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, 2022

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)
	6603 West Broad Street
	Richmond, Virginia 23230
	804-613-5100
	N/A
	(Former name or former address, if changed from 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

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

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	☒

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	☐	☐	☒	☐	☐

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 April 28, 2022, 76,368,874 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 April 28, 2022, 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 April 28, 2022.

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 April 28, 2022, 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 April 28, 2022, 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 April 28, 2022, 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 April 28, 2022.

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 and Eastern Energy Gas Holdings, LLC. 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	159
Item 4.	Controls and Procedures	159

PART II

Item 1.	Legal Proceedings	160
Item 1A.	Risk Factors	161
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	161
Item 3.	Defaults Upon Senior Securities	161
Item 4.	Mine Safety Disclosures	161
Item 5.	Other Information	161
Item 6.	Exhibits	161
Signatures		164

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
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 and Eastern Energy Gas Holdings, LLC 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
EGTS	Eastern Gas Transmission and Storage, Inc.

ii

Certain Industry Terms
2017 Tax Reform	The Tax Cuts and Jobs Act enacted on December 22, 2017, effective January 1, 2018
AFUDC	Allowance for Funds Used During Construction
AUC	Alberta Utilities Commission
BART	Best Available Retrofit Technology
COVID-19	Coronavirus Disease 2019
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
GHG	Greenhouse Gases
GTA	General Tariff Application
GWh	Gigawatt Hour
IRP	Integrated Resource Plan
IUB	Iowa Utilities Board
kV	Kilovolt
MW	Megawatt
MWh	Megawatt Hour
NAAQS	National Ambient Air Quality Standards
NOx	Nitrogen Oxides
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
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, 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 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, litigation, wars (including, for example, Russia's invasion of Ukraine in February 2022), 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, including the wildfires that began in September 2020 in Oregon and California, and any other wildfires for which the cause has yet to be determined; 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 outcome of any legal proceedings initiated against the respective Registrant; the risk that the respective Registrant is not able to recover costs from insurance or through rates; and the effect on the respective Registrant's reputation of such wildfires, investigations and proceedings;

•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 where the Registrants may be found liable for real and personal property damages regardless of fault;

•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;

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

iv

•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;

•changes in the respective Registrant's credit ratings;

•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 and regulations that could affect brokerage, mortgage and franchising transactions;

•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 (Loss) 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	46
Consolidated Balance Sheets	47
Consolidated Statements of Operations	49
Consolidated Statements of Changes in Shareholders' Equity	50
Consolidated Statements of Cash Flows	51
Notes to Consolidated Financial Statements	52
MidAmerican Energy Company
Report of Independent Registered Public Accounting Firm	68
Balance Sheets	69
Statements of Operations	71
Statements of Changes in Shareholder's Equity	72
Statements of Cash Flows	73
Notes to Financial Statements	74
MidAmerican Funding, LLC and its subsidiaries
Report of Independent Registered Public Accounting Firm	81
Consolidated Balance Sheets	82
Consolidated Statements of Operations	84
Consolidated Statements of Changes in Member's Equity	85
Consolidated Statements of Cash Flows	86
Notes to Consolidated Financial Statements	87
Nevada Power Company and its subsidiaries
Report of Independent Registered Public Accounting Firm	101
Consolidated Balance Sheets	102
Consolidated Statements of Operations	103
Consolidated Statements of Changes in Shareholder's Equity	104
Consolidated Statements of Cash Flows	105
Notes to Consolidated Financial Statements	106
Sierra Pacific Power Company and its subsidiaries
Report of Independent Registered Public Accounting Firm	120
Consolidated Balance Sheets	121
Consolidated Statements of Operations	122
Consolidated Statements of Changes in Shareholder's Equity	123
Consolidated Statements of Cash Flows	124
Notes to Consolidated Financial Statements	125
Eastern Energy Gas Holdings, LLC and its subsidiaries
Report of Independent Registered Public Accounting Firm	141
Consolidated Balance Sheets	142
Consolidated Statements of Operations	144
Consolidated Statements of Comprehensive Income	145
Consolidated Statements of Changes in Equity	146
Consolidated Statements of Cash Flows	147
Notes to Consolidated Financial Statements	148

1

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

Berkshire Hathaway Energy Company and its subsidiaries	27
PacifiCorp and its subsidiaries	61
MidAmerican Funding, LLC and its subsidiaries and MidAmerican Energy Company	91
Nevada Power Company and its subsidiaries	113
Sierra Pacific Power Company and its subsidiaries	133
Eastern Energy Gas Holdings, LLC and its subsidiaries	156

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, 2022, the related consolidated statements of operations, comprehensive (loss) income, changes in equity, and cash flows for the three-month periods ended March 31, 2022 and 2021, 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, 2021, 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 25, 2022, 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, 2021, 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

April 29, 2022

4

BERKSHIRE HATHAWAY ENERGY COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions)

	As of
	March 31,		December 31,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	1,432	$	1,096
Restricted cash and cash equivalents	129		127
Trade receivables, net	2,342		2,468
Income tax receivable	656		344
Inventories	1,091		1,122
Mortgage loans held for sale	975		1,263
Derivative contracts	437		188
Regulatory assets	627		544
Other current assets	815		1,096
Total current assets	8,504		8,248
Property, plant and equipment, net	90,283		89,816
Goodwill	11,649		11,650
Regulatory assets	3,458		3,419
Investments and restricted cash, cash equivalents and investments	14,394		15,788
Other assets	3,181		3,144
Total assets	$	131,469	$	132,065

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,
	2022		2021
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,820	$	2,136
Accrued interest	644		537
Accrued property, income and other taxes	606		606
Accrued employee expenses	398		372
Short-term debt	1,849		2,009
Current portion of long-term debt	1,494		1,265
Other current liabilities	1,647		1,837
Total current liabilities	8,458		8,762
BHE senior debt	12,605		13,003
BHE junior subordinated debentures	100		100
Subsidiary debt	35,706		35,394
Regulatory liabilities	7,063		6,960
Deferred income taxes	12,786		12,938
Other long-term liabilities	4,327		4,319
Total liabilities	81,045		81,476
Commitments and contingencies (Note 8)
Equity:
BHE shareholders' equity:
Preferred stock - 100 shares authorized, $0.01 par value, 2 shares issued and outstanding	1,650		1,650
Common stock - 115 shares authorized, no par value, 76 shares issued and outstanding	—		—
Additional paid-in capital	6,374		6,374
Long-term income tax receivable	(744)		(744)
Retained earnings	40,608		40,754
Accumulated other comprehensive loss, net	(1,358)		(1,340)
Total BHE shareholders' equity	46,530		46,694
Noncontrolling interests	3,894		3,895
Total equity	50,424		50,589
Total liabilities and equity	$	131,469	$	132,065

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,
	2022		2021
Operating revenue:
Energy	$	4,823	$	4,849
Real estate	1,207		1,232
Total operating revenue	6,030		6,081
Operating expenses:
Energy:
Cost of sales	1,460		1,569
Operations and maintenance	943		934
Depreciation and amortization	1,007		915
Property and other taxes	205		210
Real estate	1,179		1,120
Total operating expenses	4,794		4,748
Operating income	1,236		1,333
Other income (expense):
Interest expense	(532)		(530)
Capitalized interest	17		14
Allowance for equity funds	38		26
Interest and dividend income	23		21
Losses on marketable securities, net	(1,257)		(1,118)
Other, net	5		8
Total other income (expense)	(1,706)		(1,579)
Loss before income tax benefit and equity loss	(470)		(246)
Income tax benefit	(507)		(535)
Equity loss	(57)		(179)
Net (loss) income	(20)		110
Net income attributable to noncontrolling interests	109		106
Net (loss) income attributable to BHE shareholders	(129)		4
Preferred dividends	16		38
Loss on common shares	$	(145)	$	(34)

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

7

BERKSHIRE HATHAWAY ENERGY COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Net (loss) income	$	(20)	$	110
Other comprehensive (loss) income, net of tax:
Unrecognized amounts on retirement benefits, net of tax of $3 and $4	15		7
Foreign currency translation adjustment	(110)		91
Unrealized gains on cash flow hedges, net of tax of $28 and $5	77		14
Total other comprehensive (loss) income, net of tax	(18)		112
Comprehensive (loss) income	(38)		222
Comprehensive income attributable to noncontrolling interests	109		106
Comprehensive (loss) income attributable to BHE shareholders	$	(147)	$	116

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
							Long-term				Accumulated
					Additional		Income				Other
	Preferred		Common		Paid-in		Tax		Retained		Comprehensive		Noncontrolling		Total
	Stock		Stock		Capital		Receivable		Earnings		Loss, Net		Interests		Equity
Balance, December 31, 2020	$	3,750	$	—	$	6,377	$	(658)	$	35,093	$	(1,552)	$	3,967	$	46,977
Net income	—		—		—		—		4		—		106		110
Other comprehensive income	—		—		—		—		—		112		—		112
Preferred stock dividend	—		—		—		—		(38)		—		—		(38)
Distributions	—		—		—		—		—		—		(113)		(113)
Other equity transactions	—		—		—		—		1		—		2		3
Balance, March 31, 2021	$	3,750	$	—	$	6,377	$	(658)	$	35,060	$	(1,440)	$	3,962	$	47,051
Balance, December 31, 2021	$	1,650	$	—	$	6,374	$	(744)	$	40,754	$	(1,340)	$	3,895	$	50,589
Net (loss) income	—		—		—		—		(129)		—		109		(20)
Other comprehensive loss	—		—		—		—		—		(18)		—		(18)
Preferred stock dividend	—		—		—		—		(16)		—		—		(16)
Distributions	—		—		—		—		—		—		(116)		(116)
Other equity transactions	—		—		—		—		(1)		—		6		5
Balance, March 31, 2022	$	1,650	$	—	$	6,374	$	(744)	$	40,608	$	(1,358)	$	3,894	$	50,424

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,
	2022		2021
Cash flows from operating activities:
Net (loss) income	$	(20)	$	110
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Losses on marketable securities, net	1,257		1,118
Depreciation and amortization	1,022		927
Allowance for equity funds	(38)		(26)
Equity loss, net of distributions	88		221
Changes in regulatory assets and liabilities	(42)		(9)
Deferred income taxes and investment tax credits, net	(203)		(135)
Other, net	6		9
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	333		(249)
Derivative collateral, net	85		14
Pension and other postretirement benefit plans	(11)		(21)
Accrued property, income and other taxes, net	(347)		(453)
Accounts payable and other liabilities	91		19
Net cash flows from operating activities	2,221		1,525
Cash flows from investing activities:
Capital expenditures	(1,553)		(1,295)
Purchases of marketable securities	(170)		(128)
Proceeds from sales of marketable securities	149		104
Equity method investments	(17)		(26)
Other, net	19		(29)
Net cash flows from investing activities	(1,572)		(1,374)
Cash flows from financing activities:
Repayments of BHE senior debt	—		(450)
Proceeds from subsidiary debt	405		—
Repayments of subsidiary debt	(193)		(26)
Net (repayments of) proceeds from short-term debt	(165)		409
Distributions to noncontrolling interests	(117)		(115)
Other, net	(240)		(9)
Net cash flows from financing activities	(310)		(191)
Effect of exchange rate changes	(1)		1
Net change in cash and cash equivalents and restricted cash and cash equivalents	338		(39)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,244		1,445
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	1,582	$	1,406

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 and interests in a liquefied natural gas ("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, the largest residential real estate brokerage firm in the U.S. and one of the largest 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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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, 2021 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

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(2)    Property, Plant and Equipment, Net

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

		As of
	Depreciable	March 31,		December 31,
	Life	2022		2021
Regulated assets:
Utility generation, transmission and distribution systems	5-80 years	$	90,560	$	90,223
Interstate natural gas pipeline assets	3-80 years	17,526		17,423
		108,086		107,646
Accumulated depreciation and amortization		(33,248)		(32,680)
Regulated assets, net		74,838		74,966
Nonregulated assets:
Independent power plants	2-50 years	7,932		7,665
Cove Point LNG facility	40 years	3,366		3,364
Other assets	2-30 years	2,688		2,666
		13,986		13,695
Accumulated depreciation and amortization		(3,146)		(3,041)
Nonregulated assets, net		10,840		10,654
Net operating assets		85,678		85,620
Construction work-in-progress		4,605		4,196
Property, plant and equipment, net		$	90,283	$	89,816

Construction work-in-progress includes $4.3 billion as of March 31, 2022 and $3.8 billion as of December 31, 2021, related to the construction of regulated assets.

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(3)    Investments and Restricted Cash, Cash Equivalents and Investments

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

	As of
	March 31,		December 31,
	2022		2021
Investments:
BYD Company Limited common stock	$	6,446	$	7,693
Rabbi trusts	475		492
Other	315		305
Total investments	7,236		8,490
Equity method investments:
BHE Renewables tax equity investments	4,812		4,931
Iroquois Gas Transmission System, L.P.	744		735
Electric Transmission Texas, LLC	598		595
JAX LNG, LLC	93		92
Bridger Coal Company	44		45
Other	152		156
Total equity method investments	6,443		6,554
Restricted cash, cash equivalents and investments:
Quad Cities Station nuclear decommissioning trust funds	733		768
Other restricted cash and cash equivalents	150		148
Total restricted cash, cash equivalents and investments	883		916
Total investments and restricted cash, cash equivalents and investments	$	14,562	$	15,960
Reflected as:
Current assets	$	168	$	172
Noncurrent assets	14,394		15,788
Total investments and restricted cash, cash equivalents and investments	$	14,562	$	15,960

Investments

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Unrealized losses recognized on marketable securities still held at the reporting date	$	(1,257)	$	(1,119)
Net gains recognized on marketable securities sold during the period	—		1
Losses on marketable securities, net	$	(1,257)	$	(1,118)

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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 in 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,
	2022		2021
Cash and cash equivalents	$	1,432	$	1,096
Restricted cash and cash equivalents	129		127
Investments and restricted cash, cash equivalents and investments	21		21
Total cash and cash equivalents and restricted cash and cash equivalents	$	1,582	$	1,244

(4)    Recent Financing Transactions

Long-Term Debt

In April 2022, BHE issued $1 billion of its 4.6% Senior Notes due 2053 and intends to use the net proceeds for general corporate purposes, which may include repaying a portion of BHE's outstanding commercial paper obligations and redeeming a portion of its 4.00% Perpetual Preferred Stock issued to certain subsidiaries of Berkshire Hathaway.

In April 2022, Sierra Pacific purchased the following series of bonds that were held by the public: $30 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036; $25 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016D, due 2036; $25 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016E, due 2036; $75 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016F, due 2036; $20 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016G, due 2036; and $30 million of its variable-rate tax-exempt Pollution Control Refunding Revenue Bonds, Series 2016B, due 2029. Sierra Pacific purchased these bonds as required by the bond indentures. Sierra Pacific is holding these bonds and can re-offer them at a future date.

In April 2022, Northern Powergrid (Northeast) plc issued £350 million of its 3.25% bonds due 2052 and intends to use the net proceeds for general corporate purposes.

In January 2022, Nevada Power entered into a $300 million secured delayed draw term loan facility maturing in January 2024. Amounts borrowed under the facility bear interest at variable rates based on the Secured Overnight Financing Rate or a base rate, at Nevada Power's option, plus a pricing margin. In January 2022, Nevada Power borrowed $200 million under the facility at an initial interest rate of 0.55%. Nevada Power may draw all or none of the remaining unused commitment through June 2022. Nevada Power used the proceeds to repay amounts outstanding under its existing secured credit facility and for general corporate purposes.

14

(5)    Income Taxes

The effective income tax rate for the three-month period ended March 31, 2022, is 108% and results from a $507 million income tax benefit associated with a $470 million pre-tax loss, primarily relating to a pre-tax unrealized loss of $1,247 million on the Company's investment in BYD Company Limited. The $507 million income tax benefit is primarily comprised of a $99 million benefit (21%) from the application of the statutory income tax rate to the pre-tax loss and a $339 million benefit (72%) from income tax credits.

The effective income tax rate for the three-month period ended March 31, 2021, is 217% and results from a $535 million income tax benefit associated with a $246 million pre-tax loss, primarily relating to a pre-tax unrealized loss of $1,124 million on the Company's investment in BYD Company Limited. The $535 million income tax benefit is primarily comprised of a $52 million benefit (21%) from the application of the statutory income tax rate to the pre-tax loss, a $334 million benefit (136%) from income tax credits and a $51 million benefit (21%) from state income tax benefits, net of federal income tax impacts.

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Income tax credits	72		136
State income tax, net of federal income tax impacts	(3)		21
Income tax effect of foreign income	3		6
Effects of ratemaking	8		10
Equity income	3		15
Noncontrolling interest	5		9
Other, net	(1)		(1)
Effective income tax rate	108	%	217	%

Income tax credits relate primarily to PTCs from wind-powered generating facilities owned by MidAmerican Energy, PacifiCorp and BHE Renewables. 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 for the three-month periods ended March 31, 2022 and 2021 totaled $338 million and $315 million, respectively.

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 made no payments for federal income taxes to Berkshire Hathaway for the three-month periods ended March 31, 2022 and 2021.

15

(6)    Employee Benefit Plans

Domestic Operations

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Pension:
Service cost	$	7	$	7
Interest cost	19		20
Expected return on plan assets	(27)		(33)
Settlement	2		—
Net amortization	4		6
Net periodic benefit cost	$	5	$	—
Other postretirement:
Service cost	$	2	$	2
Interest cost	5		5
Expected return on plan assets	(7)		(5)
Net amortization	—		(1)
Net periodic benefit cost	$	—	$	1

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in Other, net in the Consolidated Statements of Operations. Employer contributions to the domestic pension and other postretirement benefit plans are expected to be $13 million and $4 million, respectively, during 2022. As of March 31, 2022, $4 million and $3 million of contributions had been made to the domestic pension and other postretirement benefit plans, respectively.

Foreign Operations

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Service cost	$	4	$	4
Interest cost	10		8
Expected return on plan assets	(25)		(28)
Net amortization	6		14
Net periodic benefit credit	$	(5)	$	(2)

Amounts other than the service cost for the United Kingdom pension plan are recorded in Other, net in the Consolidated Statements of Operations. Employer contributions to the United Kingdom pension plan are expected to be £12 million during 2022. As of March 31, 2022, £3 million, or $4 million, of contributions had been made to the United Kingdom pension plan.

16

(7)    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, 2022:
Assets:
Commodity derivatives	$	13	$	534	$	59	$	(64)	$	542
Interest rate derivatives	11		58		25		—		94
Mortgage loans held for sale	—		975		—		—		975
Money market mutual funds	715		—		—		—		715
Debt securities:
U.S. government obligations	225		—		—		—		225
International government obligations	—		1		—		—		1
Corporate obligations	—		79		—		—		79
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		1		—		—		1
Equity securities:
U.S. companies	415		—		—		—		415
International companies	6,455		—		—		—		6,455
Investment funds	285		—		—		—		285
	$	8,119	$	1,651	$	84	$	(64)	$	9,790
Liabilities:
Commodity derivatives	$	(1)	$	(88)	$	(298)	$	69	$	(318)
Foreign currency exchange rate derivatives	—		(3)		—		—		(3)
Interest rate derivatives	—		—		(12)		—		(12)
	$	(1)	$	(91)	$	(310)	$	69	$	(333)

17

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2021:
Assets:
Commodity derivatives	$	5	$	271	$	73	$	(47)	$	302
Foreign currency exchange rate derivatives	—		3		—		—		3
Interest rate derivatives	1		3		20		—		24
Mortgage loans held for sale	—		1,263		—		—		1,263
Money market mutual funds	554		—		—		—		554
Debt securities:
U.S. government obligations	232		—		—		—		232
International government obligations	—		2		—		—		2
Corporate obligations	—		90		—		—		90
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		2		—		—		2
Equity securities:
U.S. companies	428		—		—		—		428
International companies	7,703		—		—		—		7,703
Investment funds	237		—		—		—		237
	$	9,160	$	1,637	$	93	$	(47)	$	10,843
Liabilities:
Commodity derivatives	$	(2)	$	(113)	$	(224)	$	73	$	(266)
Foreign currency exchange rate derivatives	—		(3)		—		—		(3)
Interest rate derivatives	—		(7)		(1)		—		(8)
	$	(2)	$	(123)	$	(225)	$	73	$	(277)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $5 million and $26 million as of March 31, 2022 and December 31, 2021, 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.

18

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):

	Three-Month Periods
	Ended March 31,
			Interest
	Commodity		Rate
	Derivatives		Derivatives
2022:
Beginning balance	$	(151)	$	19
Changes included in earnings(1)	(56)		(6)
Changes in fair value recognized in OCI	5		—
Changes in fair value recognized in net regulatory assets	(60)		—
Settlements	23		—
Ending balance	$	(239)	$	13

2021:
Beginning balance	$	116	$	62
Changes included in earnings(1)	(6)		(21)
Changes in fair value recognized in OCI	(1)		—
Changes in fair value recognized in net regulatory assets	16		—
Settlements	(1)		—
Ending balance	$	124	$	41

(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, including fair value adjustments and unamortized premiums, discounts and debt issuance costs as applicable, 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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	49,905	$	52,246	$	49,762	$	57,189

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(8)    Commitments and Contingencies

Legal Matters

The Company is party to a variety of legal actions arising out of the normal course of business. Plaintiffs occasionally seek punitive or exemplary damages. The Company does not believe that such normal and routine litigation will have a material impact on its consolidated financial results. The Company is also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines, penalties and other costs in substantial amounts and are described below.

California and Oregon 2020 Wildfires

In September 2020, a severe weather event resulting in high winds, low humidity and warm temperatures contributed to several major wildfires, real and personal property and natural resource damage, personal injuries and loss of life and widespread power outages in Oregon and Northern California (the "2020 Wildfires"). 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. Fire suppression costs estimated by various agencies total approximately $150 million. Investigations into the cause and origin of each wildfire are complex and ongoing and being conducted by various entities, including the United States Forest Service, the California Public Utilities Commission, the Oregon Department of Forestry, the Oregon Department of Justice, PacifiCorp and various experts engaged by PacifiCorp.

Multiple lawsuits have been filed in Oregon and California, including a putative class action complaint in Oregon, on behalf of citizens and businesses who suffered damages from fires allegedly caused by PacifiCorp. Additionally, several insurance carriers have filed subrogation complaints in Oregon and California with allegations similar to those made in the aforementioned lawsuits. The final determinations of liability, however, will only be made following comprehensive investigations and litigation processes.

In California, under inverse condemnation, courts have held that investor-owned utilities can be liable for real and personal property damages 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 nevertheless be found liable for all damages proximately caused by negligence, including real and personal property and natural resource damage; fire suppression costs; personal injury and loss of life damages; and interest.

PacifiCorp has accrued $136 million as its best estimate of the potential losses net of expected insurance recoveries associated with the 2020 Wildfires that are considered probable of being incurred. These accruals include estimated losses for fire suppression costs, real and personal property damage, personal injury damages and loss of life damages, but exclude estimated potential losses for natural resource damage as PacifiCorp is unable to reasonably estimate such losses at this time. It is reasonably possible that PacifiCorp will incur additional losses beyond the amounts accrued; however, PacifiCorp is currently unable to estimate the range of possible additional losses that could be incurred due to the number of properties and parties involved and the variation in those types of properties and lack of available details. To the extent losses beyond the amounts accrued are incurred, additional insurance coverage is expected to be available to cover at least a portion of the losses.

20

Environmental Laws and Regulations

The Company is subject to federal, state, local and foreign 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 the Company's current and future operations. The Company believes it is in material compliance with all applicable laws and regulations.

Hydroelectric Relicensing

PacifiCorp is a party to the 2016 amended Klamath Hydroelectric Settlement Agreement ("KHSA"), which is intended to resolve disputes surrounding PacifiCorp's efforts to relicense the Klamath Hydroelectric Project. The KHSA establishes a process for PacifiCorp, the states of Oregon and California ("States") and other stakeholders to assess whether dam removal can occur consistent with the settlement's terms. For PacifiCorp, the key elements of the settlement include: (1) a contribution from PacifiCorp's Oregon and California customers capped at $200 million plus $250 million in California bond funds; (2) complete indemnification from harms associated with dam removal; (3) transfer of the FERC license to a third-party dam removal entity, the Klamath River Renewal Corporation ("KRRC"), who would conduct dam removal; and (4) ability for PacifiCorp to operate the facilities for the benefit of customers until dam removal commences.

In September 2016, the KRRC and PacifiCorp filed a joint application with the FERC to transfer the license for the four mainstem Klamath dams from PacifiCorp to the KRRC. The FERC approved partial transfer of the Klamath license in a July 2020 order, subject to the condition that PacifiCorp remains co-licensee. Under the amended KHSA, PacifiCorp did not agree to remain co-licensee during the surrender and removal process given concerns about liability protections for PacifiCorp and its customers. In November 2020, PacifiCorp entered a memorandum of agreement (the "MOA") with the KRRC, the Karuk Tribe, the Yurok Tribe and the States to continue implementation of the KHSA. The agreement required the States, PacifiCorp and KRRC to file a new license transfer application to remove PacifiCorp from the license for the Klamath Hydroelectric Project and add the States and KRRC as co-licensees for the purposes of surrender. In addition, the MOA provides for additional contingency funding of $45 million, equally split between PacifiCorp and the States, and for PacifiCorp and the States to equally share in any additional cost overruns in the unlikely event that dam removal costs exceed the $450 million in funding to ensure dam removal is complete. The MOA also requires PacifiCorp to cover the costs associated with certain pre-existing environmental conditions. In June 2021, the FERC approved transfer of the four mainstem Klamath dams from PacifiCorp to the KRRC and the States as co-licensees. In July 2021, the Oregon, Wyoming, Idaho and California state public utility commissions conditionally approved the required property transfer applications. In August 2021, PacifiCorp notified the Public Service Commission of Utah of the property transfer, however no formal approval is required in Utah. The transfer will be effective within 30 days following the issuance of a license surrender from the FERC for the project, which remains pending. In February 2022, the FERC staff issued a draft environmental impact statement for the project, concluding that dam removal is the preferred alternative. Comments on the draft were due in April 2022, and a final environmental impact statement is expected later in 2022.

Guarantees

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

21

(9)    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 11 (in millions):

	For the Three-Month Period Ended March 31, 2022
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,185	$	472	$	599	$	—	$	—	$	—	$	—	$	—	$	2,256
Retail gas	—		337		51		—		—		—		—		—		388
Wholesale	55		161		20		—		—		—		—		—		236
Transmission and    distribution	32		15		17		269		—		176		—		—		509
Interstate pipeline	—		—		—		—		745		—		—		(41)		704
Other	20		—		1		—		1		—		—		—		22
Total Regulated	1,292		985		688		269		746		176		—		(41)		4,115
Nonregulated	—		2		—		15		278		7		169		133		604
Total Customer Revenue	1,292		987		688		284		1,024		183		169		92		4,719
Other revenue	5		18		5		31		11		—		(2)		36		104
Total	$	1,297	$	1,005	$	693	$	315	$	1,035	$	183	$	167	$	128	$	4,823

	For the Three-Month Period Ended March 31, 2021
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,145	$	452	$	511	$	—	$	—	$	—	$	—	$	—	$	2,108
Retail gas	—		460		38		—		—		—		—		—		498
Wholesale	36		125		15		—		17		—		—		—		193
Transmission and    distribution	25		15		21		263		—		172		—		—		496
Interstate pipeline	—		—		—		—		815		—		—		(41)		774
Other	23		—		—		—		2		—		—		—		25
Total Regulated	1,229		1,052		585		263		834		172		—		(41)		4,094
Nonregulated	—		10		—		10		237		8		166		187		618
Total Customer Revenue	1,229		1,062		585		273		1,071		180		166		146		4,712
Other revenue	13		5		6		27		22		—		24		40		137
Total	$	1,242	$	1,067	$	591	$	300	$	1,093	$	180	$	190	$	186	$	4,849

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

22

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,
	2022		2021
Customer Revenue:
Brokerage	$	1,092	$	1,022
Franchise	20		18
Total Customer Revenue	1,112		1,040
Mortgage and other revenue	95		192
Total	$	1,207	$	1,232

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, 2022, by reportable segment (in millions):

	Performance obligations expected to be satisfied:
	Less than 12 months		More than 12 months		Total
BHE Pipeline Group	$	2,878	$	22,103	$	24,981

(10)    Components of Other Comprehensive Income (Loss), Net

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

	Unrecognized		Foreign		Unrealized				AOCI
	Amounts on		Currency		(Losses) Gains				Attributable
	Retirement		Translation		on Cash		Noncontrolling		To BHE
	Benefits		Adjustment		Flow Hedges		Interests		Shareholders, Net
Balance, December 31, 2020	$	(492)	$	(1,062)	$	(8)	$	10	$	(1,552)
Other comprehensive income	7		91		14		—		112
Balance, March 31, 2021	$	(485)	$	(971)	$	6	$	10	$	(1,440)
Balance, December 31, 2021	$	(318)	$	(1,086)	$	59	$	5	$	(1,340)
Other comprehensive income (loss)	15		(110)		77		—		(18)
Balance, March 31, 2022	$	(303)	$	(1,196)	$	136	$	5	$	(1,358)

23

(11)    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,
	2022		2021
Operating revenue:
PacifiCorp	$	1,297	$	1,242
MidAmerican Funding	1,005		1,067
NV Energy	693		591
Northern Powergrid	315		300
BHE Pipeline Group	1,035		1,093
BHE Transmission	183		180
BHE Renewables	167		190
HomeServices	1,207		1,232
BHE and Other(1)	128		186
Total operating revenue	$	6,030	$	6,081

Depreciation and amortization:
PacifiCorp	$	280	$	264
MidAmerican Funding	250		207
NV Energy	140		136
Northern Powergrid	80		71
BHE Pipeline Group	131		118
BHE Transmission	58		58
BHE Renewables	65		60
HomeServices	15		11
BHE and Other(1)	3		2
Total depreciation and amortization	$	1,022	$	927

24

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating income:
PacifiCorp	$	216	$	234
MidAmerican Funding	100		48
NV Energy	62		70
Northern Powergrid	159		151
BHE Pipeline Group	538		618
BHE Transmission	83		81
BHE Renewables	(2)		33
HomeServices	28		112
BHE and Other(1)	52		(14)
Total operating income	1,236		1,333
Interest expense	(532)		(530)
Capitalized interest	17		14
Allowance for equity funds	38		26
Interest and dividend income	23		21
Losses on marketable securities, net	(1,257)		(1,118)
Other, net	5		8
Total loss before income tax benefit and equity loss	$	(470)	$	(246)

Interest expense:
PacifiCorp	$	106	$	107
MidAmerican Funding	82		78
NV Energy	51		52
Northern Powergrid	32		33
BHE Pipeline Group	37		38
BHE Transmission	38		38
BHE Renewables	41		40
HomeServices	1		1
BHE and Other(1)	144		143
Total interest expense	$	532	$	530

Loss on common shares:
PacifiCorp	$	130	$	169
MidAmerican Funding	241		144
NV Energy	29		34
Northern Powergrid	111		104
BHE Pipeline Group	322		383
BHE Transmission	62		59
BHE Renewables	104		16
HomeServices	21		84
BHE and Other(1)	(1,165)		(1,027)
Total loss on common shares	$	(145)	$	(34)

25

	As of
	March 31,		December 31,
	2022		2021
Assets:
PacifiCorp	$	27,999	$	27,615
MidAmerican Funding	25,451		25,352
NV Energy	15,430		15,239
Northern Powergrid	9,175		9,326
BHE Pipeline Group	20,486		20,434
BHE Transmission	9,618		9,476
BHE Renewables	12,138		11,829
HomeServices	4,036		4,574
BHE and Other(1)	7,136		8,220
Total assets	$	131,469	$	132,065

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating revenue by country:
U.S.	$	5,534	$	5,597
United Kingdom	315		300
Canada	181		177
Other	—		7
Total operating revenue by country	$	6,030	$	6,081

Loss before income tax benefit and equity loss by country:
U.S.	$	(654)	$	(423)
United Kingdom	139		132
Canada	46		39
Other	(1)		6
Total loss before income tax benefit and equity loss by country	$	(470)	$	(246)

The following table shows the change in the carrying amount of goodwill by reportable segment for the three-month period ended March 31, 2022 (in millions):

									BHE Pipeline Group
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid				BHE Transmission		BHE Renewables		HomeServices
																	Total
December 31, 2021	$	1,129	$	2,102	$	2,369	$	992	$	1,814	$	1,563	$	95	$	1,586	$	11,650
Acquisitions	—		—		—		—		—		—		—		3		3
Foreign currency translation	—		—		—		(20)		—		16		—		—		(4)
March 31, 2022	$	1,129	$	2,102	$	2,369	$	972	$	1,814	$	1,579	$	95	$	1,589	$	11,649

26

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.

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, one of which owns a liquefied natural gas ("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, the largest residential real estate brokerage firm in the U.S. and one of the largest 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 entities, including MidAmerican Energy Services, LLC, corporate functions and intersegment eliminations.

27

Results of Operations for the First Quarter of 2022 and 2021

Overview

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

	First Quarter
	2022		2021		Change
Operating revenue:
PacifiCorp	$	1,297	$	1,242	$	55	4	%
MidAmerican Funding	1,005		1,067		(62)		(6)
NV Energy	693		591		102		17
Northern Powergrid	315		300		15		5
BHE Pipeline Group	1,035		1,093		(58)		(5)
BHE Transmission	183		180		3		2
BHE Renewables	167		190		(23)		(12)
HomeServices	1,207		1,232		(25)		(2)
BHE and Other	128		186		(58)		(31)
Total operating revenue	$	6,030	$	6,081	$	(51)	(1)	%
Loss on common shares:
PacifiCorp	$	130	$	169	$	(39)	(23)	%
MidAmerican Funding	241		144		97		67
NV Energy	29		34		(5)		(15)
Northern Powergrid	111		104		7		7
BHE Pipeline Group	322		383		(61)		(16)
BHE Transmission	62		59		3		5
BHE Renewables(1)	104		16		88		*
HomeServices	21		84		(63)		(75)
BHE and Other	(1,165)		(1,027)		(138)		(13)
Total loss on common shares	$	(145)	$	(34)	$	(111)	*

(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 $111 million for the first quarter of 2022 compared to 2021. The first quarter of 2022 included a pre-tax unrealized loss of $1,247 million ($985 million after-tax) compared to a pre-tax unrealized loss in the first quarter of 2021 of $1,124 million ($818 million after-tax) on the Company's investment in BYD Company Limited. Excluding the impact of this item, adjusted earnings on common shares for the first quarter of 2022 was $840 million, an increase of $56 million, or 7%, compared to adjusted earnings on common shares in the first quarter of 2021 of $784 million.

28

The decrease in earnings on common shares for the first quarter of 2022 compared to 2021 was primarily due to the following:

•The Utilities' earnings increased $53 million for the first quarter of 2022 compared to 2021, reflecting higher electric utility margin and favorable income tax expense from higher PTCs recognized, partially offset by higher depreciation and amortization expense and higher operations and maintenance expense. Electric retail customer volumes increased 3.4% for the first quarter of 2022 compared to 2021, primarily due to higher customer usage, an increase in the average number of customers and the favorable impact of weather;

•BHE Pipeline Group's earnings decreased $61 million for the first quarter of 2022 compared to 2021, primarily due to lower earnings of $70 million at Northern Natural Gas from higher gross margin on gas sales and higher transportation revenue recognized in the first quarter of 2021 from the February 2021 polar vortex weather event, partially offset by favorable recurring transportation revenue due to higher volumes and rates;

•BHE Renewables' earnings increased $88 million for the first quarter of 2022 compared to 2021, primarily due to higher earnings on tax equity investments of $96 million as a result of the unfavorable impacts recognized in the first quarter of 2021 from the February 2021 polar vortex weather event;

•HomeServices' earnings decreased $63 million for the first quarter of 2022 compared to 2021, primarily due to lower earnings from mortgage services of $48 million, from a decrease in funded volume, and lower earnings from brokerage and settlement services of $16 million, largely attributable to a decrease in closed units at existing companies; and

•BHE and Other's earnings decreased $138 million for the first quarter of 2022 compared to 2021, mainly due to the $167 million unfavorable comparative change in the after-tax unrealized position of the Company's investment in BYD Company Limited, partially offset by $21 million of lower dividends on BHE's 4.00% Perpetual Preferred Stock issued to certain subsidiaries of Berkshire Hathaway.

Reportable Segment Results

PacifiCorp

Operating revenue increased $55 million for the first quarter of 2022 compared to 2021, primarily due to higher retail revenue of $40 million and higher wholesale and other revenue of $15 million. Retail revenue increased primarily due to higher retail volumes of $25 million and price impacts of $15 million from higher tariffs. Retail customer volumes increased 1.9%, primarily due to an increase in the average number of customers, the favorable impact of weather and higher customer usage. Wholesale and other revenue increased primarily due to higher average wholesale prices and higher wheeling revenue.

Earnings decreased $39 million for the first quarter of 2022 compared to 2021, primarily due to higher operations and maintenance expense of $18 million, higher depreciation and amortization expense of $16 million, from additional assets placed in-service, and increased income tax expense, partially offset by higher utility margin of $14 million. Operations and maintenance expense increased mainly due to higher thermal plant maintenance and higher costs associated with additional wind-powered generating facilities placed in-service. Utility margin increased primarily due to the higher retail, wholesale and other revenues and higher deferred net power costs in accordance with established adjustment mechanisms, partially offset by higher purchased power and thermal generation costs.

MidAmerican Funding

Operating revenue decreased $62 million for the first quarter of 2022 compared to 2021, primarily due to lower natural gas operating revenue of $116 million, partially offset by higher electric operating revenue of $63 million. Natural gas operating revenue decreased due to a lower average per-unit cost of natural gas sold resulting in lower purchased gas adjustment recoveries of $134 million (fully offset in cost of sales), partially offset by the impacts of tax reform of $8 million, the impacts of certain regulatory recovery mechanisms of $7 million and the favorable impacts of weather of $4 million. Electric operating revenue increased due to higher wholesale and other revenue of $43 million and higher retail revenue of $20 million. Electric wholesale and other revenue increased mainly due to higher wholesale volumes of $24 million and higher average wholesale per-unit prices of $19 million. Electric retail revenue increased primarily due to higher customer volumes of $18 million and higher recoveries through adjustment clauses of $4 million (fully offset in expense, primarily cost of sales), partially offset by price impacts from changes in sales mix of $2 million. Electric retail customer volumes increased 5.6% due to higher customer usage and the favorable impact of weather.

29

Earnings increased $97 million for the first quarter of 2022 compared to 2021, primarily due to higher electric utility margin of $89 million, a favorable income tax benefit and higher natural gas utility margin of $18 million, partially offset by higher depreciation and amortization expense of $43 million and lower nonregulated utility margin of $9 million. Electric utility margin increased primarily due to the higher retail and wholesale revenues as well as lower purchased power costs. The favorable income tax benefit was largely due to higher PTCs recognized of $52 million, from new wind-powered generating facilities placed in-service, and the effects of ratemaking. Depreciation and amortization expense increased primarily from the impacts of certain regulatory mechanisms and additional assets placed in-service.

NV Energy

Operating revenue increased $102 million for the first quarter of 2022 compared to 2021, primarily due to higher electric operating revenue of $90 million and higher natural gas operating revenue of $13 million. Electric operating revenue increased primarily due to higher fully-bundled energy rates (fully offset in cost of sales) of $88 million, higher retail customer volumes of $4 million and higher transmission and wholesale revenue of $4 million, partially offset by lower regulatory-related revenue deferrals. Electric retail customer volumes increased 4.0%, primarily due to an increase in the average number of customers and higher customer usage, partially offset by the unfavorable impact of weather. Natural gas operating revenue increased due to a higher average per-unit cost of natural gas sold (fully offset in cost of sales).

Earnings decreased $5 million for the first quarter of 2022 compared to 2021, mainly due to higher operations and maintenance expense of $6 million largely from increased plant operations and maintenance expenses and an unfavorable change in earnings sharing at the Nevada Utilities.

Northern Powergrid

Operating revenue increased $15 million for the first quarter of 2022 compared to 2021, primarily due to higher distribution revenue of $10 million, revenue from a gas project reaching commercial operation in March 2022 totaling $10 million and higher smart metering revenue of $6 million, partially offset by $9 million from the stronger U.S. dollar. Distribution revenue increased from higher tariff rates of $14 million, partially offset by a 2.6% decline in units distributed of $3 million.

Earnings increased $7 million for the first quarter of 2022 compared to 2021, primarily due to the higher distribution revenue, partially offset by $3 million from the stronger U.S. dollar.

BHE Pipeline Group

Operating revenue decreased $58 million for the first quarter of 2022 compared to 2021, primarily due to lower gas sales of $41 million related to system balancing activities at Northern Natural Gas, lower transportation revenue of $20 million at Northern Natural Gas and lower gas sales of $17 million at EGTS used for operational and system balancing purposes, partially offset by higher LNG variable revenue of $13 million at BHE GT&S and higher non-regulated revenue of $11 million at BHE GT&S. The variances in gas sales and transportation revenue at Northern Natural Gas included favorable impacts recognized in the first quarter of 2021 of $77 million and $49 million, respectively, from the February 2021 polar vortex weather event. Excluding this item, gas sales increased $36 million (largely offset in cost of sales) and transportation revenue increased $29 million due to higher volumes and rates.

Earnings decreased $61 million for the first quarter of 2022 compared to 2021, primarily due to lower earnings of $70 million at Northern Natural Gas as the higher gross margin on gas sales and higher transportation revenue recognized in the first quarter of 2021 from the February 2021 polar vortex weather event were partially offset by the favorable transportation revenue due to higher volumes and rates.

BHE Transmission

Operating revenue increased $3 million for the first quarter of 2022 compared to 2021, mainly due to higher revenue at AltaLink from recovery of higher costs and from additional assets placed in-service.

Earnings increased $3 million for the first quarter of 2022 compared to 2021, mainly due to the additional assets placed in-service at AltaLink and improved equity earnings at Electric Transmission Texas, LLC.

30

BHE Renewables

Operating revenue decreased $23 million for the first quarter of 2022 compared to 2021, primarily due to unfavorable changes in the valuation of certain derivative contracts totaling $43 million and lower hydro revenues of $8 million due to the transfer of the Casecnan generating facility to the National Irrigation Administration in December 2021, partially offset by higher wind, solar and geothermal revenues of $27 million from higher generation and pricing.

Earnings increased $88 million for the first quarter 2022 compared to 2021, primarily due to higher wind earnings of $92 million and higher solar earnings of $6 million, largely due to the higher operating revenue, partially offset by lower hydro earnings of $10 million due to the Casecnan generating facility transfer. Wind earnings increased primarily due to higher earnings on tax equity investments of $96 million as a result of the unfavorable impacts recognized in the first quarter of 2021 from the February 2021 polar vortex weather event.

HomeServices

Operating revenue decreased $25 million for the first quarter of 2022 compared to 2021, primarily due to lower mortgage revenue of $97 million from a 41% decrease in funded volume due to lower refinance activity, partially offset by higher brokerage revenue of $78 million from a 9% increase in closed transaction volume. The increase in brokerage volume was due to acquisitions and an 11% increase in average sales price at existing companies offset by 12% fewer closed units at existing companies.

Earnings decreased $63 million for the first quarter of 2022 compared to 2021, primarily due to lower earnings from mortgage services of $48 million, from the decrease in funded volume, and lower earnings from brokerage and settlement services of $16 million, largely attributable to the decrease in closed units at existing companies.

BHE and Other

Operating revenue decreased $58 million for the first quarter of 2022 compared to 2021, primarily due to lower electricity sales revenue at MidAmerican Energy Services, LLC, from unfavorable pricing.

Earnings decreased $138 million for the first quarter of 2022 compared to 2021, primarily due to the $167 million unfavorable comparative change in the after-tax unrealized position of the Company's investment in BYD Company Limited and $54 million of lower federal income tax credits recognized on a consolidated basis, partially offset by higher earnings of $41 million at MidAmerican Energy Services, LLC, mainly due to favorable changes in unrealized positions on derivative contracts, lower corporate costs and $21 million of lower dividends on BHE's 4.00% Perpetual Preferred Stock issued to certain subsidiaries of Berkshire Hathaway.

31

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, 2021 for further discussion regarding the limitation of distributions from BHE's subsidiaries.

As of March 31, 2022, 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	$	163	$	335	$	132	$	40	$	75	$	60	$	363	$	264	$	1,432
Credit facilities	3,500		1,200		1,509		650		263		860		3,300		—		11,282
Less:
Short-term debt	(110)		—		—		(161)		—		(375)		(1,203)		—		(1,849)
Tax-exempt bond support and letters of credit	—		(218)		(370)		—		—		(1)		—		—		(589)
Net credit facilities	3,390		982		1,139		489		263		484		2,097		—		8,844
Total net liquidity(1)	$	3,553	$	1,317	$	1,271	$	529	$	338	$	544	$	2,460	$	264	$	10,276
Credit facilities:
Maturity dates	2024		2024		2022, 2024		2024		2024		2022, 2026		2022, 2023, 2026

(1)    Excludes $100 million of available liquidity under a delayed draw term loan at Nevada Power.

Operating Activities

Net cash flows from operating activities for the three-month periods ended March 31, 2022 and 2021 were $2.2 billion and $1.5 billion, respectively. The increase was primarily due to changes in working capital.

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, 2022 and 2021 were $(1.6) billion and $(1.4) billion, respectively. The change was primarily due to higher capital expenditures of $258 million. Refer to "Future Uses of Cash" for a discussion of capital expenditures.

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Financing Activities

Net cash flows from financing activities for the three-month period ended March 31, 2022 was $(310) million. Sources of cash totaled $405 million and consisted of proceeds from subsidiary debt issuances. Uses of cash totaled $715 million and consisted mainly of repayments of subsidiary debt totaling $193 million, net repayments of short-term debt totaling $165 million and distributions to noncontrolling interests of $117 million.

