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Short-term Debt and Credit Facilities
 12 Months Ended
Dec. 31, 2024
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit Facilities
The following table summarizes BHE's and its subsidiaries' availability under their credit facilities as of December 31 (in millions):
MidAmericanNVNorthernBHE
 BHEPacifiCorpFundingEnergyPowergridCanadaHomeServices
Total(1)
2024:
Credit facilities(2)
$3,500 $2,900 $1,509 $1,000 $344 $643 $1,700 $11,596 
Less: 
Short-term debt(180)(240)— — (94)(106)(503)$(1,123)
Tax-exempt bond support and letters of credit
— (52)(271)— — (2)— $(325)
Net credit facilities$3,320 $2,608 $1,238 $1,000 $250 $535 $1,197 $10,148 
2023:
Credit facilities(2)(3)
$3,500 $2,000 $1,509 $1,000 $346 $850 $1,500 $10,705 
Less: 
Short-term debt(1,935)(1,604)— — (92)(97)(420)(4,148)
Tax-exempt bond support and letters of credit— (249)(306)— — (1)— (556)
Net credit facilities$1,565 $147 $1,203 $1,000 $254 $752 $1,080 $6,001 
(1)The table does not include unused credit facilities and letters of credit for investments that are accounted for under the equity method.
(2)Includes $94 million and $92 million, respectively, drawn on capital expenditure and other uncommitted credit facilities at Northern Powergrid as of December 31, 2024 and 2023.
(3)Excludes $700 million from a credit facility at HomeServices that was unavailable due to borrowing restrictions pursuant to the credit agreement.

As of December 31, 2024, the Company was in compliance with the covenants of its credit facilities and letter of credit arrangements.

BHE

BHE has a $3.5 billion unsecured credit facility expiring in June 2027 with an unlimited number of maturity extension options, subject to lender consent. This credit facility, which is for general corporate purposes, supports BHE's commercial paper program and provides for the issuance of letters of credit, has a variable interest rate based on the Secured Overnight Financing Rate ("SOFR") or a base rate, at BHE's option, plus a spread that varies based on BHE's credit ratings for its senior unsecured long-term debt securities.

As of December 31, 2024 and 2023, BHE had $180 million and $1.9 billion of commercial paper borrowings outstanding at a weighted average interest rate of 4.70% and 5.59%, respectively. The credit facility requires that BHE's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.70 to 1.0 as of the last day of each quarter.

As of December 31, 2024 and 2023, BHE had $210 million and $300 million, respectively, of letter of credit capacity under its $3.5 billion unsecured credit facility, of which no amounts were outstanding. Additionally, as of December 31, 2024 and 2023, BHE had $100 million and $105 million, respectively, of letters of credit outstanding outside of its $3.5 billion unsecured credit facility, which primarily support power purchase agreements and debt service requirements at certain subsidiaries of BHE Renewables, LLC expiring from April 2025 through August 2045 and have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.
PacifiCorp

PacifiCorp has a $2.0 billion unsecured credit facility expiring in June 2027 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which supports PacifiCorp's commercial paper program and certain series of its tax-exempt bond obligations and provides for the issuance of a certain level of letters of credit, has a variable interest rate based on SOFR or a base rate, at PacifiCorp's option, plus a spread that varies based on PacifiCorp's credit ratings for its senior unsecured long-term debt securities. In addition, PacifiCorp has a $900 million 364-day unsecured credit facility expiring in June 2025 which, similar to its other existing $2.0 billion credit facility provides for loans at variable interest rates based on the SOFR or a base rate, at PacifiCorp's option, plus a spread that varies based on PacifiCorp's credit ratings for its senior unsecured long-term debt securities.

As of December 31, 2024 and 2023, PacifiCorp had $240 million and $1.6 billion of short-term debt outstanding at a weighted average rate of 4.65% and 6.16%, respectively.

