits	$ 220,000,000	$ 202,000,000
MidAmerican Funding, LLC | BHE
Related Party Income Tax Receivable (Payable) [Abstract]
Related party transaction, cash received (paid) for income taxes	$ 180,000,000	$ 0

XML

Income Taxes - NPC (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate	21.00%	21.00%
Effects of ratemaking	(7.00%)	(3.00%)
Income tax credits	(108.00%)	(35.00%)
Effective income tax rate	(104.00%)	(17.00%)
Related party transaction, cash received (paid) for income taxes	$ 0	$ 0
NPC
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate	21.00%	21.00%
Effects of ratemaking	(1.00%)	(9.00%)
Income tax credits	(8.00%)	(2.00%)
Other	5.00%	10.00%
Effective income tax rate	17.00%	20.00%
Related party transaction, cash received (paid) for income taxes	$ (33,000,000)	$ 0

XML

Income Taxes - SPPC (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate	21.00%	21.00%
Effects of ratemaking	(7.00%)	(3.00%)
Effective income tax rate	(104.00%)	(17.00%)
Related party transaction, cash received (paid) for income taxes	$ 0	$ 0
SPPC
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate	21.00%	21.00%
Effects of ratemaking	(13.00%)	(9.00%)
Other	1.00%	1.00%
Effective income tax rate	9.00%	13.00%
Related party transaction, cash received (paid) for income taxes	$ (22,000,000)	$ 0

XML

Income Taxes - EEGH (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate	21.00%	21.00%
State income tax, net of federal income tax impacts	0.00%	(4.00%)
Equity earnings	(2.00%)	(1.00%)
Noncontrolling interest	(2.00%)	(2.00%)
Effective income tax rate	(104.00%)	(17.00%)
EEGH
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate	21.00%	21.00%
State income tax, net of federal income tax impacts	4.00%	2.00%
Equity earnings	4.00%	3.00%
Noncontrolling interest	(3.00%)	(10.00%)
Effective income tax rate	26.00%	16.00%
EEGH | Related party
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Income taxes payable	$ 80
Income taxes receivable			$ 67

XML

Income Taxes - EGTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate	21.00%	21.00%
State income tax, net of federal income tax impacts	0.00%	(4.00%)
Effective income tax rate	(104.00%)	(17.00%)
EGTS
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate	21.00%	21.00%
State income tax, net of federal income tax impacts	5.00%	4.00%
Effective income tax rate	26.00%	25.00%
EGTS | Related party
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Income taxes payable	$ 20
Income taxes receivable			$ 57

XML

Employee Benefit Plans - BHE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1
Interest cost	7	7
Expected return on plan assets	(8)	(8)
Net amortization	(1)	(1)
Net periodic benefit credit	(1)	(1)
U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	4
Interest cost	26	28
Expected return on plan assets	(31)	(31)
Settlement	0	(5)
Net amortization	2	4
Net periodic benefit credit	0	0
United Kingdom | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	2
Interest cost	14	14
Expected return on plan assets	(20)	(19)
Net amortization	7	6
Net periodic benefit credit	$ 2	$ 3

XML

Employee Benefit Plans - BHE - Employer Contributions (Details) - 3 months ended Mar. 31, 2024 £ in Millions, $ in Millions	USD ($)	GBP (£)	GBP (£)
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	$ 5
Employer contributions	1
U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	13
Employer contributions	3
United Kingdom | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year | £			£ 9
Employer contributions	$ 3	£ 2

XML

Employee Benefit Plans - PAC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1	$ 1
Interest cost	7	7
Expected return on plan assets	(8)	(8)
Net amortization	(1)	(1)
Net periodic benefit credit	(1)	(1)
U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	4
Interest cost	26	28
Expected return on plan assets	(31)	(31)
Net amortization	2	4
Net periodic benefit credit	0	0
PAC | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	3	3
Expected return on plan assets	(3)	(3)
Net amortization	(1)	(1)
Net periodic benefit credit	(1)	(1)
PAC | U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost	9	10
Expected return on plan assets	(12)	(12)
Net amortization	2	3
Net periodic benefit credit	$ (1)	$ 1

XML

Employee Benefit Plans - PAC - Employer Contributions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	$ 5
Employer contributions	1
U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	13
Employer contributions	3
PAC | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	0
PAC | U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	4
Employer contributions	$ 1

XML

Employee Benefit Plans - MEC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Plan | U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3	$ 4
Interest cost	26	28
Expected return on plan assets	(31)	(31)
Settlement	0	(5)
Net periodic benefit credit	0	0
Pension Plan | U.S. | MEC
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	3
Interest cost	8	8
Expected return on plan assets	(8)	(8)
Settlement	0	(5)
Net periodic benefit credit	2	(2)
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1
Interest cost	7	7
Expected return on plan assets	(8)	(8)
Net periodic benefit credit	(1)	(1)
Other Postretirement Plans | MEC
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1
Interest cost	3	3
Expected return on plan assets	(4)	(4)
Net periodic benefit credit	$ 0	$ 0

XML

Employee Benefit Plans - MEC - Employer Contributions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	$ 5
Employer contributions	1
MEC | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	2
Employer contributions	1
U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	13
Employer contributions	3
U.S. | MEC | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	8
Employer contributions	$ 2

XML

Employee Benefit Plans - NPC (Details) - NPC - U.S. - NV Energy, Inc. - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other assets | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	$ 38	$ 38
Other assets | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	10	10
Other current liabilities | Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other current liabilities	(1)	(1)
Other Noncurrent Liabilities | Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other long-term liabilities	$ (6)	$ (6)

XML

Employee Benefit Plans - SPPC (Details) - SPPC - U.S. - NV Energy, Inc. - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other assets | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	$ 54	$ 53
Other assets | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	0	1
Other current liabilities | Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other current liabilities	(1)	(1)
Other Noncurrent Liabilities | Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other long-term liabilities	$ (5)	$ (5)

XML

Employee Benefit Plans - EEGH (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
EEGH
Defined Benefit Plan Disclosure [Line Items]
Pension plan liability, noncurrent	$ 53		$ 53
Pension Plan | EEGH | MidAmerican Energy Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	2	$ 2
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	1
Other Postretirement Plans | EEGH | MidAmerican Energy Retiree Health and Welfare Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 1	$ 1

XML

Employee Benefit Plans - EGTS (Details) - EGTS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Employee benefit plan liability, noncurrent	$ 48		$ 48
MidAmerican Energy Company Retirement Plan | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 2	$ 2

XML

Risk Management and Hedging Activities - PAC - Balance Sheet Location (Details) - PAC - Commodity derivatives - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Total derivative asset (liability)	$ (113)	$ (76)
Cash collateral receivable	24	10
Total derivatives - net basis	(89)	(66)
Derivative Contracts - Current Assets
Derivatives, Fair Value [Line Items]
Total derivative asset (liability)	6	18
Cash collateral receivable	0	(2)
Total derivatives - net basis	6	16
Other assets
Derivatives, Fair Value [Line Items]
Total derivative asset (liability)	2	2
Cash collateral receivable	0	0
Total derivatives - net basis	2	2
Other current liabilities
Derivatives, Fair Value [Line Items]
Total derivative asset (liability)	(114)	(76)
Cash collateral receivable	24	12
Total derivatives - net basis	(90)	(64)
Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Total derivative asset (liability)	(7)	(20)
Cash collateral receivable	0	0
Total derivatives - net basis	(7)	(20)
Not Designated as Hedging
Derivatives, Fair Value [Line Items]
Derivative asset, gross	24	32
Derivative liability	(137)	(108)
Total derivative asset (liability)	(113)	(76)
Net regulatory asset (liability) on derivative contracts	113	76	$ (109)	$ (270)
Not Designated as Hedging | Derivative Contracts - Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross	6	21
Derivative liability	0	(3)
Total derivative asset (liability)	6	18
Not Designated as Hedging | Other assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross	4	2
Derivative liability	(2)	0
Total derivative asset (liability)	2	2
Not Designated as Hedging | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivative asset, gross	9	7
Derivative liability	(123)	(83)
Total derivative asset (liability)	(114)	(76)
Not Designated as Hedging | Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Derivative asset, gross	5	2
Derivative liability	(12)	(22)
Total derivative asset (liability)	$ (7)	$ (20)