For a discussion of recent financing transactions, refer to Note 4 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, 2021 was $(191) million. Sources of cash totaled $409 million and consisted of net proceeds from short-term debt. Uses of cash totaled $600 million and consisted mainly of repayments of BHE senior debt totaling $450 million, distributions to noncontrolling interests of $115 million and repayments of subsidiary debt totaling $26 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 customers' 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
	2021		2022		2022
Capital expenditures by business:
PacifiCorp	$	439	$	374	$	2,359
MidAmerican Funding	298		459		2,013
NV Energy	167		272		1,282
Northern Powergrid	179		169		652
BHE Pipeline Group	102		205		1,243
BHE Transmission	77		47		191
BHE Renewables	18		19		184
HomeServices	8		12		60
BHE and Other(1)	7		(4)		13
Total	$	1,295	$	1,553	$	7,997

Capital expenditures by type:
Wind generation	$	97	$	155	$	990
Electric distribution	427		392		1,737
Electric transmission	157		258		1,820
Natural gas transmission and storage	85		103		982
Solar generation	4		51		220
Other	525		594		2,248
Total	$	1,295	$	1,553	$	7,997

(1)BHE and Other represents amounts related principally to other entities, including MidAmerican Energy Services, LLC, 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 $3 million for the three-month period ended March 31, 2022. Planned spending for the construction of additional wind-powered generating facilities totals $142 million for the remainder of 2022.

◦Repowering of wind-powered generating facilities at MidAmerican Energy totaling $120 million and $24 million for the three-month periods ended March 31, 2022 and 2021, respectively. Planned spending for the repowering of wind-powered generating facilities totals $386 million for the remainder of 2022. MidAmerican Energy expects its repowered facilities to meet Internal Revenue Service guidelines for the re-establishment of PTCs for 10 years from the date the facilities are placed in-service. The rate at which PTCs are re-established for a facility depends upon the date construction begins. Of the 812 MWs of current repowering projects not in-service as of March 31, 2022, 511 MWs are currently expected to qualify for 80% of the PTCs available for 10 years following each facility's return to service and 301 MWs are expected to qualify for 60% of such credits.

◦Construction of wind-powered generating facilities at PacifiCorp totaling $3 million and $27 million for the three-month periods ended March 31, 2022 and 2021, respectively. Construction includes 516 MWs of new wind-powered generating facilities that were placed in-service in 2021. Planned spending for the construction of additional wind-powered generating facilities totals $109 million for the remainder of 2022. The energy production from the new wind-powered generating facilities placed in-service by the end of 2024 is expected to qualify for 60% of the federal PTCs available for 10 years once the equipment is placed in-service.

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◦Planned acquisition and repowering of two wind-powered generating facilities by PacifiCorp totaling $3 million and $1 million for the three-month periods ended March 31, 2022 and 2021, respectively. The repowered facilities are expected to be placed in-service in 2023 and 2024. Planned spending for acquiring and repowering generating facilities totals $18 million for the remainder of 2022.

◦Repowering of wind-powered generating facilities at BHE Renewables totaling $25 million for the three-month period ended March 31, 2022. Planned spending for repowering generating facilities totals $64 million for the remainder of 2022.

•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 needed at the Utilities and Northern Powergrid, wildfire mitigation, 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 investment primarily reflects planned costs for the 416-mile, 500-kV high-voltage transmission line between the Aeolus substation near Medicine Bow in Wyoming and the Clover substation near Mona, Utah; the 59-mile, 230-kV high-voltage transmission line between the Windstar substation near Glenrock, Wyoming and the Aeolus substation; and the 290-mile, 500-kV high-voltage transmission line from the Longhorn substation near Boardman, Oregon to the Hemingway substation near Boise, Idaho. Expenditures for these segments totaled $95 million and $16 million for the three-month periods ended March 31, 2022 and 2021, respectively. Planned spending for these Energy Gateway Transmission segments to be placed in-service in 2024-2026 totals $814 million for the remainder of 2022.

◦Nevada Utilities' Greenlink Nevada transmission expansion program. In this project, the company has received approval from the PUCN to build a 350-mile, 525-kV transmission line, known as Greenlink West, connecting the Ft. Churchill substation to the Northwest substation to the Harry Allen substation; a 235-mile, 525-kV transmission line, known as Greenlink North, connecting the new Ft. Churchill substation to the Robinson Summit substation; a 46-mile, 345-kV transmission line from the new Ft. Churchill substation to the Mira Loma substations; and a 38-mile, 345-kV transmission line from the new Ft. Churchill substation to the Robinson Summit substations. Expenditures for the expansion program and other growth projects totaled $30 million and $19 million for the three-month periods ended March 31, 2022 and 2021, respectively. Planned spending for the expansion program estimated to be placed in-service in 2026-2028 and other growth projects totals $166 million for the remainder of 2022.

◦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 the Northern Natural Gas Twin Cities Area Expansion and Spraberry Compression projects. Operating expenditures include, among other items, spending for asset modernization, pipeline integrity projects and natural gas transmission, storage and liquefied natural gas terminalling infrastructure needs to serve existing and expected demand.

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

◦Construction of solar-powered generating facilities at MidAmerican Energy totaling 141 MWs of small- and utility-scale solar generation, with total spend of $44 million and $3 million for the three-month periods ended March 31, 2022 and 2021, respectively and planned spending of $96 million for the remainder of 2022.

◦Construction of a solar-powered generating facility at Nevada Power totaling $7 million for the three-month period ended March 31, 2022 and planned spending of $74 million for the remainder of 2022. 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. Commercial operation is expected by the end of 2023.

•Other capital expenditures 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.

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Other Renewable Investments

The Company has invested in projects sponsored by third parties, commonly referred to as tax equity investments. Under the terms of these tax equity investments, the Company has entered into equity capital contribution agreements with the project sponsors that require contributions. The Company has made no contributions for the three-month period ended March 31, 2022, and has commitments as of March 31, 2022, subject to satisfaction of certain specified conditions, to provide equity contributions of $356 million for the remainder of 2022 pursuant to these equity capital contribution agreements as the various projects achieve commercial operation. However, the Company expects to assign its rights and obligations under these equity capital contribution agreements, including any related funding commitments, to an entity affiliated through common ownership. Once a project achieves commercial operation, the Company enters into a partnership agreement with the project sponsor that directs and allocates the operating profits and tax benefits from the project.

Material Cash Requirements

As of March 31, 2022, there have been no material changes outside the normal course of business in material 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, 2021 other than the recent financing transactions previously discussed.

Quad Cities Generating Station Operating Status

Constellation Energy Corp. ("Constellation Energy," previously Exelon Generation Company, LLC, which was a subsidiary of Exelon Corporation prior to February 1, 2022), the operator of Quad Cities Generating Station Units 1 and 2 ("Quad Cities Station") of which MidAmerican Energy has a 25% ownership interest, announced on June 2, 2016, its intention to shut down Quad Cities Station on June 1, 2018. In December 2016, Illinois passed legislation creating a zero emission standard, which went into effect June 1, 2017. The zero emission standard requires the Illinois Power Agency to purchase ZECs and recover the costs from certain ratepayers in Illinois, subject to certain limitations. The proceeds from the ZECs will provide Constellation Energy additional revenue through 2027 as an incentive for continued operation of Quad Cities Station. MidAmerican Energy will not receive additional revenue from the subsidy.

The PJM Interconnection, L.L.C. ("PJM") capacity market includes a Minimum Offer Price Rule ("MOPR"). If a generation resource is subjected to a MOPR, its offer price in the market is adjusted to effectively remove the revenues it receives through a state government-provided financial support program, resulting in a higher offer that may not clear the capacity market. Prior to December 19, 2019, the PJM MOPR applied only to certain new gas-fired resources. An expanded PJM MOPR to include existing resources would require exclusion of ZEC compensation when bidding into future capacity auctions, resulting in an increased risk of Quad Cities Station not receiving capacity revenues in future auctions.

On December 19, 2019, the FERC issued an order requiring the PJM to broadly apply the MOPR to all new and existing resources, including nuclear. This greatly expanded the breadth and scope of the PJM's MOPR, which became effective as of the PJM's capacity auction for the 2022-2023 planning year in May 2021. While the FERC included some limited exemptions, no exemptions were available to state-supported nuclear resources, such as Quad Cities Station. The FERC provided no new mechanism for accommodating state-supported resources other than the existing Fixed Resource Requirement ("FRR") mechanism under which an entire utility zone would be removed from PJM's capacity auction along with sufficient resources to support the load in such zone. In response to the FERC's order, the PJM submitted a compliance filing on March 18, 2020, wherein the PJM proposed tariff language reflecting the FERC's directives and a schedule for resuming capacity auctions. On April 16, 2020, the FERC issued an order largely denying requests for rehearing of the FERC's December 2019 order but granting a few clarifications that required an additional PJM compliance filing, which the PJM submitted on June 1, 2020. A number of parties, including Constellation Energy, have filed petitions for review of the FERC's orders in this proceeding, which remain pending before the D.C. Circuit.

As a result, the MOPR applied to Quad Cities Station in the capacity auction for the 2022-2023 planning year, which prevented Quad Cities Station from clearing in that capacity auction.

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At the direction of the PJM Board of Managers, the PJM and its stakeholders developed further MOPR reforms to ensure that the capacity market rules respect and accommodate state resource preferences such as the ZEC programs. The PJM filed related tariff revisions at the FERC on July 30, 2021, and, on September 29, 2021, the PJM's proposed MOPR reforms became effective by operation of law. Under the new tariff provisions, the MOPR will no longer apply to Quad Cities Station. Requests for rehearing of the FERC's notice establishing the effective date for the PJM's proposed market reforms were filed in October 2021 and denied by operation of law on November 4, 2021. Several parties have filed petitions for review of the FERC's orders in this proceeding, which remain pending before the Court of Appeals for the Third Circuit. Constellation Energy is strenuously opposing these appeals.

Assuming the continued effectiveness of the Illinois zero emission standard, Constellation Energy no longer considers Quad Cities Station to be at heightened risk for early retirement. However, to the extent the Illinois zero emission standard does not operate as expected over its full term, Quad Cities Station would be at heightened risk for early retirement. The FERC's December 19, 2019 order on the PJM MOPR may undermine the continued effectiveness of the Illinois zero emission standard unless the PJM adopts further changes to the MOPR or Illinois implements an FRR mechanism, under which Quad Cities Station would be removed from the PJM's capacity auction.

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, 2021 and new regulatory matters occurring in 2022.

PacifiCorp

Oregon

In March 2022, PacifiCorp filed a general rate case requesting an overall rate change of $82 million, or 6.6%, to become effective January 1, 2023. A hearing in the rate case will be held in September 2022 with an order expected in December 2022.

Washington

In June 2021, PacifiCorp filed a power cost only rate case to update baseline net power costs for 2022. The proposed $13 million, or 3.7%, rate increase has a requested effective date of January 1, 2022. In November 2021, PacifiCorp reached a proposed settlement with most of the parties, which includes an agreement to adjust the PTC rate in base rates and apply a production factor and to include a net power cost update as part of the compliance filing. A hearing was held in January 2022 and the WUTC issued an order approving the settlement in March 2022. A compliance filing, reflecting a $43 million, or 12.2%, increase was filed in April 2022 with rates effective May 1, 2022.

NV Energy (Nevada Power and Sierra Pacific)

Senate Bill 448 ("SB 448")

SB 448 was signed into law on June 10, 2021. The legislation is intended to accelerate transmission development, renewable energy and storage, and accelerate transportation electrification within the state of Nevada. In September 2021, the Nevada Utilities filed an amendment to the 2021 Joint IRP for the approval of their Transmission Infrastructure for a Clean Energy Economy Plan that sets forth a plan for the construction of high-voltage transmission infrastructure, Greenlink North among others, that will be placed into service no later than December 31, 2028, and requires the IRP to include at least one scenario that uses sources of supply that will achieve certain reductions in carbon dioxide emissions. In September 2021, the Nevada Utilities filed an application for the approval of their Economic Recovery Transportation Electrification Plan to accelerate transportation electrification in the state of Nevada. The plan establishes requirements for the contents of the transportation electrification investment as well as requirements for review, cost recovery and monitoring. The plan covers an initial period beginning January 1, 2022 and ending on December 31, 2024. In November 2021, the PUCN issued an order granting the application and accepting the Economic Recovery Transportation Electrification Plan with some modifications. The PUCN opened rulemakings to address other regulations that resulted from SB 448. In February 2022, the PUCN adopted regulations regarding the Economic Development Electric Rate Rider Program to revise the discounted electric rates to ease the economic burden on small businesses who take advantage of the discounted rates under the tariff. The remaining two SB 448 rulemakings are ongoing.

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ON Line Temporary Rider ("ONTR")

In October 2021, Sierra Pacific filed an application with the PUCN for approval of the ONTR with corresponding updates to its electric rate tariffs to authorize recovery of the One Nevada Transmission Line ("ON Line") regulatory asset being accumulated as a result of the ON Line cost reallocation as well as the related on-going reallocated revenue requirement. Sierra Pacific's application would have, if approved by the PUCN as filed, resulted in a one-time rate increase of $28 million to be collected over a nine-month period starting on April 1, 2022. In March 2022, the PUCN issued an order directing Sierra Pacific to recover $14 million of the ON Line regulatory asset as a one-time rate increase collectable over a nine-month period effective April 1, 2022, with the expected remaining balance at December 31, 2022 to be included in rate base in the 2022 regulatory rate review for inclusion in the rates set in that case.

Merger Application

In March 2022, the Nevada Utilities filed a joint application with the PUCN for authorization to merge Sierra Pacific with and into Nevada Power, with Nevada Power being the surviving entity. If approved by the PUCN as filed, Nevada Power will have two distinct electric service territories in northern and southern Nevada each with their own rates and one natural gas service territory in the Reno and Sparks area. An order is expected in 2022.

BHE Pipeline Group

BHE GT&S

In September 2021, EGTS filed a general rate case for its FERC-jurisdictional services, with proposed rates to be effective November 1, 2021. EGTS' previous general rate case was settled in 1998. EGTS proposed an annual cost-of-service of approximately $1.1 billion, and requested increases in various rates, including general system storage rates by 85% and general system transportation rates by 60%. In October 2021, the FERC issued an order that accepted the November 1, 2021 effective date for certain changes in rates, while suspending the other changes for five months following the proposed effective date, until April 1, 2022, subject to refund and the outcome of hearing procedures. This matter is pending.

BHE Transmission

AltaLink

2022-2023 General Tariff Application

In April 2021, AltaLink filed its 2022-2023 GTA delivering on the last two years of its commitment to keep rates flat for customers at or below the 2018 level of C$904 million for the five-year period from 2019 to 2023. The two-year application achieves flat tariffs by continuing to transition to the AUC-approved salvage recovery method and continuing the use of the flow-through income tax method, with an overall year-over-year increase of approximately 2% in 2022 and 2023 revenue requirements. In addition, similar to the refund of previously collected accumulated depreciation surplus approved by the AUC for 2021, AltaLink proposed to provide further tariff reductions over the two years by refunding an additional C$60 million per year. The application requested the approval of transmission tariffs of C$824 million and C$847 million for 2022 and 2023, respectively.

In September 2021, AltaLink provided responses to information requests from the AUC and filed an amended application to reflect certain adjustments and forecast updates. The amended application requested the approval of transmission tariffs of C$820 million and C$843 million for 2022 and 2023, respectively. In November 2021, the AUC approved the 2022 interim refundable transmission tariff at C$57 million per month effective January 2022.

In January 2022, the AUC issued its decision with respect to AltaLink's 2022-2023 GTA. The AUC approved a two-year total revenue requirement of C$1.7 billion as compared to AltaLink's requested revenue requirement of C$1.8 billion. AltaLink's 2022-2023 GTA reflected its continued commitment to provide rate stability to customers by maintaining flat tariffs and providing additional tariff relief measures, including a proposed tariff refund of C$60 million of accumulated depreciation in each of 2022 and 2023. The AUC did not approve AltaLink's proposed refund due to an anticipated improvement in general economic conditions in Alberta.

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In March 2022, AltaLink filed a review and variance application with the AUC. The application requested the AUC to review and vary its decision to deny AltaLink's proposed C$120 million refund of accumulated depreciation surplus, given material changes in circumstances since the decision was issued in January 2022. The existing pressures on Albertans and Alberta businesses that resulted from the COVID-19 pandemic have been compounded by cost increases due to higher inflation and global supply chain disruptions.

2023 Generic Cost of Capital Proceeding

In January 2022, the AUC initiated the 2023 generic cost of capital proceeding. The proceeding will be conducted in two stages. The first stage will determine the cost of capital parameters for 2023 and the second stage will consider returning to a formula-based approach to establish cost of capital adjustments, commencing in 2024. In March 2022, the AUC issued its decision with respect to the first stage of the 2023 GCOC proceeding by approving the extension of the 2022 return on equity of 8.5% and deemed equity ratio of 37% for 2023, recognizing lingering uncertainty and continued volatility of financial markets due to the COVID-19 pandemic. With respect to the second stage, the AUC plans to commence the 2024 GCOC proceeding to establish a formula-based approach in the third quarter of 2022 and to conclude in the second quarter of 2023.

Environmental Laws and Regulations

Each Registrant is subject to federal, state, local and foreign laws and regulations regarding climate change, RPS, 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 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, 2021, and new environmental matters occurring in 2022.

Clean Air Act Regulations

The Clean Air Act is a federal law administered by the EPA that provides a framework for protecting and improving the nation's air quality and controlling sources of air emissions. The implementation of new standards is generally outlined in SIPs, which are a collection of regulations, programs and policies to be followed. SIPs vary by state and are subject to public hearings and EPA approval. Some states may adopt additional or more stringent requirements than those implemented by the EPA. The major Clean Air Act programs most directly affecting the Registrants' operations are described below.

National Ambient Air Quality Standards

Under the authority of the Clean Air Act, the EPA sets minimum NAAQS for six principal pollutants, consisting of carbon monoxide, lead, NOx, particulate matter, ozone and SO2, considered harmful to public health and the environment. Areas that achieve the standards, as determined by ambient air quality monitoring, are characterized as being in attainment, while those that fail to meet the standards are designated as being nonattainment areas. Generally, sources of emissions in a nonattainment area that are determined to contribute to the nonattainment are required to reduce emissions. Currently, with the exceptions described in the following paragraphs, air quality monitoring data indicates that all counties where the relevant Registrant's major emission sources are located are in attainment of the current NAAQS.

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On June 4, 2018, the EPA published final ozone designations for much of the U.S. Relevant to the Registrants, these designations include classifying Yuma County, Arizona; Clark County, Nevada; and the Northern Wasatch Front, Southern Wasatch Front and Duchesne and Uintah counties in Utah as nonattainment-marginal with the 2015 ozone standard. These areas were required to meet the 2015 standard three years from the August 3, 2018, effective date. All other areas relevant to the Registrants were designated attainment/unclassifiable with this same action. However, on January 29, 2021, the D.C. Circuit vacated several provisions of the 2018 implementing rules for the 2015 ozone standards for contravening the Clean Air Act. The EPA and environmental groups finalized a consent decree in January 2022 that sets deadlines for the agency to approve or disapprove the "good neighbor" provisions of interstate ozone plans of dozens of states. Relevant to the Registrants, the EPA must, by April 30, 2022, propose to approve or disapprove the interstate ozone SIPs of Alabama, Iowa, Maryland, Michigan, Minnesota, New York, Ohio, Pennsylvania, Texas, West Virginia and Wisconsin. On February 22, 2022, the EPA published a series of proposed decisions to disapprove the SIPs for interstate ozone transport of 19 states. Relevant to the Registrants, these states include Alabama, Maryland, Michigan, Minnesota, New York, Ohio, West Virginia and Wisconsin. The EPA also proposed to approve Iowa's SIP after re-analyzing the state's data. The EPA must finalize the proposed rules by December 15, 2022. In addition, the EPA must, by December 15, 2022, approve or disapprove the interstate plans of Arizona, California, Nevada and Wyoming. On April 15, 2022, the EPA issued its final rule approving Iowa's SIP as meeting the good neighbor provisions for the 2015 ozone standard. Until the EPA takes final action consistent with this decree, additional impacts to the relevant Registrants cannot be determined.

Separately, on March 28, 2022, the EPA proposed determinations as to whether certain areas have achieved levels of ground-level ozone pollution that meet the 2008 and 2015 ozone NAAQS, respectively. Relevant to the Registrants, the Southern Wasatch Front in Utah and Yuma, Arizona are proposed to have met the 2015 ozone standard; and the Cincinnati area of Ohio and Kentucky and the Northern Wasatch Front in Utah are proposed to have not met the 2015 ozone, will be reclassified as Moderate Non-Attainment, and will have until August 3, 2024 to meet the standard. Until the EPA takes final action on the proposal and the affected states submit any required SIPs, the relevant Registrants cannot determine the impacts of the proposed rule.

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., including Iowa, 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.

The first phase of the rule was implemented January 1, 2015. In November 2015, the EPA released a proposed rule that would further reduce NOx emissions in 2017. The final "CSAPR Update Rule" was published in the Federal Register in October 2016 and required additional reductions in NOx emissions beginning in May 2017. On December 6, 2018, the EPA finalized a rule to close out the CSAPR, having determined that the CSAPR Update Rule for the 2008 ozone NAAQS fully addressed Clean Air Act interstate transport obligations of 20 eastern states. The EPA determined that 2023 is an appropriate future analytic year to evaluate remaining good neighbor obligations and that there will be no remaining nonattainment or maintenance receptors with respect to the 2008 ozone NAAQS in the eastern U.S. in that year. Accordingly, the 20 CSAPR Update-affected states would not contribute significantly to nonattainment in, or interfere with maintenance of, any other state with regard to the 2008 ozone NAAQS. Both the CSAPR Update and the CSAPR Close-Out rules were challenged in the D.C. Circuit. The D.C. Circuit ruled September 13, 2019, that because the EPA allowed upwind States to continue to significantly contribute to downwind air quality problems beyond statutory deadlines, the CSAPR Update Rule provided only a partial remedy that did not fully address interstate ozone transport, and remanded the CSAPR Update Rule back to the EPA. The D.C. Circuit issued an opinion October 1, 2019, finding that because the CSAPR Close-Out Rule relied on the same faulty reasoning as the CSAPR Update Rule, the CSAPR Close-Out Rule must be vacated. On October 15, 2020, the EPA proposed to tighten caps on emissions of NOx from generating facilities in 12 states in the CSAPR trading program in response to the D.C. Circuit's decision to vacate the CSAPR Update Rule. The rule is intended to fully resolve 21 upwind states' remaining good neighbor obligations under the 2008 ozone NAAQS. Additional emissions reductions are required at generating facilities in 12 states, including Illinois; the EPA predicts that emissions from the remaining nine states, including Iowa and Texas, will not significantly contribute to downwind states' ability to attain or maintain the ozone standard. The EPA accepted comment on the proposal through December 15, 2020. On March 15, 2021, the EPA finalized the Revised CSAPR Update Rule largely as proposed. Significant new compliance obligations are not anticipated as a result of the rule. In June 2021, a new lawsuit was filed that challenges the Revised CSAPR Update Rule. Litigation is ongoing in the D.C. Circuit Court. Until litigation is exhausted, the relevant Registrants cannot determine whether additional action may be required.

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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. The rule focuses on reductions of NOx, precursors to ozone formation and covers 26 states. Relevant to the Registrants, four states are included in the cross-state program for the first time - California, Nevada, Utah and Wyoming. Iowa is not included in the proposal. In a separate but related action in February 2022, the EPA proposed to approve the good neighbor provisions of Iowa's SIP addressing ozone transport and the 2015 ozone standard. The EPA proposes to retain emissions allowance trading for generating facilities. Beginning in 2023, emissions budgets would be set at the level of reductions achievable through immediately available measures such as consistently operating existing emissions controls. Starting in 2026, emissions budgets would be set at levels achievable by the installation of SCR controls at certain generating facilities. The proposal also includes additional industries beyond the power sector for the first time, with a focus on the top NOx emitting stationary source categories. These include natural gas pipeline compressor stations, pulp and paper mills, cement production, iron and steel boilers and furnaces, glass furnaces, chemical manufacturing and petroleum and coal product manufacturing. These sources will not have access to trading and will instead be subject to rate-based limits that are assigned for each source category. The EPA is accepting comments on the proposal through June 6, 2022. Until the EPA takes final action consistent with this decree, impacts to the relevant Registrants 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.

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The state of Utah issued a regional haze SIP requiring the installation of SO2, NOx and particulate matter controls on Hunter Units 1 and 2 and Huntington Units 1 and 2. In December 2012, the EPA approved the SO2 portion of the Utah regional haze SIP and disapproved the NOx and particulate matter portions. Subsequently, the Utah Division of Air Quality completed an alternative BART analysis for Hunter Units 1 and 2 and Huntington Units 1 and 2. In January 2016, the EPA published two alternative proposals to either approve the Utah SIP as written or reject the Utah SIP relating to NOx controls and require the installation of SCR equipment at Hunter Units 1 and 2 and Huntington Units 1 and 2 within five years. The EPA's final action on the Utah regional haze SIP was effective August 4, 2016. The EPA approved in part and disapproved in part the Utah regional haze SIP and issued a FIP requiring the installation of SCR equipment at Hunter Units 1 and 2 and Huntington Units 1 and 2 within five years of the effective date of the rule. PacifiCorp and other parties filed requests with the EPA to reconsider and stay that decision, as well as filed motions for stay and petitions for review with the Tenth Circuit Court of Appeals ("Tenth Circuit") asking the court to overturn the EPA's actions. In July 2017, the EPA issued a letter indicating it would reconsider its FIP decision. In light of the EPA's grant of reconsideration and the EPA's position in the litigation, the Tenth Circuit held the litigation in abeyance and imposed a stay of the compliance obligations of the FIP for the number of days the stay is in effect while the EPA conducts its reconsideration process. To support the reconsideration, PacifiCorp undertook additional air quality modeling using the Comprehensive Air Quality Model with Extensions dispersion model. On January 14, 2019, the state of Utah submitted a SIP revision to the EPA, which includes the updated modeling information and additional analysis. On June 24, 2019, the Utah Air Quality Board unanimously voted to approve the Utah regional haze SIP revision, which incorporates a BART alternative into Utah's regional haze SIP. The BART alternative makes the shutdown of PacifiCorp's Carbon generating facility enforceable under the SIP and removes the requirement to install SCR equipment on Hunter Units 1 and 2 and Huntington Units 1 and 2. The Utah Division of Air Quality submitted the SIP revision to the EPA for approval at the end of 2019. In January 2020, the EPA published its proposed approval of the Utah Regional Haze SIP Alternative, which makes the shutdown of the Carbon generating facility federally enforceable and adopts as BART the existing NOx controls and emission limits on the Hunter and Huntington generating facilities. The proposed approval withdraws the FIP requirements to install SCR equipment on Hunter Units 1 and 2 and Huntington Units 1 and 2. The EPA released the final rule approving the Utah Regional Haze SIP Alternative on October 28, 2020. With the approval, the EPA also finalized its withdrawal of the FIP requirements for the Hunter and Huntington generating facilities. The Utah Regional Haze SIP Alternative took effect December 28, 2020. As a result of these actions, the Tenth Circuit dismissed the Utah regional haze petitions on January 11, 2021. On January 19, 2021, Heal Utah, National Parks Conservation Association, Sierra Club and Utah Physicians for a Healthy Environment filed a petition for review of the Utah Regional Haze SIP Alternative in the Tenth Circuit. PacifiCorp and the state of Utah moved to intervene in the litigation. After review of the rule by the Biden administration, the EPA determined it would defend the rule, and briefing in the case is ongoing. A date for oral arguments has not been scheduled. The Utah Air Quality Board approved the Utah Division of Air Quality's SIP for the regional haze second planning period on April 6, 2022. The public comment period is anticipated to begin in early May 2022. The proposed plan sets mass-based emissions limits for PacifiCorp's Hunter and Huntington generating facilities to ensure reasonable visibility progress for the second planning period. The division proposes to add existing SO2 emission limits for all five Hunter and Huntington units as enforceable regional haze controls. The division also proposes new enforceable mass-based NOx emission limits for both generating facilities based on actual emissions. The state is on track to submit a final implementation plan to the EPA by July 2022.

42

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. In addition, the EPA initially proposed in June 2012 to disapprove portions of the NOx and particulate matter SIP and instead issue a FIP. The EPA withdrew its initial proposed actions on the NOx and particulate matter SIP and the proposed FIP, published a re-proposed rule in June 2013, and finalized its determination in January 2014, which aligns more closely with the SIP proposed by the state of Wyoming. The EPA's final action on the Wyoming SIP 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 within five years (i.e., by 2019). The EPA action became final on March 3, 2014. PacifiCorp filed an appeal of the EPA's final action on Wyodak in March 2014. The state of Wyoming also filed an appeal of the EPA's final action, as did the Powder River Basin Resource Council, National Parks Conservation Association and Sierra Club. 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 EPA, U.S. Department of Justice, state of Wyoming and PacifiCorp executed a settlement agreement December 16, 2020, removing the requirement to install SCR in lieu of monthly and annual NOx emissions limits. The settlement agreement was subject to a comment period which ended July 6, 2021. Litigation in the Tenth Circuit remains stayed pending finalization of the settlement agreement. The EPA did not proceed with final approval of the settlement agreement for Wyodak and is currently engaged with Wyoming and PacifiCorp concerning alternative paths for resolution. On February 5, 2019, PacifiCorp submitted a reasonable progress reassessment permit application and reasonable progress determination for Jim Bridger Units 1 and 2, seeking a rescission of the December 2017 permit requiring the installation of SCR, to be replaced with a permit imposing plant-wide emission limits to achieve better modeled visibility, fewer overall environmental impacts and lower costs of compliance. In May 2020, the Wyoming Air Quality Division issued a permit approving PacifiCorp's monthly and annual NOx and SO2 emission limits on the four Jim Bridger units and submitted a regional haze SIP revision to the EPA. The revised SIP would grant approval of PacifiCorp's Jim Bridger reasonable progress reassessment application and incorporates PacifiCorp's proposed emission limits in lieu of the requirement to install SCR systems on Jim Bridger Units 1 and 2. On December 27, 2021, Wyoming's governor issued an emergency suspension order under Section 110(g) of the Clean Air Act, allowing the operation of Jim Bridger Unit 2 through April 30, 2022, while the state, the EPA and PacifiCorp continue settlement discussions. On January 18, 2022, the EPA proposed to reject the SIP revisions. The EPA took comment on the proposal through February 17, 2022. 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 under Sections 201 and 209(a) of the Wyoming Environmental Quality Act, 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 and as forecasted in PacifiCorp's 2021 IRP, PacifiCorp must convert both units to natural gas and begin meeting emissions limits consistent with that conversion by January 1, 2024. In addition, PacifiCorp must propose an RFP by January 1, 2023, for carbon capture technology at Jim Bridger Units 3 and 4. Wyoming issued its proposed implementation plan for second planning period reasonable progress on February 18, 2022 and accepted comments through March 23, 2022. Wyoming determined that no controls will be necessary on any Wyoming resources to make reasonable progress for the second round of regional haze planning. It is estimated that the state will submit a final state-approved implementation plan to the EPA in May 2022.

In February 2022, NV Energy received 30-day notice letters from the Nevada Division of Environmental Protection regarding the reopening and revision of the Valmy and Tracy Generating Station's Title V air quality operating permits to add federally enforceable retirement dates of December 31, 2028 for Valmy Units 1 and 2 and December 31, 2031 for Tracy Unit 4. The enforceable retirement dates will implement Nevada's SIP for the regional haze second planning period. The revised permits were received in March and April 2022. It is anticipated that the Nevada Division of Environmental Protection will begin the public comment period for its SIP by May 2022 and submit the final SIP to the EPA by June 2022.

43

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 revenue recognition - unbilled revenue. 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, 2021. There have been no significant changes in the Company's assumptions regarding critical accounting estimates since December 31, 2021.

44

PacifiCorp and its subsidiaries

Consolidated Financial Section

45

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, 2022, the related consolidated statements of operations, changes in shareholders' equity, and cash flows for the three-month periods ended March 31, 2022 and 2021, 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, 2021, 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 25, 2022, 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, 2021, 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

April 29, 2022

46

PACIFICORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions)

	As of
	March 31,		December 31,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	335	$	179
Trade receivables, net	674		725
Other receivables, net	49		52
Inventories	479		474
Derivative contracts	145		76
Regulatory assets	125		65
Other current assets	163		150
Total current assets	1,970		1,721
Property, plant and equipment, net	23,081		22,914
Regulatory assets	1,231		1,287
Other assets	562		534
Total assets	$	26,844	$	26,456

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

47

PACIFICORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

(Amounts in millions)

	As of
	March 31,		December 31,
	2022		2021
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	724	$	680
Accrued interest	115		121
Accrued property, income and other taxes	113		78
Accrued employee expenses	109		89
Current portion of long-term debt	155		155
Regulatory liabilities	114		118
Other current liabilities	196		219
Total current liabilities	1,526		1,460
Long-term debt	8,567		8,575
Regulatory liabilities	2,807		2,650
Deferred income taxes	2,886		2,847
Other long-term liabilities	1,014		1,011
Total liabilities	16,800		16,543
Commitments and contingencies (Note 8)
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	5,579		5,449
Accumulated other comprehensive loss, net	(16)		(17)
Total shareholders' equity	10,044		9,913
Total liabilities and shareholders' equity	$	26,844	$	26,456

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

48

PACIFICORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating revenue	$	1,297	$	1,242
Operating expenses:
Cost of fuel and energy	465		424
Operations and maintenance	277		259
Depreciation and amortization	280		264
Property and other taxes	59		61
Total operating expenses	1,081		1,008
Operating income	216		234
Other income (expense):
Interest expense	(106)		(107)
Allowance for borrowed funds	6		6
Allowance for equity funds	13		13
Interest and dividend income	7		6
Other, net	(4)		6
Total other income (expense)	(84)		(76)
Income before income tax expense (benefit)	132		158
Income tax expense (benefit)	2		(11)
Net income	$	130	$	169

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

49

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, 2020	$	2	$	—	$	4,479	$	4,711	$	(19)	$	9,173
Net income	—		—		—		169		—		169
Balance, March 31, 2021	$	2	$	—	$	4,479	$	4,880	$	(19)	$	9,342
Balance, December 31, 2021	$	2	$	—	$	4,479	$	5,449	$	(17)	$	9,913
Net income	—		—		—		130		—		130
Other comprehensive income	—		—		—		—		1		1
Balance, March 31, 2022	$	2	$	—	$	4,479	$	5,579	$	(16)	$	10,044

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

50

PACIFICORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Cash flows from operating activities:
Net income	$	130	$	169
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	280		264
Allowance for equity funds	(13)		(13)
Changes in regulatory assets and liabilities	(9)		(4)
Deferred income taxes and amortization of investment tax credits	19		13
Other, net	4		(2)
Changes in other operating assets and liabilities:
Trade receivables, other receivables and other assets	59		61
Inventories	(5)		7
Derivative collateral, net	22		7
Prepaid expenses	—		6
Accrued property, income and other taxes, net	15		12
Accounts payable and other liabilities	35		(51)
Net cash flows from operating activities	537		469
Cash flows from investing activities:
Capital expenditures	(374)		(439)
Other, net	3		(1)
Net cash flows from investing activities	(371)		(440)
Cash flows from financing activities:
Repayments of long-term debt	(9)		—
Net proceeds from short-term debt	—		2
Other, net	(2)		(1)
Net cash flows from financing activities	(11)		1
Net change in cash and cash equivalents and restricted cash and cash equivalents	155		30
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	186		19
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	341	$	49

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

51

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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The Consolidated Statements of Comprehensive Income have been omitted as net income materially equals comprehensive income for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month periods ended March 31, 2022 and 2021 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, 2021 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

(2)    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, custodial and nuclear decommissioning funds. Restricted amounts are included in other current assets and other assets on the Consolidated Balance Sheets. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented in 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,
	2022		2021
Cash and cash equivalents	$	335	$	179
Restricted cash and cash equivalents included in other current assets	4		4
Restricted cash included in other assets	2		3
Total cash and cash equivalents and restricted cash and cash equivalents	$	341	$	186

52

(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	2022		2021
Utility Plant:
Generation	15 - 59 years	$	13,688	$	13,679
Transmission	60 - 90 years	7,914		7,894
Distribution	20 - 75 years	8,125		8,044
Intangible plant(1)	5 - 75 years	1,112		1,106
Other	5 - 60 years	1,563		1,539
Utility plant in-service		32,402		32,262
Accumulated depreciation and amortization		(10,704)		(10,507)
Utility plant in-service, net		21,698		21,755
Other non-regulated, net of accumulated depreciation and amortization	14 - 95 years	18		18
Plant, net		21,716		21,773
Construction work-in-progress		1,365		1,141
Property, plant and equipment, net		$	23,081	$	22,914

(1)Computer software costs included in intangible plant are initially assigned a depreciable life of 5 to 10 years.

(4)    Income Taxes

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax benefit	3		3
Federal income tax credits	(20)		(20)
Effects of ratemaking(1)	(11)		(13)
Valuation allowance	6		—
Other	3		2
Effective income tax rate	2	%	(7)	%

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

Income tax credits relate primarily to production tax credits ("PTCs") earned by 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 for the three-month periods ended March 31, 2022 and 2021 totaled $26 million and $31 million, respectively.

For the three-month period ended March 31, 2022 PacifiCorp recorded a valuation allowance related to state net operating loss carryforwards.

53

(5)    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,
	2022		2021
Pension:
Service cost	$	—	$	—
Interest cost	7		7
Expected return on plan assets	(10)		(13)
Net amortization	4		5
Net periodic benefit cost (credit)	$	1	$	(1)
Other postretirement:
Service cost	$	—	$	—
Interest cost	2		2
Expected return on plan assets	(2)		(2)
Net amortization	—		—
Net periodic benefit cost (credit)	$	—	$	—

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in Other, net in 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 2022. As of March 31, 2022, $1 million of contributions had been made to the pension plans.

(6)    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 may from time to time 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.

There have been no significant changes in PacifiCorp's accounting policies related to derivatives. Refer to Note 7 for additional information on derivative contracts.

54

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, 2022
Not designated as hedging contracts(1):
Commodity assets	$	165	$	37	$	6	$	(1)	$	207
Commodity liabilities	(3)		—		(9)		—		(12)
Total	162		37		(3)		(1)		195
Total derivatives	162		37		(3)		(1)		195
Cash collateral payable	(17)		—		—		—		(17)
Total derivatives - net basis	$	145	$	37	$	(3)	$	(1)	$	178
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	81	$	21	$	2	$	—	$	104
Commodity liabilities	(5)		(1)		(38)		(7)		(51)
Total	76		20		(36)		(7)		53
Total derivatives	76		20		(36)		(7)		53
Cash collateral receivable	—		—		5		—		5
Total derivatives - net basis	$	76	$	20	$	(31)	$	(7)	$	58

(1)PacifiCorp's commodity derivatives are generally included in rates. As of March 31, 2022 a regulatory liability of $195 million was recorded related to the net derivative asset of $195 million. As of December 31, 2021 a regulatory liability of $53 million was recorded related to the net derivative asset of $53 million.

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Beginning balance	$	(53)	$	17
Changes in fair value recognized in regulatory assets	(168)		(17)
Net losses reclassified to operating revenue	(3)		—
Net gains reclassified to energy costs	29		—
Ending balance	$	(195)	$	—

55

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	2022	2021
Electricity purchases, net	Megawatt hours	1	2
Natural gas purchases	Decatherms	105	106

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 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 PacifiCorp's creditworthiness. These rights can vary by contract and by counterparty. As of March 31, 2022, PacifiCorp'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 PacifiCorp's derivative contracts in liability positions with specific credit-risk-related contingent features totaled $10 million and $37 million as of March 31, 2022 and December 31, 2021, respectively, for which PacifiCorp had posted collateral of $— million and $5 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, 2022 and December 31, 2021, PacifiCorp would have been required to post $2 million and $23 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.

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(7)    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, 2022:
Assets:
Commodity derivatives	$	—	$	207	$	—	$	(25)	$	182
Money market mutual funds	319		—		—		—		319
Investment funds	28		—		—		—		28
	$	347	$	207	$	—	$	(25)	$	529
Liabilities - Commodity derivatives	$	—	$	(12)	$	—	$	8	$	(4)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	104	$	—	$	(8)	$	96
Money market mutual funds	181		—		—		—		181
Investment funds	27		—		—		—		27
	$	208	$	104	$	—	$	(8)	$	304
Liabilities - Commodity derivatives	$	—	$	(51)	$	—	$	13	$	(38)

(1)Represents netting under master netting arrangements and a net cash collateral payable of $17 million and a net cash collateral receivable of $5 million as of March 31, 2022 and December 31, 2021, respectively.

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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 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 6 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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	8,722	$	9,423	$	8,730	$	10,374

(8)    Commitments and Contingencies

Legal Matters

PacifiCorp is party to a variety of legal actions arising out of the normal course of business. Plaintiffs occasionally seek punitive or exemplary damages. PacifiCorp does not believe that such normal and routine litigation will have a material impact on its consolidated financial results. PacifiCorp is also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines, penalties and other costs in substantial amounts and are described below.

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California and Oregon 2020 Wildfires

In September 2020, a severe weather event resulting in high winds, low humidity and warm temperatures contributed to several major wildfires, real and personal property and natural resource damage, personal injuries and loss of life and widespread power outages in Oregon and Northern California (the "2020 Wildfires"). 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. Fire suppression costs estimated by various agencies total approximately $150 million. Investigations into the cause and origin of each wildfire are complex and ongoing and being conducted by various entities, including the United States Forest Service, the California Public Utilities Commission, the Oregon Department of Forestry, the Oregon Department of Justice, PacifiCorp and various experts engaged by PacifiCorp.

Multiple lawsuits have been filed in Oregon and California, including a putative class action complaint in Oregon, on behalf of citizens and businesses who suffered damages from fires allegedly caused by PacifiCorp. Additionally, several insurance carriers have filed subrogation complaints in Oregon and California with allegations similar to those made in the aforementioned lawsuits. The final determinations of liability, however, will only be made following comprehensive investigations and litigation processes.

In California, under inverse condemnation, courts have held that investor-owned utilities can be liable for real and personal property damages 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 nevertheless be found liable for all damages proximately caused by negligence, including real and personal property and natural resource damage; fire suppression costs; personal injury and loss of life damages; and interest.

PacifiCorp has accrued $136 million as its best estimate of the potential losses net of expected insurance recoveries associated with the 2020 Wildfires that are considered probable of being incurred. These accruals include estimated losses for fire suppression costs, real and personal property damage, personal injury damages and loss of life damages, but exclude estimated potential losses for natural resource damage as PacifiCorp is unable to reasonably estimate such losses at this time. It is reasonably possible that PacifiCorp will incur additional losses beyond the amounts accrued; however, PacifiCorp is currently unable to estimate the range of possible additional losses that could be incurred due to the number of properties and parties involved and the variation in those types of properties and lack of available details. To the extent losses beyond the amounts accrued are incurred, additional insurance coverage is expected to be available to cover at least a portion of the losses.

Environmental Laws and Regulations

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

Hydroelectric Relicensing

PacifiCorp is a party to the 2016 amended Klamath Hydroelectric Settlement Agreement ("KHSA"), which is intended to resolve disputes surrounding PacifiCorp's efforts to relicense the Klamath Hydroelectric Project. The KHSA establishes a process for PacifiCorp, the states of Oregon and California ("States") and other stakeholders to assess whether dam removal can occur consistent with the settlement's terms. For PacifiCorp, the key elements of the settlement include: (1) a contribution from PacifiCorp's Oregon and California customers capped at $200 million plus $250 million in California bond funds; (2) complete indemnification from harms associated with dam removal; (3) transfer of the Federal Energy Regulatory Commission ("FERC") license to a third-party dam removal entity, the Klamath River Renewal Corporation ("KRRC"), who would conduct dam removal; and (4) ability for PacifiCorp to operate the facilities for the benefit of customers until dam removal commences.

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In September 2016, the KRRC and PacifiCorp filed a joint application with the FERC to transfer the license for the four mainstem Klamath dams from PacifiCorp to the KRRC. The FERC approved partial transfer of the Klamath license in a July 2020 order, subject to the condition that PacifiCorp remains co-licensee. Under the amended KHSA, PacifiCorp did not agree to remain co-licensee during the surrender and removal process given concerns about liability protections for PacifiCorp and its customers. In November 2020, PacifiCorp entered a memorandum of agreement (the "MOA") with the KRRC, the Karuk Tribe, the Yurok Tribe and the States to continue implementation of the KHSA. The agreement required the States, PacifiCorp and KRRC to file a new license transfer application to remove PacifiCorp from the license for the Klamath Hydroelectric Project and add the States and KRRC as co-licensees for the purposes of surrender. In addition, the MOA provides for additional contingency funding of $45 million, equally split between PacifiCorp and the States, and for PacifiCorp and the States to equally share in any additional cost overruns in the unlikely event that dam removal costs exceed the $450 million in funding to ensure dam removal is complete. The MOA also requires PacifiCorp to cover the costs associated with certain pre-existing environmental conditions. In June 2021, the FERC approved transfer of the four mainstem Klamath dams from PacifiCorp to the KRRC and the States as co-licensees. In July 2021, the Oregon, Wyoming, Idaho and California state public utility commissions conditionally approved the required property transfer applications. In August 2021, PacifiCorp notified the Public Service Commission of Utah of the property transfer, however no formal approval is required in Utah. The transfer will be effective within 30 days following the issuance of a license surrender from the FERC for the project, which remains pending. In February 2022, the FERC staff issued a draft environmental impact statement for the project, concluding that dam removal is the preferred alternative. Comments on the draft were due in April 2022, and a final environmental impact statement is expected later in 2022.

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.