The credit facilities require that PacifiCorp's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

As of December 31, 2024, PacifiCorp had $255 million of letter of credit capacity under its $2.0 billion revolving credit facility of which no amount was outstanding, and $488 million of letter of credit capacity outside of its $2.0 billion revolving credit facility, of which $34 million was outstanding and was utilized in support of certain transactions required by third parties. Subsequently, PacifiCorp added $225 million of letter of credit capacity outside of its $2.0 billion revolving credit facility. As of February 21, 2025, PacifiCorp's total letter of credit capacity outside of its $2.0 billion revolving credit facility was $713 million.

As of December 31, 2023, PacifiCorp had $255 million of letter of credit capacity under the $2.0 billion revolving credit facility of which $31 million was outstanding and was utilized as a standby letter of credit, and $168 million of letter of credit capacity outside of its $2.0 billion revolving credit facility, of which $55 million was outstanding and was utilized in support of certain transactions required by third parties.

MidAmerican Funding

As of December 31, 2024, MidAmerican Energy has a $1.5 billion unsecured credit facility expiring in June 2027 with an unlimited number of maturity extension options, subject to lender consent. 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 SOFR or a base rate, at MidAmerican Energy's option, 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, which expires June 2025 and has a variable interest rate based on SOFR, plus a spread.

As of December 31, 2024 and 2023, MidAmerican Energy had no commercial paper borrowings outstanding. The $1.5 billion credit facility requires that MidAmerican Energy's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of any quarter.

As of December 31, 2024 and 2023, MidAmerican Energy had $135 million and $345 million, respectively, of letter of credit capacity under its $1.5 billion unsecured credit facility, of which no amounts were outstanding. Additionally, as of December 31, 2024 and 2023, MidAmerican Energy had $53 million and $55 million, respectively, of letters of credit outstanding outside of its $1.5 billion unsecured credit facility in support of certain transactions required by third parties that generally have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.
NV Energy

Nevada Power has a $600 million secured credit facility expiring in June 2027 and Sierra Pacific has a $400 million secured credit facility expiring in June 2027 each with an unlimited number of maturity extension options, subject to lender consent. These credit facilities, which are for general corporate purposes and provide for the issuance of letters of credit, have a variable interest rate based on SOFR or a base rate, at each of the Nevada Utilities' option, plus a spread that varies based on each of the Nevada Utilities' credit ratings for its senior secured long‑term debt securities. As of December 31, 2024 and 2023, the Nevada Utilities had no borrowings outstanding under the credit facility. Amounts due under each credit facility are collateralized by each of the Nevada Utilities' general and refunding mortgage bonds. These credit facilities require that each of the Nevada Utilities' ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

As of December 31, 2024 and 2023, Nevada Power had $50 million of letter of credit capacity under its $600 million secured credit facility and Sierra Pacific had $50 million of letter of credit capacity under its $400 million secured credit facility, of which no amounts were outstanding.

Northern Powergrid

Northern Powergrid has a £200 million unsecured credit facility expiring in December 2026. The credit facility has a variable interest rate based on Sterling Overnight Index Average plus a spread that varies based on Northern Powergrid's credit ratings and a credit adjustment spread that varies based on the tenor of any borrowings. The credit facility requires that the ratio of consolidated senior total net debt, including current maturities, to regulated asset value not exceed 0.8 to 1.0 at Northern Powergrid and 0.65 to 1.0 at each of Northern Powergrid (Northeast) plc and Northern Powergrid (Yorkshire) plc as of June 30 and December 31. Northern Powergrid's interest coverage ratio shall not be less than 2.5 to 1.0.

As of December 31, 2024 and 2023, Northern Powergrid had no amounts outstanding under the credit facility.