XML

Risk Management and Hedging Activities - PAC - Not Designated as Hedging Contracts (Details) - PAC - Not Designated as Hedging - Commodity derivatives - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Regulatory Assets (Liabilities), Net, Unrealized Loss (Gain), Net, on Derivative Instruments [Roll Forward]
Beginning balance	$ 76	$ (270)
Changes in fair value recognized in regulatory assets (liabilities)	91	(10)
Net gains (losses) reclassified to operating revenue	1	(6)
Net (losses) gains reclassified to energy costs	(55)	177
Ending balance	$ 113	$ (109)

XML

Risk Management and Hedging Activities - PAC - Derivative Contract Volumes (Details) - PAC - Commodity derivatives MWh in Millions, Dth in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 Dth MWh	Dec. 31, 2023 Dth MWh
Notional Amounts of Outstanding Derivative Positions [Line Items]
Electricity purchases, net | MWh	2	2
Natural gas purchases
Notional Amounts of Outstanding Derivative Positions [Line Items]
Derivative, nonmonetary notional amount | Dth	163	153

XML

Risk Management and Hedging Activities - PAC - Collateral and Contingent Features (Details) - PAC - Commodity derivatives - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative, net liability position, aggregate fair value	$ 137	$ 108
Collateral already posted, aggregate fair value	24	12
Additional collateral, aggregate fair value	$ 93	$ 84

XML

Risk Management and Hedging Activities - NPC - Balance Sheet Location (Details) - NPC - Commodity derivatives - Not Designated as Hedging - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Commodity liabilities	$ (101)	$ (68)
Net regulatory asset (liability) on derivative contracts	101	68
Other Current Assets
Derivatives, Fair Value [Line Items]
Commodity liabilities	0	0
Derivative Contracts - Current Liabilities
Derivatives, Fair Value [Line Items]
Commodity liabilities	(91)	(62)
Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Commodity liabilities	$ (10)	$ (6)

XML

Risk Management and Hedging Activities - NPC - Derivative Contract Volumes (Details) - NPC - Commodity derivatives MWh in Millions, Dth in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 Dth MWh	Dec. 31, 2023 Dth MWh
Notional Amounts of Outstanding Derivative Positions [Line Items]
Electricity purchases, net | MWh	2	1
Natural gas purchases
Notional Amounts of Outstanding Derivative Positions [Line Items]
Derivative, nonmonetary notional amount | Dth	118	132

XML

Risk Management and Hedging Activities - NPC - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commodity derivatives | NPC
Derivative [Line Items]
Derivative, net liability position, aggregate fair value	$ 7	$ 7

XML

Risk Management and Hedging Activities - SPPC - Balance Sheet Location (Details) - SPPC - Commodity derivatives - Not Designated as Hedging - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative asset, gross	$ 1
Derivative liability	(27)	$ (16)
Total derivative asset (liability)	(26)
Net regulatory asset (liability) on derivative contracts	26	16
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross	0
Derivative liability	0	0
Total derivative asset (liability)	0
Derivative Contracts - Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative asset, gross	0
Derivative liability	(26)	(16)
Total derivative asset (liability)	(26)
Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Derivative asset, gross	1
Derivative liability	(1)	$ 0
Total derivative asset (liability)	$ 0

XML

Risk Management and Hedging Activities - SPPC - Derivative Contract Volumes (Details) - SPPC - Commodity derivatives MWh in Millions, Dth in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 Dth MWh	Dec. 31, 2023 Dth MWh
Notional Amounts of Outstanding Derivative Positions [Line Items]
Electricity purchases, net | MWh	1	0
Natural gas purchases
Notional Amounts of Outstanding Derivative Positions [Line Items]
Derivative, nonmonetary notional amount | Dth	50	55

XML

Risk Management and Hedging Activities -SPPC - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commodity derivatives | SPPC
Derivative [Line Items]
Derivative, net liability position, aggregate fair value	$ 1	$ 1

XML

Fair Value Measurements - BHE (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	$ (18)	$ (31)
Assets, fair value	8,308	6,188
Derivative liability, offset	54	58
Derivative liability	(263)	(193)
Cash collateral receivable	36	27
Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Mortgage loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	492	451
U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,265	1,253
Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	84	70
Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3	3
U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	458	427
International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	2,091	2,226
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	306	268
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	7,593	5,523
Derivative liability	(4)	(7)
Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Level 1 | Mortgage loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	0	0
Level 1 | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,265	1,253
Level 1 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 1 | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 1 | U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	458	427
Level 1 | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	2,091	2,226
Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	306	268
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	716	685
Derivative liability	(172)	(149)
Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Level 2 | Mortgage loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	492	451
Level 2 | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 2 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	84	70
Level 2 | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3	3
Level 2 | U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 2 | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 2 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	17	11
Derivative liability	(141)	(95)
Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Level 3 | Mortgage loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	0	0
Level 3 | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 3 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 3 | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 3 | U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	(18)	(31)
Derivative asset	78	95
Derivative liability, offset	53	54
Derivative liability	(246)	(182)
Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	1	1
Derivative liability, gross	(4)	(7)
Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	89	121
Derivative liability, gross	(154)	(134)
Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	6	4
Derivative liability, gross	(141)	(95)
Foreign currency exchange rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(15)	(8)
Foreign currency exchange rate derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, gross	0	0
Foreign currency exchange rate derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, gross	(15)	(8)
Foreign currency exchange rate derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability, gross	0	0
Interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	96	85
Derivative liability, offset	1	4
Derivative liability	(2)	(3)
Interest rate derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	37	38
Derivative liability, gross	0	0
Interest rate derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	48	40
Derivative liability, gross	(3)	(7)
Interest rate derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	11	7
Derivative liability, gross	$ 0	$ 0

XML

Fair Value Measurements - BHE - Level 3 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commodity derivatives
Fair Value, Assets (Liabilities), Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (91)	$ (59)
Changes included in earnings	(3)	9
Changes in fair value recognized in OCI		(3)
Changes in fair value recognized in regulatory assets	(56)	(98)
Settlements	15	1
Ending balance	(135)	(150)
Interest rate derivatives
Fair Value, Assets (Liabilities), Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	7	6
Changes included in earnings	4	9
Changes in fair value recognized in OCI		0
Changes in fair value recognized in regulatory assets	0	0
Settlements	0	0
Ending balance	$ 11	$ 15

XML

Fair Value Measurements - BHE - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 57,028	$ 52,172
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 52,594	$ 48,624