(9)    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,
	2022		2021
Customer Revenue:
Retail:
Residential	$	505	$	483
Commercial	370		359
Industrial	273		271
Other retail	37		32
Total retail	1,185		1,145
Wholesale	55		36
Transmission	32		25
Other Customer Revenue	20		23
Total Customer Revenue	1,292		1,229
Other revenue	5		13
Total operating revenue	$	1,297	$	1,242

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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 2022 and 2021

Overview

Net income for the first quarter of 2022 was $130 million, a decrease of $39 million, or 23%, compared to 2021. Net income decreased primarily due to higher operations and maintenance expense, higher depreciation and amortization expense, higher income tax expense and higher other expense, partially offset by higher utility margin. Utility margin increased primarily due to higher retail revenue from higher volumes and higher average prices, higher average wholesale market prices, lower coal-fueled generation volumes and higher net power cost deferrals, partially offset by higher purchased electricity prices and volumes and higher natural gas-fueled generation prices and volumes. Retail customer volumes increased 1.9%, primarily due to an increase in the average number of customers, favorable impacts of weather and an increase in customer usage. Energy generated was essentially flat for the first quarter of 2022 compared to 2021. Wholesale electricity sales volumes decreased 2% and purchased electricity volumes increased 6%.

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
	2022		2021		Change
Utility margin:
Operating revenue	$	1,297	$	1,242	$	55	4	%
Cost of fuel and energy	465		424		41		10
Utility margin	832		818		14		2
Operations and maintenance	277		259		18		7
Depreciation and amortization	280		264		16		6
Property and other taxes	59		61		(2)		(3)
Operating income	$	216	$	234	$	(18)	(8)	%

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Utility Margin

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

	First Quarter
	2022		2021		Change
Utility margin (in millions):
Operating revenue	$	1,297	$	1,242	$	55	4	%
Cost of fuel and energy	465		424		41		10
Utility margin	$	832	$	818	$	14	2	%
Sales (GWhs):
Residential	4,764		4,632		132		3	%
Commercial	4,550		4,470		80		2
Industrial, irrigation and other	4,523		4,474		49		1
Total retail	13,837		13,576		261		2
Wholesale	1,553		1,591		(38)		(2)
Total sales	15,390		15,167		223		1	%
Average number of retail customers  (in thousands)	2,025		1,989		36		2	%
Average revenue per MWh:
Retail	$	85.46	$	84.15	$	1.31	2	%
Wholesale	$	39.12	$	30.89	$	8.23	27	%
Heating degree days	4,745		4,687		58		1	%
Cooling degree days	5		—		5		N/A
Sources of energy (GWhs)(1):
Coal	6,911		7,644		(733)		(10)	%
Natural gas	3,115		3,065		50		2
Wind(2)	2,392		1,738		654		38
Hydroelectric and other(2)	984		988		(4)		—
Total energy generated	13,402		13,435		(33)		—
Energy purchased	3,223		3,028		195		6
Total	16,625		16,463		162		1	%
Average cost of energy per MWh:
Energy generated(3)	$	18.83	$	17.66	$	1.17	7	%
Energy purchased	$	55.49	$	47.13	$	8.36	18	%

(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, 2022 compared to Quarter Ended March 31, 2021

Utility margin increased $14 million, or 2%, for the first quarter of 2022 compared to 2021 primarily due to:

•$40 million increase in retail revenue due to higher volumes and higher average prices. Retail customer volumes increased 1.9%, primarily due to an increase in the average number of customers, favorable impacts of weather and an increase in customer usage;

•$12 million increase in wholesale revenue due to higher average market prices, partially offset by lower volumes;

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

•$8 million of higher deferred net power costs in accordance with established adjustment mechanisms; and

•$8 million of favorable wheeling activities.

The increases above were partially offset by:

•$36 million of higher purchased electricity costs from higher average market prices and volumes; and

•$27 million of higher natural gas-fueled generation costs due to higher average prices and higher volumes.

Operations and maintenance increased $18 million, or 7%, for the first quarter of 2022 compared to 2021 primarily due to higher maintenance costs, higher DSM amortization of regulatory balances, and higher insurance premiums due to cost increases related to wildfire coverage, partially offset by lower labor expenses and lower vegetation management costs.

Depreciation and amortization increased $16 million, or 6%, for the first quarter of 2022 compared to 2021 primarily due to higher plant in-service balances.

Other, net decreased $10 million for the first quarter of 2022 compared to 2021 primarily due to market movements related to corporate-owned life insurance policies and higher pension and postretirement costs.

Income tax expense (benefit) increased $13 million to an expense of $2 million for the first quarter of 2022 compared to a benefit of $11 million for the first quarter of 2021. The effective tax rate was 2% for the first quarter of 2022 and (7)% for the first quarter of 2021. The effective tax rate increased primarily due to a valuation allowance PacifiCorp recorded in the first quarter of 2022 against state net operating loss carryforwards.

Liquidity and Capital Resources

As of March 31, 2022, PacifiCorp's total net liquidity was as follows (in millions):

Cash and cash equivalents	$	335
Credit facilities	1,200
Less:
Tax-exempt bond support	(218)
Net credit facilities	982
Total net liquidity	$	1,317
Credit facilities:
Maturity dates	2024

Operating Activities

Net cash flows from operating activities for the three-month periods ended March 31, 2022 and 2021 were $537 million and $469 million, respectively. The change was primarily due to timing of operating payables and higher collections from retail customers, partially offset by higher 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 for each payment date.

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Investing Activities

Net cash flows from investing activities for the three-month periods ended March 31, 2022 and 2021 were $(371) million and $(440) million, respectively. The change is primarily due to a decrease in capital expenditures of $65 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, 2022 were $(11) million. Uses of cash consisted substantially of $9 million for the repayment of long-term debt.

Net cash flows from financing activities for the three-month period ended March 31, 2021 were $1 million. Sources of cash consisted of $2 million from the borrowing of short-term debt.

Short-term Debt

Regulatory authorities limit PacifiCorp to $1.5 billion of short-term debt. As of March 31, 2022 and December 31, 2021, PacifiCorp had no short-term debt outstanding.

Debt Authorizations

PacifiCorp currently has regulatory authority from the OPUC and the Idaho Public Utilities Commission to issue an additional $2 billion of long-term debt. PacifiCorp must make a notice filing with the WUTC prior to any future issuance. PacifiCorp currently has an effective shelf registration statement with the SEC to issue an indeterminate amount of first mortgage bonds through September 2023.

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, 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 customers' 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.

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
	2021		2022		2022
Wind generation	$	33	$	8	$	154
Electric distribution	195		142		660
Electric transmission	60		153		1,185
Other	151		71		360
Total	$	439	$	374	$	2,359

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PacifiCorp's 2021 IRP identified a roadmap for a significant increase in renewable and carbon free generation resources, coal to natural gas conversion of certain coal-fueled units, energy storage and associated transmission. PacifiCorp's 2021 IRP identified over 1,800 MWs of new wind-powered generating resources that are expected to be online by 2025. PacifiCorp anticipates that the additional new wind-powered generation will be a mixture of owned and contracted resources. PacifiCorp has included an estimate for these new generation resources and associated transmission in its forecast capital expenditures for 2022 through 2024. These estimates are likely to change as a result of the 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 wind-powered generating facilities at PacifiCorp totaling $3 million and $27 million for the three-month periods ended March 31, 2022 and 2021, respectively. Construction includes 516 MWs of new wind-powered generating facilities that were placed in-service in 2021. Planned spending for the construction of additional wind-powered generating facilities totals $109 million for the remainder of 2022.

◦Planned acquisition and repowering of two wind-powered generating facilities by PacifiCorp totaling $3 million and $1 million for the three-month periods ended March 31, 2022 and 2021, respectively. The repowered facilities are expected to be placed in-service in 2023 and 2024. Planned spending for acquiring and repowering generating facilities totals $18 million for the remainder of 2022.

•Electric distribution includes both growth projects and operating expenditures. Operating expenditures includes spend on wildfire mitigation and wildfire and storm damage restoration. Expenditures for these items totaled $25 million and $83 million for the three-month periods ended March 31, 2022 and 2021, respectively. Planned spending for wildfire mitigation and wildfire and storm damage restoration totals $118 million for the remainder of 2022. Remaining investments relate to expenditures for new connections and distribution operations.

•Electric transmission includes both growth projects and operating expenditures. Transmission investment primarily reflects planned costs for the 416-mile, 500-kV high-voltage transmission line between the Aeolus substation near Medicine Bow in Wyoming and the Clover substation near Mona, Utah; the 59-mile, 230-kV high-voltage transmission line between the Windstar substation near Glenrock, Wyoming and the Aeolus substation; and the 290-mile, 500-kV high-voltage transmission line from the Longhorn substation near Boardman, Oregon to the Hemingway substation near Boise, Idaho. Expenditures for these segments totaled $95 million and $16 million for the three-month periods ended March 31, 2022 and 2021, respectively. Planned spending for these Energy Gateway Transmission segments to be placed in-service in 2024-2026 totals $814 million for the remainder of 2022.

•Other includes both growth projects and operating expenditures. Expenditures for information technology totaled $45 million and $13 million for the three-month periods ended March 31, 2022 and 2021, respectively. Planned information technology spending totals $127 million for the remainder of 2022. 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.

In September 2021, PacifiCorp filed its 2021 IRP with its state commissions and subsequently filed its 2021 IRP Update in March and April 2022. In March 2022, the OPUC acknowledged PacifiCorp's 2021 IRP and its preferred portfolio. Reviews of the 2021 IRP by the UPSC, the Wyoming Public Service Commission, the WUTC and the Idaho Public Utilities Commission are ongoing.

Requests for Proposals

PacifiCorp issues individual RFPs to procure resources identified in the IRP or resources driven by customer demands. 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.

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A draft of PacifiCorp's 2022 All Source RFP ("2022AS RFP") was filed for approval with the WUTC in December 2021, and with the UPSC and the OPUC in January 2022. The draft 2022AS RFP was approved by the WUTC in March 2022 and by the UPSC and the OPUC in April 2022. PacifiCorp expects to issue the 2022AS RFP to market in the second quarter of 2022.

Material Cash Requirements

As of March 31, 2022, there have been no material changes outside the normal course of business in material cash requirements from the information provided in Item 7 of PacifiCorp's Annual Report on Form 10-K for the year ended December 31, 2021.

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 climate change, wildfire prevention and mitigation, RPS, 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 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, derivatives, pension and other postretirement benefits, income taxes and revenue recognition-unbilled revenue. 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, 2021. There have been no significant changes in PacifiCorp's assumptions regarding critical accounting estimates since December 31, 2021.

66

MidAmerican Funding, LLC and its subsidiaries and MidAmerican Energy Company

Consolidated Financial Section

67

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, 2022, the related statements of operations, changes in shareholder's equity, and cash flows for the three-month periods ended March 31, 2022 and 2021, 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, 2021, 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 25, 2022, 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, 2021, 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

April 29, 2022

68

MIDAMERICAN ENERGY COMPANY

BALANCE SHEETS (Unaudited)

(Amounts in millions)

	As of
	March 31,		December 31,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	131	$	232
Trade receivables, net	468		526
Income tax receivable	297		79
Inventories	185		234
Other current assets	187		123
Total current assets	1,268		1,194
Property, plant and equipment, net	20,344		20,301
Regulatory assets	492		473
Investments and restricted investments	985		1,026
Other assets	262		263
Total assets	$	23,351	$	23,257

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

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MIDAMERICAN ENERGY COMPANY

BALANCE SHEETS (Unaudited) (continued)

(Amounts in millions)

	As of
	March 31,		December 31,
	2022		2021
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Accounts payable	$	429	$	531
Accrued interest	88		84
Accrued property, income and other taxes	144		158
Current portion of long-term debt	7		—
Other current liabilities	144		145
Total current liabilities	812		918
Long-term debt	7,719		7,721
Regulatory liabilities	1,057		1,080
Deferred income taxes	3,373		3,389
Asset retirement obligations	723		714
Other long-term liabilities	463		475
Total liabilities	14,147		14,297
Commitments and contingencies (Note 7)
Shareholder's equity:
Common stock - 350 shares authorized, no par value, 71 shares issued and outstanding	—		—
Additional paid-in capital	561		561
Retained earnings	8,643		8,399
Total shareholder's equity	9,204		8,960
Total liabilities and shareholder's equity	$	23,351	$	23,257

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

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MIDAMERICAN ENERGY COMPANY

STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating revenue:
Regulated electric	$	608	$	545
Regulated natural gas and other	397		522
Total operating revenue	1,005		1,067
Operating expenses:
Cost of fuel and energy	125		151
Cost of natural gas purchased for resale and other	298		432
Operations and maintenance	192		193
Depreciation and amortization	250		207
Property and other taxes	40		36
Total operating expenses	905		1,019
Operating income	100		48
Other income (expense):
Interest expense	(78)		(74)
Allowance for borrowed funds	4		2
Allowance for equity funds	15		6
Other, net	(3)		11
Total other income (expense)	(62)		(55)
Income (loss) before income tax benefit	38		(7)
Income tax benefit	(206)		(154)
Net income	$	244	$	147

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

71

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, 2020	$	—	$	561	$	7,504	$	8,065
Net income	—		—		147		147
Balance, March 31, 2021	$	—	$	561	$	7,651	$	8,212
Balance, December 31, 2021	$	—	$	561	$	8,399	$	8,960
Net income	—		—		244		244
Balance, March 31, 2022	$	—	$	561	$	8,643	$	9,204

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

72

MIDAMERICAN ENERGY COMPANY

STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Cash flows from operating activities:
Net income	$	244	$	147
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	250		207
Amortization of utility plant to other operating expenses	9		8
Allowance for equity funds	(15)		(6)
Deferred income taxes and investment tax credits, net	16		154
Settlements of asset retirement obligations	(7)		(4)
Other, net	10		(18)
Changes in other operating assets and liabilities:
Trade receivables and other assets	42		(299)
Inventories	49		46
Pension and other postretirement benefit plans	3		1
Accrued property, income and other taxes, net	(244)		(331)
Accounts payable and other liabilities	3		10
Net cash flows from operating activities	360		(85)
Cash flows from investing activities:
Capital expenditures	(459)		(298)
Purchases of marketable securities	(105)		(52)
Proceeds from sales of marketable securities	102		47
Other, net	1		—
Net cash flows from investing activities	(461)		(303)
Cash flows from financing activities:
Repayments of long-term debt	(1)		—
Net proceeds from short-term debt	—		387
Other, net	1		—
Net cash flows from financing activities	—		387
Net change in cash and cash equivalents and restricted cash and cash equivalents	(101)		(1)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	239		45
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	138	$	44

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

73

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, 2022, and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month periods ended March 31, 2022, 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, 2021, 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

(2)    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 in 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,
	2022		2021
Cash and cash equivalents	$	131	$	232
Restricted cash and cash equivalents in other current assets	7		7
Total cash and cash equivalents and restricted cash and cash equivalents	$	138	$	239

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(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	2022		2021
Utility plant in-service, net:
Generation	20-70 years	$	17,466	$	17,397
Transmission	52-75 years	2,488		2,474
Electric distribution	20-75 years	4,713		4,661
Natural gas distribution	29-75 years	2,055		2,039
Utility plant in-service		26,722		26,571
Accumulated depreciation and amortization		(7,555)		(7,376)
Utility plant in-service, net		19,167		19,195
Nonregulated property, net:
Nonregulated property gross	20-50 years	7		7
Accumulated depreciation and amortization		(1)		(1)
Nonregulated property, net		6		6
		19,173		19,201
Construction work-in-progress		1,171		1,100
Property, plant and equipment, net		$	20,344	$	20,301

(4)    Income Taxes

The effective income tax rate for the three-month period ended March 31, 2021, is 2,200% and results from a $154 million income tax benefit associated with a $7 million pretax loss. The $154 million income tax benefit is primarily comprised of a $2 million benefit (21%) from the application of the statutory income tax rate to the pretax loss and a $168 million benefit (2,400%) from income tax credits, partially offset by a $13 million expense (186%) from the effects of ratemaking.

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Income tax credits	(534)		2,400
State income tax, net of federal income tax impacts	(21)		(29)
Effects of ratemaking	(8)		(186)
Other, net	—		(6)
Effective income tax rate	(542)	%	2,200	%

Income tax credits relate primarily to production tax credits ("PTCs") from MidAmerican Energy'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. 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 other income tax expense. Wind-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs for the three-month periods ended March 31, 2022 and 2021 totaled $203 million and $151 million, respectively.

75

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 made no cash payments for income tax to BHE for each of the three-month periods ended March 31, 2022 and 2021.

(5)    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 for the plans of MidAmerican Energy and the aforementioned affiliates included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2022		2021
Pension:
Service cost	$	5	$	5
Interest cost	5		6
Expected return on plan assets	(7)		(9)
Settlement	2		—
Net periodic benefit cost	$	5	$	2
Other postretirement:
Service cost	$	2	$	2
Interest cost	2		2
Expected return on plan assets	(4)		(2)
Net amortization	—		(1)
Net periodic benefit cost	$	—	$	1

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in Other, net in the Statements of Operations. Employer contributions to the pension and other postretirement benefit plans are expected to be $7 million and $3 million, respectively, during 2022. As of March 31, 2022, $2 million and $1 million of contributions had been made to the pension and other postretirement benefit plans, respectively.

(6)    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.

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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, 2022:
Assets:
Commodity derivatives	$	—	$	66	$	4	$	—	$	70
Money market mutual funds	132		—		—		—		132
Debt securities:
U.S. government obligations	225		—		—		—		225
International government obligations	—		1		—		—		1
Corporate obligations	—		79		—		—		79
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		1		—		—		1
Equity securities:
U.S. companies	415		—		—		—		415
International companies	9		—		—		—		9
Investment funds	23		—		—		—		23
	$	804	$	150	$	4	$	—	$	958
Liabilities - commodity derivatives	$	(1)	$	—	$	—	$	—	$	(1)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	32	$	3	$	(7)	$	28
Money market mutual funds	228		—		—		—		228
Debt securities:
U.S. government obligations	232		—		—		—		232
International government obligations	—		2		—		—		2
Corporate obligations	—		90		—		—		90
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		2		—		—		2
Equity securities:
U.S. companies	428		—		—		—		428
International companies	10		—		—		—		10
Investment funds	18		—		—		—		18
	$	916	$	129	$	3	$	(7)	$	1,041
Liabilities - commodity derivatives	$	—	$	(6)	$	(8)	$	12	$	(2)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $— million and $5 million as of March 31, 2022 and December 31, 2021, respectively.

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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.

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, 2022				As of December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	7,726	$	8,196	$	7,721	$	9,037

(7)    Commitments and Contingencies

Legal Matters

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

Environmental Laws and Regulations

MidAmerican Energy 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 its current and future operations. MidAmerican Energy believes it is in material compliance with all applicable laws and regulations.

Transmission Rates

MidAmerican Energy's wholesale transmission rates are set annually using Federal Energy Regulatory Commission ("FERC")-approved formula rates subject to true-up for actual cost of service. MidAmerican Energy is authorized by the FERC to include a 0.50% adder beyond the approved base return on equity ("ROE") effective January 2015. Prior to September 2016, the rates in effect were based on a 12.38% ROE. In November 2013 and February 2015, a coalition of intervenors filed successive complaints with the FERC requesting that the 12.38% ROE no longer be found just and reasonable and sought to reduce the base ROE to 9.15% and 8.67%, respectively. In September 2016, the FERC issued an order for the first complaint, which reduces the base ROE to 10.32% and required refunds, plus interest, for the period from November 2013 through February 2015. Customer refunds relative to the first complaint occurred in February 2017. In November 2019, the FERC issued an order addressing the second complaint and issues on appeal in the first complaint. The order established a ROE of 9.88% (10.38% including the 0.50% adder) for the 15-month refund period of the first complaint and prospectively from September 2016 forward. In May 2020, the FERC issued an order on rehearing of the November 2019 order. The May 2020 order affirmed the FERC's prior decision to dismiss the second complaint and established an ROE of 10.02% (10.52% including the 0.50% adder) for the 15-month refund period of the first complaint and prospectively from September 2016 to the date of the May 2020 order. These orders continue to be subject to judicial appeal. MidAmerican Energy cannot predict the ultimate outcome of these matters and, as of March 31, 2022, has accrued an $8 million liability for refunds of amounts collected under the higher ROE during the periods covered by both complaints.

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(8)    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 9 (in millions):

	For the Three-Month Period Ended March 31, 2022
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	168	$	225	$	—	$	393
Commercial	74		88		—		162
Industrial	198		9		—		207
Natural gas transportation services	—		14		—		14
Other retail(1)	32		1		—		33
Total retail	472		337		—		809
Wholesale	104		58		—		162
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		1		1
Total Customer Revenue	591		395		1		987
Other revenue	17		1		—		18
Total operating revenue	$	608	$	396	$	1	$	1,005

	For the Three-Month Period Ended March 31, 2021
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	161	$	308	$	—	$	469
Commercial	71		129		—		200
Industrial	190		12		—		202
Natural gas transportation services	—		10		—		10
Other retail(1)	30		1		—		31
Total retail	452		460		—		912
Wholesale	74		51		—		125
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		10		10
Total Customer Revenue	541		511		10		1,062
Other revenue	4		1		—		5
Total operating revenue	$	545	$	512	$	10	$	1,067

(1)    Other retail includes provisions for rate refunds, for which any actual refunds will be reflected in the applicable customer classes upon resolution of the related regulatory proceeding.

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(9)    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 regulated natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in 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,
	2022		2021
Operating revenue:
Regulated electric	$	608	$	545
Regulated natural gas	396		512
Other	1		10
Total operating revenue	$	1,005	$	1,067
Operating income:
Regulated electric	$	51	$	9
Regulated natural gas	49		39
Total operating income	100		48
Interest expense	(78)		(74)
Allowance for borrowed funds	4		2
Allowance for equity funds	15		6
Other, net	(3)		11
Income (loss) before income tax benefit	$	38	$	(7)

	As of
	March 31, 2022		December 31, 2021
Assets:
Regulated electric	$	21,613	$	21,385
Regulated natural gas	1,737		1,871
Other	1		1
Total assets	$	23,351	$	23,257

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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, 2022, the related consolidated statements of operations, changes in member's equity, and cash flows for the three-month periods ended March 31, 2022 and 2021, 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, 2021, 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 25, 2022, 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, 2021, 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

April 29, 2022

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MIDAMERICAN FUNDING, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions)

	As of
	March 31,		December 31,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	132	$	233
Trade receivables, net	468		526
Income tax receivable	299		80
Inventories	185		234
Other current assets	187		123
Total current assets	1,271		1,196
Property, plant and equipment, net	20,345		20,302
Goodwill	1,270		1,270
Regulatory assets	492		473
Investments and restricted investments	987		1,028
Other assets	261		262
Total assets	$	24,626	$	24,531

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

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MIDAMERICAN FUNDING, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

(Amounts in millions)

	As of
	March 31,		December 31,
	2022		2021
LIABILITIES AND MEMBER'S EQUITY
Current liabilities:
Accounts payable	$	429	$	531
Accrued interest	89		89
Accrued property, income and other taxes	144		158
Note payable to affiliate	197		189
Current portion of long-term debt	7		—
Other current liabilities	145		146
Total current liabilities	1,011		1,113
Long-term debt	7,959		7,961
Regulatory liabilities	1,057		1,080
Deferred income taxes	3,371		3,387
Asset retirement obligations	723		714
Other long-term liabilities	463		475
Total liabilities	14,584		14,730
Commitments and contingencies (Note 7)
Member's equity:
Paid-in capital	1,679		1,679
Retained earnings	8,363		8,122
Total member's equity	10,042		9,801
Total liabilities and member's equity	$	24,626	$	24,531

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

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MIDAMERICAN FUNDING, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating revenue:
Regulated electric	$	608	$	545
Regulated natural gas and other	397		522
Total operating revenue	1,005		1,067
Operating expenses:
Cost of fuel and energy	125		151
Cost of natural gas purchased for resale and other	298		432
Operations and maintenance	192		193
Depreciation and amortization	250		207
Property and other taxes	40		36
Total operating expenses	905		1,019
Operating income	100		48
Other income (expense):
Interest expense	(82)		(78)
Allowance for borrowed funds	4		2
Allowance for equity funds	15		6
Other, net	(4)		10
Total other income (expense)	(67)		(60)
Income (loss) before income tax benefit	33		(12)
Income tax benefit	(208)		(156)
Net income	$	241	$	144

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

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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, 2020	$	1,679	$	7,240	$	8,919
Net income	—		144		144
Balance, March 31, 2021	$	1,679	$	7,384	$	9,063
Balance, December 31, 2021	$	1,679	$	8,122	$	9,801
Net income	—		241		241
Balance, March 31, 2022	$	1,679	$	8,363	$	10,042

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

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MIDAMERICAN FUNDING, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Cash flows from operating activities:
Net income	$	241	$	144
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	250		207
Amortization of utility plant to other operating expenses	9		8
Allowance for equity funds	(15)		(6)
Deferred income taxes and investment tax credits, net	16		153
Settlements of asset retirement obligations	(7)		(4)
Other, net	10		(17)
Changes in other operating assets and liabilities:
Trade receivables and other assets	43		(298)
Inventories	49		46
Pension and other postretirement benefit plans	3		1
Accrued property, income and other taxes, net	(245)		(332)
Accounts payable and other liabilities	(1)		6
Net cash flows from operating activities	353		(92)
Cash flows from investing activities:
Capital expenditures	(459)		(298)
Purchases of marketable securities	(105)		(52)
Proceeds from sales of marketable securities	102		47
Other, net	1		—
Net cash flows from investing activities	(461)		(303)
Cash flows from financing activities:
Repayments of long-term debt	(1)		—
Net change in note payable to affiliate	8		7
Net proceeds from short-term debt	—		387
Net cash flows from financing activities	7		394
Net change in cash and cash equivalents and restricted cash and cash equivalents	(101)		(1)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	240		46
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	139	$	45

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

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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, 2022, and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month periods ended March 31, 2022, 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, 2021, 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

(2)    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 in 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,
	2022		2021
Cash and cash equivalents	$	132	$	233
Restricted cash and cash equivalents in other current assets	7		7
Total cash and cash equivalents and restricted cash and cash equivalents	$	139	$	240

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(3)    Property, Plant and Equipment, Net

Refer to Note 3 of MidAmerican Energy's Notes to Financial Statements.

(4)    Income Taxes

The effective income tax rate for the three-month period ended March 31, 2021, is 1,300% and results from a $156 million income tax benefit associated with a $12 million pretax loss. The $156 million income tax benefit is primarily comprised of a $3 million benefit (21%) from the application of the statutory income tax rate to the pretax loss and a $168 million benefit (1,400%) from income tax credits, partially offset by a $13 million expense (108%) from the effects of ratemaking.

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Income tax credits	(618)		1,400
State income tax, net of federal income tax impacts	(24)		(8)
Effects of ratemaking	(9)		(108)
Other, net	—		(5)
Effective income tax rate	(630)	%	1,300	%

Income tax credits relate primarily to production tax credits ("PTCs") from MidAmerican Energy'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. 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 other income tax expense. Wind-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs for the three-month periods ended March 31, 2022 and 2021 totaled $203 million and $151 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 made no cash payments for income tax to BHE for each of the three-month periods ended March 31, 2022 and 2021.

(5)    Employee Benefit Plans

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

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(6)    Fair Value Measurements

Refer to Note 6 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, 2022				As of December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	7,966	$	8,480	$	7,961	$	9,350

(7)    Commitments and Contingencies

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

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

(8)    Revenue from Contracts with Customers

Refer to Note 8 of MidAmerican Energy's Notes to Financial Statements.

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(9)    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 regulated natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in 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,
	2022		2021
Operating revenue:
Regulated electric	$	608	$	545
Regulated natural gas	396		512
Other	1		10
Total operating revenue	$	1,005	$	1,067
Operating income:
Regulated electric	$	51	$	9
Regulated natural gas	49		39
Total operating income	100		48
Interest expense	(82)		(78)
Allowance for borrowed funds	4		2
Allowance for equity funds	15		6
Other, net	(4)		10
Income (loss) before income tax benefit	$	33	$	(12)

	As of
	March 31, 2022		December 31, 2021
Assets(1):
Regulated electric	$	22,804	$	22,576
Regulated natural gas	1,816		1,950
Other	6		5
Total assets	$	24,626	$	24,531

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

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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 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 2022 and 2021

Overview

MidAmerican Energy -

MidAmerican Energy's net income for the first quarter of 2022 was $244 million, an increase of $97 million, or 66%, compared to 2021, primarily due to higher electric utility margin of $89 million, higher natural gas utility margin of $18 million, higher income tax benefit of $52 million and higher allowances for equity and borrowed funds of $11 million, offset by higher depreciation and amortization expense of $43 million, unfavorable other, net of $14 million, lower nonregulated utility margins of $9 million, higher property and other taxes of $4 million and higher interest expense of $4 million. Electric retail customer volumes increased 6% primarily due to higher usage for certain industrial customers and the favorable impact of weather. Wholesale electricity sales volumes increased 31% due to favorable market conditions. Energy generated increased 17% primarily due to greater wind-powered generation, resulting in a 10% decrease in the average per-unit cost of energy generated. Natural gas retail customer volumes increased 8% due to the favorable impact of weather.

MidAmerican Funding -

MidAmerican Funding's net income for the first quarter of 2022 was $241 million, an increase of $97 million, or 67%, compared to 2021. The variances in net income were primarily due to the changes in MidAmerican Energy's earnings discussed above.

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.

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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
	2022		2021		Change
Electric utility margin:
Operating revenue	$	608	$	545	$	63	12	%
Cost of fuel and energy	125		151		(26)		(17)
Electric utility margin	483		394		89		23	%
Natural gas utility margin:
Operating revenue	396		512		(116)		(23)	%
Natural gas purchased for resale	298		432		(134)		(31)
Natural gas utility margin	98		80		18		23	%
Utility margin	581		474		107		23	%
Other operating revenue	1		10		(9)		(90)	%
Operations and maintenance	192		193		(1)		(1)
Depreciation and amortization	250		207		43		21
Property and other taxes	40		36		4		11
Operating income	$	100	$	48	$	52	*

*    Not meaningful.

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Electric Utility Margin

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

	First Quarter
	2022		2021		Change
Utility margin (in millions):
Operating revenue	$	608	$	545	$	63	12	%
Cost of fuel and energy	125		151		(26)		(17)
Utility margin	$	483	$	394	$	89	23	%
Sales (GWhs):
Residential	1,853		1,738		115		7	%
Commercial	1,013		938		75		8
Industrial	3,979		3,819		160		4
Other	403		370		33		9
Total retail	7,248		6,865		383		6
Wholesale	5,325		4,051		1,274		31
Total sales	12,573		10,916		1,657		15	%
Average number of retail customers (in thousands)	810		801		9		1	%
Average revenue per MWh:
Retail	$	65.10	$	65.82	$	(0.72)	(1)	%
Wholesale	$	20.65	$	16.64	$	4.01	24	%
Heating degree days	3,315		3,211		104		3	%
Sources of energy (GWhs)(1):
Wind and other(2)	8,290		6,122		2,168		35	%
Coal	2,359		2,902		(543)		(19)
Nuclear	920		895		25		3
Natural gas	234		143		91		64
Total energy generated	11,803		10,062		1,741		17
Energy purchased	962		1,018		(56)		(6)
Total	12,765		11,080		1,685		15	%
Average cost of energy per MWh:
Energy generated(3)	$	5.56	$	6.15	$	(0.59)	(10)	%
Energy purchased	$	62.04	$	87.45	$	(25.41)	(29)	%

(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 generating facilities 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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Natural Gas Utility Margin

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

	First Quarter
	2022		2021		Change
Utility margin (in millions):
Operating revenue	$	396	$	512	$	(116)	(23)	%
Natural gas purchased for resale	298		432		(134)		(31)
Utility margin	$	98	$	80	$	18	23	%
Throughput (000's Dths):
Residential	27,099		25,282		1,817		7	%
Commercial	12,460		11,733		727		6
Industrial	1,844		1,437		407		28
Other	35		37		(2)		(5)
Total retail sales	41,438		38,489		2,949		8
Wholesale sales	12,232		10,773		1,459		14
Total sales	53,670		49,262		4,408		9
Natural gas transportation service	31,313		29,640		1,673		6
Total throughput	84,983		78,902		6,081		8	%
Average number of retail customers (in thousands)	785		777		8		1	%
Average revenue per retail Dth sold	$	7.84	$	11.70	$	(3.86)	(33)	%
Heating degree days	3,485		3,301		184		6	%
Average cost of natural gas per retail Dth sold	$	5.80	$	9.87	$	(4.07)	(41)	%
Combined retail and wholesale average cost of natural gas per Dth sold	$	5.55	$	8.76	$	(3.21)	(37)	%

Quarter Ended March 31, 2022 Compared to Quarter Ended March 31, 2021

MidAmerican Energy -

Electric utility margin increased $89 million, or 23%, for the first quarter of 2022 compared to 2021, due to:

•a $64 million increase in wholesale utility margin due to higher margins per unit of $58 million, reflecting lower energy costs and higher market prices, and higher volumes of 31.4%; and

•a $25 million increase in retail utility margin primarily due to $17 million from higher customer usage; $9 million, net of energy costs, from higher recoveries through bill riders (offset in operations and maintenance expense and income tax benefit); and $1 million from the favorable impact of weather; partially offset by $2 million due to price impacts from changes in sales mix. Retail customer volumes increased 5.6%.

Natural gas utility margin increased $18 million, or 23%, for the first quarter of 2022 compared to 2021 primarily due to:

•an $8 million increase from lower refunds related to amortization of excess accumulated deferred income taxes arising from 2017 Tax Reform (offset in income tax benefit);

•a $5 million increase from higher average prices primarily due to the timing of recoveries through a capital tracker mechanism; and

•a $4 million increase from the favorable impact of weather.

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Depreciation and amortization for the first quarter of 2022 increased $43 million, or 21%, compared to 2021 primarily due to $42 million from higher Iowa revenue sharing accruals, $7 million from wind-powered generating facilities and other plant placed in-service and $6 million from a regulatory mechanism that provides customers the retail energy benefits of certain wind-powered generation projects, partially offset by $12 million from a regulatory mechanism deferring certain depreciation expense in 2022.

Allowance for borrowed and equity funds increased $11 million, or 138%, for the first quarter of 2022 compared to 2021 primarily due to higher construction work-in-progress balances related to wind- and solar-powered generation.

Other, net decreased $14 million, or 127%, for the first quarter of 2022 compared to 2021 primarily due to unfavorable investment earnings, largely attributable to lower cash surrender values of corporate-owned life insurance policies, and higher non-service costs of postretirement employee benefit plans.

Income tax benefit increased $52 million, or 34%, for the first quarter of 2022 compared to 2021, and the effective tax rate was (542)% for 2022 and 2,200% for 2021. The change in the effective tax rates for 2022 compared to 2021 was primarily due to higher PTCs, the timing of state income tax benefits and the effects of ratemaking, partially offset by higher pretax income. PTCs for the first quarter of 2022 and 2021 totaled $203 million and $151 million, respectively.

MidAmerican Funding -

Income tax benefit increased $52 million, or 33%, for the first quarter of 2022 compared to 2021, and the effective tax rate was (630)% for 2022 and 1,300% for 2021. The changes in the effective tax rates were principally due to the factors discussed for MidAmerican Energy.

Liquidity and Capital Resources

As of March 31, 2022, the total net liquidity for MidAmerican Energy and MidAmerican Funding was as follows (in millions):

MidAmerican Energy:
Cash and cash equivalents	$	131
Credit facilities, maturing 2022 and 2024	1,505
Less:
Tax-exempt bond support	(370)
Net credit facilities	1,135
MidAmerican Energy total net liquidity	$	1,266
MidAmerican Funding:
MidAmerican Energy total net liquidity	$	1,266
Cash and cash equivalents	1
MHC, Inc. credit facility, maturing 2022	4
MidAmerican Funding total net liquidity	$	1,271

Operating Activities

MidAmerican Energy's net cash flows from operating activities for the three-month periods ended March 31, 2022 and 2021, were $360 million and $(85) million, respectively. MidAmerican Funding's net cash flows from operating activities for the three-month periods ended March 31, 2022 and 2021, were $353 million and $(92) million, respectively. Cash flows from operating activities reflect higher utility margins for MidAmerican Energy's regulated electric and natural gas businesses, lower payments to vendors and lower derivative collateral posted, partially offset by higher interest expense. Higher utility margins are largely attributable to the recovery of higher natural gas costs caused by the February 2021 polar vortex weather event.

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 and assumptions for each payment date.

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Investing Activities

MidAmerican Energy's net cash flows from investing activities for the three-month periods ended March 31, 2022 and 2021, were $(461) million and $(303) million, respectively. MidAmerican Funding's net cash flows from investing activities for the three-month periods ended March 31, 2022 and 2021, were $(461) million and $(303) 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, 2022 and 2021 were $— million and $387 million, respectively. MidAmerican Funding's net cash flows from financing activities for the three-month periods ended March 31, 2022 and 2021, were $7 million and $394 million, respectively. Through its commercial paper program, MidAmerican Energy received $387 million in 2021. MidAmerican Funding received $8 million and $7 million in 2022 and 2021, respectively, through its note payable with BHE.

Debt Authorizations and Related Matters

Short-term Debt

MidAmerican Energy has authority from the FERC to issue through April 2, 2024, commercial paper and bank notes aggregating $1.5 billion at interest rates not to exceed the applicable London Interbank Offered Rate plus a spread of 400 basis points. MidAmerican Energy has a $1.5 billion unsecured credit facility expiring in June 2024. 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 Eurodollar rate 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 for general corporate purposes.

Long-term Debt and Preferred Stock

MidAmerican Energy currently has an effective automatic registration statement with the SEC to issue an indeterminate amount of long-term debt securities and preferred stock through June 13, 2024. MidAmerican Energy has authorization from the FERC to issue, through June 30, 2023, long-term debt securities up to an aggregate of $2.0 billion and preferred stock up to an aggregate of $500 million and from the Illinois Commerce Commission to issue long-term debt securities up to an aggregate of $350 million through August 20, 2022. Additionally, MidAmerican Energy has authority from the Illinois Commerce Commission through October 15, 2024, to issue $750 million of long-term debt securities for the purpose of refinancing $250 million of its 3.70% Senior notes due September 2023 and $500 million of its 2.40% Senior notes due October 2024.

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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 regulatory approvals, their credit ratings, investors' judgment of risk and conditions in the overall capital markets, including the condition of the utility industry.

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 customers' 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
	2021		2022		2022
Wind generation	$	32	$	133	$	762
Electric distribution	46		54		260
Electric transmission	23		21		171
Solar generation	3		44		139
Other	194		207		681
Total	$	298	$	459	$	2,013

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

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

◦Construction of wind-powered generating facilities totaling $3 million for the three-month period ended March 31, 2022. Planned spending for the construction of additional wind-powered generating facilities totals $142 million for the remainder of 2022.

◦Repowering of wind-powered generating facilities totaling $120 million and $24 million for the three-month periods ended March 31, 2022 and 2021, respectively. Planned spending for the repowering of wind-powered generating facilities totals $386 million for the remainder of 2022. MidAmerican Energy expects its repowered facilities to meet Internal Revenue Service guidelines for the re-establishment of PTCs for 10 years from the date the facilities are placed in-service. The rate at which PTCs are re-established for a facility depends upon the date construction begins. Of the 812 MWs of current repowering projects not in-service as of March 31, 2022, 511 MWs are currently expected to qualify for 80% of the PTCs available for 10 years following each facility's return to service and 301 MWs are expected to qualify for 60% of such credits.

•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 of solar-powered generating facilities totaling 141 MWs of small- and utility-scale solar generation, with total spend of $44 million and $3 million for the three-month periods ended March 31, 2022 and 2021, respectively and planned spending of $96 million for the remainder of 2022.

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•Remaining expenditures primarily relate to routine expenditures 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, 2022, there have been no material changes outside the normal course of business in MidAmerican Energy's and MidAmerican Funding's material cash requirements from the information provided in Item 7 of their Annual Report on Form 10-K for the year ended December 31, 2021.

Quad Cities Generating Station Operating Status

Constellation Energy Corp. ("Constellation Energy," previously Exelon Generation Company, LLC, which was a subsidiary of Exelon Corporation prior to February 1, 2022), the operator of Quad Cities Generating Station Units 1 and 2 ("Quad Cities Station") of which MidAmerican Energy has a 25% ownership interest, announced on June 2, 2016, its intention to shut down Quad Cities Station on June 1, 2018. In December 2016, Illinois passed legislation creating a zero emission standard, which went into effect June 1, 2017. The zero emission standard requires the Illinois Power Agency to purchase ZECs and recover the costs from certain ratepayers in Illinois, subject to certain limitations. The proceeds from the ZECs will provide Constellation Energy additional revenue through 2027 as an incentive for continued operation of Quad Cities Station. MidAmerican Energy will not receive additional revenue from the subsidy.

The PJM Interconnection, L.L.C. ("PJM") capacity market includes a Minimum Offer Price Rule ("MOPR"). If a generation resource is subjected to a MOPR, its offer price in the market is adjusted to effectively remove the revenues it receives through a state government-provided financial support program, resulting in a higher offer that may not clear the capacity market. Prior to December 19, 2019, the PJM MOPR applied only to certain new gas-fired resources. An expanded PJM MOPR to include existing resources would require exclusion of ZEC compensation when bidding into future capacity auctions, resulting in an increased risk of Quad Cities Station not receiving capacity revenues in future auctions.

On December 19, 2019, the FERC issued an order requiring the PJM to broadly apply the MOPR to all new and existing resources, including nuclear. This greatly expanded the breadth and scope of the PJM's MOPR, which became effective as of the PJM's capacity auction for the 2022-2023 planning year in May 2021. While the FERC included some limited exemptions, no exemptions were available to state-supported nuclear resources, such as Quad Cities Station. The FERC provided no new mechanism for accommodating state-supported resources other than the existing Fixed Resource Requirement ("FRR") mechanism under which an entire utility zone would be removed from PJM's capacity auction along with sufficient resources to support the load in such zone. In response to the FERC's order, the PJM submitted a compliance filing on March 18, 2020, wherein the PJM proposed tariff language reflecting the FERC's directives and a schedule for resuming capacity auctions. On April 16, 2020, the FERC issued an order largely denying requests for rehearing of the FERC's December 2019 order but granting a few clarifications that required an additional PJM compliance filing, which the PJM submitted on June 1, 2020. A number of parties, including Constellation Energy, have filed petitions for review of the FERC's orders in this proceeding, which remain pending before the D.C. Circuit.

As a result, the MOPR applied to Quad Cities Station in the capacity auction for the 2022-2023 planning year, which prevented Quad Cities Station from clearing in that capacity auction.

At the direction of the PJM Board of Managers, the PJM and its stakeholders developed further MOPR reforms to ensure that the capacity market rules respect and accommodate state resource preferences such as the ZEC programs. The PJM filed related tariff revisions at the FERC on July 30, 2021, and, on September 29, 2021, the PJM's proposed MOPR reforms became effective by operation of law. Under the new tariff provisions, the MOPR will no longer apply to Quad Cities Station. Requests for rehearing of the FERC's notice establishing the effective date for the PJM's proposed market reforms were filed in October 2021 and denied by operation of law on November 4, 2021. Several parties have filed petitions for review of the FERC's orders in this proceeding, which remain pending before the Court of Appeals for the Third Circuit. Constellation Energy is strenuously opposing these appeals.

Assuming the continued effectiveness of the Illinois zero emission standard, Constellation Energy no longer considers Quad Cities Station to be at heightened risk for early retirement. However, to the extent the Illinois zero emission standard does not operate as expected over its full term, Quad Cities Station would be at heightened risk for early retirement. The FERC's December 19, 2019 order on the PJM MOPR may undermine the continued effectiveness of the Illinois zero emission standard unless the PJM adopts further changes to the MOPR or Illinois implements an FRR mechanism, under which Quad Cities Station would be removed from the PJM's capacity auction.

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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 climate change, RPS, 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 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 consolidated 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, derivatives, impairment of goodwill and long-lived assets, pension and other postretirement benefits, income taxes and revenue recognition - unbilled revenue. 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, 2021. There have been no significant changes in MidAmerican Energy's and MidAmerican Funding's assumptions regarding critical accounting estimates since December 31, 2021.