BHE Canada

BHE Canada has a C$50 million unsecured revolving term credit facility expiring in December 2027 with a recurring one-year extension option subject to lender consent. In February 2025, the credit agreement was amended, extending the expiration date to December 2028. The credit facility, which may be used for general corporate purposes and letters of credit, has a variable interest rate based on the Canadian bank prime lending rate, or a spread above the Canadian Overnight Repo Rate Average ("CORRA"), at BHE Canada's option, based on BHE Canada's senior unsecured credit rating. The credit facility requires the ratio of consolidated total debt to consolidated total capitalization not exceed 0.75 to 1.0 measured as of the last day of each quarter. In addition, BHE Canada is required to maintain a ratio of unconsolidated earnings before interest, taxes, depreciation and amortization to interest expense of not less than 2.25 to 1.00 measured as of the last day of each quarter.

As of December 31, 2024 and 2023, BHE Canada had no borrowings outstanding under the credit facility.

As of December 31, 2024 and 2023, BHE Canada had C$50 million of letter of credit capacity under its C$50 million unsecured revolving term credit facility, of which $1 million and $— million, respectively were outstanding.

AltaLink

AltaLink has a C$500 million secured revolving term credit facility expiring in December 2029 with a recurring one-year extension option subject to lender consent. The credit facility, which supports AltaLink's commercial paper program and may also be used for general corporate purposes, has a variable interest rate based on the Canadian bank prime lending rate or a spread above CORRA, at AltaLink's option, based on AltaLink's senior secured credit rating.

As of December 31, 2024 and 2023, AltaLink had $106 million and $97 million outstanding under the facility at a weighted average interest rate of 3.32% and 5.24%, respectively. The credit facility requires the ratio of consolidated indebtedness to total capitalization not exceed 0.75 to 1.0 measured as of the last day of each quarter.

AltaLink also has a C$75 million secured revolving term credit facility expiring in December 2029 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit, has a variable interest rate based on the Canadian bank prime lending rate, or a spread above CORRA, at AltaLink's option, based on AltaLink's senior secured credit rating.
As of December 31, 2024 and 2023, AltaLink had no borrowings outstanding under the facility. The credit facility requires the ratio of consolidated indebtedness to total capitalization not exceed 0.75 to 1.0 measured as of the last day of each quarter.

As of December 31, 2024 and 2023, AltaLink had C$75 million of letter of credit capacity under its C$75 million secured revolving term credit facility, of which $1 million and $1 million, respectively were outstanding.

AltaLink Investments, L.P. has a C$300 million unsecured revolving term credit facility expiring in December 2027 with a recurring one-year extension option subject to lender consent. The credit facility, which may be used for general corporate purposes and letters of credit, has a variable interest rate based on the Canadian bank prime lending rate, or a spread above the Bankers' Acceptance rate, at AltaLink Investments, L.P.'s option, based on AltaLink Investments, L.P.'s senior unsecured credit rating. 

As of December 31 2023, AltaLink Investments, L.P. also had a C$200 million revolving term credit facility. The credit facility, could be used for general corporate purposes and letters of credit, had a variable interest rate based on the Canadian bank prime lending rate, or a spread above CORRA, at AltaLink Investments, L.P.'s option, based on AltaLink Investments, L.P.'s credit ratings for its senior unsecured credit rating. This facility was terminated on January 8, 2024.

As of December 31, 2024 and 2023, AltaLink Investments, L.P. had no amounts outstanding under these facilities. The credit facilities require the ratio of consolidated total debt to capitalization not exceed 0.8 to 1.0 and earnings before interest, taxes, depreciation and amortization to interest expense for the four fiscal quarters ended not be less than 2.25 to 1.0 measured as of the last day of each quarter.

As of December 31, 2024 and 2023, AltaLink Investments, L.P. had C$10 million of letter of credit capacity under its C$300 million unsecured revolving term credit facility, of which no amounts were outstanding.

As of December 31, 2023, AltaLink Investments, L.P. had C$10 million of letter of credit capacity under its C$200 million revolving term credit facility, of which no amounts were outstanding.