XML

Fair Value Measurements - PAC (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	$ (18)	$ (31)
Assets, fair value	8,308	6,188
Derivative liability, offset	54	58
Derivative liability	(263)	(193)
Cash collateral receivable	36	27
Recurring | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	7,593	5,523
Derivative liability	(4)	(7)
Recurring | Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	716	685
Derivative liability	(172)	(149)
Recurring | Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	17	11
Derivative liability	(141)	(95)
Recurring | Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Commodity derivatives | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	(18)	(31)
Derivative asset	78	95
Derivative liability, offset	53	54
Derivative liability	(246)	(182)
Commodity derivatives | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	1	1
Derivative liability, gross	(4)	(7)
Commodity derivatives | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	89	121
Derivative liability, gross	(154)	(134)
Commodity derivatives | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	6	4
Derivative liability, gross	(141)	(95)
PAC | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	27	26
Assets, fair value	2,266	219
PAC | Recurring | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	2,231	175
PAC | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	27	26
Assets, fair value	2,258	201
PAC | Recurring | Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	2,231	175
PAC | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Assets, fair value	24	32
PAC | Recurring | Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
PAC | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Assets, fair value	0	0
PAC | Recurring | Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
PAC | Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash collateral receivable	24	10
PAC | Commodity derivatives | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	(16)	(14)
Derivative asset	8	18
Derivative liability, offset	40	24
Derivative liability	(97)	(84)
Cash collateral receivable	24	10
PAC | Commodity derivatives | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	0	0
Derivative liability, gross	0	0
PAC | Commodity derivatives | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	24	32
Derivative liability, gross	(137)	(108)
PAC | Commodity derivatives | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	0	0
Derivative liability, gross	$ 0	$ 0

XML

Fair Value Measurements - PAC - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 57,028	$ 52,172
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,594	48,624
PAC | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	14,175	10,410
PAC | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 13,300	$ 9,722

XML

Fair Value Measurements - MEC (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	$ (18)	$ (31)
Assets, fair value	8,308	6,188
Derivative liability, offset	54	58
Cash collateral receivable	36	27
U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,265	1,253
Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	84	70
Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3	3
U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	458	427
International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	2,091	2,226
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	306	268
Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	7,593	5,523
Level 1 | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1,265	1,253
Level 1 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 1 | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 1 | U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	458	427
Level 1 | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	2,091	2,226
Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	306	268
Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	716	685
Level 2 | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 2 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	84	70
Level 2 | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3	3
Level 2 | U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 2 | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 2 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	17	11
Level 3 | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 3 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 3 | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Level 3 | U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	(18)	(31)
Derivative liability, offset	53	54
Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	1	1
Derivative liability	(4)	(7)
Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	89	121
Derivative liability	(154)	(134)
Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	6	4
Derivative liability	(141)	(95)
MEC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	1,500	1,441
Cash collateral receivable	5	12
MEC | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	255	257
MEC | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	84	70
MEC | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3	3
MEC | U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	458	427
MEC | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	10	9
MEC | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	23	19
MEC | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	667	643
MEC | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	1,414	1,355
MEC | Level 1 | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	255	257
MEC | Level 1 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
MEC | Level 1 | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
MEC | Level 1 | U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	458	427
MEC | Level 1 | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	10	9
MEC | Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	23	19
MEC | Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	667	643
MEC | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	87	88
MEC | Level 2 | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
MEC | Level 2 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	84	70
MEC | Level 2 | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3	3
MEC | Level 2 | U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
MEC | Level 2 | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
MEC | Level 2 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0
MEC | Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
MEC | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
MEC | Level 3 | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
MEC | Level 3 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
MEC | Level 3 | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
MEC | Level 3 | U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
MEC | Level 3 | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
MEC | Level 3 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0
MEC | Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
MEC | Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	0	13
Derivative asset, offset	(1)	(2)
Derivative liability	(17)	(12)
Derivative liability, offset	6	14
MEC | Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	1	0
Derivative liability	0	0
MEC | Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	0	15
Derivative liability	(17)	(15)
MEC | Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	0	0
Derivative liability	$ (6)	$ (11)

XML

Fair Value Measurements - MEC - Level 3 (Details) - MEC - Commodity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets (Liabilities), Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (11)	$ 5
Changes in fair value recognized in regulatory assets	(4)	(13)
Settlements	9	3
Ending balance	$ (6)	$ (5)

XML

Fair Value Measurements - MEC - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 57,028	$ 52,172
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,594	48,624
MEC | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	9,359	8,766
MEC | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 8,661	$ 8,252

XML

Fair Value Measurements - LLC (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 57,028	$ 52,172
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,594	48,624
MidAmerican Funding, LLC | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	9,599	9,006
MidAmerican Funding, LLC | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 8,920	$ 8,515

XML

Fair Value Measurements - NPC (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 8,308	$ 6,188
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	306	268
Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	7,593	5,523
Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	306	268
Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	716	685
Level 2 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	17	11
Level 3 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(4)	(7)
Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(154)	(134)
Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(141)	(95)
NPC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	63	14
NPC | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	4	4
NPC | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	59	10
NPC | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	63	14
NPC | Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	4	4
NPC | Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	59	10
NPC | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
NPC | Level 2 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
NPC | Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
NPC | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
NPC | Level 3 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
NPC | Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
NPC | Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(101)	(68)
NPC | Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
NPC | Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
NPC | Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ (101)	$ (68)

XML

Fair Value Measurements - NPC - Level 3 (Details) - NPC - Commodity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets (Liabilities), Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (68)	$ (52)
Changes in fair value recognized in regulatory assets	(41)	(65)
Settlements	8	1
Ending balance	$ (101)	$ (116)

XML

Fair Value Measurements - NPC - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 57,028	$ 52,172
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,594	48,624
NPC | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	3,393	3,392
NPC | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 3,344	$ 3,417

XML

Fair Value Measurements - SPPC (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 8,308	$ 6,188
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	306	268
Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	7,593	5,523
Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	306	268
Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	716	685
Level 2 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	17	11
Level 3 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	1	1
Derivative liability	(4)	(7)
Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	89	121
Derivative liability	(154)	(134)
Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	6	4
Derivative liability	(141)	(95)
SPPC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	93	42
SPPC | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	1	1
SPPC | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	91	41
SPPC | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	92	42
SPPC | Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	1	1
SPPC | Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	91	41
SPPC | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
SPPC | Level 2 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
SPPC | Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
SPPC | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	1	0
SPPC | Level 3 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
SPPC | Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
SPPC | Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	1
Derivative liability	(27)	(16)
SPPC | Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	0
Derivative liability	0	0
SPPC | Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	0
Derivative liability	0	0
SPPC | Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	1
Derivative liability	$ (27)	$ (16)

XML

Fair Value Measurements - SPPC - Level 3 (Details) - Commodity - SPPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets (Liabilities), Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (16)	$ (13)
Changes in fair value recognized in regulatory assets	(11)	(20)
Settlements	1	0
Ending balance	$ (26)	$ (33)

XML

Fair Value Measurements - SPPC - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 57,028	$ 52,172
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,594	48,624
SPPC | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,526	1,293
SPPC | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,512	$ 1,311

XML

Fair Value Measurements - EEGH (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 16	$ 19
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	8,308	6,188
Derivative liability	(263)	(193)
Recurring | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Recurring | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	306	268
Recurring | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	97	81
Total liabilities	(15)	(8)
Recurring | EEGH | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	81	62
Recurring | EEGH | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	16	19
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	7,593	5,523
Derivative liability	(4)	(7)
Recurring | Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Recurring | Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	306	268
Recurring | Level 1 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	97	81
Total liabilities	0	0
Recurring | Level 1 | EEGH | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	81	62
Recurring | Level 1 | EEGH | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	16	19
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	716	685
Derivative liability	(172)	(149)
Recurring | Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Recurring | Level 2 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Recurring | Level 2 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
Total liabilities	(15)	(8)
Recurring | Level 2 | EEGH | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Recurring | Level 2 | EEGH | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	17	11
Derivative liability	(141)	(95)
Recurring | Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Recurring | Level 3 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Recurring | Level 3 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
Total liabilities	0	0
Recurring | Level 3 | EEGH | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Recurring | Level 3 | EEGH | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Foreign currency exchange rate derivatives | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(15)	(8)
Foreign currency exchange rate derivatives | Recurring | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(15)	(8)
Foreign currency exchange rate derivatives | Recurring | Level 1 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0	0
Foreign currency exchange rate derivatives | Recurring | Level 2 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(15)	(8)
Foreign currency exchange rate derivatives | Recurring | Level 3 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 0	$ 0