99

Nevada Power Company and its subsidiaries

Consolidated Financial Section

100

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, 2022, the related consolidated statements of operations, changes in shareholder's equity, and cash flows for the three-month periods ended March 31, 2022 and 2021, 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, 2021, 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 25, 2022, 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, 2021, 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

April 29, 2022

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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,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	47	$	33
Trade receivables, net	187		227
Inventories	61		64
Regulatory assets	327		291
Prepayments	48		33
Other current assets	59		53
Total current assets	729		701
Property, plant and equipment, net	6,992		6,891
Regulatory assets	759		728
Other assets	431		432
Total assets	$	8,911	$	8,752
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Accounts payable	$	224	$	242
Accrued interest	38		32
Accrued property, income and other taxes	30		29
Short-term debt	104		180
Regulatory liabilities	49		49
Customer deposits	45		44
Derivative contracts	88		55
Other current liabilities	59		62
Total current liabilities	637		693
Long-term debt	2,700		2,499
Finance lease obligations	306		310
Regulatory liabilities	1,083		1,100
Deferred income taxes	799		782
Other long-term liabilities	358		338
Total liabilities	5,883		5,722
Commitments and contingencies (Note 8)
Shareholder's equity:
Common stock - $1.00 stated value; 1,000 shares authorized, issued and outstanding	—		—
Additional paid-in capital	2,308		2,308
Retained earnings	722		724
Accumulated other comprehensive loss, net	(2)		(2)
Total shareholder's equity	3,028		3,030
Total liabilities and shareholder's equity	$	8,911	$	8,752
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,
	2022		2021
Operating revenue	$	415	$	370
Operating expenses:
Cost of fuel and energy	212		165
Operations and maintenance	65		63
Depreciation and amortization	103		101
Property and other taxes	13		12
Total operating expenses	393		341
Operating income	22		29
Other income (expense):
Interest expense	(38)		(38)
Allowance for borrowed funds	1		1
Allowance for equity funds	3		1
Interest and dividend income	9		5
Other, net	1		4
Total other income (expense)	(24)		(27)
Net (loss) income	$	(2)	$	2
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, 2020	1,000	$	—	$	2,308	$	634	$	(3)	$	2,939
Net income	—	—		—		2		—		2
Balance, March 31, 2021	1,000	$	—	$	2,308	$	636	$	(3)	$	2,941
Balance, December 31, 2021	1,000	$	—	$	2,308	$	724	$	(2)	$	3,030
Net loss	—	—		—		(2)		—		(2)
Balance, March 31, 2022	1,000	$	—	$	2,308	$	722	$	(2)	$	3,028
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,
	2022		2021
Cash flows from operating activities:
Net (loss) income	$	(2)	$	2
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	103		101
Allowance for equity funds	(3)		(1)
Changes in regulatory assets and liabilities	(8)		(15)
Deferred income taxes and amortization of investment tax credits	5		(10)
Deferred energy	(51)		41
Amortization of deferred energy	13		—
Other, net	4		(1)
Changes in other operating assets and liabilities:
Trade receivables and other assets	33		41
Inventories	3		4
Accrued property, income and other taxes	(15)		3
Accounts payable and other liabilities	3		14
Net cash flows from operating activities	85		179
Cash flows from investing activities:
Capital expenditures	(189)		(106)
Net cash flows from investing activities	(189)		(106)
Cash flows from financing activities:
Proceeds from long-term debt	200		—
Net repayment of short-term debt	(76)		—
Other, net	(4)		(5)
Net cash flows from financing activities	120		(5)
Net change in cash and cash equivalents and restricted cash and cash equivalents	16		68
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	45		36
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	61	$	104
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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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, 2021 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

(2)    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 in 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,
	2022		2021
Cash and cash equivalents	$	47	$	33
Restricted cash and cash equivalents included in other current assets	14		12
Total cash and cash equivalents and restricted cash and cash equivalents	$	61	$	45

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(3)    Property, Plant and Equipment, Net

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

		As of
	Depreciable Life	March 31,		December 31,
		2022		2021
Utility plant:
Generation	30 - 55 years	$	3,810	$	3,793
Transmission	45 - 70 years	1,508		1,503
Distribution	20 - 65 years	3,979		3,920
General and intangible plant	5 - 65 years	831		836
Utility plant		10,128		10,052
Accumulated depreciation and amortization		(3,478)		(3,406)
Utility plant, net		6,650		6,646
Other non-regulated, net of accumulated depreciation and amortization	45 years	1		1
Plant, net		6,651		6,647
Construction work-in-progress		341		244
Property, plant and equipment, net		$	6,992	$	6,891

(4)    Recent Financing Transactions

Long-Term Debt

In January 2022, Nevada Power entered into a $300 million secured delayed draw term loan facility maturing in January 2024. Amounts borrowed under the facility bear interest at variable rates based on the Secured Overnight Financing Rate or a base rate, at Nevada Power's option, plus a pricing margin. In January 2022, Nevada Power borrowed $200 million under the facility at an initial interest rate of 0.55%. Nevada Power may draw all or none of the remaining unused commitment through June 2022. Nevada Power used the proceeds to repay amounts outstanding under its existing secured credit facility and for general corporate purposes.

(5)    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,
	2022		2021
Qualified Pension Plan:
Other non-current assets	$	42	$	42
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(8)		(8)
Other Postretirement Plans:
Other non-current assets	8		8

(6)    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, natural gas and coal 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 7 for additional information on derivative contracts.

108

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, 2022
Not designated as hedging contracts (1):
Commodity liabilities	$	—	$	(88)	$	(80)	$	(168)
Total derivative - net basis	$	—	$	(88)	$	(80)	$	(168)
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	4	$	—	$	—	$	4
Commodity liabilities	—		(55)		(62)		(117)
Total derivative - net basis	$	4	$	(55)	$	(62)	$	(113)

(1)Nevada Power's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2022 a regulatory asset of $168 million was recorded related to the net derivative liability of $168 million. As of December 31, 2021 a regulatory asset of $113 million was recorded related to the net derivative liability of $113 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	2022	2021
Electricity purchases	Megawatt hours	3	1
Natural gas purchases	Decatherms	138	119

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, 2022, 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 and $6 million as of March 31, 2022 and December 31, 2021, respectively, 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.

(7)    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 Balance Sheets 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 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, 2022:
Assets:
Money market mutual funds	$	43	$	—	$	—	$	43
Investment funds	3		—		—		3
	$	46	$	—	$	—	$	46
Liabilities - commodity derivatives	$	—	$	—	$	(168)	$	(168)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	—	$	4	$	4
Money market mutual funds	34		—		—		34
Investment funds	3		—		—		3
	$	37	$	—	$	4	$	41
Liabilities - commodity derivatives	$	—	$	—	$	(117)	$	(117)

110

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, 2022 and December 31, 2021, 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,
	2022		2021
Beginning balance	$	(113)	$	15
Changes in fair value recognized in regulatory assets	(56)		11
Settlements	1		1
Ending balance	$	(168)	$	27

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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	2,700	$	2,985	$	2,499	$	3,067

111

(8)    Commitments and Contingencies

Legal Matters

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

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.

(9)    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,
	2022		2021
Customer Revenue:
Retail:
Residential	$	214	$	196
Commercial	96		84
Industrial	78		63
Other	1		3
Total fully bundled	389		346
Distribution only service	5		5
Total retail	394		351
Wholesale, transmission and other	16		14
Total Customer Revenue	410		365
Other revenue	5		5
Total revenue	$	415	$	370

112

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 2022 and 2021

Overview

Net loss for the first quarter of 2022 was $2 million, a decrease of $4 million compared to 2021 primarily due to $3 million of lower other, net, mainly due to lower cash surrender value of corporate-owned life insurance policies, $2 million of lower utility margin, $2 million of higher operations and maintenance expenses, mainly due to higher plant operations and maintenance expenses and higher earnings sharing, and $2 million of higher depreciation and amortization, mainly due to higher plant placed in-service. Utility margin decreased primarily due to lower regulatory-related revenue deferrals and lower other retail revenue, partially offset by an increase in the average number of customers and favorable changes in customer usage patterns. These decreases are offset by $4 million of higher interest and dividend income, mainly from carrying charges on regulatory balances. Energy generated decreased 6% for the first quarter of 2022 compared to 2021 primarily due to lower natural gas-fueled generation. Wholesale electricity sales volumes increased 49% and purchased electricity volumes increased 30%.

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
	2022		2021		Change
Utility margin:
Operating revenue	$	415	$	370	$	45	12	%
Cost of fuel and energy	212		165		47		28
Utility margin	203		205		(2)		(1)
Operations and maintenance	65		63		2		3
Depreciation and amortization	103		101		2		2
Property and other taxes	13		12		1		8
Operating income	$	22	$	29	$	(7)	(24)	%

113

Utility Margin

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

	First Quarter
	2022		2021		Change
Utility margin (in millions):
Operating revenue	$	415	$	370	$	45	12	%
Cost of fuel and energy	212		165		47		28
Utility margin	$	203	$	205	$	(2)	(1)	%
Sales (GWhs):
Residential	1,585		1,587		(2)		—	%
Commercial	998		954		44		5
Industrial	1,175		1,057		118		11
Other	46		47		(1)		(2)
Total fully bundled(1)	3,804		3,645		159		4
Distribution only service	569		516		53		10
Total retail	4,373		4,161		212		5
Wholesale	125		84		41		49
Total GWhs sold	4,498		4,245		253		6	%
Average number of retail customers (in thousands)	995		978		17		2	%
Average revenue per MWh:
Retail - fully bundled(1)	$	102.11	$	95.01	$	7.10	7	%
Wholesale	$	42.91	$	49.42	$	(6.51)	(13)	%
Heating degree days	954		994		(40)		(4)	%
Cooling degree days	49		6		43		*
Sources of energy (GWhs)(2)(3):
Natural gas	2,378		2,534		(156)		(6)	%
Renewables	14		16		(2)		(13)
Total energy generated	2,392		2,550		(158)		(6)
Energy purchased	1,761		1,355		406		30
Total	4,153		3,905		248		6	%
Average cost of energy per MWh(4):
Energy generated	$	41.92	$	14.96	$	26.96	*
Energy purchased	$	63.27	$	93.84	$	(30.57)	(33)	%

*    Not meaningful

(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 424 GWhs and 683 GWhs of gas generated energy that is purchased at cost by related parties for the first quarter of 2022 and 2021, 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.

114

Quarter Ended March 31, 2022 Compared to Quarter Ended March 31, 2021

Utility margin decreased $2 million, or 1%, for the first quarter of 2022 compared to 2021 primarily due to:

•$2 million of lower energy efficiency program rates (offset in operations and maintenance expense);

•$2 million of lower regulatory-related revenue deferrals; and

•$2 million of lower other retail revenue.

The decrease in utility margin was offset by:

•$3 million of higher electric retail utility margin primarily due to higher retail customer volumes. Retail customer volumes, including distribution only service customers, increased 5.1% primarily due to an increase in the average number of customers and favorable changes in customer usage patterns, offset by the unfavorable impact of weather; and

•$1 million of higher transmission and wholesale revenue.

Operations and maintenance increased $2 million, or 3%, for the first quarter of 2022 compared to 2021 primarily due to higher plant operations and maintenance expenses and higher earnings sharing, partially offset by lower energy efficiency program costs (offset in operating revenue).

Depreciation and amortization increased $2 million, or 2%, for the first quarter of 2022 compared to 2021 primarily due to higher plant placed in-service.

Interest and dividend income increased $4 million, or 80%, for the first quarter of 2022 compared to 2021 primarily due to higher interest income, mainly from carrying charges on regulatory balances.

Other, net decreased $3 million, or 75%, for the first quarter of 2022 compared to 2021 primarily due to lower cash surrender value of corporate-owned life insurance policies.

Liquidity and Capital Resources

As of March 31, 2022, Nevada Power's total net liquidity was as follows (in millions):

Cash and cash equivalents	$	47
Credit facility	400
Less -
Short-term debt	(104)
Net credit facility	296
Delayed draw term loan facility	$	300
Less -
Long-term debt	(200)
Net delayed draw term loan facility	100
Total net liquidity	$	443
Credit facility and delayed draw term loan facility:
Maturity date	2024

115

Operating Activities

Net cash flows from operating activities for the three-month periods ended March 31, 2022 and 2021 were $85 million and $179 million, respectively. The change was primarily due to higher payments related to fuel and energy costs and the timing of payments for operating costs, partially offset by higher collections from customers.

Investing Activities

Net cash flows from investing activities for the three-month periods ended March 31, 2022 and 2021 were $(189) million and $(106) 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, 2022 and 2021 were $120 million and $(5) million, respectively. The change was primarily due to higher proceeds from the issuance of long-term debt, partially offset by higher repayments of short-term debt.

Long-Term Debt

In January 2022, Nevada Power entered into a $300 million secured delayed draw term loan facility maturing in January 2024. Amounts borrowed under the facility bear interest at variable rates based on the Secured Overnight Financing Rate or a base rate, at Nevada Power's option, plus a pricing margin. In January 2022, Nevada Power borrowed $200 million under the facility at an initial interest rate of 0.55%. Nevada Power may draw all or none of the remaining unused commitment through June 2022. Nevada Power used the proceeds to repay amounts outstanding under its existing secured credit facility and for general corporate purposes.

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 $400 million secured credit facility); and (2) maintain a revolving credit facility of up to $1.3 billion. Nevada Power currently has an effective automatic shelf registration statement with the SEC to issue an indeterminate amount of general and refunding mortgage securities through October 2022.

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.

116

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 customers' 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.

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
	2021		2022		2022
Electric distribution	$	41	$	51	$	223
Electric transmission	13		21		168
Solar generation	1		7		80
Other	51		110		386
Total	$	106	$	189	$	857

Nevada Power received PUCN approval through its recent IRP filings for an increase in solar generation and electric transmission. Nevada Power has included estimates from its latest IRP filing in its forecast capital expenditures for 2022. 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. In this project, the company has received approval from the PUCN to build a 350-mile, 525-kV transmission line, known as Greenlink West, connecting the Ft. Churchill substation to the Northwest substation to the Harry Allen substation; a 235-mile, 525-kV transmission line, known as Greenlink North, connecting the new Ft. Churchill substation to the Robinson Summit substation; a 46-mile, 345-kV transmission line from the new Ft. Churchill substation to the Mira Loma substations; and a 38-mile, 345-kV transmission line from the new Ft. Churchill substation to the Robinson Summit substations. Operating expenditures consist of routine expenditures for transmission and other infrastructure needed to serve existing and expected demand.

•Solar generation investment 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. Commercial operation is expected by the end of 2023.

•Other includes both growth projects and operating expenditures consisting of turbine upgrades at several generating facilities, routine expenditures for generation, other operating projects and other infrastructure needed to serve existing and expected demand.

Material Cash Requirements

As of March 31, 2022, there have been no material changes outside the normal course of business in material 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, 2021.

117

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 climate change, RPS, 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. 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 consolidated 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, derivatives, impairment of long-lived assets, income taxes and revenue recognition - unbilled revenue. 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, 2021. There have been no significant changes in Nevada Power's assumptions regarding critical accounting estimates since December 31, 2021.

118

Sierra Pacific Power Company and its subsidiaries

Consolidated Financial Section

119

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, 2022, the related consolidated statements of operations, changes in shareholder's equity, and cash flows for the three-month periods ended March 31, 2022 and 2021, 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, 2021, 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 25, 2022, 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, 2021, 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

April 29, 2022

120

SIERRA PACIFIC POWER COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions, except share data)

	As of
	March 31,		December 31,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	15	$	10
Trade receivables, net	120		128
Inventories	71		65
Regulatory assets	164		177
Other current assets	36		35
Total current assets	406		415
Property, plant and equipment, net	3,386		3,340
Regulatory assets	282		263
Other assets	205		205
Total assets	$	4,279	$	4,223
LIABILITIES AND SHAREHOLDER'S EQUITY
Current liabilities:
Accounts payable	$	125	$	147
Accrued property, income and other taxes	28		16
Short-term debt	57		159
Regulatory liabilities	20		19
Customer deposits	16		15
Derivative contracts	28		16
Other current liabilities	39		42
Total current liabilities	313		414
Long-term debt	1,164		1,164
Regulatory liabilities	440		444
Deferred income taxes	401		402
Other long-term liabilities	268		264
Total liabilities	2,586		2,688
Commitments and contingencies (Note 9)
Shareholder's equity:
Common stock - $3.75 stated value, 20,000,000 shares authorized and 1,000 issued and outstanding	—		—
Additional paid-in capital	1,241		1,111
Retained earnings	453		425
Accumulated other comprehensive loss, net	(1)		(1)
Total shareholder's equity	1,693		1,535
Total liabilities and shareholder's equity	$	4,279	$	4,223
The accompanying notes are an integral part of the consolidated financial statements.

121

SIERRA PACIFIC POWER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating revenue:
Regulated electric	$	227	$	181
Regulated natural gas	52		39
Total operating revenue	279		220
Operating expenses:
Cost of fuel and energy	124		82
Cost of natural gas purchased for resale	34		21
Operations and maintenance	41		36
Depreciation and amortization	36		36
Property and other taxes	6		6
Total operating expenses	241		181
Operating income	38		39
Other income (expense):
Interest expense	(13)		(14)
Allowance for borrowed funds	1		—
Allowance for equity funds	2		1
Interest and dividend income	3		2
Other, net	2		4
Total other income (expense)	(5)		(7)
Income before income tax expense	33		32
Income tax expense	5		4
Net income	$	28	$	28
The accompanying notes are an integral part of these consolidated financial statements.

122

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, 2020	1,000	$	—	$	1,111	$	301	$	(1)	$	1,411
Net income	—	—		—		28		—		28
Balance, March 31, 2021	1,000	$	—	$	1,111	$	329	$	(1)	$	1,439
Balance, December 31, 2021	1,000	$	—	$	1,111	$	425	$	(1)	$	1,535
Net income	—	—		—		28		—		28
Contributions	—	—		130		—		—		130
Balance, March 31, 2022	1,000	$	—	$	1,241	$	453	$	(1)	$	1,693
The accompanying notes are an integral part of these consolidated financial statements.

123

SIERRA PACIFIC POWER COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Cash flows from operating activities:
Net income	$	28	$	28
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	36		36
Allowance for equity funds	(2)		(1)
Changes in regulatory assets and liabilities	(4)		(13)
Deferred income taxes and amortization of investment tax credits	(3)		4
Deferred energy	(7)		(18)
Amortization of deferred energy	23		(3)
Changes in other operating assets and liabilities:
Trade receivables and other assets	12		8
Inventories	(6)		3
Accrued property, income and other taxes	7		(3)
Accounts payable and other liabilities	(21)		1
Net cash flows from operating activities	63		42
Cash flows from investing activities:
Capital expenditures	(83)		(61)
Net cash flows from investing activities	(83)		(61)
Cash flows from financing activities:
Net (repayment of) proceeds from short-term debt	(102)		10
Contributions from parent	130		—
Other, net	(2)		(2)
Net cash flows from financing activities	26		8
Net change in cash and cash equivalents and restricted cash and cash equivalents	6		(11)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	16		26
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	22	$	15
The accompanying notes are an integral part of these consolidated financial statements.

124

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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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, 2021 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

(2)    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 in 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,
	2022		2021
Cash and cash equivalents	$	15	$	10
Restricted cash and cash equivalents included in other current assets	7		6
Total cash and cash equivalents and restricted cash and cash equivalents	$	22	$	16

125

(3)    Property, Plant and Equipment, Net

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

		As of
	Depreciable Life	March 31,		December 31,
		2022		2021
Utility plant:
Electric generation	25 - 60 years	$	1,169	$	1,163
Electric transmission	50 - 100 years	937		940
Electric distribution	20 - 100 years	1,885		1,846
Electric general and intangible plant	5 - 70 years	206		204
Natural gas distribution	35 - 70 years	445		438
Natural gas general and intangible plant	5 - 70 years	14		14
Common general	5 - 70 years	370		370
Utility plant		5,026		4,975
Accumulated depreciation and amortization		(1,878)		(1,854)
Utility plant, net		3,148		3,121
Construction work-in-progress		238		219
Property, plant and equipment, net		$	3,386	$	3,340

(4)    Recent Financing Transactions

Long-Term Debt

In April 2022, Sierra Pacific entered into a $200 million unsecured loan with NV Energy payable upon demand. The net proceeds were used to purchase certain tax-exempt refunding revenue bond obligations that were subject to mandatory purchase by Sierra Pacific in April 2022. The loan has an underlying variable interest rate based on 30-day U.S. dollar deposits offered on the London Interbank Offer Rate market plus a spread of 0.75%.

In April 2022, Sierra Pacific purchased the following series of bonds that were held by the public: $30 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036; $25 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016D, due 2036; $25 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016E, due 2036; $75 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016F, due 2036; $20 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016G, due 2036; and $30 million of its variable-rate tax-exempt Pollution Control Refunding Revenue Bonds, Series 2016B, due 2029. Sierra Pacific purchased these bonds as required by the bond indentures. Sierra Pacific is holding these bonds and can re-offer them at a future date.

(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 is as follows:

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Effects of ratemaking	(7)		(10)
Other	1		2
Effective income tax rate	15	%	13	%

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Effects of ratemaking is primarily attributable to the recognition of excess deferred income taxes related to the 2017 Tax Cuts and Jobs Act pursuant to an order issued by the PUCN effective January 1, 2020.

(6)    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. Sierra Pacific contributed $2 million to the Other Postretirement Plans for the three-month period ended March 31, 2022. 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,
	2022		2021
Qualified Pension Plan:
Other non-current assets	$	63	$	62
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(7)		(7)
Other Postretirement Plans:
Other long-term liabilities	(8)		(10)

(7)    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 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 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):

			Derivative
	Other		Contracts -		Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2022
Not designated as hedging contracts (1):
Commodity assets	$	1	$	—	$	—	$	1
Commodity liabilities	—		(28)		(25)		(53)
Total derivative - net basis	$	1	$	(28)	$	(25)	$	(52)
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	2	$	—	$	—	$	2
Commodity liabilities	—		(16)		(19)		(35)
Total derivative - net basis	$	2	$	(16)	$	(19)	$	(33)

(1)Sierra Pacific's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2022 a net regulatory asset of $52 million was recorded related to the net derivative liability of $52 million. As of December 31, 2021 a net regulatory asset of $33 million was recorded related to the net derivative liability of $33 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	2022	2021
Electricity purchases	Megawatt hours	1	1
Natural gas purchases	Decatherms	60	53

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, 2022, 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.

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The aggregate fair value of Sierra Pacific's derivative contracts in liability positions with specific credit-risk-related contingent features totaled $2 million and $— million as of March 31, 2022 and December 31, 2021, respectively, 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.

(8)    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 Balance Sheets 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 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, 2022:
Assets:
Commodity derivatives	$	—	$	—	$	1	$	1
Money market mutual funds	13		—		—		13
Investment funds	1		—		—		1
	$	14	$	—	$	1	$	15
Liabilities - commodity derivatives	$	—	$	—	$	(53)	$	(53)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	—	$	2	$	2
Money market mutual funds	10		—		—		10
Investment funds	1		—		—		1
	$	11	$	—	$	2	$	13
Liabilities - commodity derivatives	$	—	$	—	$	(35)	$	(35)

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.

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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,
	2022		2021
Beginning balance	$	(33)	$	7
Changes in fair value recognized in regulatory assets	(19)		5
Ending balance	$	(52)	$	12

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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	1,164	$	1,261	$	1,164	$	1,316

(9)    Commitments and Contingencies

Legal Matters

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

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.

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(10)    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 11 (in millions):

	Three-Month Periods
	Ended March 31,
	2022						2021
	Electric		Natural Gas		Total		Electric		Natural Gas		Total
Customer Revenue:
Retail:
Residential	$	85	$	32	$	117	$	71	$	25	$	96
Commercial	70		15		85		54		10		64
Industrial	49		4		53		39		3		42
Other	1		—		1		1		—		1
Total fully bundled	205		51		256		165		38		203
Distribution only service	1		—		1		1		—		1
Total retail	206		51		257		166		38		204
Wholesale, transmission and other	21		—		21		15		—		15
Total Customer Revenue	227		51		278		181		38		219
Other revenue	—		1		1		—		1		1
Total revenue	$	227	$	52	$	279	$	181	$	39	$	220

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(11)    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,
	2022		2021
Operating revenue:
Regulated electric	$	227	$	181
Regulated natural gas	52		39
Total operating revenue	$	279	$	220
Operating income:
Regulated electric	$	30	$	31
Regulated natural gas	8		8
Total operating income	38		39
Interest expense	(13)		(14)
Allowance for borrowed funds	1		—
Allowance for equity funds	2		1
Interest and dividend income	3		2
Other, net	2		4
Income before income tax expense	$	33	$	32

	As of
	March 31,		December 31,
	2022		2021
Assets:
Regulated electric	$	3,869	$	3,829
Regulated natural gas	375		365
Other(1)	35		29
Total assets	$	4,279	$	4,223

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

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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 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 2022 and 2021

Overview

Net income for the first quarter of 2022 was $28 million, consistent when compared to 2021 primarily due to $5 million of higher operations and maintenance expenses, mainly due to higher plant operations and maintenance expenses and higher earnings sharing, and $2 million of lower other, net, mainly due to lower cash surrender value of corporate-owned life insurance policies, partially offset by $4 million of higher electric utility margin, mainly from higher transmission and wholesale revenue, partially offset by lower regulatory-related revenue deferrals, higher allowance for equity funds, mainly due to higher construction work-in-progress, and higher interest and dividend income, mainly from carrying charges on regulatory balances. Energy generated increased 3% for the first quarter of 2022 compared to 2021 primarily due to higher coal-fueled generation, partially offset by lower natural gas-fueled generation. Wholesale electricity sales volumes increased 66% and purchased electricity volumes decreased 25%.

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.

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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
	2022		2021		Change
Electric utility margin:
Operating revenue	$	227	$	181	$	46	25	%
Cost of fuel and energy	124		82		42		51
Electric utility margin	103		99		4		4
Natural gas utility margin:
Operating revenue	52		39		13		33	%
Natural gas purchased for resale	34		21		13		62
Natural gas utility margin	18		18		—		—
Utility margin	121		117		4		3	%
Operations and maintenance	41		36		5		14	%
Depreciation and amortization	36		36		—		—
Property and other taxes	6		6		—		—
Operating income	$	38	$	39	$	(1)	(3)	%

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Electric Utility Margin

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

	First Quarter
	2022		2021		Change
Utility margin (in millions):
Operating revenue	$	227	$	181	$	46	25	%
Cost of fuel and energy	124		82		42		51
Utility margin	$	103	$	99	$	4	4	%
Sales (GWhs):
Residential	663		671		(8)		(1)	%
Commercial	700		677		23		3
Industrial	755		897		(142)		(16)
Other	4		4		—		—
Total fully bundled(1)	2,122		2,249		(127)		(6)
Distribution only service	585		397		188		47
Total retail	2,707		2,646		61		2
Wholesale	291		175		116		66
Total GWhs sold	2,998		2,821		177		6	%
Average number of retail customers (in thousands)	369		363		6		2	%
Average revenue per MWh:
Retail - fully bundled(1)	$	96.40	$	73.17	$	23.23	32	%
Wholesale	$	51.14	$	60.18	$	(9.04)	(15)	%
Heating degree days	2,037		2,198		(161)		(7)	%
Sources of energy (GWhs)(2):
Natural gas	990		1,082		(92)		(9)	%
Coal	153		29		124		*
Renewables(3)	5		6		(1)		(17)
Total energy generated	1,148		1,117		31		3
Energy purchased	1,033		1,373		(340)		(25)
Total	2,181		2,490		(309)		(12)	%
Average cost of energy per MWh(4):
Energy generated	$	59.86	$	25.23	$	34.63	*
Energy purchased	$	53.19	$	38.93	$	14.26	37	%

*    Not meaningful

(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)    Includes the Fort Churchill Solar Array which was under lease by Sierra Pacific until it was acquired in December 2021.

(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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Natural Gas Utility Margin

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

	First Quarter
	2022		2021		Change
Utility margin (in millions):
Operating revenue	$	52	$	39	$	13	33	%
Natural gas purchased for resale	34		21		13		62
Utility margin	$	18	$	18	$	—	—	%
Sold (000's Dths):
Residential	4,552		4,658		(106)		(2)	%
Commercial	2,512		2,304		208		9
Industrial	653		745		(92)		(12)
Total retail	7,717		7,707		10		—	%
Average number of retail customers (in thousands)	179		176		3		2	%
Average revenue per retail Dth sold	$	6.69	$	5.03	$	1.66	33	%
Heating degree days	2,037		2,198		(161)		(7)	%
Average cost of natural gas per retail Dth sold	$	4.36	$	2.73	$	1.63	60	%

Quarter Ended March 31, 2022 Compared to Quarter Ended March 31, 2021

Electric utility margin increased $4 million, or 4%, for the first quarter of 2022 compared to 2021 primarily due to:

•$3 million of higher transmission and wholesale revenue;

•$2 million of higher energy efficiency implementation rates; and

•$1 million of higher electric retail utility margin primarily due to higher retail customer volumes. Retail customer volumes, including distribution only service customers, increased 2.3% primarily due to an increase in the average number of customers, offset by the unfavorable impact of weather.

The increase in utility margin was offset by:

•$1 million of lower regulatory-related revenue deferrals; and

•$1 million of lower energy efficiency programs rates (offset in operations and maintenance expense).

Operations and maintenance increased $5 million, or 14%, for the first quarter of 2022 compared to 2021 primarily due to higher plant operations and maintenance expenses and higher earnings sharing, partially offset by lower energy efficiency program costs (offset in operating revenue).

Allowance for equity funds increased $1 million for the first quarter of 2022 compared to 2021 primarily due to higher construction work-in progress.

Interest and dividend income increased $1 million for the first quarter of 2022 compared to 2021 primarily due to higher interest income, mainly from carrying charges on regulatory balances.

Other, net decreased $2 million, or 50%, for the first quarter of 2022 compared to 2021 primarily due to lower cash surrender value of corporate-owned life insurance policies.

Income tax expense increased $1 million, or 25%, for the first quarter of 2022 compared to 2021 primarily due to higher pretax income. The effective tax rate was 15% in 2022 and 13% in 2021.

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Liquidity and Capital Resources

As of March 31, 2022, Sierra Pacific's total net liquidity was as follows (in millions):

Cash and cash equivalents	$	15
Credit facility	250
Less -
Short-term debt	(57)
Net credit facility	193
Total net liquidity	$	208
Credit facility:
Maturity date	2024

Operating Activities

Net cash flows from operating activities for the three-month periods ended March 31, 2022 and 2021 were $63 million and $42 million, respectively. The change was primarily due to higher collections from customers, partially offset by higher payments related to fuel and energy costs, higher inventory purchases and the timing of payments for operating costs.

Investing Activities

Net cash flows from investing activities for the three-month periods ended March 31, 2022 and 2021 were $(83) million and $(61) 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, 2022 and 2021 were $26 million and $8 million, respectively. The change was primarily due to contributions from NV Energy, Inc., partially offset by higher repayments of short-term debt.

Long-Term Debt

In April 2022, Sierra Pacific entered into a $200 million unsecured loan with NV Energy payable upon demand. The net proceeds were used to purchase certain tax-exempt refunding revenue bond obligations that were subject to mandatory purchase by Sierra Pacific in April 2022. The loan has an underlying variable interest rate based on 30-day U.S. dollar deposits offered on the London Interbank Offer Rate market plus a spread of 0.75%.

In April 2022, Sierra Pacific purchased the following series of bonds that were held by the public: $30 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036; $25 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016D, due 2036; $25 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016E, due 2036; $75 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016F, due 2036; $20 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016G, due 2036; and $30 million of its variable-rate tax-exempt Pollution Control Refunding Revenue Bonds, Series 2016B, due 2029. Sierra Pacific purchased these bonds as required by the bond indentures. Sierra Pacific is holding these bonds and can re-offer them at a future date.

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 $250 million secured credit facility); and (2) maintain a revolving credit facility of up to $600 million.

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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.

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 customers' 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.

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
	2021		2022		2022
Electric distribution	$	20	$	20	$	125
Electric transmission	16		20		128
Solar generation	—		—		1
Other	25		43		171
Total	$	61	$	83	$	425

Sierra Pacific received PUCN approval through its recent IRP filings for an increase in solar generation and electric transmission. Sierra Pacific has included estimates from its latest IRP filing in its forecast capital expenditures for 2022. 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. In this project, the company has received approval from the PUCN to build a 350-mile, 525-kV transmission line, known as Greenlink West, connecting the Ft. Churchill substation to the Northwest substation to the Harry Allen substation; a 235-mile, 525-kV transmission line, known as Greenlink North, connecting the new Ft. Churchill substation to the Robinson Summit substation; a 46-mile, 345-kV transmission line from the new Ft. Churchill substation to the Mira Loma substations; and a 38-mile, 345-kV transmission line from the new Ft. Churchill substation to the Robinson Summit substations. Operating expenditures consist of routine expenditures for transmission and other infrastructure needed to serve existing and expected demand.

•Other includes both growth projects and operating expenditures consisting of turbine upgrades at the Tracy generating facility, routine expenditures for generation, other operating projects and other infrastructure needed to serve existing and expected demand.

Material Cash Requirements

As of March 31, 2022, 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, 2021.

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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 climate change, RPS, 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. 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 consolidated 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, derivatives, impairment of long-lived assets, income taxes and revenue recognition - unbilled revenue. 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, 2021. There have been no significant changes in Sierra Pacific's assumptions regarding critical accounting estimates since December 31, 2021.

139

Eastern Energy Gas Holdings, LLC and its subsidiaries

Consolidated Financial Section

140

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, 2022, the related consolidated statements of operations, comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2022 and 2021, 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, 2021, 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 25, 2022, 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, 2021, 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

April 29, 2022

141

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in millions)

	As of
	March 31, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	54	$	22
Trade receivables, net	154		183
Receivables from affiliates	32		47
Notes receivable from affiliates	122		7
Other receivables	3		9
Inventories	124		122
Natural gas imbalances	105		100
Other current assets	132		131
Total current assets	726		621
Property, plant and equipment, net	10,183		10,200
Goodwill	1,286		1,286
Investments	423		412
Other assets	122		129
Total assets	$	12,740	$	12,648

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

142

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited) (continued)

(Amounts in millions)

	As of
	March 31, 2022		December 31, 2021
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	42	$	79
Accounts payable to affiliates	13		38
Accrued interest	54		19
Accrued property, income and other taxes	59		89
Accrued employee expenses	21		13
Regulatory liabilities	44		40
Other current liabilities	110		87
Total current liabilities	343		365
Long-term debt	3,899		3,906
Regulatory liabilities	645		645
Other long-term liabilities	263		238
Total liabilities	5,150		5,154
Commitments and contingencies (Note 8)
Equity:
Member's equity:
Membership interests	3,595		3,501
Accumulated other comprehensive loss, net	(38)		(43)
Total member's equity	3,557		3,458
Noncontrolling interests	4,033		4,036
Total equity	7,590		7,494
Total liabilities and equity	$	12,740	$	12,648

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

143

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating revenue	$	482	$	486
Operating expenses:
Excess gas	(1)		—
Operations and maintenance	118		124
Depreciation and amortization	85		80
Property and other taxes	29		39
Total operating expenses	231		243
Operating income	251		243
Other income (expense):
Interest expense	(36)		(44)
Allowance for equity funds	2		2
Other, net	(1)		1
Total other income (expense)	(35)		(41)
Income before income tax expense and equity income	216		202
Income tax expense	30		27
Equity income	19		16
Net income	205		191
Net income attributable to noncontrolling interests	111		102
Net income attributable to Eastern Energy Gas	$	94	$	89

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

144

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Net income	$	205	$	191
Other comprehensive income, net of tax:
Unrecognized amounts on retirement benefits, net of tax of $— and $—	1		2
Unrealized gains on cash flow hedges, net of tax of $1 and $3	4		10
Total other comprehensive income, net of tax	5		12
Comprehensive income	210		203
Comprehensive income attributable to noncontrolling interests	111		106
Comprehensive income attributable to Eastern Energy Gas	$	99	$	97

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

145

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, 2020	$	2,957	$	(53)	$	4,091	$	6,995
Net income	89		—		102		191
Other comprehensive income	—		8		4		12
Contributions	11		—		—		11
Distributions	(22)		—		(109)		(131)
Balance, March 31, 2021	$	3,035	$	(45)	$	4,088	$	7,078
Balance, December 31, 2021	$	3,501	$	(43)	$	4,036	$	7,494
Net income	94		—		111		205
Other comprehensive income	—		5		—		5
Distributions	—		—		(114)		(114)
Balance, March 31, 2022	$	3,595	$	(38)	$	4,033	$	7,590

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

146

EASTERN ENERGY GAS HOLDINGS, LLC AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in millions)

	Three-Month Periods
	Ended March 31,
	2022		2021
Cash flows from operating activities:
Net income	$	205	$	191
Adjustments to reconcile net income to net cash flows from operating activities:
Losses on other items, net	1		—
Depreciation and amortization	85		80
Allowance for equity funds	(2)		(2)
Equity income, net of distributions	(8)		(5)
Changes in regulatory assets and liabilities	(14)		6
Deferred income taxes	27		30
Other, net	2		—
Changes in other operating assets and liabilities:
Trade receivables and other assets	44		(56)
Derivative collateral, net	2		2
Accrued property, income and other taxes	(29)		(25)
Accounts payable and other liabilities	28		20
Net cash flows from operating activities	341		241
Cash flows from investing activities:
Capital expenditures	(75)		(55)
Repayment of loans by affiliates	3		—
Loans to affiliates	(117)		—
Other, net	(5)		(1)
Net cash flows from investing activities	(194)		(56)
Cash flows from financing activities:
Repayment of notes payable, net	—		(9)
Distributions	(114)		(109)
Net cash flows from financing activities	(114)		(118)
Net change in cash and cash equivalents and restricted cash and cash equivalents	33		67
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	39		48
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$	72	$	115

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

147

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 transportation pipeline 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 25% of the limited partnership interest in 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 transportation pipeline. 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. ("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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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, 2021 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' assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

148

(2)    Property, Plant and Equipment, Net

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

		As of
		March 31,		December 31,
	Depreciable Life	2022		2021
Utility Plant:
Interstate natural gas pipeline assets	21 - 44 years	$	8,776	$	8,675
Intangible plant	5 - 10 years	110		110
Utility plant in-service		8,886		8,785
Accumulated depreciation and amortization		(2,936)		(2,901)
Utility plant in-service, net		5,950		5,884
Nonutility Plant:
LNG facility	40 years	4,477		4,475
Intangible plant	14 years	25		25
Nonutility plant in-service		4,502		4,500
Accumulated depreciation and amortization		(454)		(423)
Nonutility plant in-service, net		4,048		4,077
Plant, net		9,998		9,961
Construction work-in-progress		185		239
Property, plant and equipment, net		$	10,183	$	10,200

Construction work-in-progress includes $151 million and $209 million as of March 31, 2022 and December 31, 2021, respectively, related to the construction of utility plant.

149

(3)    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,
	2022		2021
Investments:
Investment funds	$	15	$	13
Equity method investments:
Iroquois	408		399
Total investments	423		412
Restricted cash and cash equivalents:
Customer deposits	18		17
Total restricted cash and cash equivalents	18		17
Total investments and restricted cash and cash equivalents	$	441	$	429
Reflected as:
Current assets	$	18	$	17
Noncurrent assets	423		412
Total investments and restricted cash and cash equivalents	$	441	$	429

Equity Method Investments

Eastern Energy Gas, through a subsidiary, owns 50% of Iroquois, which owns and operates an interstate natural gas pipeline located in the states of New York and Connecticut.

As of both March 31, 2022 and December 31, 2021, 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 $11 million and $10 million for the three-month periods ended March 31, 2022 and 2021, respectively.

150

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 in 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,
	2022		2021
Cash and cash equivalents	$	54	$	22
Restricted cash and cash equivalents included in other current assets	18		17
Total cash and cash equivalents and restricted cash and cash equivalents	$	72	$	39

(4)    Regulatory Matters

In September 2021, Eastern Gas Transmission and Storage, Inc. ("EGTS") filed a general rate case for its FERC-jurisdictional services, with proposed rates to be effective November 1, 2021. EGTS' previous general rate case was settled in 1998. EGTS proposed an annual cost-of-service of approximately $1.1 billion, and requested increases in various rates, including general system storage rates by 85% and general system transportation rates by 60%. In October 2021, the FERC issued an order that accepted the November 1, 2021 effective date for certain changes in rates, while suspending the other changes for five months following the proposed effective date, until April 1, 2022, subject to refund and the outcome of hearing procedures. This matter is pending.

(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 is as follows:

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax benefit	5		3
Equity interest	2		2
Effects of ratemaking	(4)		(1)
Noncontrolling interest	(11)		(11)
Other, net	1		(1)
Effective income tax rate	14	%	13	%

For the period ended March 31, 2022, Eastern Energy Gas' reconciliation of the federal statutory income tax rate to the effective income tax rate is driven primarily by an absence of tax on income attributable to Cove Point's 75% noncontrolling interest.

Eastern Energy Gas, as a subsidiary of BHE, is included in Berkshire Hathaway's U.S. federal income tax return. Consistent with established regulatory practice, Eastern Energy Gas' provisions for income tax have 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. Eastern Energy Gas made no cash payments for income tax to BHE for the three-month periods ended March 31, 2022 and 2021.

151

(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 $3 million to the MidAmerican Energy Company Retirement Plan and $1 million to the MidAmerican Energy Company Welfare Benefit Plan for the three-month period ended March 31, 2022. 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 both March 31, 2022 and December 31, 2021, 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 $95 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.

152

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, 2022:
Assets:
Money market mutual funds	$	28	$	—	$	—	$	28
Equity securities:
Investment funds	15		—		—		15
	$	43	$	—	$	—	$	43
Liabilities:
Commodity derivatives	$	—	$	(2)	$	—	$	(2)
Foreign currency exchange rate derivatives	—		(3)		—		(3)
	$	—	$	(5)	$	—	$	(5)
As of December 31, 2021:
Assets:
Foreign currency exchange rate derivatives	$	—	$	3	$	—	$	3
Equity securities:
Investment funds	13		—		—		13
	$	13	$	3	$	—	$	16
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(3)	$	—	$	(3)
	$	—	$	(3)	$	—	$	(3)

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.

153

Eastern Energy Gas' long-term debt is carried at cost, including unamortized premiums, discounts and debt issuance costs as applicable, 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 carrying value of Eastern Energy Gas' 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 Eastern Energy Gas' long-term debt (in millions):

	As of March 31, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	3,899	$	3,911	$	3,906	$	4,266

(8)    Commitments and Contingencies

Legal Matters

Eastern Energy Gas is party to a variety of legal actions arising out of the normal course of business. Plaintiffs occasionally seek punitive or exemplary damages. Eastern Energy Gas does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

Environmental Laws and Regulations

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

(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,
	2022		2021
Customer Revenue:
Regulated:
Gas transportation and storage	$	285	$	279
Wholesale	—		17
Total regulated	285		296
Nonregulated	203		190
Total Customer Revenue	488		486
Other revenue	(6)		—
Total operating revenue	$	482	$	486

154

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, 2022 (in millions):

	Performance obligations expected to be satisfied
	Less than 12 months		More than 12 months		Total
Eastern Energy Gas	$	1,832	$	17,061	$	18,893

(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, 2020	$	(12)	$	(51)	$	10	$	(53)
Other comprehensive income (loss)	2		10		(4)		8
Balance, March 31, 2021	$	(10)	$	(41)	$	6	$	(45)
Balance, December 31, 2021	$	(6)	$	(42)	$	5	$	(43)
Other comprehensive income	1		4		—		5
Balance, March 31, 2022	$	(5)	$	(38)	$	5	$	(38)

155

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 2022 and 2021

Overview

Net income attributable to Eastern Energy Gas for the first quarter of 2022 was $94 million, an increase of $5 million compared to 2021. Net income increased primarily due to lower than estimated 2021 tax assessments of $10 million and lower interest expense of $8 million primarily due to the repayment of long-term debt in the second quarter of 2021. These increases were partially offset by lower margins from regulated gas transportation and storage operations of $16 million due to unfavorable natural gas prices and volumes.

Quarter Ended March 31, 2022 Compared to Quarter Ended March 31, 2021

Operating revenue decreased $4 million, or 1%, for the first quarter of 2022 compared to 2021, primarily due to a decrease in regulated gas revenues for operational and system balancing purposes due to decreased volumes of $17 million, partially offset by an increase in Cove Point liquefied natural gas variable revenue of $13 million.

Excess gas was a credit of $1 million for the first quarter of 2022, primarily due to a decrease in volumes sold of $14 million, partially offset by an unfavorable change in natural gas prices of $9 million and increased volumes of $4 million.

Operations and maintenance decreased $6 million, or 5%, for the first quarter of 2022 compared to 2021, primarily due to a decrease in postretirement benefit costs.

Depreciation and amortization increased $5 million, or 6%, for the first quarter of 2022 compared to 2021, primarily due to higher plant placed in-service.

Property and other taxes decreased $10 million, or 26%, for the first quarter of 2022 compared to 2021, primarily due to lower than estimated 2021 tax assessments.

Interest expense decreased $8 million, or 18%, for the first quarter of 2022 compared to 2021, primarily due to the repayment of $500 million of long-term debt in the second quarter of 2021.

Income tax expense increased $3 million, or 11%, for the first quarter of 2022 compared to 2021 primarily due to higher pre-tax income. The effective tax rate was 14% for the first quarter of 2022 and 13% for the first quarter of 2021.

Net income attributable to noncontrolling interests increased $9 million, or 9%, for the first quarter of 2022 compared to 2021, primarily due to an increase in Cove Point liquefied natural gas variable revenue.

156

Liquidity and Capital Resources

As of March 31, 2022, Eastern Energy Gas' total net liquidity was $454 million as follows (in millions):

Cash and cash equivalents	$	54
Intercompany revolving credit agreement	400
Total net liquidity	$	454
Intercompany revolving credit agreement:
Maturity date	2022

Operating Activities

Net cash flows from operating activities for the three-month periods ended March 31, 2022 and 2021 were $341 million and $241 million, respectively. The change was primarily due to increased cash receipts from receivables and other working capital adjustments.

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 for each payment date.

Investing Activities

Net cash flows from investing activities for the three-month periods ended March 31, 2022 and 2021 were $(194) million and $(56) million, respectively. The change was primarily due to loans to its parent under an intercompany revolving credit agreement of $117 million and an increase in capital expenditures of $20 million.

Financing Activities

Net cash flows from financing activities for the three-month period ended March 31, 2022 were $(114) million. Uses of cash totaled $114 million and consisted of distributions to noncontrolling interests from Cove Point.

Net cash flows from financing activities for the three-month period ended March 31, 2021 were $(118) million. Uses of cash totaled $118 million and consisted primarily of distributions to noncontrolling interests from Cove Point of $109 million.

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, the use of 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 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 customers' 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.

157

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
	2021		2022		2022
Natural gas transmission and storage	$	8	$	7	$	57
Other	47		68		319
Total	$	55	$	75	$	376

Eastern Energy Gas' natural gas transmission and storage capital expenditures primarily include growth capital expenditures related to planned regulated projects. Eastern Energy Gas' other capital expenditures consist primarily of non-regulated and routine capital expenditures for natural gas transmission, storage and liquefied natural gas terminalling infrastructure needed to serve existing and expected demand.