HomeServices

As of December 31, 2024 HomeServices has a $200 million secured credit facility expiring in September 2026. The credit facility, which is for general corporate purposes and provides for the issuance of letters of credit, has a variable interest rate based on SOFR or a base rate, at HomeServices' option, plus a spread that varies based on HomeServices' total net leverage ratio as of the last day of each quarter. As of December 31, 2024, HomeServices had no amounts outstanding under its credit facility.

Through its subsidiaries, HomeServices maintains mortgage lines of credit totaling $1.5 billion as of December 31, 2024 and 2023, used for mortgage banking activities that expire beginning in March 2025 through July 2025. The mortgage lines of credit have variable rates based on SOFR, plus a spread. Collateral for these credit facilities is comprised of residential property being financed and is equal to the loans funded with the facilities. As of December 31, 2024 and 2023, HomeServices had $503 million and $420 million, respectively, outstanding under these mortgage lines of credit at a weighted average interest rate of 5.88% and 6.92%, respectively.

BHE Renewables Letters of Credit

As of December 31, 2024 and 2023, certain renewable projects collectively have letters of credit outstanding of $287 million and $311 million, respectively, primarily in support of the power purchase agreements and large generator interconnection agreements associated with the projects.
PAC  
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit Facilities
PacifiCorp has a $2.0 billion unsecured credit facility expiring in June 2027 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which supports PacifiCorp's commercial paper program and certain series of its tax-exempt bond obligations and provides for the issuance of a certain level of letters of credit, has a variable interest rate based on the Secured Overnight Financing Rate ("SOFR") or a base rate, at PacifiCorp's option, plus a spread that varies based on PacifiCorp's credit ratings for its senior unsecured long-term debt securities. In addition, PacifiCorp has a $900 million 364-day unsecured credit facility expiring in June 2025 which, similar to its other existing $2.0 billion credit facility provides for loans at variable interest rates based on the SOFR or a base rate, at PacifiCorp's option, plus a spread that varies based on PacifiCorp's credit ratings for its senior unsecured long-term debt securities.

The following table summarizes PacifiCorp's availability under its unsecured credit facility as of December 31 (in millions):
2024:
Credit facilities
$2,900 
Less:
Short-term debt(240)
Tax-exempt bond support
(52)
Net credit facilities
$2,608 
2023:
Credit facility$2,000 
Less:
Short-term debt(1,604)
Tax-exempt bond support and letters of credit
(249)
Net credit facility$147 
As of December 31, 2024, PacifiCorp was in compliance with all financial covenants that affect access to capital.

As of December 31, 2024 and 2023, PacifiCorp had $240 million and $1.6 billion of short-term debt outstanding at a weighted average rate of 4.65% and 6.16%, respectively.

The credit facilities require that PacifiCorp's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter. As of December 31, 2024, PacifiCorp's debt to total capitalization ratio was 0.57 to 1.0.

As of December 31, 2024, PacifiCorp had $255 million of letter of credit capacity under its $2.0 billion revolving credit facility of which no amount was outstanding, and $488 million of letter of credit capacity outside of its $2.0 billion revolving credit facility, of which $34 million was outstanding and was utilized in support of certain transactions required by third parties. Subsequently, PacifiCorp added $225 million of letter of credit capacity outside of its $2.0 billion revolving credit facility. As of February 21, 2025, PacifiCorp's total letter of credit capacity outside of its $2.0 billion revolving credit facility was $713 million.

As of December 31, 2023, PacifiCorp had $255 million of letter of credit capacity under the $2.0 billion revolving credit facility of which $31 million was outstanding and was utilized as a standby letter of credit, and $168 million of letter of credit capacity outside of its $2.0 billion revolving credit facility, of which $55 million was outstanding and was utilized in support of certain transactions required by third parties.
MEC  
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit Facilities
Interim financing of working capital needs and the construction program is obtained from unaffiliated parties through the sale of commercial paper or short-term borrowing from banks. The following table summarizes MidAmerican Energy's availability under its unsecured revolving credit facilities as of December 31 (in millions):
20242023
Credit facilities$1,505 $1,505 
Less:
Variable-rate tax-exempt bond support(271)(306)
Net credit facilities$1,234 $1,199 

As of December 31, 2024, MidAmerican Energy has a $1.5 billion unsecured credit facility expiring in June 2027 with an unlimited number of maturity extension options, subject to lender consent. 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 ("SOFR") or a base rate, at MidAmerican Energy's option, 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, which expires June 2025 and has a variable interest rate based on SOFR, plus a spread.