XML

Fair Value Measurements - EEGH - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 57,028	$ 52,172
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,594	48,624
EEGH | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	3,248	3,254
EEGH | Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 2,962	$ 2,968

XML

Fair Value Measurements - EGTS (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
EGTS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 16	$ 19
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	8,308	6,188
Recurring | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Recurring | EGTS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	16	19
Assets, fair value	47	24
Recurring | EGTS | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	31	5
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	7,593	5,523
Recurring | Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	3,435	1,310
Recurring | Level 1 | EGTS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	16	19
Assets, fair value	47	24
Recurring | Level 1 | EGTS | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	31	5
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	716	685
Recurring | Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Recurring | Level 2 | EGTS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Assets, fair value	0	0
Recurring | Level 2 | EGTS | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	17	11
Recurring | Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	0	0
Recurring | Level 3 | EGTS
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Assets, fair value	0	0
Recurring | Level 3 | EGTS | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market mutual funds	$ 0	$ 0

XML

Fair Value Measurements - EGTS - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 57,028	$ 52,172
Carrying Value | EGTS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	1,583	1,583
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,594	48,624
Level 2 | Fair Value | EGTS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,380	$ 1,386

XML

Commitments and Contingencies - BHE - Narrative (Details) naturalGasProducer in Thousands, a in Thousands, $ in Millions				1 Months Ended									3 Months Ended		27 Months Ended
	Apr. 29, 2024 class_member	Feb. 13, 2024 plaintiff	Oct. 16, 2023 USD ($)	May 03, 2024 USD ($)	Apr. 30, 2024 USD ($) class_member	Mar. 31, 2024 USD ($) dam plaintiff	Feb. 29, 2024 USD ($)	Jan. 31, 2024 USD ($) plaintiff	Sep. 30, 2023 trial	Jun. 30, 2023 USD ($) wildfire plaintiff	Apr. 30, 2023 plaintiff	Sep. 30, 2020 a naturalGasProducer	Mar. 31, 2024 USD ($) dam case	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) dam	Dec. 31, 2023 USD ($)
Long-Term Purchase Commitment [Line Items]
Wildfire losses, net of recoveries													$ 0	$ 359
HomeServices antitrust cases | Texas State Law Antitrust Claims | HomeServices
Long-Term Purchase Commitment [Line Items]
Damages sought													$ 9,000
Number of trials | case													2
HomeServices antitrust cases | Burnett case | HomeServices
Long-Term Purchase Commitment [Line Items]
Damages awarded			$ 1,800
Loss contingency accrual, provision													$ 140
HomeServices antitrust cases | Burnett case | HomeServices | Subsequent event
Long-Term Purchase Commitment [Line Items]
Litigation settlement, payment terms					4 years
Litigation settlement, amount awarded to other party					$ 250
PAC
Long-Term Purchase Commitment [Line Items]
Estimated loss accrual, current						$ 269							269		$ 269	$ 4
Wildfire losses, net of recoveries													$ 0	359
PAC | Lower Klamath Hydroelectric System
Long-Term Purchase Commitment [Line Items]
Number of dams | dam						3							3		3
Hydroelectric dam removal cost, total funding						$ 450							$ 450		$ 450
Dam removal cost collected													200
Additional dam removal costs, California bond measure													250
Hydroelectric dam removal cost, additional contingency funding						45							45		45
PAC | Wildfires
Long-Term Purchase Commitment [Line Items]
Estimate of possible loss (up to)						2,407							2,407		2,407
Settlement payments													18	0
Estimated loss accrual, current						269							269		269	4
Wildfire losses, net of recoveries													0	359
Loss contingency accrual, provision													0	$ 400
PAC | Wildfires | Other receivables
Long-Term Purchase Commitment [Line Items]
Receivable, expected insurance recoveries						15							15		15	350
PAC | Wildfires | Other assets
Long-Term Purchase Commitment [Line Items]
Receivable, expected insurance recoveries						$ 134							134		134	$ 149
PAC | 2020 Wildfires
Long-Term Purchase Commitment [Line Items]
Number of acres burned | a												500
Number of structures destroyed | naturalGasProducer												2
Settlement payments															702
PAC | 2020 Wildfires | Subsequent event
Long-Term Purchase Commitment [Line Items]
Settlement payments				$ 52
Litigation settlement, amount awarded and not yet paid				$ 23
PAC | 2020 Wildfires | James case
Long-Term Purchase Commitment [Line Items]
Damages sought										$ 7,000
Number of plaintiffs | plaintiff		17								17	17
Number of wildfires | wildfire										4
Multiplier										0.25
Number of trials | trial									3
Damages awarded, interest rate accrued per annum								9.00%
PAC | 2020 Wildfires | James case | Pending litigation
Long-Term Purchase Commitment [Line Items]
Damages awarded										$ 90
PAC | 2020 Wildfires | James case | Judicial ruling
Long-Term Purchase Commitment [Line Items]
Damages awarded								$ 92
PAC | 2020 Wildfires | James case | Settled litigation
Long-Term Purchase Commitment [Line Items]
Number of plaintiffs | plaintiff						5
PAC | 2020 Wildfires | James case | Economic and property damages | Pending litigation
Long-Term Purchase Commitment [Line Items]
Damages awarded										4
PAC | 2020 Wildfires | James case | Noneconomic damages | Pending litigation
Long-Term Purchase Commitment [Line Items]
Damages awarded										68
PAC | 2020 Wildfires | James case | Punitive damages | Pending litigation
Long-Term Purchase Commitment [Line Items]
Damages awarded										$ 18
PAC | 2020 Wildfires | James case, 1,000 class members | Subsequent event
Long-Term Purchase Commitment [Line Items]
Number of plaintiffs | class_member	1,000				1,000
PAC | 2020 Wildfires | James case, 1,000 class members | Economic and property damages | Subsequent event
Long-Term Purchase Commitment [Line Items]
Damages sought					$ 5,000
PAC | 2020 Wildfires | James case, 1,000 class members | Noneconomic damages | Subsequent event
Long-Term Purchase Commitment [Line Items]
Damages sought					25,000
PAC | 2020 Wildfires | James case, first trial
Long-Term Purchase Commitment [Line Items]
Number of plaintiffs | plaintiff								9
Multiplier								0.25
PAC | 2020 Wildfires | James case, first trial | Pending litigation
Long-Term Purchase Commitment [Line Items]
Damages awarded							$ 84	$ 62
PAC | 2020 Wildfires | James case, first trial | Subsequent event | Judicial ruling
Long-Term Purchase Commitment [Line Items]
Damages awarded					$ 80
PAC | 2020 Wildfires | James case, first trial | Economic and property damages | Pending litigation
Long-Term Purchase Commitment [Line Items]
Damages awarded							12	6
PAC | 2020 Wildfires | James case, first trial | Noneconomic damages | Pending litigation
Long-Term Purchase Commitment [Line Items]
Damages awarded								$ 56
PAC | 2020 Wildfires | James case, first trial | Punitive damages | Pending litigation
Long-Term Purchase Commitment [Line Items]
Damages awarded							$ 16
PAC | 2020 Wildfires | James case, second trial
Long-Term Purchase Commitment [Line Items]
Number of plaintiffs | plaintiff						10
Damages awarded						$ 42
Multiplier						0.25
PAC | 2020 Wildfires | James case, second trial | Economic and property damages
Long-Term Purchase Commitment [Line Items]
Damages awarded						$ 12
PAC | 2020 Wildfires | James case, second trial | Noneconomic damages
Long-Term Purchase Commitment [Line Items]
Damages awarded						23
PAC | 2020 Wildfires | James case, second trial | Punitive damages
Long-Term Purchase Commitment [Line Items]
Damages awarded						7
Fuel contracts | PAC
Long-Term Purchase Commitment [Line Items]
Purchase obligation						$ 1,900							$ 1,900		$ 1,900