Material Cash Requirements

As of March 31, 2022, there have been no material changes outside the normal course of business in material 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, 2021.

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 climate change, RPS, air and water quality, emissions performance standards, hazardous and solid waste disposal, protected species and other environmental matters that have the potential to impact Eastern Energy Gas' 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 consolidated 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 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, 2021. There have been no significant changes in Eastern Energy Gas' assumptions regarding critical accounting estimates since December 31, 2021.

158

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, 2021. Each Registrant's exposure to market risk and its management of such risk has not changed materially since December 31, 2021. Refer to Note 6 of the Notes to Consolidated Financial Statements of PacifiCorp, Note 6 of the Notes to Consolidated Financial Statements of Nevada Power and Note 7 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, 2022.

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 and Eastern Energy Gas Holdings, LLC 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, 2022 that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

159

PART II

Item 1.Legal Proceedings

Berkshire Hathaway Energy and PacifiCorp

On September 30, 2020, a putative class action complaint against PacifiCorp was filed, captioned Jeanyne James et al. v. PacifiCorp et al., Case No. 20cv33885, Circuit Court, Multnomah County, Oregon. 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. On November 3, 2021, the plaintiffs filed an amended complaint to limit the class to include Oregon citizens allegedly impacted by the Echo Mountain, South Obenchain, Two Four Two and Santiam Canyon (also known as Beachie Creek) fires, as well as to add claims for noneconomic damages. The amended complaint alleges 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 the following damages for the plaintiffs and the putative class: (i) noneconomic damages, including mental suffering, emotional distress, inconvenience and interference with normal and usual activities, in excess of $1 billion; (ii) damages for real and personal property and other economic losses of not less than $600 million; (iii) double the amount of property and economic damages; (iv) treble damages for specific costs associated with loss of timber, trees and shrubbery; (v) double the damages for the costs of litigation and reforestation; (vi) prejudgment interest; and (vii) reasonable attorney fees, investigation costs and expert witness fees. The plaintiffs demand a trial by jury and have reserved their right to further amend the complaint to allege claims for punitive damages.

On August 20, 2021, a complaint against PacifiCorp was filed, captioned Shylo Salter et al. v. PacifiCorp, Case No. 21cv33595, Multnomah County, Oregon, in which two complaints, Case No. 21cv09339 and Case No. 21cv09520, previously filed in Circuit Court, Marion County, Oregon, were combined. The plaintiffs voluntarily dismissed the previously filed complaints in Marion County, Oregon. The refiled complaint was filed by Oregon residents and businesses who allege that they were injured by the Beachie Creek Fire, which the plaintiffs allege began on or around September 7, 2020, but which government reports indicate began on or around August 16, 2020. The complaint alleges that PacifiCorp's assets contributed to the Beachie Creek Fire and that PacifiCorp acted with gross negligence, among other things. The complaint seeks the following damages: (i) damages related to real and personal property in an amount determined by the jury to be fair and reasonable, estimated not to exceed $75 million; (ii) other economic losses in an amount determined by the jury to be fair and reasonable, but not to exceed $75 million; (iii) noneconomic damages in the amount determined by the jury to be fair and reasonable, but not to exceed $500 million; (iv) double the damages for economic and property damages under specified Oregon statutes; (v) alternatively, treble the damages under specified Oregon statutes; (vi) attorneys' fees and other costs; and (vii) pre- and post-judgment interest. The plaintiffs demand a trial by jury and have reserved their right to amend the complaint with an intent to add a claim for punitive damages.

Other individual lawsuits alleging similar claims have been filed in Oregon and California related to the 2020 Wildfires. Investigations into the causes and origins of those wildfires are ongoing. For more information regarding certain legal proceedings affecting Berkshire Hathaway Energy, refer to Note 8 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 8 of the Notes to Consolidated Financial Statements of PacifiCorp in Part I, Item 1 of this Form 10-Q.

PacifiCorp

On March 17, 2022, a complaint against PacifiCorp was filed, captioned Roseburg Resources Co et al. v. PacifiCorp, Case No. 22CV09346, Circuit Court, Douglas County, Oregon. The complaint was filed by nine businesses and public pension plans that own and/or operate timberlands or possess property in Douglas County who allege damages, losses and injuries associated with their timberlands as a result of the French Creek Fire, the Archie Creek Fire, the Susan Creek Fire and the Smith Springs Road Fire in Douglas County in September 2020. The complaint alleges (i) PacifiCorp's conduct constituted not only common law negligence but also gross negligence and that such conduct contributed to or caused the ignition and spread of the aforementioned fires; (ii) PacifiCorp violated certain Oregon rules and regulations; and (iii) as an alternative to negligence, inverse condemnation. The complaint seeks the following damages: (i) economic and property damages in excess of $175 million under a determination of negligence or inverse condemnation; (ii) doubling of those economic damages to in excess of $350 million under a determination of gross negligence pursuant to Oregon statutes; (iii) all costs of the lawsuit; (iv) prejudgment and post-judgment interest as allowed by law; and (v) attorneys' fees and other costs.

160

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, 2021, except as disclosed below.

Potential terrorist activities and the impact of military or other actions, including sanctions, export controls and similar measures, could adversely affect each Registrant's financial results.

The ongoing threat of terrorism and the impact of military or other actions by nations or politically, ethnically or religiously motivated organizations regionally or globally may create increased political, economic, social and financial market instability, which could subject each Registrant's operations to increased risks. Additionally, the U.S. government has issued warnings that energy assets, specifically pipeline, nuclear generation, transmission and other electric utility infrastructure, are potential targets for terrorist attacks. Further, the potential or actual outbreak of war or other hostilities, such as Russia's invasion of Ukraine in February 2022 and the resulting economic sanctions on Russia and the sale of Russian natural gas and petroleum, as well as the existing and potential further responses from Russia or other countries to such sanctions and military actions, could adversely affect global and regional economies and financial markets. For instance, the current ban on imports of Russian oil, liquefied natural gas and coal to the U.S. could contribute to increases in prices for such commodities in the U.S. and elsewhere which could adversely affect each Registrant's business. Further, each Registrant's business must be conducted in compliance with applicable economic and trade sanctions laws and regulations, including those administered and enforced by the U.S. Department of Treasury's Office of Foreign Assets Control, the U.S. Department of State, the U.S. Department of Commerce, the United Nations Security Council and other relevant governmental authorities in the U.S., Canada, the United Kingdom and European Union, which include sanctions that could potentially restrict or prohibit each Registrant's relationships with certain suppliers and customers. Political, economic, social or financial market instability or damage to or interference with the operating assets of the Registrants, customers or suppliers, or continued increases in the price of natural gas and other petroleum commodities may result in business interruptions, lost revenue, higher costs, disruption in fuel supplies, lower energy consumption and unstable markets, particularly with respect to electricity and natural gas, and increased security, repair or other costs, any of which may materially adversely affect each Registrant in ways that cannot be predicted at this time. Any of these risks could materially affect its consolidated financial results. Furthermore, instability in the financial markets as a result of terrorism or war could also materially adversely affect each Registrant's ability to raise capital.

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.

161

Exhibit No. Description

BERKSHIRE HATHAWAY ENERGY

4.1	Seventeenth Supplemental Indenture, dated as of April 21, 2022, by and between Berkshire Hathaway Energy Company and The Bank of New York Mellon Trust Company, N.A., as trustee, relating to the 4.600% Senior Notes due 2053 (incorporated by reference to Exhibit 4.1 to the Berkshire Hathaway Energy Company Current Report on Form 8-K dated April 25, 2022).
4.2	Trust Deed, dated as of April 1, 2022, among Northern Powergrid (Northeast) plc and HSBC Corporate Trustee Company (UK) Limited, relating to the £350,000,000 in principal amount of the 3.250% Bonds due 2052.
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.

162

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

10.1	$200,000,000 Demand Promissory Note, dated as of April 14, 2022, among Sierra Pacific Power Company, as the Maker, and NV Energy Inc., as the Holder.
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.

EASTERN ENERGY GAS

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.

ALL REGISTRANTS

101

The following financial information from each respective Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, 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.

163

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: April 29, 2022	/s/ Calvin D. Haack
	Calvin D. Haack
	Senior Vice President and Chief Financial Officer
	(principal financial and accounting officer)
	PACIFICORP
Date: April 29, 2022	/s/ Nikki L. Kobliha
	Nikki L. Kobliha
	Vice President, Chief Financial Officer and Treasurer
	(principal financial and accounting officer)
	MIDAMERICAN FUNDING, LLC
	MIDAMERICAN ENERGY COMPANY
Date: April 29, 2022	/s/ Thomas B. Specketer
	Thomas B. Specketer
	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: April 29, 2022	/s/ Michael E. Cole
	Michael E. Cole
	Senior Vice President, Chief Financial Officer and Treasurer
	(principal financial and accounting officer)
	SIERRA PACIFIC POWER COMPANY
Date: April 29, 2022	/s/ Michael E. Cole
	Michael E. Cole
	Senior Vice President, Chief Financial Officer and Treasurer
	(principal financial and accounting officer)
	EASTERN ENERGY GAS HOLDINGS, LLC
Date: April 29, 2022	/s/ Scott C. Miller
	Scott C. Miller
	Vice President, Chief Financial Officer and Treasurer
	(principal financial and accounting officer)

164

EX-4.2

EXHIBIT 4.2

CLIFFORD CHANCE CLIFFORD CHANCE LLP

		EXECUTION VERSION
NORTHERN POWERGRID (NORTHEAST) PLC £350,000,000 3.250 PER CENT. BONDS DUE 2052
	TRUST DEED

CONTENTS
Clause	Page

1.Interpretation	1
2.Amount of the Bonds and Covenant to Pay	5
3.Form and Issue of the Bonds	8
4.Stamp Duties and Taxes	10
5.The Trust Deed and the Bonds	11
6.Application of Moneys Received by the Trustee	11
7.Covenants by the Issuer	12
8.Remuneration and Indemnification of the Trustee	16
9.Provisions Supplemental to the Trustee Act 1925 and the Trustee Act 2000	18
10.Trustee Liable for Negligence	24
11.Consequential Loss	24
12.Waiver	25
13.Trustee not Precluded from Entering into Contracts	25
14.Modification and Substitution	26
15.Appointment, Retirement and Removal of the Trustee	27
16.Coupons	29
17.Currency Indemnity	29
18.Communications	30
19.Governing Law	30
20.Jurisdiction	31
21.Severability	31
22.Sanctions	31
23.Contracts (Rights of Third Parties) Act 1999	32
24.Counterparts	32

10227262891-v11 70-41032125

Schedule 1 Form of Temporary Global Bond	33
Schedule 2 Form of Permanent Global Bond	42
Schedule 3 Form of Definitive Bond	48
Schedule 4 Terms and Conditions of the Bonds	52
Schedule 5 Provisions for Meetings of Bondholders	69

10227262891-v11 70-41032125

THIS TRUST DEED is made on 1 April 2022

BETWEEN:

(1)NORTHERN POWERGRID (NORTHEAST) PLC (the "Issuer"), a public company incorporated in England and Wales with limited liability under registered number 02906593; and

(2)HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED (the "Trustee", which expression shall, where the content so admits, include all persons for the time being the trustee or trustees of this Trust Deed (as defined below) (including any successors)).

WHEREAS

(A)The Issuer has authorised the issue of £350,000,000 in aggregate principal amount of 3.250 per cent. Bonds due 2052 to be constituted by this Trust Deed.

(B)The Trustee has agreed to act as trustee of this Trust Deed on the following terms and conditions.

NOW THIS DEED WITNESSES AND IT IS HEREBY DECLARED asfollows:

1.INTERPRETATION

1.1Definitions

The following expressions shall have the following meanings:

"Auditors" means the auditors for the time being of the Issuer and, if there are joint auditors, means all or any one of such joint auditors or, in the event of any of them being unable or unwilling to carry out any action requested of them pursuant to this Trust Deed, means such other firm of chartered accountants in England as may be nominated in writing by the Trustee for the purpose;

"Authorised Signatory" means a director of the Issuer or any person in respect of whom the Issuer has supplied to the Trustee a copy, certified by a director or the secretary of the Issuer, to be a true copy and in full force and effect, of a resolution or resolutions of the board of directors (or a committee of the board of directors) of the Issuer, authorising such person to sign on behalf of the Issuer all such certificates and other documents as are referred to therein, together with a certified specimen signature of such person, and in respect of whom the Trustee has not received written notification from the Issuer, that such person has ceased to be so authorised;

"Bondholder" and (in relation to a Bond) "holder" means the bearer of a Bond;

"Bonds" means the £350,000,000 3.250 per cent. Bonds due 2052 constituted by this Trust Deed and for the time being outstanding or, as the context may require, a specific number of them and includes the Temporary Global Bond (or any part thereof), the Permanent Global Bond (or any part thereof) and the Definitive Bonds (or any of them), including any replacement Definitive Bonds issued pursuant to Condition 13 (Replacement of Bonds and Coupons);

"Clearstream, Luxembourg" means Clearstream Banking, S.A.;

"Code" means the U.S. Internal Revenue Code of 1986, as amended.

10227262891-v11 - 1 - 70-41032125

"Conditions" means the terms and conditions set out in Schedule 4 (Terms and Conditions of the Bonds) as modified, with respect to any Bonds represented by a Global Bond, by the provisions of such Global Bond and as from time to time modified in accordance with this Trust Deed and any reference to a particularly numbered Condition shall be construed accordingly;

"Couponholder" and (in relation to a Coupon) "holder" means the bearer of a Coupon;

"Coupons" means the bearer interest coupons appertaining to the Definitive Bonds in or substantially in the form set out in Schedule 3 (Form of Definitive Bond), or as the context may require, a specific number of them and includes any replacement Coupons issued pursuant to Condition 13 (Replacement of Bonds and Coupons);

"Definitive Bonds" means the Bonds in definitive form to be issued pursuant to, and in the circumstances specified in, Clause 3.3 (Exchange for Definitive Bonds), in or substantially in the form set out in Schedule 3 (Form of Definitive Bond), and includes any replacements therefor issued pursuant to Condition 13 (Replacement of Bonds and Coupons);

"Euroclear" means Euroclear Bank SA/NV, as operator of the Euroclear system;

"Event of Default" means any of the events set out in Condition 10 (Events of Default);

"Extraordinary Resolution" has the meaning set out in paragraph 1 of Schedule 5 (Provisions for Meetings of Bondholders);

"FATCA" means Sections 1471 to 1474 of the Code, any regulations thereunder or official interpretations thereof, an IGA or an agreement described in Section 1471(b) of the Code.

"FCA" means the Financial Conduct Authority in its capacity as competent authority under FSMA;

"FSMA" means the Financial Services and Markets Act 2000;

"Further Bonds" means all further bonds created and issued by the Issuer in accordance with Condition 17 (Further Bonds) and/or for the time being outstanding or, as the context may require, a specific proportion thereof;

"Global Bonds" means the Temporary Global Bond and the Permanent Global Bond and "Global Bond" means either of them;

"IGA" means an intergovernmental agreement between the United States and another jurisdiction to improve tax compliance and to implement FATCA.

10227262891-v11 - 2 - 70-41032125

"outstanding" means, in relation to the Bonds, all the Bonds issued other than (a) those Bonds which have been redeemed in full and cancelled pursuant to Conditions 7 (Redemption and Purchase) or 11 (Restructuring Event) or otherwise pursuant to this Trust Deed; (b) those Bonds in respect of which the date for redemption in accordance with the Conditions has occurred and, in any such case, the redemption moneys for which (including all interest payable thereon) have been duly paid to the Trustee or to the Principal Paying Agent in the manner provided in the Paying Agency Agreement (and, where appropriate, notice to that effect has been given to the Bondholders in accordance with Condition 14 (Notices)) and remain available for payment against presentation of the relevant Bonds and/or Coupons; (c) those Bonds which have been purchased and surrendered for cancellation in accordance with Condition 7(e) (Cancellation); (d) those Bonds which have become void under Condition 9 (Prescription); (e) those mutilated or defaced Definitive Bonds which have been surrendered and cancelled and in respect of which replacements have been issued pursuant to Condition 13 (Replacement of Bonds and Coupons); (f) (for the purpose only of ascertaining the amount of Bonds outstanding and without prejudice to the status for any other purpose of the relevant Bonds) those Definitive Bonds which are alleged to have been lost, stolen or destroyed and in respect of which replacements have been issued pursuant to Condition 13 (Replacement of Bonds and Coupons); (g) the Temporary Global Bond to the extent that it shall have been exchanged for the Permanent Global Bond pursuant to the provisions contained therein and in Clause 3.3 (Exchange for Definitive Bonds), and (h) the Permanent Global Bond to the extent that it shall be exchanged for the Definitive Bonds pursuant to the provisions contained therein and in Clause 3.3 (Exchange for Definitive Bonds),

provided that for each of the following purposes, namely:

(a)the right to attend and vote at any meeting of the Bondholders;

(b)the determination of how many and which Bonds are for the time being outstanding for the purposes of the Conditions and Schedule 5 (Provisions for Meetings of Bondholders);

(c)any discretion, power or authority contained in this Trust Deed which the Trustee is required, expressly or impliedly, to exercise in or by reference to the interests of any of the Bondholders; and

(d)the determination by the Trustee whether any of the events specified in Condition 10 (Events of Default) is materially prejudicial to the interests of the Bondholders,

those Bonds which are for the time being held beneficially by or for the account of the Issuer or any Subsidiary of the Issuer, or Berkshire Hathaway Energy Company or any other Subsidiary of Berkshire Hathaway Energy Company shall (unless and until ceasing to be so held) be deemed not to remain outstanding;

"Paying Agency Agreement" means the Paying Agency Agreement dated 1 April 2022, as the same may be amended and/or supplemented from time to time, between the Issuer, the Trustee and the Principal Paying Agent and includes any other agreements approved in writing by the Trustee appointing Successor Paying Agents or altering any such agreements;

"Paying Agents" means the institutions (including the Principal Paying Agent) at their respective Specified Offices referred to in Condition 6 (Payments) and/or any Successor Paying Agents, in each case at their respective Specified Offices;

10227262891-v11 - 3 - 70-41032125

"Permanent Global Bond" means the permanent global Bond to be issued by the Issuer pursuant to Clause 3.1 (The Global Bonds) representing the Bonds, in or substantially in the form set out in Schedule 2 (Form of Permanent Global Bond);

"Person" means any person, firm, company or body corporate, corporation, government, state or agency of a state or any association or partnership (whether or not having separate legal personality) or two or more of the foregoing;

"Potential Event of Default" means an event or circumstance which would with the giving of notice and/or lapse of time and/or the issuing of a certificate become an Event of Default;

"principal" and "principal amount" in relation to any payment in respect of Bonds includes, where applicable, the Redemption Price referred to in Condition 7(b) (Redemption at the option of the Issuer);

"Principal Paying Agent" means HSBC Bank plc or any Successor Principal Paying Agent appointed under the Paying Agency Agreement;

"Specified Office" means, in relation to any Paying Agent, either the office identified with its name at the end of the Conditions or any other office approved by the Trustee and notified to the Bondholders pursuant to Clause 7.12 (Change in Agents);

"Subscription Agreement" means the subscription agreement dated 30 March 2022 between the Issuer, Barclays Bank PLC, HSBC Bank plc and RBC Europe Limited;

"Successor" means, in relation to the Paying Agents, such other or further person as may from time to time be appointed by the Issuer as a Paying Agent, with the written approval of, and on terms approved in writing by, the Trustee and notice of whose appointment is given to Bondholders pursuant to Clause 7.12 (Change in Agents);

"Temporary Global Bond" means the temporary global Bond to be issued by the Issuer pursuant to Clause 3.1 (The Global Bonds) representing the Bonds, in or substantially in the form set out in Schedule 1 (Form of Temporary Global Bond);

"this Trust Deed" means this Deed, the Schedules (as from time to time altered in accordance with this Deed), the Conditions, the Bonds and the Coupons and any other document executed in accordance with this Deed (as from time to time altered in accordance with its terms) and expressed to be supplemental to this Deed; and

"trust corporation" means a corporation entitled by rules made under the Public Trustee Act 1906 or entitled pursuant to any other legislation applicable to a trustee in any jurisdiction other than England to carry out the functions of a custodian trustee.

1.2Terms defined elsewhere

Unless otherwise defined herein, terms defined in the Conditions shall have the same meanings in this Trust Deed.

1.3Construction of Certain References

References to:

1.3.1costs, charges, remuneration or expenses shall include any value added tax, turnover tax or similar tax charged in respect thereof;

1.3.2"£", "pounds" and "Sterling" shall be construed as references to the lawful currency for the time being of the United Kingdom;

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1.3.3any action, remedy or method of judicial proceedings for the enforcement of rights of creditors shall include, in respect of any jurisdiction other than England, references to such action, remedy or method of judicial proceedings available or appropriate in such jurisdiction as shall most nearly approximate thereto;

1.3.4all references in this Trust Deed or the Conditions involving compliance by the Trustee with a test of reasonableness shall be deemed to include a reference to a requirement that such reasonableness shall be determined by reference primarily to the interests of the holders of the Bonds as a class and in the event of any conflict between such interests and the interests of any other person, the former shall prevail as being paramount;

1.3.5in this Trust Deed references to Coupons and Couponholders shall apply only if Definitive Bonds have been issued by the Issuer in accordance with Clause 3 (Form and Issue of the Bonds); and

1.3.6any provision of any statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment.

1.4Headings

Headings shall be ignored in construing this Trust Deed.

1.5Schedules

The Schedules are part of this Trust Deed and shall have effect accordingly.

2.AMOUNT OF THE BONDS AND COVENANT TO PAY

2.1Amount of the Bonds

The aggregate principal amount of the Bonds is limited to £350,000,000.

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2.2Covenant to pay

The Issuer covenants with the Trustee that it will in accordance with this Trust Deed on any date when the Bonds or any of them become due to be redeemed or any principal on the original Bonds or any of them becomes due to be repaid in accordance with the conditions unconditionally pay or procure to be paid to or to the order of the Trustee in London in Sterling in immediately available funds the principal amount of the Bonds or any of them becoming due for redemption or repayment on that date together with any applicable premium and will (subject to the Conditions) until such payment (both before and after judgment of a court of competent jurisdiction) unconditionally pay to or to the order of the Trustee as aforesaid interest on the principal amount of the Bonds outstanding as set out in the Conditions provided that (1) subject to sub-clause 2.4.2 of Clause 2.4 (Payment after a Default), every payment of any sum due in respect of the Bonds made to the Principal Paying Agent as provided in the Paying Agency Agreement shall, to such extent, satisfy such obligation except to the extent that there is failure in its subsequent payment (in the case of the Global Bonds) to or to the order of the bearer thereof in accordance with the provisions of the Temporary Global Bond or the Permanent Global Bond, as the case may be, or (in the case of the Definitive Bonds) to the relevant Bondholders or (as the case may be) Couponholders under the Conditions and (2) in the case of any payment made after the due date or pursuant to Condition 10 (Events of Default), payment will be deemed to have been made when the full amount due has been received by the Principal Paying Agent or the Trustee and notice to that effect has been given to the Bondholders (if required in accordance with Clause 7.9 (Notice of late payment)), except to the extent that there is failure in the subsequent payment to the relevant Bondholders or (as the case may be) Couponholders under the Conditions. The Trustee will hold the benefit of this covenant and the covenant in Clause 5 on trust for the original Bondholders and original Couponholders.

2.3Discharge

Subject to Clause 2.4 (Payment after a Default), any payment to be made in respect of the Bonds, the Coupons or this Trust Deed, as the case may be, by the Issuer or the Trustee may be made as provided herein, in the Conditions and the Paying Agency Agreement, and any payment so made will (subject to Clause 2.4 (Payment after a Default)) to such extent be a good discharge to the Issuer or the Trustee, as the case may be.

2.4Payment after a Default

At any time after an Event of Default or a Potential Event of Default has occurred the Trustee may:

2.4.1by notice in writing to the Issuer and the Paying Agents (or such of them as are specified by the Trustee), require the Paying Agents (or such of them as are specified by the Trustee):

(a)to act thereafter, until otherwise instructed by the Trustee, as agents of the Trustee under this Trust Deed and the Bonds on the terms of the Paying Agency Agreement (with consequential amendments as necessary and save that the Trustee's liability for the indemnification, remuneration and all other out-of-pocket expenses of any of the Paying Agents shall be limited to the amounts for the time being held by the Trustee on the trusts of this Trust Deed and available to the Trustee for such purpose) and thereafter to hold all Definitive Bonds and Coupons and all sums, documents and records held by them in respect of the Bonds and the Coupons to the order of the Trustee; and/or

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(b)to deliver all Definitive Bonds and Coupons and all sums, documents and records held by them in respect of the Bonds and Coupons (save for such documents and records which the Paying Agents are obliged not to release by virtue of any applicable law or regulation or by order of any court of competent jurisdiction) to the Trustee or as the Trustee directs in such notice; and

2.4.2by notice in writing to the Issuer require it to make all subsequent payments in respect of the Bonds and the Coupons to or to the order of the Trustee and not to the Principal Paying Agent.

2.5Further Issues

2.5.1The Issuer shall be at liberty from time to time (but subject always to the provisions of this Trust Deed) without the consent of the Bondholders or Couponholders to create and issue Further Bonds (whether in bearer or registered form) ranking pari passu in all respects (or in all respects save for the first payment of interest thereon), and so that the same shall be consolidated and form a single series, with the original Bonds and/or any Further Bonds of any series, provided that:

(a)the Trustee is satisfied (by means of a confirmation from S&P in the case of any rating by S&P and Fitch in the case of any rating by Fitch) that the rating granted in respect of the Bonds by S&P and Fitch will not thereby be adversely affected; and

(b)the Issuer shall not create and issue such Further Bonds while any default exists in relation to any payment by the Issuer of any amounts due under this Trust Deed.

2.5.2Any Further Bonds which are to be created and issued pursuant to the provisions of sub-clause 2.5.1 above shall be constituted by a deed supplemental to this Trust Deed in such form as the Trustee may approve. In such case the Issuer shall, prior to the issue of such Further Bonds, execute and deliver to the Trustee a deed supplemental to this Trust Deed (in relation to which all applicable stamp duties or other documentation fees, duties or taxes have been paid and, if applicable, duly stamped or denoted accordingly) and containing a covenant by the Issuer in the form mutatis mutandis of Clause 2.2 (Covenant to pay) in relation to the principal, premium (if any) and interest in respect of such Further Bonds and such other provisions (corresponding to the provisions contained in this Trust Deed) as the Trustee shall require.

2.5.3A memorandum of every such supplemental Trust Deed shall be endorsed by the Trustee on this Trust Deed and by the Issuer on its duplicate of this Trust Deed.

2.5.4Whenever it is proposed to create and issue any Further Bonds the Issuer shall give to the Trustee not less than 14 days' notice in writing of its intention so to do stating the amount of Further Bonds proposed to be created and issued.

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3.FORM AND ISSUE OF THE BONDS

3.1The Global Bonds

The Bonds will initially be represented by the Temporary Global Bond without Coupons in the principal amount at the date hereof of £350,000,000, when duly executed and authenticated, will be deposited by the Issuer with HSBC Bank plc (the "Common Depositary") as common depositary for Euroclear and Clearstream, Luxembourg on the date hereof on terms that the Common Depositary shall hold the Temporary Global Bond to or to the order of the Issuer against payment of the net proceeds of the issue of the Bonds in accordance with the Subscription Agreement, following which it shall hold the Temporary Global Bond for the account of the Bondholders. The Issuer shall also deposit on the date hereof the Permanent Global Bond without Coupons in the principal amount of up to £350,000,000 with the Common Depositary who shall hold the Permanent Global Bond pending exchange of the Temporary Global Bond (in whole or in part) therefore in accordance with their respective terms. Following exchange of the Temporary Global Bond in whole for the Permanent Global Bond in accordance with their respective terms the Bonds shall (subject as provided in Clause 3.3 (Exchange for Definitive Bonds) below) thereafter be represented by the Permanent Global Bond.

The procedures as regards the issue, exchange, execution, authentication, delivery, surrender, cancellation, presentation and endorsement of the Temporary Global Bond and the Permanent Global Bond (or part thereof) and any other matters to be carried out by the relevant parties upon such exchange (in whole or in part) shall be made in accordance with this Clause 3, their respective terms and the rules and procedures of Euroclear and Clearstream, Luxembourg for the time being.

3.2Signature and Authentication

The Global Bonds and the Definitive Bonds will be signed manually or in facsimile by a director of the Issuer. The Issuer may use the facsimile signature of any person who at the date of this Trust Deed is a director of the Issuer even if at the time of issue of any Bonds he/she no longer holds such office. The Issuer shall procure that, prior to the issue and delivery of each Global Bond, each Global Bond will be authenticated by an authorised signatory on behalf of the Principal Paying Agent and no Global Bond shall be valid for any purpose unless and until so authenticated. The Bonds so executed and, if applicable, so authenticated shall be binding and valid obligations of the Issuer. Until it (or part thereof) has been exchanged pursuant to Clauses 3.1 (The Global Bonds) or 3.3 (Exchange for Definitive Bonds) (but without prejudice to the escrow arrangements referred to in Clause 3.1 (The Global Bonds)), each Global Bond (or part thereof) shall in all respects be entitled to the same benefits as a Definitive Bond and each Global Bond shall be subject to the provisions hereof except that the bearer thereof shall be the only person entitled to receive payments of principal and interest as set out therein.

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3.3Exchange for Definitive Bonds

If while the Bonds are represented by one or more Global Bonds (i) either Euroclear or Clearstream, Luxembourg is closed for business for a continuous period of 14 days (other than by reason of holiday, statutory or otherwise) or announces an intention permanently to cease business or (ii) as a result of any change in, or amendment to, the laws or regulations of the United Kingdom or of any political sub-division of, or any authority in, the United Kingdom having power to tax or any change in the application or official interpretation of such laws or regulations which becomes effective on or after 30 March 2022, the Issuer or any Paying Agent is or will be required to make any withholding or deduction from any payment in respect of the Bonds which would not be required if the Bonds were in definitive form, then the Issuer shall, (subject as mentioned below), within 30 days of the occurrence of such relevant event but not prior to the expiry of a period of 40 days commencing on the date hereof, issue Definitive Bonds (with all unmatured Coupons attached) in exchange for the whole (or the remaining part(s) outstanding) of the Permanent Global Bond. If either of the events mentioned in (i) or (ii) occurs whilst the Bonds are represented by the Temporary Global Bond (or part thereof) the Temporary Global Bond (or that part) shall forthwith be exchanged for the Permanent Global Bond (or part thereof) in accordance with its terms and Clause 3.1 (The Global Bonds) above so that the Bonds are then represented solely by the Permanent Global Bond. All Definitive Bonds shall be printed, proofed, executed and delivered as aforesaid but shall be held by the Principal Paying Agent until a Bondholder requests the Issuer through the Principal Paying Agent that his interest in the Permanent Global Bond be exchanged for Definitive Bonds whereupon such Definitive Bonds shall be issued to such Bondholder as aforesaid without charge. The procedures to be carried out by the relevant parties upon such exchange shall be made in accordance with the provisions of the Permanent Global Bond and the rules and procedures of Euroclear and Clearstream, Luxembourg for the time being. The Permanent Global Bond shall be endorsed by or on behalf of the Principal Paying Agent in respect of those Definitive Bonds which are so delivered.

3.4The Definitive Bonds

The Definitive Bonds shall be serially numbered and issued in bearer form in the denominations of £100,000 and integral multiples of £1,000 in excess thereof up to and including £199,000 each with all unmatured Coupons attached. The Definitive Bonds and the Coupons will be security printed in accordance with all applicable stock exchange requirements in or substantially in the respective forms set out in Schedule 3 (Form of Definitive Bond) and the Definitive Bonds will be endorsed with the Conditions.

3.5Entitlement to treat holder as owner

The Issuer, the Trustee and any Paying Agent may deem and treat the holder of any Bond or Coupon (except as ordered by a court of competent jurisdiction or as otherwise required by law) as the absolute owner of such Bond or Coupon (as the case may be) for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust, or any interest in it, any writing on it, or its theft or loss) and no person will be liable for so treating the holder.

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4.STAMP DUTIES AND TAXES

4.1Stamp Duties

The Issuer will pay any stamp, issue, registration, documentary or other taxes and duties, including interest and penalties, payable in Belgium, Luxembourg and the United Kingdom in respect of the creation, issue and offering of the Bonds and the Coupons and the execution or delivery of this Trust Deed. The Issuer will also indemnify the Trustee, the Bondholders and the Couponholders from and against all stamp, issue, registration, documentary or other taxes paid by any of them in any jurisdiction in connection with any action properly taken by or on behalf of the Trustee or, as the case may be, (where entitled under Condition 12 (Enforcement) to do so) the Bondholders or the Couponholders to enforce the obligations of the Issuer under this Trust Deed, the Bonds or the Coupons.

4.2Change of taxing jurisdiction

If the Issuer becomes subject generally to the taxing jurisdiction of any territory or any authority of or in that territory having power to tax other than or in addition to the United Kingdom or any such authority of or in the United Kingdom then the Issuer will (unless the Trustee otherwise agrees) in a trust deed supplemental hereto give to the Trustee an undertaking in form and manner satisfactory to the Trustee in terms corresponding to the terms of Condition 8 (Taxation) with the substitution for, or (as the case may be) the addition to, the references in that Condition to the United Kingdom or any authority thereof or therein having power to tax of references to that other or additional territory or authority to whose taxing jurisdiction the Issuer has become so subject and in such event this Trust Deed, the Bonds and the Coupons will be read accordingly. In addition, such supplemental Trust Deed shall also modify Condition 7(c) (Redemption for tax reasons) by the substitution for, or (as the case may be) the addition to, the references in that Condition to the United Kingdom or any authority in or of the United Kingdom having power to tax, of references to that other territory or authority to whose taxing jurisdiction the Issuer has become so subject and in such event this Trust Deed, the Bonds and the Coupons will be read accordingly.

4.3The Issuer shall, within ten business days of a written request by the Trustee, supply to the Trustee such forms, documentation and other information relating to the Issuer, its operations, or the Bonds as the Trustee reasonably requests for the purposes of the Trustee's compliance with applicable law and shall notify the Trustee reasonably promptly in the event that the Issuer becomes aware that any of the forms, documentation or other information provided by the Issuer is (or becomes) inaccurate in any material respect; provided, however, that the Issuer shall not be required to provide any forms, documentation or other information pursuant to this Clause 5.3 to the extent that: (i) any such form, documentation or other information (or the information required to be provided on such form or documentation) is not reasonably available to the Issuer and cannot be obtained by the Issuer using reasonable efforts; or (ii) doing so would or might in the reasonable opinion of the Issuer constitute a breach of any: (a) applicable law; (b) fiduciary duty; or (c) duty of confidentiality.

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4.4Notwithstanding any other provision of this Trust Deed, the Trustee shall be entitled to make a deduction or withholding from any payment which it makes under the Bonds for or on account of any tax, if and only to the extent so required by applicable law, in which event the Trustee shall make such payment after such deduction or withholding has been made and shall account to the relevant authority within the time allowed for the amount so deducted or withheld or, at its option, shall reasonably promptly after making such payment return to the Issuer the amount so deducted or withheld, in which case, the Issuer shall so account to the relevant authority for such amount. The Trustee shall have no obligation to gross-up any payment hereunder or to pay any additional amount as a result of such withholding or deduction.

5.THE TRUST DEED AND THE BONDS

5.1Bonds incorporated by reference

The Issuer hereby covenants with the Trustee that it will perform and comply with those provisions of this Trust Deed and the Conditions which are expressed to be binding on it. Subject to Condition 12 (Enforcement), the Trustee shall be entitled to enforce the obligations of the Issuer under the Bonds and the Coupons in the manner therein provided as if the Bonds and the Coupon were incorporated in this Trust Deed, which shall be read and construed as one document with the Bonds. The provisions contained in Schedule 4 (Terms and Conditions of the Bonds) shall have effect in the same manner as if herein set forth.

5.2Bonds subject to Trust Deed

The Bonds shall be subject to the provisions of this Trust Deed, all of which shall be binding upon the Issuer, the Bondholders and the Couponholders and all persons claiming through or under them respectively.

5.3Evidence of Default

If the Trustee makes any claim, institutes any legal proceeding or lodges any proof in a winding up of the Issuer, proof that the Issuer has failed to pay any principal or interest due and payable in respect of any particular Bond or Coupon shall (unless the contrary is proved) be sufficient evidence that the Issuer has made the same default as regards all other Bonds or Coupons in respect of which a corresponding payment is due and payable.

6.APPLICATION OF MONEYS RECEIVED BY THE TRUSTEE

6.1Declaration of Trust

All moneys received by the Trustee in respect of the Bonds and all other amounts payable under this Trust Deed will be held by the Trustee upon trust to apply them (subject to Clause 6.2 (Accumulation)):

6.1.1firstly, in payment of all costs, charges, expenses and liabilities incurred by the Trustee in carrying out the preparation and execution of the trusts of this Trust Deed (including remuneration payable to the Trustee);

6.1.2secondly, in payment of any interest owing in respect of the Bonds pari passu and rateably;

6.1.3thirdly, in payment of any principal and premium (if any) owing in respect of the Bonds pari passu and rateably, and

6.1.4fourthly, in payment to the Issuer.

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Without prejudice to this Clause 6.1, if the Trustee holds any moneys which represent principal, premium or interest in respect of Bonds or Coupons which have become void under Condition 9 (Prescription), the Trustee will hold such moneys upon the above trusts provided that the Trustee shall be required to treat the payments of interest and/or principal and/or premium as having been satisfied and no amounts as outstanding or owing in respect thereof. The Trustee shall as soon as practicable apply such moneys as aforesaid and promptly thereafter return such moneys (or the balance thereof, as the case may be) to the Issuer.

6.2Accumulation

The Trustee may, at its discretion, accumulate such moneys until the accumulations, together with any other funds for the time being under the control of the Trustee and available for such purpose, amount to at least 10 per cent. of the principal amount of the Bonds then outstanding and then such accumulations and funds (after deduction of, or provision for, any applicable taxes) shall be applied under Clause 6 (Application of Moneys Received by the Trustee). For the avoidance of doubt, the Trustee shall, in no circumstances, have any discretion to invest any moneys referred to in this Clause 6.2 in any investments or other assets.

6.3Investment

Moneys held by the Trustee may, at its election, be placed on deposit into an account bearing a market rate of interest (and for the avoidance of doubt, the Trustee shall not be required to obtain best rates, be responsible for any loss occasioned by such deposit or exercise any other form of investment discretion with respect to such deposits) in the name or under the control of the Trustee at such bank or other financial institution and in such currency as the Trustee may think fit in light of the cash needs of the transaction and not for purposes of generating income. If such moneys are placed on deposit with a bank or financial institution which is a Subsidiary, holding company, affiliate or associated company of the Trustee, it need only account for an amount of interest equal to the standard amount of interest payable by it on a deposit to an independent customer.

7.COVENANTS BY THE ISSUER

The Issuer hereby covenants with the Trustee that so long as any Bond is outstanding, the Issuer will:

7.1Books of account

Keep proper books of account and, at any time after the occurrence of an Event of Default or a Potential Event of Default or if the Trustee has reasonable grounds to believe that any such event has occurred so far as permitted by applicable law, allow and procure that each of its Subsidiaries (if any) will allow the Trustee and anyone appointed by either of them access to the books of account of the Issuer and/or the relevant Subsidiary respectively at all reasonable times during normal business hours and to discuss the same with a responsible officer of the Issuer.

7.2Notice of Event of Default

Notify the Trustee in writing immediately upon becoming aware of the occurrence of any Event of Default or Potential Event of Default and without waiting for the Trustee to take any further action.

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7.3Information

So far as permitted by applicable law and regulations, give to the Trustee such information, opinions, certificates and/or evidence as it shall require and in such form as it shall require (including without limitation the procurement by the Issuer of all such certificates called for by the Trustee pursuant to Clause 9 (Provisions Supplemental to the Trustee Act 1925 and the Trustee Act 2000)) for the performance or the discharge or exercise of their respective duties, powers, trusts, authorities and discretions vested in it under this Trust Deed, the Bonds or the Paying Agency Agreement or by operation of law.

7.4Financial statements etc.

Send to the Trustee at the time of their publication and in the case of annual financial statements in any event not more than 180 days after the end of each financial year one copy (in the English language) of every balance sheet and income statement prepared (in either case) in accordance with IFRS applied on a consistent basis (unless otherwise stated in the notes thereto) and one copy of every other document issued or sent by the Issuer to the holders of its publicly held securities generally.

7.5Certificate of director

So long as any Bonds remain outstanding, send to the Trustee, within 14 days of its annual audited balance sheet and income statement being made available to its members, and also within 14 days after any request by the Trustee, a certificate of the Issuer, signed by two directors on behalf of the Issuer to the effect that, having made all reasonable enquiries, as at a date (the "Certification Date") being not more than five days before the date of the certificate no Event of Default or Potential Event of Default had occurred since the date of this Trust Deed or, if later, the Certification Date of the last such certificate (if any) and is continuing or, if such an event had occurred, giving details of it.

7.6Notices to Bondholders

Send, or procure to be sent, to the Trustee at least five business days before the date of publication, a copy of the form of each notice to the Bondholders to be published in accordance with Condition 14 (Notices) and upon publication two copies of each notice so published, (such notice to be in a form approved by the Trustee such approval not to be unreasonably withheld or delayed), but such approval shall not, unless so stated, constitute approval of such notice for the purposes of section 21 of the FSMA.

7.7Further assurance

So far as permitted by applicable law, at all times execute all such further documents and do all such further acts and things as may be necessary in the opinion of the Trustee to give effect to the obligations of the Issuer under this Trust Deed.

7.8Notice of non-payment

Use its best efforts to procure that the Principal Paying Agent notifies the Trustee forthwith in accordance with the Paying Agency Agreement in the event that it does not receive unconditionally the full amount in the relevant currency of the moneys payable on the date on which such amount is to be received by the Principal Paying Agent in accordance with the terms of the Paying Agency Agreement.

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7.9Notice of late payment

Give notice to the Bondholders of any unconditional payment to the Principal Paying Agent or the Trustee of any sum due in respect of the Bonds or Coupons made after the due date for such payment.

7.10Listing

Use all reasonable endeavours to maintain the admission of the Bonds to listing on the Official List of the FCA and to trading on the Main Market of the London Stock Exchange plc. If, however, it is unable to do so, having used such endeavours, or if the maintenance of such listing is agreed by the Trustee to be unduly onerous and the Trustee is satisfied that the interests of the Bondholders would not be thereby materially prejudiced, the Issuer will instead use all reasonable endeavours to obtain and maintain a listing or quotation of the Bonds on such other stock exchange (giving notice to the Bondholders of any such new listing), which shall be in any case a "recognised stock exchange" for the purposes of section 1005 of the UK Income Tax Act 2007, as it may (with the written approval of the Trustee) decide, and the Issuer shall also use all reasonable endeavours to procure that there will at all times be furnished to any stock exchange or listing authority on which the Bonds are for the time being listed such information as such stock exchange or listing authority may require to be furnished in accordance with its normal requirements or in accordance with any arrangements for the time being made with any such stock exchange or listing authority.

7.11Maintenance of Paying Agents

At all times maintain a principal paying agent.

7.12Change in Agents

Give not less than 14 days' prior notice to the Bondholders of any future appointment or any resignation or removal of any Paying Agent or of any change by any Paying Agent of its specified office and not make any such appointment or removal or change without the written approval of the Trustee.

7.13Early Redemption

Give prior notice to the Trustee (within the period set out in such Conditions as applicable) of any proposed redemption pursuant to Condition 7(b) (Redemption at the option of the Issuer) or 7(c) (Redemption for tax reasons) and redeem Bonds accordingly.

7.14Negative Pledge

Give notice to the Trustee as soon as practicable after the Issuer has formed the intention to create or permit to arise or subsist any Security Interest to secure any Relevant Indebtedness or any guarantee of or indemnity in respect of any Relevant Indebtedness or becomes aware of the existence of any such Security Interest, in each case where the creation or existence of which would oblige the Security Interest to be extended to the Bonds pursuant to Condition 4 (Negative Pledge).

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7.15Obligations under Paying Agency Agreement

Comply with and perform all its obligations under the Paying Agency Agreement and use all its best endeavours to procure that the Paying Agents comply with and perform all their respective obligations thereunder and any notice given by the Trustee pursuant to sub-clause 2.4.1 of Clause 2.4 (Payment after a Default) and notify the Trustee forthwith on being notified in writing by the relevant Paying Agent of any material breach of the Paying Agency Agreement by such Paying Agent and not make any amendment or modification to such Agreement without the prior written approval of the Trustee.

7.16List of authorised signatories

Upon the execution of this Trust Deed and thereafter upon any change of the same, deliver to the Trustee (with a copy to the Principal Paying Agent) a list of the Authorised Signatories of the Issuer, together with a certified specimen signature of each such Authorised Signatory.

7.17Payments

Pay moneys payable by it to the Trustee for the Trustee's own account hereunder without set off, counterclaim, deduction or withholding, unless otherwise compelled by law and in the event of any deduction or withholding compelled by law will pay such additional amount as will result in the payment to the Trustee of the amount which would otherwise have been payable by it to the Trustee hereunder.

7.18Directors' certificate

Give to the Trustee a certificate of two directors of the Issuer on which the Trustee may conclusively rely without further enquiry:

7.18.1specifying the aggregate amount of any Relevant Indebtedness of the Issuer or guaranteed by the Issuer or any of its Subsidiaries in respect of which a Security Interest or Security Interests has or have been created or is or are outstanding, such certificate to be provided before the Issuer or such Subsidiary creates or has outstanding any new Security Interest in respect of Relevant Indebtedness;

7.18.2specifying details of:

(a)any revocation or surrender or any modification to the terms and conditions of the Issuer's Electricity Distribution Licence which is requisite to the conduct of the Issuer's business at the relevant time; and

(b)any legislation enacted which removes, qualifies or amends (other than an amendment which is of a formal, minor or technical nature) the duties of the Secretary of State (or any successor) and/or OFGEM under the Electricity Act as in force on the Issue Date; and

7.18.3at the request of the Trustee confirming any of the matters set out in Condition 10 (Events of Default).

