Greg Abel, who helped build Berkshire Hathaway Inc. utility subsidiary MidAmerican

Energy Holdings Co., is showing that he's earned the trust of his boss, Warren Buffett, after striking a $5.6 billion deal to acquire NV Energy Inc., writes Bloomberg's Noah Buhayer .

 

Des Moines-based MidAmerican, which earlier this month announced plans to invest nearly $2 billion in additional wind turbine development in the state, said yesterday that it would buy Las Vegas-based NV Energy. The acquisition of NV would make MidAmerican, which also has operations in Oregon and Utah, the largest U.S. utility owner by customer accounts, according to Bloomberg.


Abel, 50, has helped guide MidAmerican and its predecessor companies through acquisitions in the United Kingdom and United States during the last two decades. Since he took over as CEO in 2008, MidAmerican has also agreed to invest in renewable-energy projects and agreed to help fund natural-gas power plants in Canada.

 

"He has the confidence of Buffett and the board," David Rolfe, chief investment officer of Berkshire shareholder Wedgewood Partners Inc., told Bloomberg. "He's a great operator."

 

Click here to read the Bloomberg article.