XML

Commitments and Contingencies - BHE - Contingency Accrual (Details) - PAC - Wildfires - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loss Contingency - Liabilities
Beginning balance	$ 1,723	$ 424
Accrued losses	0	400
Payments	(18)	0
Ending balance	1,705	824
Loss Contingency - Receivables
Beginning balance	499	246
Accruals	0	41
Payments received	(350)	0
Ending balance	$ 149	$ 287

XML

Commitments and Contingencies - PAC - Narrative (Details) naturalGasProducer in Thousands, a in Thousands, $ in Millions			1 Months Ended								3 Months Ended		27 Months Ended
	Apr. 29, 2024 class_member	Feb. 13, 2024 plaintiff	May 03, 2024 USD ($)	Apr. 30, 2024 USD ($) class_member	Mar. 31, 2024 USD ($) dam plaintiff	Jan. 31, 2024 plaintiff	Sep. 30, 2023 trial	Jun. 30, 2023 USD ($) wildfire plaintiff	Apr. 30, 2023 plaintiff	Sep. 30, 2020 a naturalGasProducer	Mar. 31, 2024 USD ($) dam	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) dam	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Wildfire losses, net of recoveries											$ 0	$ 359
PAC
Loss Contingencies [Line Items]
Estimated loss accrual, current					$ 269						269		$ 269	$ 4
Wildfire losses, net of recoveries											0	359
PAC | 2020 Wildfires
Loss Contingencies [Line Items]
Number of acres burned | a										500
Number of structures destroyed | naturalGasProducer										2
Settlement payments													702
PAC | 2020 Wildfires | Subsequent event
Loss Contingencies [Line Items]
Settlement payments			$ 52
Litigation settlement, amount awarded and not yet paid			$ 23
PAC | 2020 Wildfires | James case
Loss Contingencies [Line Items]
Damages sought								$ 7,000
Number of plaintiffs | plaintiff		17						17	17
Number of wildfires | wildfire								4
Multiplier								0.25
Number of trials | trial							3
Damages awarded, interest rate accrued per annum						9.00%
PAC | 2020 Wildfires | James case | Settled litigation
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff					5
PAC | 2020 Wildfires | James case, 1,000 class members | Subsequent event
Loss Contingencies [Line Items]
Number of plaintiffs | class_member	1,000			1,000
PAC | 2020 Wildfires | James case, 1,000 class members | Economic and property damages | Subsequent event
Loss Contingencies [Line Items]
Damages sought				$ 5,000
PAC | 2020 Wildfires | James case, 1,000 class members | Noneconomic damages | Subsequent event
Loss Contingencies [Line Items]
Damages sought				$ 25,000
PAC | 2020 Wildfires | James case, first trial
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff						9
Multiplier						0.25
PAC | 2020 Wildfires | James case, second trial
Loss Contingencies [Line Items]
Number of plaintiffs | plaintiff					10
Damages awarded					$ 42
Multiplier					0.25
PAC | 2020 Wildfires | James case, second trial | Economic and property damages
Loss Contingencies [Line Items]
Damages awarded					$ 12
PAC | 2020 Wildfires | James case, second trial | Noneconomic damages
Loss Contingencies [Line Items]
Damages awarded					23
PAC | 2020 Wildfires | James case, second trial | Punitive damages
Loss Contingencies [Line Items]
Damages awarded					7
PAC | Wildfires
Loss Contingencies [Line Items]
Accrued losses											0	400
Estimate of possible loss					2,407						2,407		2,407
Settlement payments											18	0
Estimated loss accrual, current					269						269		269	4
Settlement, proceeds											350	0
Wildfire losses, net of recoveries											0	$ 359
PAC | Wildfires | Other receivables
Loss Contingencies [Line Items]
Receivable, expected insurance recoveries					15						15		15	350
PAC | Wildfires | Other assets
Loss Contingencies [Line Items]
Receivable, expected insurance recoveries					$ 134						$ 134		$ 134	$ 149
PAC | Lower Klamath Hydroelectric System
Loss Contingencies [Line Items]
Number of dams | dam					3						3		3
Hydroelectric dam removal cost, total funding					$ 450						$ 450		$ 450
Dam removal cost collected											200
Additional dam removal costs, California bond measure											250
Hydroelectric dam removal cost, additional contingency funding					45						45		45
Fuel contracts | PAC
Loss Contingencies [Line Items]
Purchase obligation					$ 1,900						$ 1,900		$ 1,900

XML

Commitments and Contingencies - PAC - Contingency Accrual (Details) - Wildfires - PAC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loss Contingency - Liabilities
Beginning balance	$ 1,723	$ 424
Accrued losses	0	400
Payments	(18)	0
Ending balance	1,705	824
Loss Contingency - Receivables
Beginning balance	499	246
Accruals	0	41
Payments received	(350)	0
Ending balance	$ 149	$ 287

XML

Revenue from Contracts with Customers - BHE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 6,111	$ 6,346
Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	5,141	5,303
Other revenue	104	168
Operating revenue	5,245	5,471
PAC
Disaggregation of Revenue [Line Items]
Operating revenue	1,548	1,484
PAC | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,543	1,480
Other revenue	5	4
Operating revenue	1,548	1,484
MidAmerican Funding
Disaggregation of Revenue [Line Items]
Operating revenue	843	920
MidAmerican Funding | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	828	904
Other revenue	15	16
Operating revenue	843	920
NV Energy, Inc.
Disaggregation of Revenue [Line Items]
Operating revenue	908	999
NV Energy, Inc. | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	906	994
Other revenue	2	5
Operating revenue	908	999
Northern Powergrid Holdings
Disaggregation of Revenue [Line Items]
Operating revenue	320	354
Northern Powergrid Holdings | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	289	326
Other revenue	31	28
Operating revenue	320	354
BHE Pipeline Group
Disaggregation of Revenue [Line Items]
Operating revenue	1,128	1,173
BHE Pipeline Group | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,127	1,146
Other revenue	1	27
Operating revenue	1,128	1,173
BHE Transmission
Disaggregation of Revenue [Line Items]
Operating revenue	198	205
BHE Transmission | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	198	205
Other revenue	0	0
Operating revenue	198	205
BHE Renewables | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	296	305
Other revenue	51	88
Operating revenue	347	393
BHE and Other
Disaggregation of Revenue [Line Items]
Operating revenue	(47)	(57)
BHE and Other | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	(46)	(57)
Other revenue	(1)	0
Operating revenue	(47)	(57)
Regulated | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	4,531	4,643
Regulated | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2,714	2,688
Regulated | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	339	392
Regulated | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	118	191
Regulated | Regulated transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	509	516
Regulated | Regulated interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	824	822
Regulated | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	27	34
Regulated | PAC | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,543	1,480
Regulated | PAC | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,447	1,349
Regulated | PAC | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | PAC | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	29	61
Regulated | PAC | Regulated transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	41	38
Regulated | PAC | Regulated interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | PAC | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	26	32
Regulated | MidAmerican Funding | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	826	901
Regulated | MidAmerican Funding | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	485	491
Regulated | MidAmerican Funding | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	254	296
Regulated | MidAmerican Funding | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	72	100
Regulated | MidAmerican Funding | Regulated transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	15	14
Regulated | MidAmerican Funding | Regulated interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | MidAmerican Funding | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | NV Energy, Inc. | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	905	993
Regulated | NV Energy, Inc. | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	782	848
Regulated | NV Energy, Inc. | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	85	96
Regulated | NV Energy, Inc. | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	18	31
Regulated | NV Energy, Inc. | Regulated transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	20	18
Regulated | NV Energy, Inc. | Regulated interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | NV Energy, Inc. | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | Northern Powergrid Holdings | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	266	281
Regulated | Northern Powergrid Holdings | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | Northern Powergrid Holdings | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | Northern Powergrid Holdings | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | Northern Powergrid Holdings | Regulated transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	266	281
Regulated | Northern Powergrid Holdings | Regulated interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | Northern Powergrid Holdings | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Pipeline Group | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	870	880
Regulated | BHE Pipeline Group | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Pipeline Group | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Pipeline Group | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Pipeline Group | Regulated transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Pipeline Group | Regulated interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	869	878
Regulated | BHE Pipeline Group | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	2
Regulated | BHE Transmission | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	167	165
Regulated | BHE Transmission | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Transmission | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Transmission | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Transmission | Regulated transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	167	165
Regulated | BHE Transmission | Regulated interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Transmission | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Regulated transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Regulated interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE and Other | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	(46)	(57)
Regulated | BHE and Other | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE and Other | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE and Other | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	(1)	(1)
Regulated | BHE and Other | Regulated transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE and Other | Regulated interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	(45)	(56)
Regulated | BHE and Other | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Nonregulated | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	610	660
Nonregulated | PAC | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Nonregulated | MidAmerican Funding | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2	3
Nonregulated | NV Energy, Inc. | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	1
Nonregulated | Northern Powergrid Holdings | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	23	45
Nonregulated | BHE Pipeline Group | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	257	266
Nonregulated | BHE Transmission | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	31	40
Nonregulated | BHE Renewables | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	296	305
Nonregulated | BHE and Other | Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 0	$ 0