7.19Rating of the Bonds

Promptly notify the Trustee of any change in the then current rating of the Bonds.

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7.20Certificate of outstandings

In order to enable the Trustee to ascertain the amount of Bonds for the time being outstanding, deliver to the Trustee promptly upon being requested in writing by the Trustee, a certificate in writing signed by two directors of the Issuer on behalf of the Issuer setting out the total number and principal amount of Bonds which as at the date of such certificate have been purchased and not cancelled and are held by or on behalf of the Issuer or any Subsidiary of the Issuer, or Berkshire Hathaway Energy Company or any other Subsidiary of Berkshire Hathaway Energy Company.

8.REMUNERATION AND INDEMNIFICATION OF THE TRUSTEE

8.1Normal remuneration

So long as any Bond is outstanding the Issuer will pay to the Trustee by way of remuneration for its services as Trustee such sum as may from time to time be agreed between them. Such remuneration will accrue from day to day from the date of this Trust Deed and shall be payable on such dates as may from time to time be agreed between the Issuer and the Trustee. However, if any payment to a Bondholder or Couponholder of the moneys due in respect of any Bond or Coupon is improperly withheld or refused upon due presentation of such Bond or Coupon, such remuneration will again accrue as from the date of such presentation until payment to such Bondholder or Couponholder is duly made.

8.2Extra remuneration

At any time after the occurrence of an Event of Default or if the Trustee finds it expedient or necessary or is requested by the Issuer to undertake duties which the Trustee and the Issuer agree to be of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under this Trust Deed, the Issuer will pay such additional remuneration as may be agreed between them or, failing agreement as to any of the matters in this Clause 8.2 (or as to such sums referred to in Clause 8.1 (Normal remuneration)) as determined by a merchant or investment bank (acting as an expert) selected by the Trustee and approved by the Issuer or, failing such approval, nominated by the President for the time being of The Law Society of England and Wales, the expenses involved in such nomination and the fee of such merchant or investment bank being paid by the Issuer. The determination of such merchant or investment bank will be conclusive and binding on the Issuer, the Trustee, the Bondholders and the Couponholders, save in the case of manifest error.

8.3Expenses

The Issuer will also pay or discharge all fees, costs, charges, liabilities and expenses properly incurred by the Trustee or any receiver (including any VAT) in relation to the preparation and execution of, the exercise of its powers and the performance of its duties under, and in any other manner in relation to, this Trust Deed, the Paying Agency Agreement and the Bonds or the Coupons including but not limited to, legal and travelling expenses and any stamp, issue, registration, documentary or other taxes or duties paid or payable by the Trustee or any receiver in connection with any action taken or contemplated by or on behalf of the Trustee or any receiver in relation to this transaction for enforcing or resolving any doubt concerning, or for any other purpose in relation to, the Trust Deed or the Paying Agency Agreement, the Bonds or the Coupons.

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8.4Payment of expenses

All costs, charges, liabilities and expenses properly incurred and payments properly made by the Trustee in the lawful performance of its functions under this Trust Deed will be payable or reimbursable by the Issuer on demand by the Trustee and:

8.4.1in the case of payments made by the Trustee prior to such demand will carry interest from the date on which the demand is made at the rate of 2 per cent. per annum over the Trustee's cost of funds on the date on which such payments were made by the Trustee; and

8.4.2in all other cases will carry interest at such rate from 30 days after the date on which the demand is made or (where the demand specifies that payment is to be made on an earlier date) from such earlier date.

8.5Indemnity

Subject to the provisions of Clause 10 (Trustee Liable for Negligence), without prejudice to the right of indemnity given by law to trustees, the Issuer will indemnify the Trustee and every receiver, attorney, manager, agent or other person appointed by the Trustee hereunder and keep it or him indemnified in respect of all liabilities and expenses (including any VAT payable) to which it or he may become subject or which may be incurred by it or him in the negotiation and preparation of this Trust Deed and the Paying Agency Agreement and the Bonds or the Coupons and the execution or purported execution or exercise in relation to this transaction of any of its or his trusts, duties, rights, powers, authorities and discretions under this Trust Deed or the Paying Agency Agreement or the Bonds or the Coupons or its or his functions under any such appointment or in respect of any other matter or thing done or omitted in any way relating to this Trust Deed or the Paying Agency Agreement or the Bonds or the Coupons or any such appointment (including, but not limited to, all liabilities, costs, charges and expenses paid or incurred in disputing or defending any of the foregoing).

8.6Provisions continuing

The provisions of Clauses 8.3 (Expenses), 8.4 (Payment of Expenses) and 8.5 (Indemnity) will continue in full force and effect in relation to the Trustee even if it may have ceased to be Trustee.

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9.PROVISIONS SUPPLEMENTAL TO THE TRUSTEE ACT 1925 AND THE TRUSTEE ACT 2000

By way of supplement to the Trustee Act 1925 and the Trustee Act 2000 it is expressly declared as follows:

9.1Advice

The Trustee may act on the opinion or advice of or report or information obtained from, any lawyer, valuer, accountant (including the Auditors), surveyor, banker, broker, auctioneer or other expert (whether obtained by the Issuer, the Trustee, the Principal Paying Agent, or any other person whatsoever, whether or not addressed to the Trustee, and whether or not the advice, opinion, report or information, or any engagement letter or other related document, contains a monetary or other limit on liability or limits the scope and/or basis of such advice, opinion, report or information) and which opinion, report, information or advice may be provided on such terms (including as to limitations on liability) as the Trustee may consider in its sole discretion to be consistent with prevailing market practice with regard to advice or opinions of that nature and will not be responsible to anyone for any loss occasioned by so acting. Any such opinion, advice or information may be sent or obtained by letter, telex or facsimile transmission and the Trustee will not be liable to anyone for acting in good faith on any opinion, advice or information purporting to be conveyed by such means even if it contains some error or is not authentic.

9.2Certificates and reports by valuers, Auditors and other experts

The Trustee shall be entitled to rely on any certificate, valuation or report given by the valuers, accountants, financial advisors, the Auditors or other experts approved by the Trustee under any provision of these presents whether or not such certificate, valuation or report is addressed to the Trustee and, if the Trustee does so rely, such certificate, valuation or report shall, save only for manifest error, be conclusive and binding for all the purposes of these presents as between the Trustee, the Bondholders and the Couponholders. The Issuer hereby covenants with the Trustee that it shall use reasonable endeavours to obtain all such certificates, valuations and reports by the valuers, accountants, financial advisors, the Auditors or other experts as the Trustee may reasonably request for the purposes of these presents. The Trustee shall be at liberty to accept any such certificate, report or confirmation notwithstanding that it, or the terms on which it was provided, may contain a limitation on the liability of the valuers or of the Auditors (whether in time, quantum or otherwise) and the Trustee shall not incur any liability to any Bondholders or Couponholders or any other person in connection with the acceptance by it of any such certificate, report or confirmation.

9.3Trustee to assume due performance

The Trustee need not notify anyone of the execution of this Trust Deed or any related documents or do anything to ascertain whether any Event of Default, Potential Event of Default, Restructuring Event, Negative Rating Event, Rating Downgrade or any event which could lead to the occurrence of or could constitute an Event of Default, a Potential Event of Default, a Restructuring Event, a Negative Rating Event or a Rating Downgrade has occurred and, until it has actual knowledge or express notice pursuant to this Trust Deed to the contrary, the Trustee may assume that no such event has occurred and that the Issuer is performing all of its obligations under this Trust Deed, the Bonds and the Coupons.

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9.4Resolutions of Bondholders

The Trustee will not be responsible for having acted in good faith upon a resolution purporting to be a written resolution or to have been passed at a meeting of Bondholders in respect of which minutes have been made and signed even though it may later be found that there was a defect in the constitution of such meeting or the passing of such resolution or that such resolution was not valid or binding upon the Bondholders or the Couponholders.

9.5Reliance on certification of clearing system

The Trustee may call for any certificate or other document issued by Euroclear, Clearstream, Luxembourg or any other relevant clearing system to the effect that at any particular time or throughout any particular period any particular person is, was or will be shown in the relevant clearing systems records as having a particular principal or nominal amount of Bonds credited to his securities account. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for all purposes. Any such certificate or other document may comprise any form of statement or print out of electronic records provided by the relevant clearing system (including Euroclear's EUCLID or Clearstream, Luxembourg's Cedcom system) in accordance with its usual procedures and in which the holder of a particular principal or nominal amount of the Bonds is clearly identified together with the amount of such holding. The Trustee shall not be liable to any person by reason of having accepted as valid or not having rejected any certificate or other document to such effect purporting to be issued by Euroclear or Clearstream, Luxembourg or any other relevant clearing system and subsequently found to be forged or not authentic.

9.6Certificate signed by a director or Authorised Signatory

If the Trustee, in the exercise of its functions, requires to be satisfied or to have information as to any fact or the expediency of any act, it may call for and may accept as sufficient evidence of any fact or matter or of the expediency of any act a certificate by any two directors or Authorised Signatories of the Issuer and the Trustee need not call for further evidence and will not be responsible for any loss that may be occasioned by acting on any such certificate.

9.7Custodians and nominees

The Trustee may appoint and pay any person to act as a custodian or nominee on any terms in relation to such assets of the trust as the Trustee may determine, including for the purpose of depositing with a custodian this Trust Deed or any document relating to the trust created hereunder and the Trustee shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it hereunder or be bound to supervise the proceedings or acts of any such person; the Trustee is not obliged to appoint a custodian if the Trustee invests in securities payable to bearer.

9.8Agents

Whenever it considers it expedient in the interests of the Bondholders, the Trustee may, in the conduct of its trust business, instead of acting personally, employ and pay an agent selected by it, whether or not a lawyer or other professional person, to transact or conduct, or concur in transacting or conducting, any business and to do or concur in doing all acts required to be done by the Trustee (including the receipt and payment of money). Provided that it has exercised reasonable care in the selection of such agent the Trustee will not be responsible to anyone for any misconduct or omission on the part of any such agent so employed by it. In any case the Trustee shall not be bound to supervise the proceedings or acts of any such agent.

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9.9Delegation

Whenever it considers it expedient in the interests of the Bondholders, the Trustee may delegate to any person and on any terms (including power to sub-delegate) all or any of its functions. The Trustee will not be under any obligation to supervise such delegate and if the Trustee exercises reasonable care in the selection of such delegate it will not be responsible for any loss, liability, cost, claim, action, demand or expense incurred by reason of any misconduct or default by any such delegate or sub-delegate.

9.10No obligation to monitor

The Trustee shall be under no obligation to monitor or supervise the functions of any other person under the Bonds or Coupons or any other agreement or document relating to the transactions herein or therein contemplated and shall be entitled, in the absence of actual knowledge of a breach of obligation, to assume that each such person is properly performing and complying with its obligations.

9.11Bonds held by the Issuer

In the absence of knowledge or express notice to the contrary, the Trustee may assume without enquiry (other than requesting a certificate of the Issuer under Clause 7.20 (Certificate of outstandings)), that no Bonds are for the time being held by or for the benefit of the Issuer or any Subsidiary of the Issuer, or Berkshire Hathaway Energy Company or any other Subsidiary of Berkshire Hathaway Energy Company.

9.12Forged Bonds

The Trustee will not be liable to the Issuer or any Bondholder or Couponholder by reason of having accepted as valid or not having rejected any Bond or Coupon purporting to be such and later found to be forged or not authentic.

9.13Confidentiality

Unless ordered to do so by a court of competent jurisdiction the Trustee shall not be required to disclose to any Bondholder or Couponholder any confidential financial or other information made available to the Trustee by the Issuer or any of its Subsidiaries.

9.14Determinations conclusive

As between itself and the Bondholders and Couponholders the Trustee may determine all questions and doubts arising in relation to any of the provisions of this Trust Deed. Every such determination, whether made upon such a question actually raised or implied in the acts or proceedings of the Trustee, will be conclusive and shall bind the Trustee, the Bondholders and the Couponholders.

9.15Currency conversion

Where it is necessary or desirable to convert any sum from one currency to another, it will (unless otherwise provided hereby or required by law) be converted at such rate or rates, in accordance with such method and as at such date as may be specified by the Trustee but having regard to current rates of exchange, if available. Any rate, method and date so specified will be binding on the Issuer, the Bondholders and the Couponholders. This Clause 9.15 applies both to actual conversions and to notional conversions made for the purposes of establishing the equivalent of a sum in one currency in another currency.

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9.16Events of Default

The Trustee may determine whether or not a default in the performance or observance by the Issuer of any of its obligations under this Trust Deed or contained in the Bonds or Coupons is in its opinion capable of remedy and/or whether or not any event is in its opinion materially prejudicial to the interests of the Bondholders. Any such determination will be conclusive and binding upon the Issuer, the Bondholders and the Couponholders.

9.17Right to deduct or withhold

Notwithstanding anything contained in this Trust Deed, to the extent required by any applicable law, if the Trustee is or will be required to make any deduction or withholding from any distribution or payment made by it hereunder or if the Trustee is or will be otherwise charged to, or is or may become liable to, tax as a consequence of performing its duties hereunder whether as principal, agent or otherwise, and whether by reason of any assessment, prospective assessment or other imposition of liability to taxation of whatsoever nature and whensoever made upon the Trustee, and whether in connection with or arising from any sums received or distributed by it or to which it may be entitled under this Trust Deed (other than in connection with its remuneration as provided for herein) or any investments or deposits from time to time representing the same, including any income or gains arising therefrom or any action of the Trustee in connection with the trusts of this Trust Deed (other than the remuneration herein specified) or otherwise, then the Trustee shall be entitled to make such deduction or withholding or, as the case may be, to retain out of sums received by it an amount sufficient to discharge any liability to tax which relates to sums so received or distributed or to discharge any such other liability of the Trustee to tax from the funds held by the Trustee upon the trusts of this Trust Deed.

9.18Payment for and delivery of Bonds

The Trustee will not be responsible for the receipt or application by the Issuer of the proceeds of the issue of the Bonds, the exchange of the Temporary Global Bond for the Permanent Global Bond or of the Permanent Global Bond for any Definitive Bonds or the delivery of Definitive Bonds to the persons entitled to them.

9.19Responsibility

The Trustee assumes no responsibility for the correctness of Recital (A) to this Trust Deed which shall be taken as a statement by the Issuer, nor shall the Trustee by the execution of these presents be deemed to make any representation as to the validity, sufficiency or enforceability of this Trust Deed or any part thereof and makes no representation with respect thereto.

9.20Trustee's discretion

Save as expressly otherwise provided in this Trust Deed (including the Conditions), the Trustee shall have absolute and uncontrolled discretion as to the exercise or non-exercise of its trusts, powers, authorities and discretions under these presents (the exercise or non-exercise of which as between the Trustee, the Bondholders and the Couponholders shall be conclusive and binding on the Bondholders and Couponholders) and, subject to Clause 10 (Trustee Liable for Negligence), shall not be responsible for any loss, liability, cost, claim, action, demand, expense or inconvenience which may result from their exercise or non-exercise.

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9.21Consents

Save as expressly otherwise provided in this Trust Deed (including the Conditions), any consent or approval given by the Trustee for the purposes of this Trust Deed may be given on such terms and subject to such conditions (if any) as the Trustee thinks fit and notwithstanding anything to the contrary in this Trust Deed may be given retrospectively.

9.22Error of judgement

The Trustee shall not be liable for any error of judgement made in good faith by any officer or employee of the Trustee assigned by the Trustee to administer its corporate trust matters.

9.23Professional charges

Any trustee of this Trust Deed being a lawyer, accountant, broker or other person engaged in any professional or business shall be entitled to charge and be paid all usual professional and other charges for business transacted and acts done by him or his firm in connection with the trusts of this Trust Deed and also his reasonable charges in addition to disbursements for all other work and business done and all time spent by him or his firm in connection with matters arising in connection with this Trust Deed.

9.24Bondholders as a class

In connection with the exercise of its trusts, powers or discretions (including but not limited to those in relation to any proposed modification, waiver, authorisation, or substitution) the Trustee shall have regard to the general interests of the Bondholders as a class and, in particular, but without limitation, shall not have regard to the consequences of such exercise for individual Bondholders and Couponholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory and the Trustee shall not be entitled to require, nor shall any Bondholder or Couponholder be entitled to claim, from the Issuer or the Trustee any indemnification or payment in respect of any tax consequences of any such exercise upon individual Bondholders or Couponholders except to the extent provided for in Condition 8 (Taxation) and/or any undertaking given in addition to, or in substitution for, Condition 8 (Taxation) pursuant to this Trust Deed.

9.25Ratings

The Trustee shall have no responsibility for the maintenance of any rating of the Bonds by any rating agency or any other person.

9.26Validity of documents

The Trustee shall not be responsible for, or for investigating any matter which is the subject of, any recital, statement, representation, warranty or covenant of any person contained in this Trust Deed, the Bonds, or any other agreement or document relating to the transactions herein or therein contemplated or for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity enforceability or admissibility in evidence of this Trust Deed or any other document relating or expressed to be supplemental thereto and shall not be liable for any failure to obtain any licence, consent or other authority for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of this Trust Deed or any other document relating to or expressed to be supplemental thereto.

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9.27Listing Rules

Nothing in this Trust Deed shall require the Trustee to assume an obligation of the Issuer arising under any provisions of the listing, prospectus, disclosure or transparency rules (or equivalent rules of any other competent authority besides the FCA).

9.28FSMA

9.28.1Notwithstanding anything in the Trust Deed or the Paying Agency Agreement or the Bonds to the contrary, the Trustee shall not do, or be authorised or required to do, anything which might constitute a regulated activity for the purpose of FSMA, unless it is authorised under FSMA to do so.

9.28.2The Trustee shall have the discretion at any time:

(a)to delegate any of the functions which fall to be performed by an authorised person under FSMA to any other agent or person which also has the necessary authorisations and licences; and

(b)to apply for authorisation under FSMA and perform any or all such functions itself if, in its absolute discretion, it considers it necessary, desirable or appropriate to do so.

9.29Disapplication

9.29.1Section 1 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by this Trust Deed. Where there are any inconsistencies between the Trustee Acts and the provisions of this Trust Deed, the provisions of this Trust Deed shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000, the provisions of this Trust Deed shall constitute a restriction or exclusion for the purposes of that Act.

9.29.2Nothing contained in the Trust Deed or the Paying Agency Agreement or the Bonds shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties or the exercise of any right, power, authority or discretion hereunder if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

9.29.3Notwithstanding anything else contained in the Trust Deed or the Paying Agency Agreement or the Bonds, the Trustee may refrain from (a) doing anything which would or might in its opinion be illegal or contrary to any law of any jurisdiction or any directive or regulation of any agency of any state (including, without limitation, Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act), or which would or might otherwise render it liable to any person and may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation or (b) doing anything which may cause the Trustee to be considered a sponsor of a covered fund under Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any regulations promulgated thereunder.

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9.29.4In relation to any discretion to be exercised or action to be taken by the Trustee under the Trust Deed or the Paying Agency Agreement or the Bonds, the Trustee may, at its discretion and without further notice or shall, if it has been so directed by an Extraordinary Resolution of the Bondholders then outstanding or so requested in writing by the holders of at least 25 per cent. in principal amount of such Bonds, exercise such discretion or take such action, provided that, in either case, the Trustee shall not be obliged to exercise such discretion or take such action unless it shall have been indemnified, secured and/or prefunded to its satisfaction against all liabilities and provided that the Trustee shall not be held liable to the Bondholders for the consequences of exercising its discretion or taking any such action and may do so without having regard to the effect of such action on individual Bondholders or Couponholders.

10.TRUSTEE LIABLE FOR NEGLIGENCE

Subject to Sections 750 and 751 of the Companies Act 2006 (if applicable) and notwithstanding anything to the contrary in this Trust Deed, the Bonds or the Paying Agency Agreement:

10.1.1the Trustee shall not be liable to any person for any matter or thing done or omitted in any way in connection with or in relation to this Trust Deed, the Bonds or the Paying Agency Agreement save in relation to its own gross negligence, wilful default, or fraud; and

10.1.2nothing in this Trust Deed, the Bonds or the Paying Agency Agreement shall relieve the Trustee of any liability which would otherwise attach to it in respect of its own gross negligence, wilful default, or fraud,

in each case having regard to the provisions of this Trust Deed, the Bonds and the Paying Agency Agreement conferring on it any trusts, powers, authorities or discretions.

11.CONSEQUENTIAL LOSS

Any liability of the trustee arising out of the Trust Deed, the Bonds, the Coupons and the Paying Agency Agreement shall be limited to the amount of actual loss suffered (such loss shall be determined as at the date of default of the Trustee or, if later, the day on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Trustee at the time of entering into the Trust Deed, the Bonds, the Coupons and the Paying Agency Agreement, or at the time of accepting any relevant instructions, which increases the amount of the loss. In no event shall the Trustee be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive or consequential damages, whether or not the Trustee has been advised of the possibility of such loss or damages.

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12.WAIVER

12.1Waiver

The Trustee may, other than in respect of Reserved Matters (as specified and defined in Schedule 5 (Provisions for Meetings of Bondholders)), without the consent of the Bondholders or Couponholders and without prejudice to its rights in respect of any subsequent breach, from time to time and at any time, if in its opinion the interests of the Bondholders will not be materially prejudiced thereby, waive or authorise, on such terms and conditions as seems expedient to it, any breach or proposed breach by the Issuer of any of the provisions of this Trust Deed or the Conditions or determine that any event, condition or act which would otherwise be an Event of Default or Potential Event of Default or Restructuring Event shall not be treated as such provided that it will not do so in contravention of any express direction given by any Extraordinary Resolution or a written request made pursuant to Condition 10 (Events of Default) but no such direction or request will affect any previous waiver, authorisation or determination. Any such waiver, authorisation or determination will be binding on the Bondholders and the Couponholders and, if the Trustee so requires, will be notified to the Bondholders as soon as practicable.

12.2Enforcement proceedings

At any time after amounts in respect of principal of and interest on the Bonds shall have become due and payable but are unpaid, the Trustee may, at its discretion, and without further notice but subject as mentioned below, take such proceedings against, the Issuer as it may think fit to enforce the provisions of this Trust Deed in accordance with the terms hereof.

The Trustee shall only be bound to take proceedings pursuant to this Clause 12.2 if (i) it has been indemnified and/or prefunded and/or secured to its satisfaction against all liabilities, proceedings, claims and demands to which it may thereby become liable and all costs, charges and expenses which may be incurred by it in connection therewith and provided that the Trustee shall not be held liable for the consequence of taking any such action on individual Bondholders or Couponholders and (ii) it has been so requested in writing by the holders of not less than 25 per cent. of the principal amount outstanding of the Bonds or has been so directed by an Extraordinary Resolution.

12.3No action by Bondholders or Couponholders

Only the Trustee may pursue the remedies available under general law or under this Trust Deed to enforce the rights of the Bondholders or Couponholders and no such holder will be entitled to proceed against the Issuer unless the Trustee, having become bound to act in accordance with the terms of this Trust Deed, fails to do so within a reasonable amount of time and such failure is continuing.

13.TRUSTEE NOT PRECLUDED FROM ENTERING INTO CONTRACTS

No person, whether acting for itself or in any other capacity, will be precluded from becoming the owner of, or acquiring any interest in, holding or disposing of any Bond or Coupon or any shares or securities of the Issuer or any of its subsidiaries, holding or associated companies with the same rights as it would have had if the Trustee were not Trustee or from entering into or being interested in any contracts or transactions with the Issuer or its Subsidiary, holding or associated companies or from acting on, or as depositary or agent for, any committee or body of holders of any securities of the Issuer or its Subsidiary, holding or associated companies and will not be liable to account for any profit.

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14.MODIFICATION AND SUBSTITUTION

14.1Modification

The Trustee may, without the consent of the Bondholders or Couponholders, agree (i) to any modification to the provisions of this Trust Deed or the Conditions which is of a formal, minor or technical nature or is made to correct a manifest error or (ii) other than in respect of Reserved Matters (as specified and defined in Schedule 5 (Provisions for Meetings of Bondholders)) to any modification to the provisions of this Trust Deed or the Conditions which is in its opinion not materially prejudicial to the interests of the Bondholders provided that it will not do so in contravention of any express direction given by any Extraordinary Resolution or a written request made pursuant to Condition 10 (Events of Default) but no such direction or request will affect any previous waiver, authorisation or determination. Any such modification shall be binding on the Bondholders and the Couponholders and, unless the Trustee agrees otherwise, the Issuer shall cause such modification to be notified to the Bondholders as soon as practicable thereafter in accordance with the Conditions.

14.2Substitution

14.2.1The Trustee may, without the consent of the Bondholders or Couponholders, agree with the Issuer to the substitution of any wholly-owned Subsidiary of the Issuer (the "Substituted Obligor") in place of the Issuer (or of any previous substitute under this sub-clause 14.2.1) as the principal debtor under this Trust Deed, the Bonds and the Coupons provided that, in the opinion of the Trustee, the interests of the Bondholders will not be materially prejudiced thereby and also provided that:

(a)a trust deed is executed or some other form of undertaking is given by the Substituted Obligor to the Trustee, in form and manner satisfactory to the Trustee, agreeing to be bound by the terms of this Trust Deed, the Bonds and the Coupons with any consequential amendments which the Trustee may deem appropriate as fully as if the Substituted Obligor had been named in this Trust Deed and on the Bonds and Coupons as the principal debtor in place of the Issuer (or any previous substitute under this Clause);

(b)the Issuer and the Substituted Obligor execute such other deeds, documents and instruments (if any) as the Trustee may require in order that the substitution is fully effective in relation to the obligations of the Substituted Obligor and comply with such other requirements as the Trustee may direct in the interests of the Bondholders;

(c)the Trustee is satisfied that (i) the Substituted Obligor has obtained all governmental and regulatory approvals and consents necessary for its assumption of liability as principal debtor in respect of the Bonds and the Coupons in place of the Issuer (or such previous substitute as aforesaid) and (ii) such approvals and consents are at the time of substitution in full force and effect;

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(d)where the Substituted Obligor is subject generally to the taxing jurisdiction of any territory or any authority of or in that territory having power to tax (the "Substituted Territory") other than the territory to the taxing jurisdiction of which (or to any such authority of or in which) the Issuer is subject generally (the "Issuer's Territory") the Substituted Obligor will (unless the Trustee otherwise agrees) give to the Trustee an undertaking in form and manner satisfactory to the Trustee in terms corresponding to the terms of Condition 8 (Taxation) with the substitution for the references in that Condition to the Issuer's Territory of references to the Substituted Territory and Condition 7(c) (Redemption for tax reasons) shall be modified accordingly; and in such event the Trust Deed, the Bonds and the Coupons will be read accordingly;

(e)if any two of the directors of the Substituted Obligor certify that it will be solvent immediately after such substitution, the Trustee need not have regard to the financial condition, profits or prospects of the Substituted Obligor or compare them with those of the Issuer; and

(f)(unless the Issuer's successor in business is the Substituted Obligor) the obligations of the Substituted Obligor under this Trust Deed, the Bonds and the Coupons are unconditionally and irrevocably guaranteed by the Issuer in form and manner satisfactory to the Trustee.

14.2.2Release of Substituted Issuer: Any such agreement by the Trustee pursuant to this Clause 14.2 will, if so expressed, operate to release the Issuer (or any such previous substitute) from any or all of its obligations under this Trust Deed, the Bonds and the Coupons. Not later than 14 days after the execution of any such documents and after compliance with such requirements, notice of the substitution will be given to the Bondholders.

14.2.3Completion of Substitution: Upon the execution of such documents and compliance with such requirements, the Substituted Obligor will be deemed to be named in this Trust Deed and on the Bonds and Coupons as the principal debtor in place of the Issuer (or of any previous substitute under this Clause 14.2) and this Trust Deed, the Bonds, the Coupons and the Paying Agency Agreement will be deemed to be modified in such manner as shall be necessary to give effect to the substitution and without prejudice to the generality of the foregoing any references in this Trust Deed, the Bonds, the Coupons or the Paying Agency Agreement to the Issuer shall be deemed to be references to the Substituted Obligor.

15.APPOINTMENT, RETIREMENT AND REMOVAL OF THE TRUSTEE

15.1Appointment

The Issuer will have the power of appointing new trustees but no person will be so appointed unless previously approved by an Extraordinary Resolution. A trust corporation may be appointed sole trustee hereof but subject thereto there shall be at least two trustees hereof one at least of which shall be a trust corporation. Any appointment of a new Trustee will be notified by the Issuer to the Bondholders as soon as practicable. The Bondholders shall together have the power exercisable by an Extraordinary Resolution, to remove any trustee or trustees for the time being hereof. The removal of any trustee shall not become effective unless there remains a trustee hereof (being a trust corporation) in office after such removal.

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15.2Retirement and removal

Any Trustee for the time being of this Trust Deed may retire at any time giving not less than three calendar months' notice in writing to the Issuer without assigning any reason therefor and without being responsible for any costs occasioned by such retirement. The Trustee may not resign its appointment unless there remains a trustee hereof (being a trust corporation) in office after such retirement. If a sole trustee or sole trust corporation gives notice of retirement or an Extraordinary Resolution is passed for its removal under this Clause 15.2, the Issuer will use its best endeavours to procure that another trust corporation be appointed as Trustee provided that if, having given notice in writing to the Issuer of its intention to resign its appointment, a successor is not appointed within 30 days before the expiry of such notice then, in that case, the Trustee shall be entitled to procure forthwith a new Trustee. The Bondholders may by Extraordinary Resolution remove any Trustee provided that the retirement or removal of any sole trustee or sole trust corporation will not become effective until a trust corporation is appointed as successor Trustee.

15.3Co-Trustees

The Trustee may, despite Clause 15.1 (Appointment), by notice in writing to the Issuer but without the consent of the Issuer or the Bondholders appoint anyone to act as a separate trustee or as a co-trustee in either case jointly with the Trustee:

15.3.1if the Trustee considers such appointment to be in the interests of the Bondholders and/or the Couponholders;

15.3.2for the purpose of conforming with any legal requirement, restriction or condition in any jurisdiction in which any particular act is to be performed; or

15.3.3for the purpose of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction against the Issuer of either a judgment already obtained or any of the provisions of this Trust Deed.

Subject to the provisions of this Trust Deed the Trustee may confer on any person so appointed such functions as it thinks fit. The Trustee may by notice in writing to the Issuer and such person remove any person so appointed. At the request of the Trustee, the Issuer, as applicable, will forthwith do all things as may be required to perfect such appointment or removal and it irrevocably appoints the Trustee to be its attorney in its name and on its behalf to do so. Such proper remuneration as the Trustee may pay to such separate trustee or co-trustee, together with any attributable costs, charges and expenses incurred by it in performing its function as a separate trustee or co-trustee, shall for the purposes of this Trust Deed be treated as costs and expenses incurred by the Trustee.

15.4Competence of a majority of Trustees

If there are more than two Trustees the majority of such Trustees will (provided such majority includes a trust corporation) be competent to carry out all or any of the Trustee's functions.

15.5Powers additional

The powers conferred by this Trust Deed upon the Trustee shall be in addition to any powers which may from time to time be vested in it by general law or as the holder of any of the Bonds or Coupons.

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16.COUPONS

16.1Notices

Neither the Trustee nor the Issuer need give any notice to the Couponholders and the Couponholders will be deemed to have notice of the contents of any notice given to the Bondholders in accordance with the Conditions.

16.2Bondholders assumed to hold Coupons

Even if it has express notice to the contrary, whenever the Trustee is required to exercise any of its functions by reference to the interests of the Bondholders, the Trustee will assume that each Bondholder is the holder of all Coupons appertaining to each Bond of which he is the bearer. The holders of Coupons shall be bound by and subject to the terms of this Trust Deed to the same extent as if they were Bondholders; provided that no holder of a Coupon shall have any right of action by virtue of this Trust Deed or its holding of such Coupon.

17.CURRENCY INDEMNITY

17.1Currency of account and payment

Sterling (the "Contractual Currency") is the sole currency of account and payment for all sums payable by the Issuer under or in connection with this Trust Deed, the Bonds and the Coupons, including damages.

17.2Extent of discharge

Any amount received or recovered in a currency other than the Contractual Currency (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer or otherwise), by the Trustee any Bondholder or Couponholder in respect of any sum expressed to be due to it from the Issuer will only constitute a discharge to the Issuer to the extent of the Contractual Currency amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so).

17.3Indemnities

If that Contractual Currency amount is less than the Contractual Currency amount expressed to be due to the recipient under this Trust Deed, the Bonds or the Coupons, the Issuer will indemnify it against any loss sustained by it as a result. In any event, the Issuer will indemnify the recipient against the cost of making any such purchases.

17.4Indemnities separate

These indemnities constitute a separate and independent obligation from the other obligations in this Trust Deed, will give rise to a separate and independent cause of action, will apply irrespective of any indulgence granted by the Trustee and/or any Bondholder or Couponholder and will continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due under this Trust Deed, the Bonds and/or the Coupons or any judgment or order. No proof of evidence of any actual loss may be required.

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17.5Merger

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Trust Deed, without the execution or filing of any paper or any further act on the part of any of the parties hereto.

18.COMMUNICATIONS

Any notices and communications hereunder shall be made in writing (by letter, fax or email) and shall be sent as follows:

18.1.1in the case of the Issuer, to it at:

Lloyds Court

78 Grey Street

Newcastle-upon-Tyne NE1 6AF

Fax no:    + 44 191 223 5165

Attention:    Finance Director

18.1.2in the case of the Trustee, to it at:

Level 18

Issuer Services

8 Canada Square

Canary Wharf

London E14 5HQ

United Kingdom

Email:         ctla.trustee.admin@hsbc.com

Attention:     Issuer Services Trustee Administration

or, in any case, to such other address or fax number or for the attention of such other person or department as the addressee has by prior notice to the sender specified for the purpose.

Every notice or communication sent in accordance with this Clause 18 shall be effective, if sent by letter or fax, upon receipt by the addressee; provided, however, that any such notice or communication which would otherwise take effect after 4.00 p.m. on any particular day, or on a non-business day in the place of the addressee, shall not take effect until 10.00 a.m. on the immediately succeeding business day in the place of the addressee.

19.GOVERNING LAW

This Trust Deed, and any issues or disputes arising out of or in connection with it (whether such disputes are contractual or non-contractual in nature) should be governed by and construed in accordance with English law.

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20.JURISDICTION

20.1English courts

The courts of England have exclusive jurisdiction to settle any dispute (a "Dispute"), arising from or connected with this Trust Deed or the Bonds (including a dispute relating to non-contractual obligations arising from or in connection with this Trust Deed or the Bonds, or a dispute regarding the existence, validity or termination of this Trust Deed or the Bonds) or the consequences of their nullity.

20.2Appropriate forum

The parties agree that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that they will not argue to the contrary.

20.3Rights of the Trustee and Bondholders to take proceedings outside England

Clause 20.1 (English courts) is for the benefit of the Trustee and the Bondholders only. As a result, nothing in this Clause 20 prevents the Trustee or, without prejudice to Clause 12.3, any of the Bondholders from taking proceedings relating to a Dispute ("Proceedings") in any other courts with jurisdiction. To the extent allowed by law, the Trustee or any of the Bondholders may take concurrent Proceedings in any number of jurisdictions.

21.SEVERABILITY

In case any provision in or obligation under this Trust Deed shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

22.SANCTIONS

22.1In connection with HSBC Group's commitment to comply with all applicable sanctions regimes, the Trustee and any affiliate or subsidiary of HSBC Holdings plc may take any action in its sole and absolute discretion that it considers appropriate to comply with any law, regulation, request of a public or regulatory authority, any agreement between any member of the HSBC Group and any government authority or any HSBC Group policy that relates to the prevention of fraud, money laundering, terrorism, tax evasion, evasion of economic or trade sanctions or other criminal activities (collectively the "Relevant Requirements").

Such action may include, but is not limited to,

22.1.1screening, intercepting and investigating any transaction, instruction or communication, including the source of, or intended recipient of, funds;

22.1.2delaying or preventing the processing of instructions or transactions or the Trustee's performance of its obligations under this Deed;

22.1.3the blocking of any payment; or

22.1.4requiring the Issuer to enter into a financial crime compliance representations letter from time to time in a form and substance reasonably acceptable to the HSBC Group.

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22.2Where possible and permitted, the Trustee will endeavour to notify the Issuer of the existence of such circumstances. To the extent permissible by law, neither the Trustee nor any member of the HSBC Group will be liable for loss (whether direct or consequential and including, without limitation, loss of profit or interest) or damage suffered by any party arising out of, or caused in whole or in part by, any actions that are taken by the Trustee or any other member of the HSBC Group to comply with any Relevant Requirement.

In this Clause 22, "HSBC Group" means HSBC Holdings plc together with its subsidiary undertakings from time to time.

23.CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

No person shall have any right to enforce any provision of this Trust Deed under the Contracts (Rights of Third Parties) Act 1999.

24.COUNTERPARTS

This Trust Deed may be executed in any number of counterparties and by the parties hereto on separate counterparts, each of which shall be an original, but all the counterparts shall together constitute one and the same instrument.

IN WITNESS WHEREOF this Trust Deed has been executed as a deed by the parties hereto and is intended to be and is hereby delivered the day and year first before written.

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SCHEDULE 1
FORM OF TEMPORARY GLOBAL BOND

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

ISIN: XS2461236759

NORTHERN POWERGRID (NORTHEAST) PLC

(incorporated with limited liability under

the laws of England and Wales with registered number 02906593)

£350,000,000 3.250per cent. Bonds due 2052

TEMPORARY GLOBAL BOND

1.INTRODUCTION

This Temporary Global Bond is issued in respect of the £350,000,000 3.250 per cent. Bonds due 2052 (the "Bonds") of Northern Powergrid (Northeast) plc (the "Issuer"). The Bonds are subject to, and have the benefit of, a trust deed dated 1 April 2022 (as amended or supplemented from time to time, the "Trust Deed") between the Issuer and HSBC Corporate Trustee Company (UK) Limited as trustee (the "Trustee", which expression includes all persons for the time being appointed trustee or trustees under the Trust Deed) and are the subject of a paying agency agreement dated 1 April 2022 (as amended or supplemented from time to time, the "PayingAgency Agreement") and made between the Issuer, HSBC Bank plc as principal paying agent (the "Principal Paying Agent", which expression includes any successor principal paying agent appointed from time to time in connection with the Bonds), the other paying agent named therein (together with the Principal Paying Agent, the "Paying Agents", which expression includes any successor or additional paying agents appointed from time to time in connection with the Bonds) and the Trustee.

2.REFERENCES TO CONDITIONS

Any reference herein to the "Conditions" is to the terms and conditions of the Bonds set out in Schedule 4 (Terms and Conditions of the Bonds) of the Trust Deed and any reference to a numbered "Condition" is to the correspondingly numbered provision thereof. Words and expressions defined in the Conditions shall have the same meanings when used in this Temporary Global Bond.

3.PROMISE TO PAY

The Issuer, for value received, promises to pay to the bearer of this Temporary Global Bond the principal sum of

£350,000,000

(Three Hundred Fifty Million Pounds Sterling)

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on 1 April 2052 or on such earlier date or dates as the same may become payable in accordance with the Conditions, and to pay interest on such principal sum in arrear on the dates and at the rate specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions; provided, however, that such interest shall be payable only:

3.1in the case of interest falling due before the Exchange Date (as defined below), to the extent that a certificate or certificates issued by Euroclear Bank SA/NV as operator of the Euroclear System ("Euroclear") and/or Clearstream Banking, S.A. ("Clearstream, Luxembourg") dated not earlier than the date on which such interest falls due and in substantially the form set out in Schedule 3 (Form of Euroclear/Clearstream, Luxembourg Certification) hereto is/are delivered to the Specified Office (as defined in the Conditions) of the Principal Paying Agent; or

3.2in the case of interest falling due at any time, to the extent that the Issuer has failed to procure the exchange for a permanent global bond of that portion of this Temporary Global Bond in respect of which such interest has accrued.

4.NEGOTIABILITY

This Temporary Global Bond is negotiable and, accordingly, title to this Temporary Global Bond shall pass by delivery.

5.EXCHANGE

On or after the day following the expiry of 40 days after the date of issue of this Temporary Global Bond (the "Exchange Date"), the Issuer shall procure (in the case of first exchange) the delivery of a permanent global bond (the "Permanent Global Bond") in substantially the form set out in Schedule 2 (Form of Permanent Global Bond) to the Trust Deed to the bearer of this Temporary Global Bond or (in the case of any subsequent exchange) an increase in the principal amount of the Permanent Global Bond in accordance with its terms against:

5.1presentation and (in the case of final exchange) surrender of this Temporary Global Bond at the specified office of the Principal Paying Agent; and

5.2receipt by the Principal Paying Agent of a certificate or certificates issued by Euroclear and/or Clearstream, Luxembourg dated not earlier than the Exchange Date and in substantially the form set out in Schedule 3 (Form of Euroclear/Clearstream, Luxembourg Certification) hereto.

The principal amount of the Permanent Global Bond shall be equal to the aggregate of the principal amounts specified in the certificates issued by Euroclear and/or Clearstream, Luxembourg and received by the Principal Paying Agent; provided, however,that in no circumstances shall the principal amount of the Permanent Global Bond exceed the initial principal amount of this Temporary Global Bond.

6.WRITING DOWN

On each occasion on which:

6.1the Permanent Global Bond is delivered or the principal amount thereof is increased in accordance with its terms in exchange for a further portion of this Temporary Global Bond; or

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6.2Bonds represented by this Temporary Global Bond are to be cancelled in accordance with Condition 7(e) (Redemption and Purchase -Cancellation),

the Issuer shall procure that (a) the principal amount of the Permanent Global Bond, the principal amount of such increase or (as the case may be) the aggregate principal amount of such Bonds and (b) the remaining principal amount of this Temporary Global Bond (which shall be the previous principal amount hereof less the aggregate of the amounts referred to in (a)) are noted in Schedule 1 (Payments, Exchange and Cancellation of Bonds) hereto, whereupon the principal amount of this Temporary Global Bond shall for all purposes be as most recently so noted.

7.PAYMENTS

All payments in respect of this Temporary Global Bond shall be made against presentation and (in the case of payment of principal in full with all interest accrued thereon) surrender of this Temporary Global Bond at the Specified Office of any Paying Agent and shall be effective to satisfy and discharge the corresponding liabilities of the Issuer in respect of the Bonds. On each occasion on which a payment of interest is made in respect of this Temporary Global Bond, the Issuer shall procure that the same is noted in Schedule 1 (Payments, Exchange and Cancellation of Bonds) hereto.

8.CONDITIONS APPLY

Until this Temporary Global Bond has been exchanged as provided herein or cancelled in accordance with the Paying Agency Agreement, the bearer of this Temporary Global Bond shall be subject to the Conditions and, subject as otherwise provided herein, shall be entitled to the same rights and benefits under the Conditions as if the bearer were the holder of Bonds in definitive form in substantially the form set out in Schedule 3 (Form of Definitive Bond) to the Trust Deed and the related interest coupons in the denomination of £100,000 and integral multiples of £1,000 in excess thereof and in an aggregate principal amount equal to the principal amount of this Global Bond.

9.NOTICES

Notwithstanding Condition 14 (Notices), while all the Bonds are represented by this Temporary Global Bond (or by this Temporary Global Bond and the Permanent Global Bond) and this Temporary Global Bond is (or this Temporary Global Bond and the Permanent Global Bond are) deposited with a common depositary for Euroclear and Clearstream, Luxembourg, notices to Bondholders may be given by delivery of the relevant notice to Euroclear and Clearstream, Luxembourg and, in any case, such notices shall be deemed to have been given to the Bondholders in accordance with the Condition 14 (Notices) on the date of delivery to Euroclear and Clearstream, Luxembourg.

10.AUTHENTICATION

This Temporary Global Bond shall not be valid for any purpose until it has been authenticated for and on behalf of HSBC Bank plc as principal paying agent.

11.GOVERNING LAW

This Temporary Global Bond and all matters arising from or connected with it are governed by, and shall be construed in accordance with, English law.

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AS WITNESS the manual or facsimile signature of a duly authorised person on behalf of the Issuer.

NORTHERN POWERGRID (NORTHEAST) PLC

By:
	(duly authorised)

ISSUED on 1 April 2022

AUTHENTICATED for and on behalf of

HSBC BANK PLC

as principal paying agent

without recourse, warranty or liability

By:
	(duly authorised)

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Schedule 1
PAYMENTS, EXCHANGE AND CANCELLATION OF BONDS

Date of payment, delivery or cancellation Amount of interest then paid Principal amount of Permanent Global Bond then delivered or by which Permanent Global Bond then increased Aggregate principal amount of Bonds then cancelled Remaining principal amount of this Temporary Global Bond Authorised Signature

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Schedule 2
FORM OF ACCOUNTHOLDER'S CERTIFICATION

NORTHERN POWERGRID (NORTHEAST) PLC

(incorporated with limited liability under

the laws of England and Wales with registered number 02906593)

£350,000,000 3.250 per cent. Bonds due 2052

This is to certify that as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account (a) are owned by persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source ("United States persons"), (b) are owned by United States person(s) that (i) are foreign branches of a United States financial institution (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv)) ("financial institutions") purchasing for their own account or for resale, or (ii) acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (i) or (ii), each such United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise the issuer or the issuer's agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (c) are owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in addition if the owner of the Securities is a United States or foreign financial institution described in clause (c) (whether or not also described in clause (a) or (b)) this is to further certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions.

