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Subsidiary Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Subsidiary Debt Subsidiary Debt
BHE's direct and indirect subsidiaries are organized as legal entities separate and apart from BHE and its other subsidiaries. Pursuant to separate financing agreements, substantially all of PacifiCorp's electric utility properties; the equity interest of MidAmerican Funding's subsidiary; MidAmerican Energy's electric utility properties in the state of Iowa; substantially all of Nevada Power's and Sierra Pacific's properties in the state of Nevada; AltaLink's transmission properties; and substantially all of the assets of the subsidiaries of BHE Renewables that are direct or indirect owners of wind and solar generation projects are pledged or encumbered to support or otherwise provide the security for their related subsidiary debt. 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 which 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 long-term debt of BHE's subsidiaries may include provisions that allow BHE's subsidiaries to redeem such debt in whole or in part at any time. These provisions generally include make-whole premiums.

Distributions at these separate legal entities are limited by various covenants including, among others, leverage ratios, interest coverage ratios and debt service coverage ratios. As of December 31, 2024, all subsidiaries were in compliance with their long-term debt covenants.

Long-term debt of subsidiaries consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (in millions):
Par Value20242023
PacifiCorp$13,702 $13,588 $10,410 
MidAmerican Funding9,176 9,053 8,992 
NV Energy4,971 4,932 4,695 
Northern Powergrid3,367 3,337 3,465 
BHE Pipeline Group5,359 5,582 5,154 
BHE Transmission3,285 3,267 3,574 
BHE Renewables2,350 2,331 2,548 
HomeServices60 60 133 
Total subsidiary debt$42,270 $42,150 $38,971 
Reflected as:
Current liabilities$996 $2,740 
Noncurrent liabilities41,154 36,231 
Total subsidiary debt$42,150 $38,971 
PacifiCorp

PacifiCorp's long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs as of December 31 (dollars in millions):
Par Value20242023
First mortgage bonds:
3.60%, due 2024
$— $— $425 
3.35%, due 2025
250 250 250 
6.71%, due 2026
100 100 99 
5.10%, due 2029
500 498 — 
3.50%, due 2029
400 399 399 
2.70%, due 2030
400 398 398 
5.30%, due 2031
700 696 — 
7.70%, due 2031
300 299 299 
5.45%, due 2034
1,100 1,093 — 
5.90%, due 2034
200 199 199 
5.25%, due 2035
300 299 299 
6.10%, due 2036
350 348 348 
5.75%, due 2037
600 600 600 
6.25%, due 2037
600 598 597 
6.35%, due 2038
300 298 298 
6.00%, due 2039
650 644 644 
4.10%, due 2042
300 298 298 
4.125%, due 2049
600 594 594 
4.15%, due 2050
600 594 593 
3.30%, due 2051
600 591 591 
2.90%, due 2052
1,000 985 985 
5.35%, due 2053
1,100 1,088 1,087 
5.50%, due 2054
1,200 1,189 1,189 
5.80%, due 2055
1,500 1,478 — 
Variable-rate series, tax-exempt bond obligations (2024-3.20% to 4.45%; 2023-4.60% to 5.60%):
Secured(1), due 2024
— — 166 
Secured(1), due 2025
27 27 27 
Unsecured, due 2025
25 25 25 
Total PacifiCorp$13,702 $13,588 $10,410 

(1)Secured by pledged first mortgage bonds registered to and held by the tax-exempt bond trustee generally with the same interest rates, maturity dates and redemption provisions as the tax-exempt bond obligations.

PacifiCorp currently has regulatory authority from the Oregon Public Utility Commission and the Idaho Public Utilities Commission to issue an additional $5.0 billion of long-term debt. PacifiCorp must make a notice filing with the Washington Utilities and Transportation Commission prior to any future issuance. PacifiCorp currently has an effective shelf registration statement filed with the U.S. Securities and Exchange Commission to issue an indeterminate amount of first mortgage bonds and unsecured debt securities through July 2027.

The issuance of PacifiCorp's first mortgage bonds is limited by available property, earnings tests and other provisions of PacifiCorp's mortgage. Approximately $39.0 billion of PacifiCorp's eligible property (based on original cost) was subject to the lien of the mortgage as of December 31, 2024.
MidAmerican Funding