MidAmerican Energy had no commercial paper borrowings outstanding of as of December 31, 2024 and 2023. The $1.5 billion credit facility requires that MidAmerican Energy's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of any quarter.

As of December 31, 2024, MidAmerican Energy was in compliance with the covenants of its credit facilities. MidAmerican Energy has authority from the FERC to issue commercial paper and bank notes aggregating $1.5 billion through April 2, 2026.

As of December 31, 2024 and 2023, MidAmerican Energy had $135 million and $345 million, respectively, of letter of credit capacity under its $1.5 billion unsecured credit facility, of which no amounts were outstanding. Additionally, as of December 31, 2024 and 2023, MidAmerican Energy had $53 million and $55 million, respectively, of letters of credit outstanding outside of its $1.5 billion unsecured credit facility in support of certain transactions required by third parties that generally have provisions that automatically extend the annual expiration dates for an additional year unless the issuing bank elects not to renew a letter of credit prior to the expiration date.
MidAmerican Funding, LLC  
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit Facilities
Refer to Note 7 of MidAmerican Energy's Notes to Financial Statements. In addition to MidAmerican Energy's credit facilities, MHC has a $4 million unsecured credit facility, which expires in June 2025 and has a variable interest rate based on the Secured Overnight Financing Rate, plus a spread. As of December 31, 2024 and 2023, there were no borrowings outstanding under this credit facility. As of December 31, 2024, MHC was in compliance with the covenants of its credit facility.
NPC  
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit Facilities
Nevada Power has a $600 million secured credit facility expiring in June 2027 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which is for general corporate purposes and provide for the issuance of letters of credit, has a variable interest rate based on the Secured Overnight Financing Rate ("SOFR") or a base rate, at Nevada Power's option, plus a spread that varies based on Nevada Power's credit ratings for its senior secured long‑term debt securities. As of December 31, 2024 and 2023, Nevada Power had no borrowings outstanding under the credit facility. Amounts due under Nevada Power's credit facility are collateralized by Nevada Power's general and refunding mortgage bonds. The credit facility requires Nevada Power's ratio of consolidated debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

As of December 31, 2024 and 2023, Nevada Power had $50 million, respectively, of letter of credit capacity under its $600 million secured credit facility, of which no amount was outstanding.
SPPC  
Line of Credit Facility [Line Items]  
Short-term Debt and Credit Facilities Short-term Debt and Credit Facilities
Sierra Pacific has a $400 million secured credit facility expiring in June 2027 with an unlimited number of maturity extension options, subject to lender consent. The credit facility, which is for general corporate purposes and provides for the issuance of letters of credit, has a variable interest rate based on the Secured Overnight Financing Rate or a base rate, at Sierra Pacific's option, plus a spread that varies based on Sierra Pacific's credit ratings for its senior secured long‑term debt securities. As of December 31, 2024 and 2023, Sierra Pacific had no borrowings outstanding under the credit facility. Amounts due under Sierra Pacific's credit facility are collateralized by Sierra Pacific's general and refunding mortgage bonds. The credit facility requires Sierra Pacific's ratio of debt, including current maturities, to total capitalization not exceed 0.65 to 1.0 as of the last day of each quarter.

As of December 31, 2024 and 2023, Sierra Pacific had $50 million, respectively, of letter of credit capacity under its $400 million secured credit facility, of which no amount was outstanding.