If the Securities are of the category contemplated in Section 903(b)(3) of Regulation S under the Securities Act of 1933, as amended (the "Act"), then this is also to certify that, except as set forth below, the Securities are beneficially owned by (1) non-U.S. person(s) or (2) U.S. person(s) who purchased the Securities in transactions which did not require registration under the Act. As used in this paragraph the term "U.S. person" has the meaning given to it by Regulation S under the Act.

As used herein, "United States" means the United States of America (including the States and the District of Columbia); and its "possessions" include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands.

We undertake to advise you promptly by tested telex on or prior to the date on which you intend to submit your certification relating to the Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such date.

This certification excepts and does not relate to £[      ] of such interest in the above Securities in respect of which we are not able to certify and as to which we understand exchange and delivery of definitive Securities (or, if relevant, exercise of any rights or collection of any interest) cannot be made until we do so certify.

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We understand that this certification is required in connection with certain tax laws and, if applicable, certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorise you to produce this certification to any interested party in such proceedings.

Dated:    [                                ]

[name of account holder]

as, or as agent for,

the beneficial owner(s) of the Securities

to which this certificate relates.

By:
	(Authorised signatory)

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Schedule 3
FORM OF EUROCLEAR/CLEARSTREAM, LUXEMBOURG CERTIFICATION

NORTHERN POWERGRID (NORTHEAST) PLC

(incorporated with limited liability under

the laws of England and Wales with registered number 02906593)

£350,000,000 3.250 per cent. Bonds due 2052

This is to certify that, based solely on certifications we have received in writing, by tested telex or by electronic transmission from member organisations appearing in our records as persons being entitled to a portion of the principal amount set forth below (our "Member Organisations") substantially to the effect set forth in the temporary global bond issued in respect of the securities, as of the date hereof, £[ ] principal amount of the above-captioned Securities (a) is owned by persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its source ("United States persons"), (b) is owned by United States persons that (i) are foreign branches of United States financial institutions (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv)) ("financial institutions") purchasing for their own account or for resale, or (ii) acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (i) or (ii), each such United States financial institution has agreed, on its own behalf or through its agent, that we may advise the Issuer or the Issuer's agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (c) is owned by United States or foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and to the further effect that United States or foreign financial institutions described in clause (c) (whether or not also described in clause (a) or (b)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions.

If the Securities are of the category contemplated in Section 903(b)(3) of Regulation S under the Securities Act of 1933, as amended (the "Act"), then this is also to certify with respect to the principal amount of Securities set forth above that, except as set forth below, we have received in writing, by tested telex or by electronic transmission, from our Member Organisations entitled to a portion of such principal amount, certifications with respect to such portion substantially to the effect set forth in the temporary global bond issued in respect of the Securities.

We further certify (1) that we are not making available herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) any portion of the temporary global security excepted in such certifications and (2) that as of the date hereof we have not received any notification from any of our Member Organisations to the effect that the statements made by such Member Organisations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) are no longer true and cannot be relied upon as of the date hereof.

We understand that this certification is required in connection with certain tax laws and, if applicable, certain securities laws of the United States. In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably authorise you to produce this certification to any interested party in such proceedings.

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Dated:    [                          ]

EUROCLEAR BANK SA/NV

as operator of the Euroclear System

or

CLEARSTREAM BANKING, S.A.

By:
	(Authorised signatory)

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SCHEDULE 2
FORM OF PERMANENT GLOBAL BOND

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

ISIN: XS2461236759

NORTHERN POWERGRID (NORTHEAST) PLC

(incorporated with limited liability under

the laws of England and Wales with registered number 02906593)

£350,000,000 3.250per cent. Bonds due 2052

PERMANENT GLOBAL BOND

1.INTRODUCTION

This Permanent Global Bond is issued in respect of the £350,000,000 3.250 per cent. Bonds due 2052 (the "Bonds") of Northern Powergrid (Northeast) plc (the "Issuer"). The Bonds are subject to, and have the benefit of, a trust deed dated 1 April 2022 (as amended or supplemented from time to time, the "Trust Deed") between the Issuer and HSBC Corporate Trustee Company (UK) Limited as trustee (the "Trustee", which expression includes all persons for the time being appointed trustee or trustees under the Trust Deed) and are the subject of a paying agency agreement dated 1 April 2022 (as amended or supplemented from time to time, the "PayingAgency Agreement") and made between the Issuer, HSBC Bank plc as principal paying agent (the "Principal Paying Agent", which expression includes any successor principal paying agent appointed from time to time in connection with the Bonds), the other paying agent named therein (together with the Principal Paying Agent, the "Paying Agents", which expression includes any successor or additional paying agents appointed from time to time in connection with the Bonds) and the Trustee.

2.REFERENCES TO CONDITIONS

Any reference herein to the "Conditions" is to the terms and conditions of the Bonds set out in Schedule 2 (Terms and Conditions of the Bonds) hereto and any reference to a numbered "Condition" is to the correspondingly numbered provision thereof. Words and expressions defined in the Conditions shall have the same meanings when used in this Global Bond.

3.PROMISE TO PAY

The Issuer, for value received, promises to pay to the bearer of this Global Bond, in respect of each Bond represented by this Global Bond, its principal amount on 1 April 2052 or on such earlier date or dates as the same may become payable in accordance with the Conditions, and to pay interest on each such Bond on the dates and in the manner specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions. The Issuer shall procure that the initial aggregate principal amount of Bonds represented by this Global Bond is noted in Schedule 1 (Payments, Exchanges against Temporary Global Bond, Delivery of Definitive Bonds and Cancellation of Bonds) hereto, whereupon the principal amount of this Global Bond shall for all purposes be such amount, subject as provided in paragraph 7 (Writing Down) and paragraph 8 (Writing Up) below.

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4.NEGOTIABILITY

This Global Bond is negotiable and, accordingly, title to this Global Bond shall pass by delivery.

5.EXCHANGE

This Global Bond will be exchanged, in whole but not in part only, for Bonds in definitive form ("Definitive Bonds") in substantially the form set out in Schedule 3 (Form of Definitive Bond) to the Trust Deed if any of the events specified in Clause 3.3 (Exchange for Definitive Bonds) of the Trust Deed occurs.

6.DELIVERY OF DEFINITIVE BONDS

Whenever this Global Bond is to be exchanged for Definitive Bonds, the Issuer shall procure the prompt delivery of such Definitive Bonds, duly authenticated and with interest coupons ("Coupons") attached, in an aggregate principal amount equal to the principal amount of this Global Bond to the bearer of this Global Bond against the surrender of this Global Bond at the Specified Office (as defined in the Conditions) of the Principal Paying Agent within 30 days of the occurrence of the relevant Exchange Event.

7.WRITING DOWN

On each occasion on which:

7.1a payment of principal is made in respect of this Global Bond;

7.2Definitive Bonds are delivered; or

7.3Bonds represented by this Global Bond are to be cancelled in accordance with Condition 7(e) (Redemption and Purchase -Cancellation),

the Issuer shall procure that (i) the amount of such payment and the aggregate principal amount of such Bonds and (ii) the remaining principal amount of this Global Bond (which shall be the previous principal amount hereof less the aggregate of the amounts referred to in (i) above) are noted in Schedule 1 (Payments, Exchanges against Temporary Global Bond, Delivery of Definitive Bonds and Cancellation of Bonds) hereto, whereupon the principal amount of this Global Bond shall for all purposes be as most recently so noted.

8.WRITING UP

If this Global Bond was originally issued in exchange for part only of a temporary global bond representing the Bonds, then all references in this Global Bond to its principal amount shall be construed as references to the principal amount of the part of the temporary global bond in exchange for which this Global Bond was originally issued which the Issuer shall procure is noted in Schedule 1 (Payments, Exchanges against Temporary Global Bond, Delivery of Definitive Bonds and Cancellation of Bonds) hereto. If at any subsequent time any further portion of such temporary global bond is exchanged for an interest in this Global Bond, the principal amount of this Global Bond shall be increased by the amount of such further portion, and the Issuer shall procure that the principal amount of this Global Bond (which shall be the previous principal amount hereof plus the amount of such further portion) is noted in Schedule 1 (Payments, Exchanges against Temporary Global Bond, Delivery of Definitive Bonds and Cancellation of Bonds) hereto, whereupon the principal amount of this Global Bond shall for all purposes be as most recently so noted.

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9.PAYMENTS

All payments in respect of this Global Bond shall be made against presentation and (in the case of payment of principal in full with all interest accrued thereon) surrender of this Global Bond at the specified office of any Paying Agent and shall be effective to satisfy and discharge the corresponding liabilities of the Issuer in respect of the Bonds. On each occasion on which a payment of interest is made in respect of this Global Bond, the Issuer shall procure that the same is noted in Schedule 1 (Payments, Exchanges against Temporary Global Bond, Delivery of Definitive Bonds and Cancellation of Bonds) hereto.

10.CONDITIONS APPLY

Until this Global Bond has been exchanged as provided herein or cancelled in accordance with the Paying Agency Agreement, the bearer of this Global Bond shall be subject to the Conditions and, subject as otherwise provided herein, shall be entitled to the same rights and benefits under the Conditions as if it were the holder of Definitive Bonds and the related Coupons in the denomination of £100,000 and integral multiples of £1,000 in excess thereof and in an aggregate principal amount equal to the principal amount of this Global Bond.

11.EXERCISE OF PUT OPTION

In order to exercise the option contained in Condition 11 (Restructuring Event) (the "Put Option"), the bearer of this Global Bond must, within the period specified in the Conditions for the deposit of the relevant Bond and Put Event Notice (as defined in Condition 11), give written notice (or electronic notice in accordance with the rules and procedures of Euroclear and Clearstream, Luxembourg) of such exercise to the Principal Paying Agent specifying the principal amount of Bonds in respect of which the Put Option is being exercised. Any such notice shall be irrevocable and may not be withdrawn.

12.EXERCISE OF CALL OPTION

In connection with an exercise of the option contained in Condition 7(b) (Redemption at the option of the Issuer) in relation to some only of the Bonds, this Global Bond may be redeemed in part in the principal amount specified by the Issuer in accordance with the Conditions, and the Bonds to be redeemed will not be selected as provided in the Conditions but in accordance with the rules and procedures of Euroclear and Clearstream, Luxembourg and the notice of redemption will not specify the serial numbers of the Bonds called for redemption or the serial numbers of the Bonds previously called for redemption and not presented for payment. The rules and procedures of Euroclear and Clearstream, Luxembourg provide that a partial redemption will be reflected in the records of Euroclear and Clearstream Luxembourg as either a pool factor or a reduction in nominal amount, at their discretion.

13.NOTICES

Notwithstanding Condition 14 (Notices), while all the Bonds are represented by this Global Bond (or by this Global Bond and a temporary global bond) and this Global Bond is (or this Global Bond and a temporary global bond are) deposited with a common depositary for Euroclear and Clearstream, Luxembourg, notices to Bondholders may be given by delivery of the relevant notice to Euroclear and Clearstream, Luxembourg and, in any case, such notices shall be deemed to have been given to the Bondholders in accordance with the Condition 14 (Notices) on the date of delivery to Euroclear and Clearstream, Luxembourg.

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14.AUTHENTICATION

This Global Bond shall not be valid for any purpose until it has been authenticated for and on behalf ofHSBC Bank plc as principal paying agent.

15.GOVERNING LAW

This Global Bond and all matters arising from or connected with it are governed by, and shall be construed in accordance with, English law.

AS WITNESS the manual or facsimile signature of a duly authorised person on behalf of the Issuer.

NORTHERN POWERGRID (NORTHEAST) PLC

By:
	(duly authorised)

ISSUED as of 1 April 2022

AUTHENTICATED for and on behalf of

HSBC BANK PLC

as principal paying agent

without recourse, warranty or liability

By:
	(duly authorised)

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Schedule 1

Payments, Exchanges against Temporary Global Bond, Delivery of Definitive Bonds and Cancellation of Bonds

Date of payment, exchange, delivery or cancellation Amount of interest then paid Principal amount of Temporary Global Bond then exchanged Aggregate principal amount of Definitive Bonds then delivered Aggregate principal amount of Bonds then cancelled New principal amount of this Global Bond Authorised signature

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Schedule 2
Terms and Conditions of the Bonds

To be included in the Permanent Global Bond as set out in Schedule 4 (Terms and Conditions of the Bonds) of the Trust Deed.

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SCHEDULE 3
FORM OF DEFINITIVE BOND

[On the face of the Bond:]

[currency][denomination]

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

NORTHERN POWERGRID (NORTHEAST) PLC

(incorporated with limited liability under

the laws of England and Wales with registered number 02906593)

£350,000,000 3.250 per cent. Bonds due 2052

The Issuer, for value received, promises to pay to the bearer the principal sum of

£100,000

(ONE HUNDRED THOUSAND POUNDS)

on 1 April 2052, or on such earlier date or dates as the same may become payable in accordance with the conditions endorsed hereon (the "Conditions"), and to pay interest on such principal sum in arrear on the dates and at the rate specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions.

Interest is payable on the above principal sum at the rate of 3.250 per cent. per annum, payable annually in arrear on 1 April in each year, all subject to and in accordance with the Conditions.

This Bond and the interest coupons relating hereto shall not be valid for any purpose until this Bond has been authenticated for and on behalf of HSBC Bank plc as principal paying agent.

AS WITNESS the facsimile signature of a duly authorised person on behalf of the Issuer.

NORTHERN POWERGRID (NORTHEAST) PLC

By:
	[facsimile signature]
	(duly authorised)

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ISSUED as of [•]

AUTHENTICATED for and on behalf of

HSBC BANK PLC

as principal paying agent

without recourse, warranty or liability

By:
	[manual signature]
	(duly authorised)

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[On the reverse of the Bond:]

TERMS AND CONDITIONS

[As set out in Schedule 4 (Terms and Conditions of the Bonds) of the Trust Deed]

[At the foot of the Terms and Conditions:]

PRINCIPAL PAYING AGENT

HSBC Bank plc

Issuer Services, Europe,

Level 18

8 Canada Square

Canary Wharf

London E14 5HQ

United Kingdom

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Form of Coupon

[On the face of the Coupon:]

NORTHERN POWERGRID (NORTHEAST) PLC

£350,000,000 3.250 per cent. Bonds due 2052

Coupon for £[amount of interest payment] due on [interest payment date].

Such amount is payable, subject to the terms and conditions (the "Conditions") endorsed on the Bond to which this Coupon relates (which are binding on the holder of this Coupon whether or not it is for the time being attached to such Bond), against presentation and surrender of this Coupon at the specified office for the time being of any of the agents shown on the reverse of this Coupon (or any successor or additional agents appointed from time to time in accordance with the Conditions).

ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.

[On the reverse of the Coupon:]

Principal Paying Agent: HSBC Bank plc, Issuer Services, Europe, Level 18, 8 Canada Square, Canary Wharf, London E14 5HQ, United Kingdom

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SCHEDULE 4
TERMS AND CONDITIONS OF THE BONDS

The £350,000,000 3.25 per cent Bonds due 2052 (the "Bonds", which expression shall, unless the context otherwise requires, include any Further Bonds (as defined in Condition 3 (Definitions)) of Northern Powergrid (Northeast) plc (the "Issuer") are constituted by and subject to a trust deed dated 1 April 2022 (as the same may be amended and/or supplemented from time to time, the "TrustDeed") between the Issuer and HSBC Corporate Trustee Company (UK) Limited (the "Trustee", which expression shall, wherever the context so admits, include its successors as trustee under the Trust Deed) as trustee for the holders of the Bonds (the "Bondholders"). The statements in these Terms and Conditions include summaries of and are subject to, the detailed provisions of the Trust Deed. The Issuer has entered into a paying agency agreement dated 1 April 2022 (the "Paying Agency Agreement") with HSBC Bank plc (the "Principal Paying Agent") and any paying agent appointed thereunder (each a "Paying Agent" and together with the Principal Paying Agent, the "Paying Agents") and the Trustee. Copies of the Trust Deed and the Paying Agency Agreement will be available for inspection by Bondholders and the holders of the interest coupons appertaining to the Bonds (respectively, the "Couponholders" and the "Coupons") at the specified office(s) of each of the Paying Agents. The Bondholders and the Couponholders are entitled to the benefit of, are bound by, and are deemed to have notice of, all the provisions of the Trust Deed and the provisions of the Paying Agency Agreement applicable to them.

1.Form, Denomination and Title

The Bonds are serially numbered and in bearer form in the denominations of £100,000 and integral multiples of £1,000 in excess thereof up to and including £199,000, each with Coupons attached on issue. No definitive Bonds will be issued with a denomination above £199,000. Title to the Bonds and to the Coupons will pass by delivery. Bonds of one denomination may not be exchanged for Bonds of the other denomination. The holder of any Bond or Coupon will (except as otherwise required by law) be treated as its absolute owner for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust, or any interest in it, any writing on it, or its theft or loss) and no person will be liable for so treating the holder. No person shall have any right to enforce any term or condition of the Bonds or the Trust Deed under the Contracts (Rights of Third Parties) Act 1999.

2.Status of the Bonds

The Bonds and Coupons constitute direct, unconditional and (subject to the provisions of Condition 4(a) (Negative Pledge)) unsecured obligations of the Issuer and rank pari passu and without any preference among themselves. The payment obligations of the Issuer under the Bonds and the Coupons shall, subject as aforesaid and save for such obligations as may be preferred by laws that are both mandatory and of general application, at all times rank at least equally with all its present and future unsecured and unsubordinated obligations.

3.Definitions

"Business Day" means any day (other than a Saturday or Sunday) on which banks and other financial institutions are open for business in London.

"Companies Act" means the Companies Act 2006 as amended or re-enacted from time to time and all subordinate legislation made pursuant thereto.

"Electricity Act" means the Electricity Act 1989 as amended or re-enacted from time to time and all subordinate legislation made pursuant thereto.

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"Electricity Distribution Licence" means the electricity distribution licence granted or treated as granted to the Issuer under section 6(1)(c) of the Electricity Act.

"Energy Act" means the Energy Act 2004 as amended or re-enacted from time to time and all subordinate legislation made pursuant thereto.

"Energy Administrator" means an energy administrator appointed pursuant to Part 3 of the Energy Act.

"Event of Default" means any of the events set out in Condition 10 (Events of Default).

"Final Determination" means the final determination document published by Ofgem for each electricity distribution price control review.

"Fitch" means Fitch Ratings Limited.

"Further Bonds" means all further bonds created and issued by the Issuer in accordance with Condition 17 (Further Bonds) and/or for the time being outstanding or, as the context may require, a specific proportion thereof.

"Indebtedness For Borrowed Money" means any indebtedness (whether being principal, premium, interest or other amounts) for (i) money borrowed, (ii) payment obligations under or in respect of any acceptance or acceptance credit, or (iii) any notes, bonds, debentures, debenture stock, loan stock or other debt securities offered, issued or distributed whether by way of public offer, private placing, acquisition consideration or otherwise and whether issued for cash or in whole or in part for a consideration other than cash.

"Investment Grade Rating" means a credit rating assigned by a Rating Agency of BBB- (in the case of such ratings assigned by S&P and/or Fitch) or Baa3 (in the case of such ratings assigned by Moody's) or the equivalents of such ratings for the time being, or better.

"Issue Date" means 1 April 2022.

"Moody's" means Moody's Investors Service Limited.

A "Negative Rating Event" shall be deemed to have occurred if (i) the Issuer does not, either prior to or no later than 14 days after the date of a Negative Certification (as defined in Condition 11 (Restructuring Event)) in respect of the relevant Restructuring Event, seek, and thereupon use all reasonable endeavours to obtain, from a Rating Agency, a rating of the Reference Rated Securities or these Bonds or any other unsecured and unsubordinated debt of the Issuer having an initial maturity of five years or more or (ii) if it does so seek and use such endeavours, it is unable, as a result of such Restructuring Event, to obtain such a rating which is an Investment Grade Rating.

"Ofgem" means the Gas and Electricity Markets Authority and/or the Office of Gas and Electricity Markets, including their successor office or body, as appropriate.

"Potential Event of Default" means an event or circumstance which would with the giving of notice and/or lapse of time and/or the issuing of a certificate become an Event of Default.

A "Put Event" occurs on the date of the last to occur of (i) a Restructuring Event, (ii) either a Rating Downgrade or, as the case may be, a Negative Rating Event, and (iii) the relevant Negative Certification.

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"Rating Agencies" means S&P and Fitch, and "Rating Agency" means either one of them.

A "Rating Downgrade" shall be deemed to have occurred (i) if the then current rating assigned to any Reference Rated Securities by any Rating Agency (whether provided by a Rating Agency at the invitation of the Issuer or by its own volition) is withdrawn or reduced from an Investment Grade Rating to a non-Investment Grade Rating (BB+/Ba1, or their respective equivalents for the time being, or worse) or, (ii) if any Rating Agency shall then have already assigned a non-Investment Grade Rating (as described above) to the Reference Rated Securities, such rating is lowered one full rating category, provided that, in the case of (i) or (ii), if during the Restructuring Period the Reference Rated Securities have at least one Investment Grade Rating then it shall be deemed that no Rating Downgrade shall have occurred.

"Reference Gilt" means the 3.75 per cent Treasury Stock due 22 July 2052 or such other conventional (i.e. not index linked) UK Government Stock as the Issuer (with the advice of an independent financial institution of international repute appointed by the Issuer) may determine to be the most appropriate benchmark conventional UK Government Stock.

"Reference Rated Securities" means the Bonds for so long as they have a rating from a Rating Agency, and otherwise any other unsecured and unsubordinated debt securities of the Issuer having an initial maturity of five years or more which are rated by a Rating Agency.

"Regulated Asset Value" means the regulatory asset value of the Issuer as set out in the most recent Final Determination or, if any electricity distribution price control financial model has been published on Ofgem's website since the most recent Final Determination, the regulatory asset value of the Issuer as set out in such financial model, in each case, adjusted for inflation, as of the 31 March nearest to the date of determination, provided that if at any time Ofgem alters its methodology of determining Regulated Asset Value in a manner which results in a change in Regulated Asset Value, appropriate adjustments to this definition (and to other terms defined or described herein solely for the purposes of this definition) so as to preserve the original intent of Condition 10(c) (Events of Default) shall be determined by an independent accountant experienced in the regulated electricity distribution market selected by the Issuer.

"Relevant Indebtedness" means any indebtedness (whether being principal, premium, interest or other amounts) in the form of or represented by notes, bonds, debentures, debenture stock, loan stock or other securities, whether issued for cash or in whole or in part for a consideration other than cash, and which, with the agreement of the person issuing the same, are quoted, listed or ordinarily dealt in on any stock exchange or recognised over-the-counter or other securities market.

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"Restructuring Event" means the occurrence of any one or more of the following events:

(i)    (a) written notice being given to the Issuer of revocation of its Electricity Distribution Licence which is requisite to the conduct of the Issuer's business at the relevant time or (b) the Issuer agreeing in writing to any revocation or surrender of its Electricity Distribution Licence which is requisite to the conduct of the Issuer's business at the relevant time or (c) any legislation (whether primary or subordinate) being enacted terminating or revoking its Electricity Distribution Licence which is requisite to the conduct of the Issuer's business at the relevant time, except in any such case in circumstances where a licence or licences is or are granted to the Issuer or a Subsidiary of the Issuer 100 per cent of the ordinary share capital of which is owned directly or indirectly by the Issuer (the "Relevant Transferee") and provided that the terms of such licence or licences are substantially no less favourable than the Electricity Distribution Licence in which event all references in these Terms and Conditions to the Electricity Distribution Licence and the Issuer in its capacity as holder of the Electricity Distribution Licence shall hereafter be deemed to be references to the licence or licences on substantially no less favourable terms and the Relevant Transferee respectively; or

(ii)    any modification (other than a modification which is of a formal, minor or technical nature) being made to the terms and conditions of the Electricity Distribution Licence on or after the Issue Date unless two Directors of the Issuer have certified in good faith to the Trustee (and the Trustee may rely absolutely on such certification) that the modified terms and conditions are not materially less favourable to the business of the Issuer. For the purposes of this paragraph (ii) a modification which (a) results in a licence or licences being granted to the Issuer or a Subsidiary of the Issuer 100 per cent of the ordinary share capital of which is owned directly or indirectly by the Issuer (collectively, the "Applicable Transferees") and provided that the terms of such licence or licences are substantially no less favourable than the terms of the Electricity Distribution Licence or (b) results in a licence or licences being granted to an Applicable Transferee provided that the terms of such licence or licences are substantially no less favourable than the terms of the Electricity Distribution Licence, shall not be deemed to be a modification within this paragraph (ii). In the event of such a modification as is referred to in (a) or (b), all references in these Terms and Conditions to the Electricity Distribution Licence and the Issuer in its capacity as holder of the Electricity Distribution Licence shall thereafter be deemed to be references to the licence or licences granted to the Applicable Transferee and to the Applicable Transferee, respectively; or

(iii)    any legislation (whether primary or subordinate) is enacted which removes, qualifies or amends (other than an amendment which is of a formal, minor or technical nature) the duties of the Secretary of State (or any successor) and/or Ofgem under the Electricity Act as in force on the Issue Date, unless two Directors of the Issuer have certified in good faith to the Trustee (and the Trustee may rely absolutely on such certification) that such removal, qualification or amendment does not have a materially adverse effect on the financial condition of the Issuer.

"Restructuring Period" means:

(i)    if at the time a Restructuring Event occurs there are Reference Rated Securities, the period of 90 days starting from and including the day on which the Restructuring Event occurs; or

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(ii)    if at the time a Restructuring Event occurs there are not Reference Rated Securities, the period starting from and including the day on which the Restructuring Event occurs and ending on the day 90 days following the later of (a) the date on which the Issuer shall seek to obtain a rating pursuant to the definition of Negative Rating Event prior to the expiry of the 14 days referred to in the definition of Negative Rating Event and (b) the date on which a Negative Certification shall have been given to the Issuer in respect of the Restructuring Event.

"S&P" means S&P Global Ratings UK Limited, a division of S&P Global Inc.

"Security Interest" means a mortgage, charge, lien, pledge or other security interest.

"Subsidiary" means a subsidiary or subsidiary undertaking within the meaning of the Companies Act.

4.Negative Pledge

So long as any of the Bonds remain outstanding (as defined in the Trust Deed), the Issuer will ensure that none of its Relevant Indebtedness or the Relevant Indebtedness of any of its Subsidiaries nor any guarantee given by it or by any such Subsidiary of the Relevant Indebtedness of any other person will be secured by a Security Interest upon, or with respect to, any of the present or future business, undertaking, assets or revenues (including any uncalled capital) of the Issuer or any of its Subsidiaries unless the Issuer shall, before or at the same time as the creation of the Security Interest, take any and all action necessary to ensure that:

(a)    all amounts payable by the Issuer under the Bonds, the Coupons and the Trust Deed are secured to the satisfaction of the Trustee equally and rateably with the Relevant Indebtedness or guarantee of Relevant Indebtedness, as the case may be, by such Security Interest; or

(b)    such other Security Interest or guarantee or other arrangement (whether or not including the giving of a Security Interest) is provided in respect of all amounts payable by the Issuer under the Bonds, the Coupons and the Trust Deed either (i) as the Trustee shall in its absolute discretion deem not materially less beneficial to the interests of the Bondholders, or (ii) as shall be approved by an Extraordinary Resolution (as defined in the Trust Deed) of the Bondholders.

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5.Interest

The Bonds bear interest from (and including) the Issue Date at the rate of 3.25 per cent per annum payable annually in arrear on 1 April in each year (each, an "Interest Payment Date"). Each Bond will cease to bear interest from the due date for redemption thereof, unless upon due presentation, payment of principal or premium (if any) is improperly withheld or refused. In such event, each Bond shall continue to bear interest at such rate (both before and after judgment) until whichever is the earlier of (i) the day on which all sums due in respect of such Bond up to that day are received by or on behalf of the relevant holder and (ii) the day falling seven days after the Trustee or the Principal Paying Agent has notified Bondholders in accordance with Condition 14 (Notices) of receipt of all sums then due in respect of all the Bonds up to that seventh day (except to the extent that there is failure in the subsequent payment to the relevant holder under these Terms and Conditions). In these Conditions, the period beginning on and including the Issue Date and ending on but excluding the first Interest Payment Date and each successive period beginning on and including an Interest Payment Date and ending on but excluding the next succeeding Interest Payment Date is called an "Interest Period". Where interest is to be calculated in respect of a period which is equal to or shorter than an Interest Period the day-count fraction used will be the number of days in the relevant period, from and including the date from which interest begins to accrue to but excluding the date on which it falls due, divided by the number of days in the Interest Period in which the relevant period falls (including the first such day but excluding the last). Interest in respect of each £1,000 in principal amount of the Bonds (the "Calculation Amount") for any period shall be equal to the product of 3.25 per cent, the Calculation Amount and the day-count fraction for the relevant period, rounding the resulting figure to the nearest pence (half a pence being rounded upwards).

6.Payments

Payments of principal, premium (if any) or interest in respect of the Bonds will be made against surrender of Bonds or, in the case of payments of interest due on an Interest Payment Date, against surrender of Coupons, at the specified office of any Paying Agent by a sterling cheque drawn on, or at the option of the holder, by transfer to a sterling account maintained by the payee with a branch of a bank in the City of London, subject in all cases to (i) any fiscal or other laws and regulations applicable thereto in the place of payment, but without prejudice to the provisions of Condition 8 (Taxation) and (ii) any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal Revenue Code of 1986 (the "Code") or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or (without prejudice to the provisions of Condition 8 (Taxation)) any law implementing an intergovernmental approach thereto.

Upon the due date for redemption of any Bond, all unmatured Coupons relating to such Bond (whether or not attached) shall become void and no payment shall be made in respect of them. Where any Bond is presented for redemption without all unmatured Coupons relating to it, redemption shall be made only against the provision of such indemnity as the Issuer may require.

If the due date for redemption of any Bond is not 1 April in any year, interest accrued in respect of such Bond from (and including) the last preceding 1 April will be paid only against presentation and surrender of such Bond.

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If the due date for payment of any amount in respect of any Bond or Coupon is not a business day, then the holder thereof shall not be entitled to payment of the amount due until the next following business day nor to any further interest or other payment in respect of such delay. The expression "business day" in this Condition means a day other than a Saturday or Sunday on which banks are open for business in the place where the Bond or Coupon is presented and, in the case of payment by transfer to a sterling account as referred to above, in the City of London.

The names of the initial Principal Paying Agent and the other initial Paying Agents and their initial specified offices are set out at the end of these Terms and Conditions. The Issuer reserves the right, subject to the prior written approval of the Trustee, at any time to vary or terminate the appointment of any Paying Agent and to appoint additional or other Paying Agents provided that the Issuer will at all times maintain a principal paying agent. Notice of any such termination or appointment and of any changes in the specified offices of the Paying Agents will be given to the Bondholders in accordance with Condition 14 (Notices) as soon as practicable thereafter. Under no circumstances will interest be payable in the United States of America or any possession of the United States of America.

7.Redemption and Purchase

(a)Scheduled redemption: Unless previously redeemed, or purchased and cancelled, the Issuer will redeem the Bonds on 1 April 2052 (the "Maturity Date") at their outstanding principal amount.

(b)Redemption at the option of the Issuer: The Issuer may, having given not less than 30 nor more than 45 days' notice in accordance with Condition 14 (Notices) (which notice shall be irrevocable), redeem the whole or part (in principal amount of £5,000,000 or integral multiples thereof) of the Bonds at any time prior to the Maturity Date at a price equal to the Redemption Price together with interest accrued up to and including the date of redemption.

In this Condition, "Redemption Price" means:

(i)in relation to any date fixed for redemption which falls in the period up to (but excluding) the Par Call Date, the higher of the following:

(1)    par; and

(2)    that price, expressed as a percentage (rounded to three decimal places, 0.0005 being rounded upwards), at which the Gross Real Redemption Yield (calculated as described below) on the Bonds, if they were to be purchased at such price on the third dealing day prior to the publication of the notice of redemption, would be equal to the sum of: (A) Gross Real Redemption Yield on such dealing day of the Reference Gilt, on the basis of the middle market price of the Reference Gilt prevailing at 11:00 a.m. on such dealing day, as determined by an Independent Adviser; and (B) 0.25 per cent;

(ii)in relation to any date fixed for redemption which falls in the period from (and including) the Par Call Date to (but excluding) the Maturity Date, par.

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Any reference in these Terms and Conditions to principal shall be deemed to include any sum payable as the Redemption Price.

Notices of redemption will specify the date fixed for redemption, the applicable Redemption Price and, in the case of partial redemption, the aggregate principal amount of the Bonds to be redeemed, the serial numbers of the Bonds called for redemption, the serial numbers of the Bonds previously called for redemption and not presented for payment and the aggregate principal amount of the Bonds to remain outstanding after the redemption. No such notice of redemption may be given by the Issuer unless it shall have presented to the Trustee a certificate signed by two Directors of the Issuer (upon which the Trustee may rely absolutely) that it will have the funds, not subject to the interest of any other person, required to redeem the Bonds at the Redemption Price plus accrued interest on the date specified for redemption. Upon the expiry of any notice of redemption the Issuer shall be bound to redeem the Bonds called for redemption at the applicable Redemption Price. Any partial redemption of the Bonds shall be on the basis of selection by drawings (the method of such drawings to be approved by the Trustee in its absolute discretion).

"Gross Real Redemption Yield" means a yield expressed as a percentage and calculated on a basis consistent with the basis indicated by the United Kingdom Debt Management Office publication "Formulae for calculating Gilt Prices from Yields" published on 8 June 1998 with effect from 1 November 1998, page 5 and updated on 15 January 2002 and 16 March 2005 and as further updated or amended from time to time.

"Independent Adviser" means an independent financial institution of international repute or other independent financial adviser experienced in the international capital markets, in each case appointed by the Issuer at its own expense.

"Par Call Date" means the date falling three months prior to the Maturity Date.

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(c)Redemption for tax reasons: If, as a result of any change in, or amendment to, the laws or regulations of the United Kingdom or any political sub-division of, or any authority in, or of, the United Kingdom having power to tax, or any change in the application or official interpretation of such laws or regulations, which change or amendment becomes effective after 30 March 2022, the Issuer has or will become obliged to pay additional amounts as provided or referred to in Condition 8 (Taxation) (and such amendment or change has been evidenced by the delivery by the Issuer to the Trustee (who shall accept such certificate as sufficient evidence thereof) of a certificate signed by two Directors of the Issuer stating that such amendment or change has occurred (irrespective of whether such amendment or change is then effective), describing the facts leading thereto and stating that such obligation cannot be avoided by the Issuer taking reasonable measures available to it) the Issuer may at its option, having given not less than 30 nor more than 60 days' notice to the Bondholders in accordance with Condition 14 (Notices) (which notice shall be irrevocable), redeem all the Bonds (other than Bonds in respect of which the Issuer shall have given a notice of redemption pursuant to Condition 7(b) (Redemption at the option of the Issuer) prior to any notice being given under this Condition 7(c)), but not some only, at their outstanding principal amount together with interest accrued to (but excluding) the date of redemption, provided that no notice of redemption shall be given earlier than 90 days before the earliest date on which the Issuer would be required to pay the additional amounts were a payment in respect of the Bonds then due and provided further that no notice of redemption may be given by the Issuer unless two Directors of the Issuer shall have certified to the Trustee that it will have the funds, not subject to the interest of any other person, required to redeem the Bonds at their principal amounts outstanding plus accrued interest on the date specified for redemption (the Trustee being able to rely on such certificate absolutely).

(d)Purchase: The Issuer or any of its Subsidiaries may at any time purchase or otherwise acquire Bonds (provided that all unmatured Coupons are attached thereto or are surrendered therewith) at any price in the open market or otherwise.

(e)Cancellation: All Bonds which are redeemed pursuant to this Condition by the Issuer shall be cancelled (together with all relative unmatured Coupons attached thereto or surrendered therewith) and accordingly may not be reissued or resold. Bonds purchased by or on behalf of the Issuer or any of its Subsidiaries may be held or reissued or resold or surrendered for cancellation.

8.Taxation

(a)All payments in respect of the Bonds and Coupons by or on behalf of the Issuer shall be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature ("Taxes") imposed or levied by or on behalf of the United Kingdom, or any political subdivision of, or authority in, or of, the United Kingdom having power to tax, unless the withholding or deduction of the Taxes is required by law. In that event, the Issuer will pay such additional amounts as may be necessary in order that the net amounts received by the Bondholders and Couponholders after the withholding or deduction shall equal the respective amounts which would have been receivable in respect of the Bonds or, as the case may be, Coupons in the absence of the withholding or deduction; except that no additional amounts shall be payable in relation to any payment in respect of any Bond or Coupon:

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(i)to, or to a third party on behalf of, a holder who is liable to the Taxes in respect of the Bond or Coupon by reason of such holder having some connection with the United Kingdom other than the mere holding of the Bond or Coupon; or

(ii)to, or to a third party on behalf of, a holder who would not be liable or subject to the withholding or deduction by making a declaration of non-residence or other similar claim for exemption to the relevant tax authority; or

(iii)presented for payment more than 30 days after the Relevant Date except to the extent that the holder would have been entitled to additional amounts on presenting the same for payment on the last day of the period of 30 days.

(b)In these Terms and Conditions, "Relevant Date" means the date on which the payment first becomes due, but if the full amount of the money payable has not been received in London by the Principal Paying Agent or the Trustee on or before the due date, it means the date on which, the full amount of the money having been so received, notice to that effect shall have been duly given to the Bondholders by the Issuer in accordance with Condition 14 (Notices).

(c)Any reference in these Terms and Conditions to any amounts in respect of the Bonds shall be deemed also to refer to any additional amounts which may be payable under this Condition or under any undertakings given in addition to, or in substitution for, this Condition 8 pursuant to the Trust Deed.

9.Prescription

Bonds and Coupons will become void unless presented for payment within periods of ten years and five years, respectively, from the Relevant Date for payment in respect thereof, subject to the provisions of Condition 6 (Payments).

10.Events of Default

If:

(a)default is made in the payment of any principal or premium (if any) in respect of any Bond pursuant to Condition 7 (Redemption and Purchase), or for a period of 14 days or more in the payment of any interest due in respect of the Bonds; or

(b)the Issuer fails to perform or observe any of its other obligations, covenants, conditions or provisions under the Bonds or the Trust Deed and (except where the Trustee shall have certified to the Issuer in writing that it considers such failure to be incapable of remedy in which case no such notice or continuation as is hereinafter mentioned will be required) such failure continues for the period of 60 days (or such longer period as the Trustee may permit) following the service by the Trustee on the Issuer of notice requiring the same to be remedied; or

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(c)(i) any other Indebtedness For Borrowed Money of the Issuer or any of its Subsidiaries becomes due and repayable prior to its stated maturity by reason of an event of default (however described) or (ii) any such Indebtedness For Borrowed Money is not paid when due or (iii) the Issuer or any of its Subsidiaries fails to pay when due any amount payable by it under any present or future guarantee for, or indemnity in respect of any Indebtedness For Borrowed Money of, any person or (iv) any security given by the Issuer or any of its Subsidiaries for any Indebtedness For Borrowed Money of any person or any guarantee or indemnity of Indebtedness For Borrowed Money of any person becomes enforceable by reason of default in relation thereto and steps are taken to enforce such security save in any such case referred to in (i), (ii), (iii) or (iv) where there is a bona fide dispute as to whether the relevant Indebtedness For Borrowed Money or any such guarantee or indemnity as aforesaid shall be due and payable, and provided that the aggregate amount of the relevant Indebtedness For Borrowed Money in respect of which any one or more of the events mentioned above in this sub-paragraph (c) has or have occurred equals or exceeds 5 per cent of Regulated Asset Value and such event shall continue unremedied or unwaived for more than 14 days (or such longer grace period as may have been originally provided in the applicable instrument) and the time for payment of such amount has not been expressly extended (until such time as any payment default is remedied, cured or waived); or

(d)any order shall be made by any competent court or any resolution shall be passed for the winding up or dissolution of the Issuer, save for the purposes of amalgamation, merger, consolidation, reorganisation, reconstruction or other similar arrangement on terms previously approved by an Extraordinary Resolution of the Bondholders; or

(e)the Issuer or any of its Subsidiaries shall cease to carry on the whole or substantially the whole of its business, save in each case for the purposes of amalgamation, merger, consolidation, reorganisation, reconstruction or other arrangement (i) not involving or arising out of the insolvency of the Issuer or such Subsidiary and under which all or substantially all of its assets are transferred, in the case of the Issuer, to a Subsidiary of the Issuer or, in the case of a Subsidiary, to the Issuer or another Subsidiary of the Issuer, or in either case, to a transferee which is, or immediately upon such transfer becomes a Subsidiary of the Issuer or (ii) under which all or substantially all of its assets are transferred to a third party or parties (whether a Subsidiary or Subsidiaries of the Issuer or not) for full consideration by the Issuer or any such Subsidiary on an arm's length basis or (iii) the terms of which have previously been approved by an Extraordinary Resolution of the Bondholders provided that if the Issuer shall cease to hold or shall transfer the Electricity Distribution Licence (other than where the Electricity Distribution Licence is revoked, terminated or surrendered in the circumstances envisaged by paragraph (i)(a), (b) or (c) of the definition of Restructuring Event in Condition 3 (Definitions) and such revocation, termination or surrender does not constitute a Restructuring Event pursuant to paragraph (i) of such definition) the Issuer shall be deemed to have ceased to carry on the whole or substantially the whole of its business (and neither of exceptions (i) and (ii) above shall apply) unless the transferee of the Electricity Distribution Licence is the Issuer or a Subsidiary of the Issuer, at least 51 per cent of the ordinary share capital of which is owned directly or indirectly by the Issuer (the "NE Transferee") and in such event all references in these Terms and Conditions to the Issuer in its capacity as holder of the Electricity Distribution Licence shall thereafter be deemed to be references to the NE Transferee; or

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(f)the Issuer or any of its Subsidiaries shall suspend or shall threaten to suspend payment of its debts generally or shall be declared or adjudicated by a competent court to be unable, or shall admit in writing its inability, to pay its debts (within the meaning of Section 123(1) or (2) of the Insolvency Act 1986) as they fall due, or shall be adjudicated or found insolvent by a competent court or shall enter into any composition or other similar arrangement with its creditors under Part I of the Insolvency Act 1986; or

(g)a receiver, administrative receiver, Energy Administrator, administrator or other similar official shall be appointed in relation to the Issuer or any of its Subsidiaries or in relation to the whole or a substantial part of the undertaking or assets of any of them or a distress, execution or other process shall be levied or enforced upon or sued out against, or any encumbrancer shall take possession of, the whole or a substantial part of the assets of any of them and in any of the foregoing cases it or he shall not be paid out or discharged within 120 days (or such longer period as the Trustee may in its absolute discretion permit),

and, in the case of sub-paragraphs (b), (c) and (e) to (g) (inclusive) the Trustee shall have certified in writing that the relevant event is in its opinion materially prejudicial to the interests of the Bondholders, the Trustee may at its discretion (and the Trustee shall on the request in writing of the holders of at least one quarter in principal amount of the Bonds then outstanding or upon being so directed by an Extraordinary Resolution of the Bondholders), by notice in writing to the Issuer declare that the Bonds are, and they shall accordingly thereby forthwith become, immediately due and repayable at their principal amount together with accrued interest (as provided in the Trust Deed), provided always that the giving of any notice in relation to any Event of Default shall not operate as a waiver of any of the Trustee's rights (including the right to give a further notice) or prevent the Trustee from giving a further notice in the manner referred to above in relation to that Event of Default at any time thereafter.

So long as any of the Bonds remain outstanding the Issuer will, forthwith upon becoming aware of any Event of Default or Potential Event of Default, give notice in writing thereof to the Trustee.

For the purpose of sub-paragraph (f) above, Section 123(1)(a) of the Insolvency Act 1986 shall have effect as if for "£750" there was substituted "£250,000" or such higher figure as Ofgem may from time to time determine by notice in writing to the Issuer for the purposes of Schedule 2 (Revocation) of its Electricity Distribution Licence.

Neither the Issuer nor any Subsidiary shall be deemed to be unable to pay its debts for the purposes of sub-paragraph (f) above if any such demand as is mentioned in Section 123(1)(a) of the Insolvency Act 1986 is being contested in good faith by the Issuer or the relevant Subsidiary with recourse to all appropriate measures and procedures.

11.Restructuring Event

(a)

(i)If, at any time while any of the Bonds remains outstanding, a Restructuring Event occurs and during the Restructuring Period an Independent Financial Adviser (as defined below) shall have certified in writing to the Trustee that such Restructuring Event is not, in its opinion, materially prejudicial to the interests of the Bondholders, the following provisions of this Condition shall cease to have any further effect in relation to such Restructuring Event.

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(ii)If, at any time while any of the Bonds remains outstanding, a Restructuring Event occurs and (subject to paragraph (a)(i) above):

(1)    within the Restructuring Period, either:

(A)    if at the time such Restructuring Event occurs there are Reference Rated Securities, a Rating Downgrade in respect of such Restructuring Event also occurs; or

(B)    if at such time there are not Reference Rated Securities, a Negative Rating Event in respect of such Restructuring Event also occurs; and

(2)    an Independent Financial Adviser shall have certified in writing to the Trustee that such Restructuring Event is, in its opinion, materially prejudicial to the interests of the Bondholders (a "Negative Certification"),

then, unless at any time the Issuer shall have given a notice under Condition 7(b) (Redemption at the option of the Issuer) or Condition 7(c) (Redemption for tax reasons), in each case expiring prior to the Put Date (as defined below), the holder of each Bond will, upon the giving of a Put Event Notice (as defined below), have the option (the "Put Option") to require the Issuer to redeem or, at the option of the Issuer, purchase (or procure the purchase of) that Bond on the Put Date at its principal amount together with (or, where purchased, together with an amount equal to) interest (if any) accrued to (but excluding) the Put Date.