MidAmerican Funding's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value20242023
MidAmerican Funding:
6.927% Senior Bonds, due 2029
$239 $240 $240 
Fair value adjustment— (11)(14)
MidAmerican Funding, net of fair value adjustments239 229 226 
MidAmerican Energy:
First mortgage bonds:
3.50%, due 2024
— — 500 
3.10%, due 2027
375 374 374 
3.65%, due 2029
850 857 858 
5.35%, due 2034
350 347 347 
4.80%, due 2043
350 347 347 
4.40%, due 2044
400 396 396 
4.25%, due 2046
450 446 446 
3.95%, due 2047
475 471 471 
3.65%, due 2048
700 690 690 
4.25%, due 2049
900 876 876 
3.15%, due 2050
600 593 592 
2.70%, due 2052
500 493 492 
5.85%, due 2054
1,000 990 989 
5.30%, due 2055
600 592 — 
Notes:
6.75% Series, due 2031
400 398 398 
5.75% Series, due 2035
300 299 299 
5.80% Series, due 2036
350 348 348 
Transmission upgrade obligation, 3.30% to 7.90%, due 2036 to 2043
66 37 39 
Tax-exempt bond obligations -
Variable-rate tax-exempt bond obligation series: (weighted average interest rate - 2024-3.36%, 2023-4.81%), due 2024-2047
271 270 304 
Total MidAmerican Energy8,937 8,824 8,766 
Total MidAmerican Funding$9,176 $9,053 $8,992 

Pursuant to MidAmerican Energy's mortgage dated September 9, 2013, MidAmerican Energy's first mortgage bonds, currently and from time to time outstanding, are secured by a first mortgage lien on substantially all of its electric generating, transmission and distribution property within the state of Iowa, subject to certain exceptions and permitted encumbrances. Approximately $25 billion of MidAmerican Energy's eligible property, based on original cost, was subject to the lien of the mortgage as of December 31, 2024. Additionally, MidAmerican Energy's senior notes outstanding are equally and ratably secured with the first mortgage bonds as required by the indentures under which the senior notes were issued.

MidAmerican Energy's variable-rate tax-exempt bond obligations bear interest at rates that are periodically established through remarketing of the bonds in the short-term tax-exempt market. MidAmerican Energy, at its option, may change the mode of interest calculation for these bonds by selecting from among several floating or fixed rate alternatives. The interest rates shown in the table above are the weighted average interest rates as of December 31, 2024 and 2023. MidAmerican Energy maintains revolving credit facility agreements to provide liquidity for holders of these issues. Additionally, MidAmerican Energy's obligations associated with the $30 million and $150 million variable rate, tax-exempt bond obligations due 2046 and 2047, respectively, are secured by an equal amount of first mortgage bonds pursuant to MidAmerican Energy's mortgage dated September 9, 2013, as supplemented and amended.
NV Energy

NV Energy's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value20242023
Nevada Power:
General and refunding mortgage securities:
3.70% Series CC, due 2029
$500 $498 $498 
2.40% Series DD, due 2030
425 423 423 
6.65% Series N, due 2036
367 361 360 
6.75% Series R, due 2037
349 347 346 
5.375% Series X, due 2040
250 248 248 
5.45% Series Y, due 2041
250 240 240 
3.125% Series EE, due 2050
300 298 298 
5.90% Series GG, due 2053
400 394 394 
6.00% Series 2023A, due 2054
500 495 494 
Tax-exempt refunding revenue bond obligations:
Fixed-rate series:
4.125% Pollution Control Bonds Series 2017A, due 2032(1)
40 39 39 
3.75% Pollution Control Bonds Series 2017, due 2036(1)
40 39 39 
3.75% Pollution Control Bonds Series 2017B, due 2039(1)
13 13 13 
Total Nevada Power3,434 3,395 3,392 
Fair value adjustments — 9 9 
Total Nevada Power, net of fair value adjustments3,434 3,404 3,401 
Sierra Pacific:
General and refunding mortgage securities:
2.60% Series U, due 2026
400 399 398 
6.75% Series P, due 2037
252 254 254 
 4.71% Series W, due 2052
250 248 248 
5.90% Series 2023A, due 2054
400 394 393 
Tax-exempt refunding revenue bond obligations:
Fixed-rate series:
3.55% Pollution Control Series 2016A, due 2029
20 20 — 
3.55% Pollution Control Series 2016B, due 2029(2)
30 29 — 
3.625% Gas and Water Series 2016B, due 2036(3)
60 59 — 
4.125% Water Facilities Series 2016C, due 2036(3)
30 30 — 
4.125% Water Facilities Series 2016F, due 2036(3)
75 74 — 
3.625% Water Facilities Series 2016G, due 2036(3)
20 20 — 
Total Sierra Pacific1,537 1,527 1,293 
Fair value adjustments
— 1 1 
Total Sierra Pacific, net of fair value adjustment1,537 1,528 1,294 
Total NV Energy$4,971 $4,932 $4,695 

(1)    Subject to mandatory purchase by Nevada Power in March 2026 at which date the interest rate may be adjusted.
(2)    Subject to mandatory sinking fund redemption by Sierra Pacific in the principal amount of $10 million in April 2026.
(3)    Subject to mandatory purchase by Sierra Pacific in October 2029 at which date the interest rate may be adjusted.
In February 2025, Nevada Power issued $300 million of its 6.25% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055. Nevada Power will pay interest on the Notes at a rate of 6.25% through May 2030, subject to a reset every 5 years. Nevada Power intends to use the net proceeds from the sale of the notes to fund capital expenditures and for general corporate purposes.