XML

Revenue from Contracts with Customers - BHE - Real Estate Services (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 6,111	$ 6,346
Real estate
Disaggregation of Revenue [Line Items]
Operating revenue	866	875
HomeServices
Disaggregation of Revenue [Line Items]
Operating revenue	866	875
HomeServices | Real estate
Disaggregation of Revenue [Line Items]
Total Customer Revenue	806	811
Other revenue	60	64
Operating revenue	866	875
HomeServices | Brokerage
Disaggregation of Revenue [Line Items]
Total Customer Revenue	794	799
HomeServices | Franchise
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 12	$ 12

XML

Revenue from Contracts with Customers - BHE - Remaining Performance Obligation Total (Details) - BHE Pipeline Group $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 22,713
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 2,961
Performance obligations expected to be satisfied, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 19,752
Performance obligations expected to be satisfied, expected timing of satisfaction, period

XML

Revenue from Contracts with Customers - PAC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 6,111	$ 6,346
Regulated | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2,714	2,688
Regulated | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	118	191
Regulated | Regulated transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	509	516
Regulated | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	27	34
PAC
Disaggregation of Revenue [Line Items]
Other revenue	5	4
Operating revenue	1,548	1,484
PAC | Regulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,543	1,480
PAC | Regulated | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,447	1,349
PAC | Regulated | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	29	61
PAC | Regulated | Regulated transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	41	38
PAC | Regulated | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	26	32
PAC | Regulated | Residential | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	610	585
PAC | Regulated | Commercial | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	472	430
PAC | Regulated | Industrial | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	319	290
PAC | Regulated | Other retail | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 46	$ 44

XML

Revenue from Contracts with Customers - MEC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 6,111	$ 6,346
MEC
Disaggregation of Revenue [Line Items]
Total Customer Revenue	828	904
Other revenue	15	16
Operating revenue	843	920
MEC | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2	3
Regulated | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2,714	2,688
Regulated | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	339	392
Regulated | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	118	191
Regulated | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	27	34
Regulated | MEC | Retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	739	787
Regulated | MEC | Retail | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	327	366
Regulated | MEC | Retail | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	136	153
Regulated | MEC | Retail | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	224	221
Regulated | MEC | Retail | Natural gas transportation services
Disaggregation of Revenue [Line Items]
Total Customer Revenue	14	13
Regulated | MEC | Retail | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	38	34
Regulated | MEC | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	72	100
Regulated | MEC | Multi-value transmission projects | Multi-value transmission projects
Disaggregation of Revenue [Line Items]
Total Customer Revenue	15	14
Regulated electric | MEC
Disaggregation of Revenue [Line Items]
Operating revenue	565	591
Regulated electric | Regulated | MEC
Disaggregation of Revenue [Line Items]
Total Customer Revenue	551	576
Other revenue	14	15
Operating revenue	565	591
Regulated electric | Regulated | MEC | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	485	491
Regulated electric | Regulated | MEC | Regulated retail electric | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	160	167
Regulated electric | Regulated | MEC | Regulated retail electric | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	72	75
Regulated electric | Regulated | MEC | Regulated retail electric | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	218	214
Regulated electric | Regulated | MEC | Regulated retail electric | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	35	35
Regulated electric | Regulated | MEC | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	51	71
Regulated electric | Regulated | MEC | Multi-value transmission projects | Multi-value transmission projects
Disaggregation of Revenue [Line Items]
Total Customer Revenue	15	14
Regulated natural gas | MEC
Disaggregation of Revenue [Line Items]
Operating revenue	276	326
Regulated natural gas | Regulated | MEC
Disaggregation of Revenue [Line Items]
Total Customer Revenue	275	325
Other revenue	1	1
Operating revenue	276	326
Regulated natural gas | Regulated | MEC | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	254	296
Regulated natural gas | Regulated | MEC | Regulated retail gas | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	167	199
Regulated natural gas | Regulated | MEC | Regulated retail gas | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	64	78
Regulated natural gas | Regulated | MEC | Regulated retail gas | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	6	7
Regulated natural gas | Regulated | MEC | Regulated retail gas | Natural gas transportation services
Disaggregation of Revenue [Line Items]
Total Customer Revenue	14	13
Regulated natural gas | Regulated | MEC | Regulated retail gas | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	3	(1)
Regulated natural gas | Regulated | MEC | Regulated wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	21	29
Other | MEC
Disaggregation of Revenue [Line Items]
Operating revenue	2	3
Other | Nonregulated | MEC
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2	3
Other revenue	0	0
Operating revenue	2	3
Other | Nonregulated | MEC | Other customer revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 2	$ 3

XML

Revenue from Contracts with Customers - NPC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 6,111	$ 6,346
Regulated | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2,714	2,688
NPC
Disaggregation of Revenue [Line Items]
Other revenue	1	5
Operating revenue	561	599
NPC | Regulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	560	594
NPC | Regulated | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	543	576
NPC | Regulated | Wholesale, transmission and other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	17	18
NPC | Customer Revenue | Regulated | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	539	573
NPC | Customer Revenue | Regulated | Regulated retail electric | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	271	293
NPC | Customer Revenue | Regulated | Regulated retail electric | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	133	136
NPC | Customer Revenue | Regulated | Regulated retail electric | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	134	138
NPC | Customer Revenue | Regulated | Regulated retail electric | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	6
NPC | Distribution only service | Regulated | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 4	$ 3