The issuance of General and Refunding Mortgage Securities by the Nevada Utilities are subject to Public Utilities Commission of Nevada ("PUCN") approval and are limited by available property and other provisions of the mortgage indentures for each of Nevada Power and Sierra Pacific. As of December 31, 2024, approximately $11.5 billion of Nevada Power's and $5.2 billion of Sierra Pacific's (based on original cost) property was subject to the liens of the mortgages.

Northern Powergrid

Northern Powergrid and its subsidiaries' long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value(1)
20242023
2.50% Bonds, due 2025
$188 $187 $191 
2.073% European Investment Bank loan, due 2025
62 63 65 
2.564% European Investment Bank loans, due 2027
312 313 317 
7.25% Bonds, due 2028
232 234 238 
4.375% Bonds, due 2032
188 186 189 
5.625% Bonds, due 2033
313 309 314 
5.125% Bonds, due 2035
250 248 252 
5.125% Bonds, due 2035
188 186 189 
2.75% Bonds, due 2049
188 185 188 
3.25% Bonds, due 2052
438 433 442 
2.25% Bonds, due 2059
375 368 374 
1.875% Bonds, due 2062
375 369 375 
Variable-rate loan, due 2025(2)
137 137 158 
Variable-rate loan, due 2026(3)
121 119 173 
Total Northern Powergrid$3,367 $3,337 $3,465 

(1)The par values for these debt instruments are denominated in sterling.
(2)Amortizes quarterly and the loan is 70% floating and 30% fixed. The Company has entered into an interest rate swap that fixes the interest rate on 100% of the floating rate portion. The variable interest rate as of December 31, 2024, was 6.47% (including 2.00% margin) and the average fixed interest rate was 3.08% (including 2.00% margin).

(3)Amortizes semiannually and the Company has entered into an interest rate swap that fixes the interest rate on 80% of the outstanding debt. The variable interest rate as of December 31, 2024 was 6.50% (including 1.65% margin) and the fixed interest rate was 2.55% (including 1.65% margin), resulting in a blended rate of 3.34%.
BHE Pipeline Group

BHE Pipeline Group's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value20242023
Eastern Energy Gas:
2.50% Senior Notes, due 2024
$— $— $600 
3.60% Senior Notes, due 2024
— — 339 
3.317% Senior Notes, due 2026 (€250)(1)
259 259 274 
3.00% Senior Notes, due 2029
174 173 173 
3.80% Senior Notes, due 2031
150 150 150 
4.80% Senior Notes, due 2043
54 53 53 
4.60% Senior Notes, due 2044
56 56 56 
3.90% Senior Notes, due 2049
27 26 26 
5.65% Senior Notes, due 2054
900 892 — 
EGTS:
3.60% Senior Notes, due 2024
— — 111 
3.00% Senior Notes, due 2029
426 423 422 
5.02% Senior Notes, due 2034
150 149 — 
4.80% Senior Notes, due 2043
346 342 342 
4.60% Senior Notes, due 2044
444 437 437 
3.90% Senior Notes, due 2049
273 271 271 
Total Eastern Energy Gas3,259 3,231 3,254 
Fair value adjustments— 268 312 
Total Eastern Energy Gas, net of fair value adjustments3,259 3,499 3,566 
Northern Natural Gas:
5.80%Senior Bonds, due 2037
150 149 149 
4.10%Senior Bonds, due 2042
250 248 248 
4.30%Senior Bonds, due 2049
650 651 651 
3.40% Senior Bonds, due 2051
550 540 540 
5.625% Senior Bonds, due 2054
500 495 — 
Total Northern Natural Gas2,100 2,083 1,588 
Total BHE Pipeline Group$5,359 $5,582 $5,154 

(1)    The senior notes are denominated in Euros with an outstanding principal balance of €250 million and a fixed interest rate of 1.45%. Eastern Energy Gas has entered into cross currency swaps that fix USD payments for 100% of the notes. The fixed USD outstanding principal when combined with the swaps is $280 million, with fixed interest rates at both December 31, 2024 and 2023 that averaged 3.317%.

In January 2025, Eastern Energy Gas issued $700 million of 5.80% Senior Notes due 2035 and $500 million of 6.20% Senior Notes due 2055. Eastern Energy Gas used the net proceeds from the sale of the notes to rebalance its capitalization structure by returning a portion of the equity capital received from its indirect parent, BHE.
BHE Transmission

BHE Transmission's long-term debt consists of the following, including fair value adjustments and unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value(1)
20242023
AltaLink, L.P.:
Series 2014-1 Notes, 3.399%, due 2024
$— $— $264 
Series 2016-1 Notes, 2.747%, due 2026
243 243 264 
Series 2020-1 Notes, 1.509%, due 2030
157 156 169 
Series 2022-1 Notes, 4.692%, due 2032
191 190 207 
Series 2006-1 Notes, 5.249%, due 2036
104 104 113 
Series 2010-1 Notes, 5.381%, due 2040
87 87 94 
Series 2010-2 Notes, 4.872%, due 2040
104 104 113 
Series 2011-1 Notes, 4.462%, due 2041
191 190 207 
Series 2012-1 Notes, 3.99%, due 2042
365 360 391 
Series 2013-3 Notes, 4.922%, due 2043
243 242 263 
Series 2014-3 Notes, 4.054%, due 2044
205 204 222 
Series 2015-1 Notes, 4.09%, due 2045
243 242 263 
Series 2016-2 Notes, 3.717%, due 2046
313 311 338 
Series 2013-1 Notes, 4.446%, due 2053
174 173 188 
Series 2024-1 Notes, 4.742%, due 2054
226 225 — 
Series 2023-1 Notes, 5.463%, due 2055
348 346 375 
Series 2014-2 Notes, 4.274%, due 2064
91 90 98 
Total AltaLink, L.P.3,285 3,267 3,569 
Other:
Construction Loan, 5.62%, due 2024
— — 5 
Total BHE Transmission$3,285 $3,267 $3,574 

(1)The par values for these debt instruments are denominated in Canadian dollars.
BHE Renewables

BHE Renewables' long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value20242023
Fixed-rate(1):
Bishop Hill Holdings Senior Notes, 5.125%, due 2032
$47 $47 $50 
Solar Star Funding Senior Notes, 3.95%, due 2035
214 213 228 
Solar Star Funding Senior Notes, 5.375%, due 2035
698 693 739 
Grande Prairie Wind Senior Notes, 3.86%, due 2037
201 200 234 
Topaz Solar Farms Senior Notes, 5.75%, due 2039
508 504 536 
Topaz Solar Farms Senior Notes, 4.875%, due 2039
141 140 151 
Alamo 6 Senior Notes, 4.17%, due 2042
171 169 179 
Variable-rate(1):
TX Jumbo Road Term Loan, due 2025(2)
48 48 72 
Marshall Wind Term Loan, due 2026(2)
42 41 49 
Pinyon Pines I and II Term Loans, due 2034(2)
280 276 310 
Total BHE Renewables$2,350 $2,331 $2,548 

(1)Amortizes quarterly or semiannually.
(2)The term loans have variable interest rates based on SOFR plus a margin that varies during the terms of the agreements. The Company has entered into interest rate swaps that fix the interest rate on 100% of the TX Jumbo Road, Marshall Wind and Pinyon Pines outstanding debt. The fixed interest rates as of December 31, 2024 ranged from. 3.31% to 3.73%. The fixed interest rates as of December 31, 2023 ranged from 3.23% to 3.88%.

HomeServices

HomeServices' long-term debt consists of the following, including unamortized premiums, discounts and debt issuance costs, as of December 31 (dollars in millions):
Par Value20242023
Variable-rate:
Variable-rate term loan (2024 - 7.41%, 2023 - 6.27%), due 2026(1)
$60 $60 $133 

(1)Term loan amortizes quarterly and variable-rate resets monthly.

Annual Repayments of Long-Term Debt

The annual repayments of BHE and subsidiary debt for the years beginning January 1, 2025 and thereafter, excluding fair value adjustments and unamortized premiums, discounts and debt issuance costs, are as follows (in millions):
2030 and
20252026202720282029ThereafterTotal
BHE senior notes$1,650 $— $— $856 $— $10,695 $13,201 
PacifiCorp302 100 — — 900 12,400 13,702 
MidAmerican Funding17 4 379 4 1,093 7,679 9,176 
NV Energy— 410 — — 540 4,021 4,971 
Northern Powergrid431 77 313 232 — 2,314 3,367 
BHE Pipeline Group— 259 — — 600 4,500 5,359 
BHE Transmission— 244 — — — 3,041 3,285 
BHE Renewables240 218 168 175 182 1,367 2,350 
HomeServices6 54 — — — — 60 
Totals $2,646 $1,366 $860 $1,267 $3,315 $46,017 $55,471