XML

Revenue from Contracts with Customers - SPPC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 6,111	$ 6,346
Regulated | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2,714	2,688
Regulated | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	339	392
SPPC
Disaggregation of Revenue [Line Items]
Operating revenue	346	400
SPPC | Regulated electric
Disaggregation of Revenue [Line Items]
Operating revenue	260	304
SPPC | Regulated natural gas
Disaggregation of Revenue [Line Items]
Operating revenue	86	96
SPPC | Regulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	346	400
SPPC | Regulated | Wholesale, transmission and other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	21	32
SPPC | Regulated | Regulated electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	260	304
SPPC | Regulated | Regulated electric | Wholesale, transmission and other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	21	32
SPPC | Regulated | Regulated natural gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	86	96
SPPC | Regulated | Regulated natural gas | Wholesale, transmission and other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
SPPC | Regulated | Total retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	325	368
SPPC | Regulated | Total retail | Regulated electric | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	239	272
SPPC | Regulated | Total retail | Regulated natural gas | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	86	96
SPPC | Regulated | Customer Revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	324	367
SPPC | Regulated | Customer Revenue | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	153	175
SPPC | Regulated | Customer Revenue | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	106	118
SPPC | Regulated | Customer Revenue | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	63	72
SPPC | Regulated | Customer Revenue | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2	2
SPPC | Regulated | Customer Revenue | Regulated electric | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	238	271
SPPC | Regulated | Customer Revenue | Regulated electric | Regulated retail electric | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	100	115
SPPC | Regulated | Customer Revenue | Regulated electric | Regulated retail electric | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	82	91
SPPC | Regulated | Customer Revenue | Regulated electric | Regulated retail electric | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	55	63
SPPC | Regulated | Customer Revenue | Regulated electric | Regulated retail electric | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	2
SPPC | Regulated | Customer Revenue | Regulated natural gas | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	86	96
SPPC | Regulated | Customer Revenue | Regulated natural gas | Regulated retail gas | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	53	60
SPPC | Regulated | Customer Revenue | Regulated natural gas | Regulated retail gas | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	24	27
SPPC | Regulated | Customer Revenue | Regulated natural gas | Regulated retail gas | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	8	9
SPPC | Regulated | Customer Revenue | Regulated natural gas | Regulated retail gas | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	0
SPPC | Regulated | Distribution only service
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	1
SPPC | Regulated | Distribution only service | Regulated electric | Regulated retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	1
SPPC | Regulated | Distribution only service | Regulated natural gas | Regulated retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 0	$ 0

XML

Revenue from Contracts with Customers - EEGH (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from External Customer [Line Items]
Operating revenue	$ 6,111	$ 6,346
EEGH
Revenue from External Customer [Line Items]
Total Customer Revenue	533	551
Other revenue	0	2
Operating revenue	533	553
Contract liability	38		$ 40
Contract liability, revenue recognized	11	22
Regulated | EEGH
Revenue from External Customer [Line Items]
Total Customer Revenue	330	334
Nonregulated | EEGH
Revenue from External Customer [Line Items]
Total Customer Revenue	203	217
Gas transmission and storage | Regulated
Revenue from External Customer [Line Items]
Total Customer Revenue	339	392
Gas transmission and storage | Regulated | EEGH
Revenue from External Customer [Line Items]
Total Customer Revenue	329	332
Other customer revenue | Regulated
Revenue from External Customer [Line Items]
Total Customer Revenue	27	34
Other customer revenue | Regulated | EEGH
Revenue from External Customer [Line Items]
Total Customer Revenue	$ 1	$ 2

XML

Revenue from Contracts with Customers - EEGH - Remaining Performance Obligation (Details) - EEGH $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 16,124
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 1,651
Performance obligations expected to be satisfied, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 14,473
Performance obligations expected to be satisfied, expected timing of satisfaction, period

XML

Revenue from Contracts with Customers - EGTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from External Customer [Line Items]
Operating revenue	$ 6,111	$ 6,346
EGTS
Revenue from External Customer [Line Items]
Total Customer Revenue	270	277
Other revenue	0	1
Operating revenue	270	278
Regulated | EGTS
Revenue from External Customer [Line Items]
Total Customer Revenue	258	260
Nonregulated | EGTS
Revenue from External Customer [Line Items]
Total Customer Revenue	12	17
Gas transmission | Regulated | EGTS
Revenue from External Customer [Line Items]
Total Customer Revenue	188	191
Gas storage | Regulated | EGTS
Revenue from External Customer [Line Items]
Total Customer Revenue	70	67
Other customer revenue | Regulated
Revenue from External Customer [Line Items]
Total Customer Revenue	27	34
Other customer revenue | Regulated | EGTS
Revenue from External Customer [Line Items]
Total Customer Revenue	$ 0	$ 2

XML

Revenue from Contracts with Customers - EGTS - Remaining Performance Obligation (Details) - EGTS $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 4,086
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 772
Performance obligations expected to be satisfied, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 3,314
Performance obligations expected to be satisfied, expected timing of satisfaction, period

XML

Shareholder's Equity - MEC (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2024	Mar. 31, 2024	Mar. 31, 2023
MEC
Class of Stock [Line Items]
Dividends paid	$ 425	$ 425	$ 100

XML

Member's Equity - MidAmerican Funding (Details) $ in Millions	1 Months Ended
	Feb. 29, 2024 USD ($)
MidAmerican Funding, LLC
Class of Stock [Line Items]
Distribution paid to parent	$ 425

XML

Components of Accumulated Other Comprehensive Loss, Net - BHE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 49,740	$ 50,639
Other comprehensive income (loss)	(127)	40
Ending balance	50,259	51,651
Accumulated Other Comprehensive (Loss) Income, Net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,904)	(2,149)
Other comprehensive income (loss)	(127)	40
Ending balance	(2,031)	(2,109)
Unrecognized Amounts on Retirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(426)	(390)
Other comprehensive income (loss)	11	(4)
Ending balance	(415)	(394)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,550)	(1,896)
Other comprehensive income (loss)	(145)	99
Ending balance	(1,695)	(1,797)
Unrealized Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	71	135
Other comprehensive income (loss)	7	(55)
Ending balance	78	80
Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	1	2
Other comprehensive income (loss)	0	0
Ending balance	$ 1	$ 2

XML

Components of Accumulated Other Comprehensive Loss, Net - EEGH (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 49,740	$ 50,639
Other comprehensive (loss) income	(127)	40
Ending balance	50,259	51,651
EEGH
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	7,528	7,888
Other comprehensive (loss) income	1	(3)
Ending balance	7,550	8,005
Accumulated Other Comprehensive (Loss) Income, Net
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,904)	(2,149)
Other comprehensive (loss) income	(127)	40
Ending balance	(2,031)	(2,109)
Accumulated Other Comprehensive (Loss) Income, Net | EEGH
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(40)	(42)
Other comprehensive (loss) income	1	(3)
Ending balance	(39)	(45)
Unrecognized Amounts on Retirement Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(426)	(390)
Other comprehensive (loss) income	11	(4)
Ending balance	(415)	(394)
Unrecognized Amounts on Retirement Benefits | EEGH
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(3)	(1)
Other comprehensive (loss) income	1	(1)
Ending balance	(2)	(2)
Unrealized Losses on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	71	135
Other comprehensive (loss) income	7	(55)
Ending balance	78	80
Unrealized Losses on Cash Flow Hedges | EEGH
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(38)	(43)
Other comprehensive (loss) income	0	(2)
Ending balance	(38)	(45)
Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1	2
Other comprehensive (loss) income	0	0
Ending balance	1	2
Noncontrolling Interest | EEGH
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1)	(2)
Other comprehensive (loss) income	0	0
Ending balance	$ (1)	$ (2)

XML

Segment Information - BHE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating revenue	$ 6,111	$ 6,346
Depreciation and amortization	1,025	1,063
Operating income (loss)	895	667
Interest expense	691	586
Capitalized interest	46	24
Allowance for equity funds	83	49
Interest and dividend income	116	86
(Losses) gains on marketable securities, net	(123)	699
Other, net	31	40
Income before income tax expense (benefit) and equity income (loss)	357	979
Total earnings on common shares	653	981
Assets	140,235		$ 137,840
PAC
Segment Reporting Information [Line Items]
Operating revenue	1,548	1,484
Depreciation and amortization	292	279
Operating income (loss)	155	(167)
Interest expense	192	124
Total earnings on common shares	114	(120)
Assets	36,020		33,757
MidAmerican Funding
Segment Reporting Information [Line Items]
Operating revenue	843	920
Depreciation and amortization	227	234
Operating income (loss)	76	88
Interest expense	108	84
Total earnings on common shares	235	249
Assets	27,624		27,331
NV Energy, Inc.
Segment Reporting Information [Line Items]
Operating revenue	908	999
Depreciation and amortization	139	152
Operating income (loss)	61	57
Interest expense	73	63
Total earnings on common shares	27	34
Assets	17,878		17,788
Northern Powergrid Holdings
Segment Reporting Information [Line Items]
Operating revenue	320	354
Depreciation and amortization	88	85
Operating income (loss)	130	146
Interest expense	34	30
Total earnings on common shares	86	11
Assets	9,610		9,596
BHE Pipeline Group
Segment Reporting Information [Line Items]
Operating revenue	1,128	1,173
Depreciation and amortization	139	172
Operating income (loss)	664	584
Interest expense	40	39
Total earnings on common shares	499	369
Assets	21,624		21,723
BHE Transmission
Segment Reporting Information [Line Items]
Operating revenue	198	205
Depreciation and amortization	58	61
Operating income (loss)	85	88
Interest expense	37	37
Total earnings on common shares	66	64
Assets	9,419		9,624
BHE Renewables
Segment Reporting Information [Line Items]
Operating revenue	347	393
Depreciation and amortization	67	66
Operating income (loss)	(19)	(69)
Interest expense	35	45
Total earnings on common shares	101	79
Assets	10,966		11,045
HomeServices
Segment Reporting Information [Line Items]
Operating revenue	866	875
Depreciation and amortization	12	13
Operating income (loss)	(220)	(45)
Interest expense	4	4
Total earnings on common shares	(159)	(34)
Assets	3,383		3,407
BHE and Other
Segment Reporting Information [Line Items]
Operating revenue	(47)	(57)
Depreciation and amortization	3	1
Operating income (loss)	(37)	(15)
Interest expense	168	160
Total earnings on common shares	(316)	329
Assets	3,711		$ 3,569
U.S.
Segment Reporting Information [Line Items]
Operating revenue	5,614	5,815
Income before income tax expense (benefit) and equity income (loss)	211	819
United Kingdom
Segment Reporting Information [Line Items]
Operating revenue	313	333
Income before income tax expense (benefit) and equity income (loss)	102	113
Canada
Segment Reporting Information [Line Items]
Operating revenue	177	177
Income before income tax expense (benefit) and equity income (loss)	49	43
Australia
Segment Reporting Information [Line Items]
Operating revenue	5	21
Income before income tax expense (benefit) and equity income (loss)	(4)	5
Other
Segment Reporting Information [Line Items]
Operating revenue	2	0
Income before income tax expense (benefit) and equity income (loss)	$ (1)	$ (1)

XML

Segment Information - BHE - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 11,547
Foreign currency translation	(39)
Ending balance	11,508
PAC
Goodwill [Roll Forward]
Beginning balance	1,129
Foreign currency translation	0
Ending balance	1,129
MidAmerican Funding
Goodwill [Roll Forward]
Beginning balance	2,102
Foreign currency translation	0
Ending balance	2,102
NV Energy, Inc.
Goodwill [Roll Forward]
Beginning balance	2,369
Foreign currency translation	0
Ending balance	2,369
Northern Powergrid Holdings
Goodwill [Roll Forward]
Beginning balance	950
Foreign currency translation	(6)
Ending balance	944
BHE Pipeline Group
Goodwill [Roll Forward]
Beginning balance	1,814
Foreign currency translation	0
Ending balance	1,814
BHE Transmission
Goodwill [Roll Forward]
Beginning balance	1,492
Foreign currency translation	(33)
Ending balance	1,459
BHE Renewables
Goodwill [Roll Forward]
Beginning balance	95
Foreign currency translation	0
Ending balance	95
HomeServices
Goodwill [Roll Forward]
Beginning balance	1,596
Foreign currency translation	0
Ending balance	$ 1,596

XML

Segment Information - MEC (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) operatingSegment reportableSegment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | operatingSegment	8
Operating revenue	$ 6,111	$ 6,346
Operating income (loss)	895	667
Interest expense	(691)	(586)
Allowance for equity funds	83	49
Other, net	31	40
Income before income tax expense (benefit) and equity income (loss)	357	979
Assets	$ 140,235		$ 137,840
MEC
Segment Reporting Information [Line Items]
Number of reportable segments | reportableSegment	2
Operating revenue	$ 843	920
Operating income (loss)	76	88
Interest expense	(104)	(80)
Allowance for borrowed funds	6	4
Allowance for equity funds	16	11
Other, net	25	16
Income before income tax expense (benefit) and equity income (loss)	19	39
Assets	25,535		25,235
MEC | Regulated electric
Segment Reporting Information [Line Items]
Operating revenue	565	591
Operating income (loss)	31	50
Assets	23,635		23,334
MEC | Regulated natural gas
Segment Reporting Information [Line Items]
Operating revenue	276	326
Operating income (loss)	45	38
Assets	1,899		1,900
MEC | Other
Segment Reporting Information [Line Items]
Operating revenue	2	$ 3
Assets	$ 1		$ 1

XML

Segment Information - LLC (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) operatingSegment reportableSegment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | operatingSegment	8
Operating revenue	$ 6,111	$ 6,346
Operating income (loss)	895	667
Interest expense	(691)	(586)
Allowance for equity funds	83	49
Other, net	31	40
Income before income tax expense (benefit) and equity income (loss)	357	979
Assets	$ 140,235		$ 137,840
MidAmerican Funding, LLC
Segment Reporting Information [Line Items]
Number of reportable segments | reportableSegment	2
Operating revenue	$ 843	920
Operating income (loss)	76	88
Interest expense	(108)	(84)
Allowance for borrowed funds	6	4
Allowance for equity funds	16	11
Other, net	25	28
Income before income tax expense (benefit) and equity income (loss)	15	47
Assets	26,810		26,509
MidAmerican Funding, LLC | Regulated electric
Segment Reporting Information [Line Items]
Operating revenue	565	591
Operating income (loss)	31	50
Assets	24,826		24,525
MidAmerican Funding, LLC | Regulated natural gas
Segment Reporting Information [Line Items]
Operating revenue	276	326
Operating income (loss)	45	38
Assets	1,978		1,979
MidAmerican Funding, LLC | Other
Segment Reporting Information [Line Items]
Operating revenue	2	$ 3
Assets	$ 6		$ 5

XML

Segment Information - SPPC (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) operatingSegment reportableSegment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | operatingSegment	8
Operating revenue	$ 6,111	$ 6,346
Operating income (loss)	895	667
Interest expense	(691)	(586)
Allowance for equity funds	83	49
Interest and dividend income	116	86
Other, net	31	40
Income before income tax expense (benefit) and equity income (loss)	357	979
Assets	$ 140,235		$ 137,840
SPPC
Segment Reporting Information [Line Items]
Number of reportable segments | reportableSegment	2
Operating revenue	$ 346	400
Operating income (loss)	19	35
Interest expense	(20)	(16)
Capitalized interest	1	2
Allowance for equity funds	4	2
Interest and dividend income	4	7
Other, net	3	1
Income before income tax expense (benefit) and equity income (loss)	11	31
Assets	4,821		4,772
SPPC | Regulated electric
Segment Reporting Information [Line Items]
Regulated electric	260	304
Operating revenue	260	304
Operating income (loss)	12	25
Assets	4,239		4,251
SPPC | Regulated natural gas
Segment Reporting Information [Line Items]
Regulated natural gas	86	96
Operating revenue	86	96
Operating income (loss)	7	$ 10
Assets	461		454
SPPC | Other
Segment Reporting Information [Line Items]
Assets	$ 121		$ 67