Notwithstanding the occurrence of a Rating Downgrade or a Negative Rating Event, no Bondholder shall be entitled to exercise the Put Option and to serve a Put Notice if the rating assigned to the Reference Rated Securities or these Bonds by any Rating Agency is subsequently increased to, or, as the case may be, there is assigned to the Reference Rated Securities or these Bonds by any Rating Agency an Investment Grade Rating or, in the event that the rating assigned to the Reference Rated Securities immediately prior to the occurrence of the Rating Downgrade or Negative Rating Event was not an Investment Grade Rating, if such rating is restored, in either case prior to any Negative Certification being issued.

Any certification by an Independent Financial Adviser as aforesaid as to whether or not, in its opinion, any Restructuring Event is materially prejudicial to the interest of the Bondholders shall, in the absence of manifest error, be conclusive and binding on the Trustee, the Issuer and the Bondholders. For the purposes of this Condition, an "Independent Financial Adviser" means a financial adviser appointed by the Issuer and approved by the Trustee or, if the Issuer shall not have appointed such an adviser within 21 days after becoming aware of the occurrence of such Restructuring Event and the Trustee is indemnified and/or prefunded and/or secured to its satisfaction against the costs of such adviser, appointed by the Trustee.

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A Rating Downgrade or a Negative Rating Event or a non-Investment Grade Rating shall be deemed not to have occurred as a result of or in respect of a Restructuring Event if the Rating Agency making the relevant reduction in rating or, where applicable, declining to assign an Investment Grade Rating as provided in this Condition does not announce or publicly confirm or inform the Trustee in writing at its request that the reduction or, where applicable, declining to assign a rating of at least investment grade was the result, in whole or in part, of any event or circumstance comprised in or arising as a result of the applicable Restructuring Event.

The Trust Deed provides that the Trustee is under no obligation to ascertain whether a Restructuring Event, a Negative Rating Event, a Rating Downgrade or any event which could lead to the occurrence of or could constitute a Restructuring Event, a Negative Rating Event or a Rating Downgrade has occurred and until it shall have actual knowledge or express notice pursuant to the Trust Deed to the contrary the Trustee may assume that no Restructuring Event, Negative Rating Event, Rating Downgrade or other such event has occurred.

(b)Promptly upon the Issuer becoming aware that a Put Event (as defined in Condition 3 (Definitions)) has occurred, and in any event not later than 14 days after the occurrence of a Put Event, the Issuer shall, and at any time upon the Trustee becoming similarly so aware the Trustee may, and (subject to it being indemnified and/or prefunded and/or secured to its satisfaction) if so requested by the holders of at least one-quarter in principal amount of the Bonds then outstanding shall, give notice (a "Put Event Notice") to the Bondholders in accordance with Condition 14 (Notices) specifying the nature of the Put Event and the procedure for exercising the Put Option.

(c)To exercise the Put Option, the holder of a Bond must deliver such Bond to the specified office of any Paying Agent, on a day which is a business day (as defined in Condition 6 (Payments)) in London and in the place of such specified office falling within the period (the "Put Period") of 45 days after that on which a Put Event Notice is given, accompanied by a duly completed and signed notice of exercise in the form (for the time being current) obtainable from any specified office of any Paying Agent (a "Put Notice") and in which the holder may specify a bank account complying with the requirements of Condition 6 (Payments) to which payment is to be made under this Condition. Each Bond should be delivered together with all Coupons appertaining thereto maturing after the day (the "Put Date") being the fifteenth day after the date of expiry of the Put Period, failing which any such missing Coupon will become void and no payment shall be made in respect of it. The Paying Agent to which such Bond and Put Notices are delivered shall issue to the Bondholder concerned a non-transferable receipt in respect of the Bond so delivered. Payment in respect of any Bond so delivered shall be made, if the holder duly specifies a bank account in the Put Notice to which payment is to be made on the Put Date, by transfer to that bank account and, in every other case, on or after the Put Date, in each case against presentation and surrender or (as the case may be) endorsement of such receipt at any specified office of any Paying Agent, subject in any such case as provided in Condition 6 (Payments). A Put Notice, once given, shall be irrevocable. For the purposes of Conditions 9 (Prescription), 10 (Events of Default), 12 (Enforcement), 13 (Replacement of Bonds and Coupons) and 15 (Meetings of Bondholders, Modification and Waiver) receipts issued pursuant to this Condition shall be treated as if they were Bonds. The Issuer shall redeem or, at the option of the Issuer, purchase (or procure the purchase of) the relevant Bond on the applicable Put Date unless previously redeemed or purchased.

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12.Enforcement

(a)Limitation on Bondholders: Only the Trustee may pursue the remedies available under general law or under the Trust Deed to enforce the rights of the Bondholders and Couponholders and no such holder will be entitled to proceed against the Issuer unless the Trustee, having become bound to act in accordance with the terms of the Trust Deed, fails to do so within a reasonable amount of time and such failure is continuing.

(b)Enforcement Proceedings: At any time after amounts in respect of principal of and interest on the Bonds shall have become due and payable but are unpaid, the Trustee may, at its discretion, and without further notice but subject as mentioned below, take such proceedings against the Issuer as it may think fit to enforce the provisions of the Trust Deed in accordance with the terms thereof.

The Trustee shall only be bound to take proceedings pursuant to this Condition 12(b) if it has been indemnified and/or prefunded and/or secured to its satisfaction by the Bondholders and if it has been so requested in writing by the holders of not less than 25 per cent of the principal amount outstanding (as defined in the Trust Deed) of the Bonds or has been so directed by an Extraordinary Resolution (as defined in the Trust Deed).

13.Replacement of Bonds and Coupons

Should any Bond or Coupon be lost, stolen, mutilated, defaced or destroyed it may, subject to all applicable laws and stock exchange requirements, be replaced at the specified office of the Principal Paying Agent (or such other Paying Agent as may be approved by the Trustee for such purpose) upon payment by the claimant of the expenses, taxes and duties incurred in connection therewith and on such terms as to evidence and indemnity as the Issuer may reasonably require. Mutilated or defaced Bonds or Coupons must be surrendered before replacements will be issued.

14.Notices

All notices to Bondholders shall be valid if published in a leading English language national daily newspaper (which is expected to be the Financial Times) or, if this is not practicable, in a leading English language daily newspaper with a circulation in Europe. Such notices shall be deemed to have been given on the date of such publication or, if published more than once or on different dates, on the date of the first such publication. If publication is not practicable, notice shall be given in such other manner, and shall be deemed to have been given on such date, as the Trustee may approve.

Couponholders will be deemed for all purposes to have notice of the contents of any notice given to the Bondholders in accordance with this Condition.

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15.Meetings of Bondholders, Modification and Waiver

(a)The Trust Deed contains provisions for convening meetings of the Bondholders to consider any matter affecting their interests, including modification by Extraordinary Resolution of these Terms and Conditions or the provisions of the Trust Deed. The quorum at any such meeting for passing an Extraordinary Resolution shall be two or more persons holding or representing more than half in principal amount of the Bonds for the time being outstanding, or at any adjourned such meeting two or more persons being or representing Bondholders whatever the principal amount of the Bonds so held or represented, except that, at any meeting the business of which includes the modification of certain of these Terms and Conditions and certain of the provisions of the Trust Deed (including altering the currency of payment of the Bonds or Coupons), the necessary quorum for passing an Extraordinary Resolution will be two or more persons holding or representing not less than two-thirds, or at any adjourned such meeting not less than one-third, in principal amount of the Bonds for the time being outstanding. An Extraordinary Resolution passed at any meeting of Bondholders shall be binding on all Bondholders, whether or not they are present or represented at the meeting, and on all Couponholders.

(b)The Trustee may, without the consent of the Bondholders or Couponholders, agree (i) other than in respect of Reserved Matters (as specified and defined in Schedule 5 to the Trust Deed), to any modification to these Terms and Conditions or to any of the provisions of the Trust Deed or to any waiver or authorisation of any breach or proposed breach by the Issuer of these Terms and Conditions or of any of the provisions of the Trust Deed or determine that any event, condition or act which would otherwise be an Event of Default, Potential Event of Default or Restructuring Event shall not be so treated provided that, in the opinion of the Trustee, so to do would not be materially prejudicial to the interests of the Bondholders, and provided further that the Trustee will not do so in contravention of any express direction given by any Extraordinary Resolution or a written request made pursuant to Condition 10 (Events of Default) but no such direction or request will affect any previous waiver, authorisation or determination, or (ii) to any modification to these Terms and Conditions or to any of the provisions of the Trust Deed which is made to correct a manifest error or which is of a formal, minor or technical nature.

(c)In connection with the exercise of its trusts, powers, authorities or discretions (including, but not limited to, any modification, waiver, authorisation or substitution) the Trustee shall have regard to the interests of Bondholders as a class and, in particular, but without limitation, shall not have regard to the consequences of the exercise of its trusts, powers or discretions for individual Bondholders and Couponholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction of, any particular territory and the Trustee shall not be entitled to require, nor shall any Bondholder or Couponholder be entitled to claim, from the Issuer or any other person any indemnification or payment in respect of any tax consequence of any such exercise upon individual Bondholders or Couponholders, except to the extent already provided for in Condition 8 (Taxation) and/or any undertaking given to, or in substitution for, Condition 8 (Taxation) pursuant to the Trust Deed.

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(d)Any modification to these Terms and Conditions or to any of the provisions of the Trust Deed or any waiver or authorisation of any breach or proposed breach by the Issuer of these Terms and Conditions or any of the provisions of the Trust Deed shall be binding on the Bondholders and the Couponholders and, unless the Trustee agrees otherwise, any modification shall be notified by the Issuer to the Bondholders as soon as practicable thereafter in accordance with Condition 14 (Notices).

16.Substitution

The Trustee may, without the consent of the Bondholders or Couponholders, agree with the Issuer to the substitution of any wholly-owned Subsidiary of the Issuer (the "Substituted Obligor") in place of the Issuer (or of any previous substitute under this Condition) as the principal debtor under the Bonds, the Coupons and the Trust Deed, subject to the Trustee being of the opinion that the interests of the Bondholders will not be materially prejudiced thereby and certain other conditions set out in the Trust Deed being complied with, including that (unless the Issuer's successor in business is the Substituted Obligor) the obligations of the Substituted Obligor under the Trust Deed, the Bonds and the Coupons are unconditionally and irrevocably guaranteed by the Issuer in form and manner satisfactory to the Trustee.

17.Further Bonds

(a)Subject as mentioned below, power will be reserved to the Issuer to create and issue Further Bonds forming (or so as to form after the first payment of interest thereon) a single series with the Bonds provided that:

(i)the Trustee is satisfied that the rating granted in respect of the Bonds by S&P and Fitch will not thereby be adversely affected; and

(ii)such issue shall be constituted by a deed supplemental to the Trust Deed (in such form as the Trustee may approve).

(b)The Issuer shall not be entitled to exercise the power reserved in this Condition 17 (Further Bonds) while any default exists in relation to any payment by the Issuer of any amounts due under the Trust Deed.

18.Trustee

The Trust Deed contains provisions governing the responsibility of the Trustee and providing for its indemnification and relief from responsibility in certain circumstances, (including provisions relieving it from taking proceedings against the Issuer unless indemnified and/or secured and/or prefunded to its satisfaction) and to be paid its costs and expenses in priority to the claims of the Bondholders. The Trustee may not resign its appointment unless a successor, willing to act in such capacity, has been appointed by the Issuer and the Bondholders by Extraordinary Resolution, provided that the Trustee shall not be prevented from resigning its appointment if, having given notice in writing to the Issuer of its intention to so resign its appointment, a successor is not appointed within the period of three months from the date of such notice.

19.Governing Law

The Trust Deed and the Bonds and any non-contractual obligations arising out of or in connection with the Trust Deed and the Bonds are governed by, and shall be construed in accordance with, English law.

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SCHEDULE 5
PROVISIONS FOR MEETINGS OF BONDHOLDERS

1.DEFINITIONS

In this Trust Deed and the Conditions, the following expressions have the following meanings:

"Block Voting Instruction" means, in relation to any Meeting, a document in the English language issued by a Paying Agent:

(a)certifying that certain specified Bonds (each a "Deposited Bond") have been deposited with such Paying Agent (or to its order at a bank or other depositary) or blocked in an account with a clearing system and will not be released until the earlier of:

(i)the conclusion of the Meeting; and

(ii)the surrender to such Paying Agent, not less than 48 hours before the time fixed for the Meeting (or, if the Meeting has been adjourned, the time fixed for its resumption), of the receipt for the deposited or blocked Bonds and notification thereof by such Paying Agent to the Issuer and the Trustee; and

(b)certifying that the depositor of each Deposited Bond or a duly authorised person on its behalf has instructed the relevant Paying Agent that the votes attributable to such Deposited Bond are to be cast in a particular way on each resolution to be put to the Meeting and that, during the period of 48 hours before the time fixed for the Meeting, such instructions may not be amended or revoked;

(c)listing the total number and (if in definitive form) the certificate numbers of the Deposited Bonds, distinguishing for each resolution between those in respect of which instructions have been given to vote for, or against, the resolution; and

(d)authorising a named individual or individuals to vote in respect of the Deposited Bonds in accordance with such instructions;

"Chairman" means, in relation to any Meeting, the individual who takes the chair in accordance with paragraph 7 (Chairman);

"Extraordinary Resolution" means a resolution passed at a Meeting duly convened and held in accordance with this Schedule by a majority of not less than three quartersof the votes cast;

"Meeting" means a meeting of Bondholders (whether originally convened or resumed following an adjournment);

"Proxy" means, in relation to any Meeting, a person appointed to vote under a Block Voting Instruction other than:

(a)any such person whose appointment has been revoked and in relation to whom the relevant Paying Agent has been notified in writing of such revocation by the time which is 48 hours before the time fixed for such Meeting; and

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(b)any such person appointed to vote at a Meeting which has been adjourned for want of a quorum and who has not been re-appointed to vote at the Meeting when it is resumed;

"Relevant Fraction" means:

(a)for all business other than voting on an Extraordinary Resolution, one tenth;

(b)for voting on any Extraordinary Resolution other than one relating to a Reserved Matter, more than half; and

(c)for voting on any Extraordinary Resolution relating to a Reserved Matter, two thirds;

provided, however, that, in the case of a Meeting which has resumed after adjournment for want of a quorum, it means:

(i)for all business other than voting on an Extraordinary Resolution relating to a Reserved Matter, the fraction of the aggregate principal amount of the outstanding Bonds represented or held by the Voters actually present at the Meeting; and

(ii)for voting on any Extraordinary Resolution relating to a Reserved Matter, one third;

"Reserved Matter" means any proposal:

(a)to effect the exchange or substitution of the Bonds for, or the conversion of the Bonds into, shares, bonds or other obligations or securities of the Issuer or any other person or body corporate formed or to be formed (other than as permitted under Clause 14.2 of this Trust Deed);

(b)(other than as permitted under Clause 14.2 of this Trust Deed) to approve the substitution of any person for the Issuer (or any previous substitute) as principal debtor under the Bonds;

(c)to postpone the maturity of the Bonds or the dates on which interest is payable in respect of the Bonds;

(d)to reduce or cancel the principal amount of, any premium payable on redemption of, or interest on the Bonds;

(e)to change the currency in which amounts due in respect of the Bonds are payable;

(f)to change the quorum required at any Meeting or the majority required to pass an Extraordinary Resolution; or

(g)to amend this definition;

"Voter" means, in relation to any Meeting, the bearer of a Voting Certificate, a Proxy or the bearer of a definitive Bond who produces such definitive Bond at the Meeting;

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"Voting Certificate" means, in relation to any Meeting, a certificate in the English language issued by a Paying Agent and dated in which it is stated:

(a)that the Deposited Bonds have been deposited with such Paying Agent (or to its order at a bank or other depositary) or blocked in an account with a clearing system and will not be released until the earlier of:

(i)the conclusion of the Meeting; and

(ii)the surrender of such certificate to such Paying Agent; and

(b)that the bearer of such certificate is entitled to attend and vote at the Meeting in respect of the Deposited Bonds;

"Written Resolution" means a resolution in writing signed by or on behalf of all holders of Bonds who for the time being are entitled to receive notice of a Meeting in accordance with the provisions of this Schedule, whether contained in one document or several documents in the same form, each signed by or on behalf of one or more such holders of the Bonds;

"24 hours" means a period of 24 hours including all or part of a day (disregarding for this purpose the day upon which such Meeting is to be held) upon which banks are open for business in both the place where the relevant Meeting is to be held and in each of the places where the Paying Agents have their Specified Offices and such period shall be extended by one period or, to the extent necessary, more periods of 24 hours until there is included as aforesaid all or part of a day upon which banks are open for business as aforesaid;and

"48 hours" means 2 consecutive periods of 24 hours.

2.ISSUE OF VOTING CERTIFICATES AND BLOCK VOTING INSTRUCTIONS

The holder of a Bond may obtain a Voting Certificate from any Paying Agent or require any Paying Agent to issue a Block Voting Instruction by depositing such Bond with such Paying Agent or arranging for such Bond to be (to its satisfaction) held to its order or under its control or blocked in an account with a clearing system not later than 48 hours before the time fixed for the relevant Meeting. A Voting Certificate or Block Voting Instruction shall be valid until the release of the Deposited Bonds to which it relates. So long as a Voting Certificate or Block Voting Instruction is valid, the bearer thereof (in the case of a Voting Certificate) or any Proxy named therein (in the case of a Block Voting Instruction) shall be deemed to be the holder of the Bonds to which it relates for all purposes in connection with the Meeting. A Voting Certificate and a Block Voting Instruction cannot be outstanding simultaneously in respect of the same Bond.

3.REFERENCES TO DEPOSIT/RELEASE OF BONDS

Where Bonds are within Euroclear or Clearstream, Luxembourg or any other clearing system, references to the deposit, or release, of Bonds shall be construed in accordance with the usual practices (including blocking the relevant account) of Euroclear or Clearstream, Luxembourg or such other clearing system.

10227262891-v11 - 71 - 70-41032125

4.VALIDITY OF BLOCK VOTING INSTRUCTIONS

Block Voting Instruction shall be valid only if deposited at the Specified Office of the relevant Paying Agent or at some other place approved by the Trustee, at least 24 hours before the time fixed for the relevant Meeting unless the Chairman decides otherwise before the Meeting proceeds to business. If the Trustee requires, a notarised copy (or copy certified to the satisfaction of the Trustee) of each Block Voting Instruction and satisfactory proof of the identity of each Proxy named therein shall be produced at the Meeting, but the Trustee shall not be obliged to investigate the validity of any Block Voting Instruction or the authority of any Proxy.

5.CONVENING OF MEETING

The Issuer or the Trustee may convene a Meeting at any time, and the Trustee shall be obliged to do so subject to its being indemnified and/or secured to its satisfaction upon the request in writing of Bondholders holding not less than one tenth of the aggregate principal amount of the outstanding Bonds. Every Meeting shall be held on a date, and at a time and place, approved by the Trustee.

6.NOTICE

At least 21 days' notice (exclusive of the day on which the notice is given and of the day on which the relevant Meeting is to be held) specifying the date, time and place of the Meeting shall be given to the Bondholders and the Paying Agents (with a copy to the Issuer) where the Meeting is convened by the Trustee or, where the Meeting is convened by the Issuer, the Trustee. The notice shall set out the full text of any resolutions to be proposed unless the Trustee agrees that the notice shall instead specify the nature of the resolutions without including the full text and shall state that the Bonds may be deposited with, or to the order of, any Paying Agent for the purpose of obtaining Voting Certificates or appointing Proxies not later than 48 hours before the time fixed for the Meeting.

7.CHAIRMAN

An individual (who may, but need not, be a Bondholder) nominated in writing by the Trustee may take the chair at any Meeting but, if no such nomination is made or if the individual nominated is not present within 15 minutes after the time fixed for the Meeting, those present shall elect one of themselves to take the chair failing which, the Issuer may appoint a Chairman. The Chairman of an adjourned Meeting need not be the same person as was the Chairman of the original Meeting.

8.QUORUM

The quorum at any Meeting shall be at least two Voters representing or holding not less than the Relevant Fraction of the aggregate principal amount of the outstanding Bonds; provided, however, that, so long as at least the Relevant Fraction of the aggregate principal amount of the outstanding Bonds is represented by the Temporary Global Bond and/or the Permanent Global Bond, a single Voter appointed in relation thereto or being the holder of the Bonds represented thereby shall be deemed to be two Voters for the purpose of forming a quorum.

9.ADJOURNMENT FOR WANT OF QUORUM

If within 15 minutes after the time fixed for any Meeting a quorum is not present, then:

(a)in the case of a Meeting requested by Bondholders, it shall be dissolved; and

10227262891-v11 - 72 - 70-41032125

(b)in the case of any other Meeting (unless the Issuer and the Trustee otherwise agree), it shall be adjourned for such period (which shall be not less than 14 days and not more than 42 days) and to such place as the Chairman determines (with the approval of the Trustee); provided, however, that:

(i)the Meeting shall be dissolved if the Issuer and the Trustee together so decide; and

(ii)no Meeting may be adjourned more than once for want of a quorum.

10.ADJOURNED MEETING

The Chairman may, with the consent of, and shall if directed by, any Meeting adjourn such Meeting from time to time and from place to place, but no business shall be transacted at any adjourned Meeting except business which might lawfully have been transacted at the Meeting from which the adjournment took place.

11.NOTICE FOLLOWING ADJOURNMENT

Paragraph 6 (Notice) shall apply to any Meeting which is to be resumed after adjournment for want of a quorum save that:

(a)10 days' notice (exclusive of the day on which the notice is given and of the day on which the Meeting is to be resumed) shall be sufficient; and

(b)the notice shall specifically set out the quorum requirements which will apply when the Meeting resumes.

It shall not be necessary to give notice of the resumption of a Meeting which has been adjourned for any other reason.

12.PARTICIPATION

The following may attend and speak at a Meeting:

(a)Voters;

(b)representatives of the Issuer and the Trustee;

(c)the financial advisers of the Issuer and the Trustee;

(d)the legal counsel to the Issuer and the Trustee and such advisers; and

(e)any other person approved by the Meeting or the Trustee.

13.SHOW OF HANDS

Every question submitted to a Meeting shall be decided in the first instance by a show of hands. Unless a poll is validly demanded before or at the time that the result is declared, the Chairman's declaration that on a show of hands a resolution has been passed, passed by a particular majority, rejected or rejected by a particular majority shall be conclusive, without proof of the number of votes cast for, or against, the resolution. Where there is only one Voter, this paragraph shall not apply and the resolution will immediately be decided by means of a poll.

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14.POLL

A demand for a poll shall be valid if it is made by the Chairman, the Issuer, the Trustee or one or more Voters representing or holding not less than one fiftieth of the aggregate principal amount of the outstanding Bonds. The poll may be taken immediately or after such adjournment as the Chairman directs, but any poll demanded on the election of the Chairman or on any question of adjournment shall be taken at the Meeting without adjournment. A valid demand for a poll shall not prevent the continuation of the relevant Meeting for any other business as the Chairman directs.

15.VOTES

Every Voter shall have:

(a)on a show of hands, one vote; and

(b)on a poll, one vote in respect of each £100,000 in aggregate face amount of the outstanding Bond(s) represented or held by him.

Unless the terms of any Block Voting Instruction state otherwise, a Voter shall not be obliged to exercise all the votes to which he is entitled or to cast all the votes which he exercises in the same way. In the case of a voting tie the Chairman shall have a casting vote.

16.VALIDITY OF VOTES BY PROXIES

Any vote by a Proxy in accordance with the relevant Block Voting Instruction shall be valid even if such Block Voting Instruction or any instruction pursuant to which it was given has been amended or revoked, provided that neither the Issuer, the Trustee nor the Chairman has been notified in writing of such amendment or revocation by the time which is 24 hours before the time fixed for the relevant Meeting. Unless revoked, any appointment of a Proxy under a Block Voting Instruction in relation to a Meeting shall remain in force in relation to any resumption of such Meeting following an adjournment; provided, however, that no such appointment of a Proxy in relation to a Meeting originally convened which has been adjourned for want of a quorum shall remain in force in relation to such Meeting when it is resumed. Any person appointed to vote at such a Meeting must be re-appointed under a Block Voting Instruction to vote at the Meeting when it is resumed.

17.POWERS

A Meeting shall have power (exercisable only by Extraordinary Resolution), without prejudice to any other powers conferred on it or any other person:

(a)to approve any Reserved Matter proposed or accepted by the Issuer;

(b)to approve any proposal by the Issuer for any modification, abrogation, variation or compromise of, or arrangement in respect of, the rights of the Bondholders and/or the Couponholders against the Issuer (whether such rights shall arise under the Trust Deed or otherwise);

(c)to waive or authorise any breach by the Issuer of its obligations under this Trust Deed;

(d)to assent to any modification of this Trust Deed, the Bonds or the Paying Agency Agreement proposed or accepted by the Issuer;

10227262891-v11 - 74 - 70-41032125

(e)to approve a person proposed to be appointed as a new Trustee and to remove any Trustee;

(f)to authorise the Trustee (subject to its being indemnified and/or secured and/or prefunded) or any other persons to execute all documents and do all things necessary to carry out and give effect to any Extraordinary Resolution;

(g)to discharge or exonerate the Trustee from any liability in respect of any act or omission for which it may become responsible under this Trust Deed, the Bonds or the Coupons;

(h)to give any authority, direction or sanction which under this Trust Deed or the Bonds is required to be given by Extraordinary Resolution; and

(i)to appoint any persons (whether Bondholders or not) as a committee or committees to represent the interests of the Bondholders and to confer upon such committee or committees any powers which the Bondholders could themselves exercise by Extraordinary Resolution.

18.EXTRAORDINARY RESOLUTION BINDS ALL HOLDERS

An Extraordinary Resolution shall be binding upon all Bondholders and Couponholders, whether or not present at the relevant Meeting (if any), and each of the Bondholders and Couponholders shall be bound to give effect to it accordingly. Notice of the result of every vote on an Extraordinary Resolution shall be given to the Bondholders and the Paying Agents (with a copy to the Issuer and the Trustee) within 14 days of the conclusion of the Meeting.

19.MINUTES

Minutes of all resolutions and proceedings at each Meeting shall be made. The Chairman shall sign the minutes, which shall be prima facie evidence of the proceedings recorded therein. Unless and until the contrary is proved, every such Meeting in respect of the proceedings of which minutes have been summarised and signed shall be deemed to have been duly convened and held and all resolutions passed or proceedings transacted at it to have been duly passed and transacted.

20.WRITTEN RESOLUTION

A Written Resolution shall take effect as if it were an Extraordinary Resolution.

21.FURTHER REGULATIONS

Subject to all other provisions contained in this Trust Deed, the Trustee may with the consent of the Issuer (such consent not to be unreasonably withheld or delayed) but without the consent of the Bondholders prescribe such further regulations regarding the holding of Meetings of Bondholders and attendance and voting at them as the Trustee may in its sole discretion determine.

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SIGNATURES

EXECUTED as a DEED and delivered by	)
ALEX JONES as attorney for	)	/s/ Alex Jones
NORTHERN POWERGRID (NORTHEAST) PLC	)
in the presence of:	)
/s/ Owen Sutherland	Signature of witness
Owen Sutherland	Name of witness
Northern Powergrid
Lloyds Court
78 Grey Street
Newcastle
NEI 6AF	Address of witness

[Signature page to the Trust Deed]

EXECUTED and DELIVERED as a DEED	)
By HSBC CORPORATE TRUSTEE COMPANY	)	/s/ Daniel Constable
(UK) LIMITED	)	Authorised Signatory
in the presence of:	)
/s/ Rebecca William
Rebecca William
Dunster Crescent
Essex
United Kingdom

[Signature page to the Trust Deed]

EX-10.1

EXHIBIT 10.1

DEMAND PROMISSORY NOTE

U.S. $200,000,000    Las Vegas, Nevada

April 14, 2022

FOR VALUE RECEIVED, the undersigned, Sierra Pacific Power Company, a Nevada corporation, its successors and assigns (the “Maker”), hereby promises to pay to the order of NV ENERGY INC., a Nevada corporation (the “Holder”), the principal amount of TWO HUNDRED MILLION AND NO/100 U.S. Dollars (U.S.

$200,000,000), together with compounded interest on the principal sum of this Note (the “Note”) at the “Note Rate” defined below, in lawful money of the United States of America. Both principal and interest and all other sums due hereunder shall be payable at the office of Holder at 6226 West Sahara Avenue, Las Vegas, Nevada 89146, or such other place as Holder may designate from time to time.

The principal sum of this Note and all accrued and unpaid interest thereon, if not sooner paid, shall be due and payable upon demand made by Holder in a notice sent as set forth below, on the date (the “Maturity Date”) and at the place set forth in such notice.

Accrued and unpaid interest shall be due and payable in arrears on the business day next following the last business day of each month. If unpaid, interest shall automatically be added to the principal on the day when due, and such interest shall bear interest hereunder until paid. The nonpayment of interest shall not be a default under this Note, unless such interest is due on the Maturity Date. Maker may at its option (but without any obligation to do so) prepay principal or interest on this Note prior to the Maturity Date. Interest due hereunder shall be calculated on the basis of a 360-day year and applied to the actual outstanding daily principal balance and the actual number of days elapsed. As used herein, for any month, the “Note Rate” for such month shall mean a rate per annum equal to the sum of (1) 0.75% plus (2) the rate per annum of interest (rounded upward, if not an integral multiple of 1/100 of 1%, to the nearest 1/100 of 1% per annum) at which 30-day United States dollar deposits, in an amount comparable to the amount of the Note, are offered in the London Interbank Offer Rate market at 11:00 a.m. (London time) on the first business day of such month, as displayed in the Bloomberg Financial Markets system (“Bloomberg”), or if the Bloomberg defined rate does not so appear, the component of the Note Rate specified in such clause

(2)of this definition shall be the rate per annum (rounded upward, if not an integral multiple of 1/100 of 1%, to the nearest 1/100 of 1% per annum) appearing on another authoritative source selected by Holder in its sole discretion.

1

All parties to this Note, including endorsers, sureties and guarantors, hereby jointly and severally waive presentment for payment, demand, protest, notice of protest, notice of demand and of non-payment or dishonor and of protest, notice of intent to accelerate the maturity of this Note, notice of acceleration of maturity of this Note, and any and all other notices and demands whatsoever, and agree to remain bound hereby until the principal and interest of this Note are paid in full, notwithstanding any extensions of time for payment which may be granted by Holder, even though the period of extension may be indefinite, and notwithstanding any inaction by, or failure to assert any legal rights available to, Holder.

If the obligations evidenced by this Note, or any part thereof, are placed in the hands of an attorney for collection, whether by suit or otherwise, at any time, or from time to time, Maker shall be liable to Holder, in each instance, for all costs and expenses incurred in connection therewith, including, without limitation, reasonable attorneys’ fees.

It is the intent of Maker in the execution of this Note and all other instruments now or hereafter securing this Note to contract in strict compliance with applicable usury law. In furtherance thereof, Holder and Maker stipulate and agree that none of the terms and provisions contained in this Note shall ever be construed to create a contract to pay for the use, forbearance or detention of money, at a rate of interest in excess of the maximum interest rate permitted to be charged by applicable law. Neither Maker nor any guarantors, endorsers or other parties now or hereafter becoming liable for payment of this Note shall ever be required to pay interest on this Note at a rate in excess of the maximum interest that may be lawfully charged under applicable law, and the provisions of this paragraph shall control over all provisions of this Note which may be in apparent conflict herewith. In the event that Holder shall collect monies which are deemed to constitute interest which would increase the effective interest rate on this Note to a rate in excess of that permitted to be charged by applicable law, all such sums deemed to constitute interest in excess of the lawful rate shall, upon such determination, at the option of Holder, be either immediately returned to Maker or credited against the principal balance of this Note then outstanding, in which event any and all penalties of any kind under applicable law as a result of such excess interest shall be inapplicable. The term “applicable law” or “applicable usury law” as used in this Note shall mean the laws of the state of Nevada or the laws of the United States, whichever laws allow the greater rate of interest, as such laws now exist or may be changed or amended or come into effect in the future.

The provisions of this Note shall be governed by the internal laws, and not the laws governing conflicts of laws, of the state of Nevada and the laws of the United States, and shall be binding upon Maker, its successors and assigns and shall inure to the benefit of Holder, its successors and assigns. Maker may not assign all or any part of its obligations hereunder without the prior written permission of Holder. Holder may assign or endorse this Note to any person without the permission of Maker. This Note shall be deemed to have been made and to be performable in Las Vegas, Nevada. Maker and Holder hereby consent to the jurisdiction of the state courts located in Las Vegas, Nevada, and each party agrees that venue for any action brought regarding this Note shall be proper in such courts.

2

This Note may be secured from time to time upon the request of Holder. Upon such request Maker and Holder shall negotiate in good faith a mutually acceptable security agreement and related instruments which shall grant to Holder a first priority perfected security interest in assets of Maker and/or its subsidiaries which are not subject to any prior security interest and, to the extent legally practicable, a subordinate security interest in other assets of Maker and/or its subsidiaries.

3

TO THE FULLEST EXTENT PERMITTED BYLAW, EACH OF THE PARTIES HERETO WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE. EACH PARTY FURTHER WAIVES ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH A JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.

All notices and other communications provided to either party hereto under this Note shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by electronic mail, as follows:

(i)if to Maker:

Sierra Pacific Power Company 6226 W. Sahara Avenue

Las Vegas, Nevada 89146 Attention: Michael Cole

Email: michael.cole@nvenergy.com

(ii)if to Holder:

NV Energy, Inc.

6226 W. Sahara Avenue Las Vegas, Nevada 89146 Attention: Michael Cole

Email: michael.cole@nvenergy.com

IN WITNESS WHEREOF, the undersigned has executed this Note as of the date first written above.

SIERRA PACIFIC POWER COMPANY,
	By:	/s/ Michael E. Cole
	Name: Michael E. Cole
	Title: Senior Vice President, CFO & Treasurer

4

EX-15.1

EXHIBIT 15.1

April 29, 2022

To the Board of Directors and Shareholders of

Berkshire Hathaway Energy Company

666 Grand Ave

Des Moines, Iowa 50309

We are aware that our report dated April 29, 2022, 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, 2022, is incorporated by reference in Registration Statement No. 333-228511 on Form S-8.

/s/ Deloitte & Touche LLP

Des Moines, Iowa

EX-15.2

EXHIBIT 15.2

April 29, 2022

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 April 29, 2022, 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, 2022, is incorporated by reference in Registration Statement No. 333-249044 on Form S-3.

/s/ Deloitte & Touche LLP

Portland, Oregon

EX-15.3

EXHIBIT 15.3

April 29, 2022

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 April 29, 2022, 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, 2022, 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

April 29, 2022

To the Board of Directors and Shareholder of

Nevada Power Company

6226 W Sahara Ave.

Las Vegas, Nevada 89146

We are aware that our report dated April 29, 2022 on our review of the interim financial information of Nevada Power Company and subsidiaries appearing in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, is incorporated by reference in Registration Statement No. 333-234207 on Form S-3.

/s/ Deloitte & Touche LLP

Las Vegas, Nevada

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, William J. Fehrman, 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: April 29, 2022	/s/ William J. Fehrman
	William J. Fehrman
	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: April 29, 2022	/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, Scott W. Thon, 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: April 29, 2022	/s/ Scott W. Thon
	Scott W. Thon
	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: April 29, 2022	/s/ Nikki L. Kobliha
	Nikki L. Kobliha
	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: April 29, 2022	/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, Thomas B. Specketer, 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: April 29, 2022	/s/ Thomas B. Specketer
	Thomas B. Specketer
	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: April 29, 2022	/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, Thomas B. Specketer, 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: April 29, 2022	/s/ Thomas B. Specketer
	Thomas B. Specketer
	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: April 29, 2022	/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 E. Cole, 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: April 29, 2022	/s/ Michael E. Cole
	Michael E. Cole
	Senior Vice President, Chief Financial Officer and Treasurer
	(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: April 29, 2022	/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 E. Cole, 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: April 29, 2022	/s/ Michael E. Cole
	Michael E. Cole
	Senior Vice President, Chief Financial Officer and Treasurer
	(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: April 29, 2022	/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: April 29, 2022	/s/ Scott C. Miller
	Scott C. Miller
	Vice President, Chief Financial Officer and Treasurer
	(principal financial officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

I, William J. Fehrman, 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, 2022 (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: April 29, 2022	/s/ William J. Fehrman
	William J. Fehrman
	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, 2022 (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: April 29, 2022	/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, Scott W. Thon, 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, 2022 (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: April 29, 2022	/s/ Scott W. Thon
	Scott W. Thon
	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, 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, 2022 (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: April 29, 2022	/s/ Nikki L. Kobliha
	Nikki L. Kobliha
	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, 2022 (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: April 29, 2022	/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, Thomas B. Specketer, 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, 2022 (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: April 29, 2022	/s/ Thomas B. Specketer
	Thomas B. Specketer
	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, 2022 (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: April 29, 2022	/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, Thomas B. Specketer, 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, 2022 (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: April 29, 2022	/s/ Thomas B. Specketer
	Thomas B. Specketer
	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, 2022 (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: April 29, 2022	/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 E. Cole, Senior Vice President, Chief Financial Officer and Treasurer 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, 2022 (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: April 29, 2022	/s/ Michael E. Cole
	Michael E. Cole
	Senior Vice President, Chief Financial Officer and Treasurer
	(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, 2022 (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: April 29, 2022	/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 E. Cole, Senior Vice President, Chief Financial Officer and Treasurer 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, 2022 (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: April 29, 2022	/s/ Michael E. Cole
	Michael E. Cole
	Senior Vice President, Chief Financial Officer and Treasurer
	(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, 2022 (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: April 29, 2022	/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, 2022 (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: April 29, 2022	/s/ Scott C. Miller
	Scott C. Miller
	Vice President, Chief Financial Officer and Treasurer
	(principal financial 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, 2022 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 that had no reportable events occurring at those locations during the three-month period ended March 31, 2022 are not included in the information below. There were no mining-related fatalities during the three-month period ended March 31, 2022. 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, 2022.

	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)	—	—	—	—	—	$	—	—	—	1
Bridger (underground)	—	—	—	—	—	—		1	1	1
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)Amounts include one contest of proposed penalties under Subpart C 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, 2022	Apr. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		76,368,874
Amendment Flag	false
Document Fiscal Year Focus	2022
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	6603 West Broad Street
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23230
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

XML

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,432	$ 1,096
Restricted cash and cash equivalents	129	127
Trade receivables, net	2,342	2,468
Income tax receivable	656	344
Inventories	1,091	1,122
Mortgage loans held for sale	975	1,263
Derivative contracts	437	188
Regulatory assets	627	544
Other current assets	815	1,096
Total current assets	8,504	8,248
Property, plant and equipment, net	90,283	89,816
Goodwill	11,649	11,650
Regulatory assets	3,458	3,419
Investments and restricted cash, cash equivalents and investments	14,394	15,788
Other assets	3,181	3,144
Total assets	131,469	132,065
Current liabilities:
Accounts payable	1,820	2,136
Accrued interest	644	537
Accrued property, income and other taxes	606	606
Accrued employee expenses	398	372
Short-term debt	1,849	2,009
Current portion of long-term debt	1,494	1,265
Other current liabilities	1,647	1,837
Total current liabilities	8,458	8,762
BHE senior debt	12,605	13,003
BHE junior subordinated debentures	100	100
Subsidiary debt	35,706	35,394
Regulatory liabilities	7,063	6,960
Deferred income taxes	12,786	12,938
Other long-term liabilities	4,327	4,319
Total liabilities	81,045	81,476
Commitments and contingencies
BHE shareholders' equity:
Preferred stock	1,650	1,650
Common stock	0	0
Additional paid-in capital	6,374	6,374
Long-term income tax receivable	(744)	(744)
Retained earnings	40,608	40,754
Accumulated other comprehensive loss, net	(1,358)	(1,340)
Total shareholder's equity, parent	46,530	46,694
Noncontrolling interests	3,894	3,895
Total equity	50,424	50,589
Total liabilities and equity	$ 131,469	$ 132,065

XML

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, shares authorized	100	100
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares issued	2	2
Preferred stock, shares outstanding	2	2
Common stock, shares authorized	115	115
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued	76	76
Common stock, shares outstanding	76	76

XML

Consolidated Balance Sheets (Unaudited) - PAC - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,432	$ 1,096
Inventories	1,091	1,122
Derivative contracts	437	188
Regulatory assets	627	544
Other current assets	815	1,096
Total current assets	8,504	8,248
Regulatory assets	3,458	3,419
Other assets	3,181	3,144
Total assets	131,469	132,065
Current liabilities:
Accounts payable	1,820	2,136
Accrued interest	644	537
Accrued property, income and other taxes	606	606
Accrued employee expenses	398	372
Current portion of long-term debt	1,494	1,265
Other current liabilities	1,647	1,837
Total current liabilities	8,458	8,762
Regulatory liabilities	7,063	6,960
Deferred income taxes	12,786	12,938
Other long-term liabilities	4,327	4,319
Total liabilities	81,045	81,476
Commitments and contingencies
Equity:
Preferred stock	1,650	1,650
Common stock	0	0
Additional paid-in capital	6,374	6,374
Retained earnings	40,608	40,754
Accumulated other comprehensive loss, net	(1,358)	(1,340)
Total shareholder's equity, parent	46,530	46,694
Total liabilities and equity	131,469	132,065
PAC
Current assets:
Cash and cash equivalents	335	179
Trade receivables, net	674	725
Other receivables	49	52
Inventories	479	474
Derivative contracts	145	76
Regulatory assets	125	65
Other current assets	163	150
Total current assets	1,970	1,721
Property, plant and equipment, net	23,081	22,914
Regulatory assets	1,231	1,287
Other assets	562	534
Total assets	26,844	26,456
Current liabilities:
Accounts payable	724	680
Accrued interest	115	121
Accrued property, income and other taxes	113	78
Accrued employee expenses	109	89
Current portion of long-term debt	155	155
Regulatory liabilities	114	118
Other current liabilities	196	219
Total current liabilities	1,526	1,460
Long-term debt	8,567	8,575
Regulatory liabilities	2,807	2,650
Deferred income taxes	2,886	2,847
Other long-term liabilities	1,014	1,011
Total liabilities	16,800	16,543
Commitments and contingencies
Equity:
Preferred stock	2	2
Common stock	0	0
Additional paid-in capital	4,479	4,479
Retained earnings	5,579	5,449
Accumulated other comprehensive loss, net	(16)	(17)
Total shareholder's equity, parent	10,044	9,913
Total liabilities and equity	$ 26,844	$ 26,456

XML

Consolidated Balance Sheets (Unaudited) - PAC (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2022	Dec. 31, 2021
Common stock, shares authorized	115	115
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued	76	76
Common stock, shares outstanding	76	76
PAC
Common stock, shares authorized	750	750
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued	357	357
Common stock, shares outstanding	357	357

XML

Balance Sheets (Unaudited) - MEC - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,432	$ 1,096
Income tax receivable	656	344
Inventories	1,091	1,122
Other current assets	815	1,096
Total current assets	8,504	8,248
Regulatory assets	3,458	3,419
Investments and restricted cash, cash equivalents and investments	14,394	15,788
Other assets	3,181	3,144
Total assets	131,469	132,065
Current liabilities:
Accounts payable	1,820	2,136
Accrued interest	644	537
Accrued property, income and other taxes	606	606
Current portion of long-term debt	1,494	1,265
Other current liabilities	1,647	1,837
Total current liabilities	8,458	8,762
Regulatory liabilities	7,063	6,960
Deferred income taxes	12,786	12,938
Other long-term liabilities	4,327	4,319
Total liabilities	81,045	81,476
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	6,374	6,374
Retained earnings	40,608	40,754
Total shareholder's equity, parent	46,530	46,694
Total liabilities and equity	131,469	132,065
MEC
Current assets:
Cash and cash equivalents	131	232
Trade receivables, net	468	526
Income tax receivable	297	79
Inventories	185	234
Other current assets	187	123
Total current assets	1,268	1,194
Property, plant and equipment, net	20,344	20,301
Regulatory assets	492	473
Investments and restricted cash, cash equivalents and investments	985	1,026
Other assets	262	263
Total assets	23,351	23,257
Current liabilities:
Accounts payable	429	531
Accrued interest	88	84
Accrued property, income and other taxes	144	158
Current portion of long-term debt	7	0
Other current liabilities	144	145
Total current liabilities	812	918
Long-term debt	7,719	7,721
Regulatory liabilities	1,057	1,080
Deferred income taxes	3,373	3,389
Asset retirement obligations	723	714
Other long-term liabilities	463	475
Total liabilities	14,147	14,297
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	561	561
Retained earnings	8,643	8,399
Total shareholder's equity, parent	9,204	8,960
Total liabilities and equity	$ 23,351	$ 23,257

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Balance Sheets (Unaudited) - MEC (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2022	Dec. 31, 2021
Common stock, shares authorized	115	115
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued	76	76
Common stock, shares outstanding	76	76
MEC
Common stock, shares authorized	350	350
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares issued	71	71
Common stock, shares outstanding	71	71

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Consolidated Balance Sheets (Unaudited) - MidAmerican Funding LLC - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,432	$ 1,096
Income tax receivable	656	344
Inventories	1,091	1,122
Other current assets	815	1,096
Total current assets	8,504	8,248
Property, plant and equipment, net	90,283	89,816
Goodwill	11,649	11,650
Regulatory assets	3,458	3,419
Investments and restricted cash, cash equivalents and investments	14,394	15,788
Other assets	3,181	3,144
Total assets	131,469	132,065
Current liabilities:
Accounts payable	1,820	2,136
Accrued interest	644	537
Accrued property, income and other taxes	606	606
Current portion of long-term debt	1,494	1,265
Other current liabilities	1,647	1,837
Total current liabilities	8,458	8,762
Regulatory liabilities	7,063	6,960
Deferred income taxes	12,786	12,938
Other long-term liabilities	4,327	4,319
Total liabilities	81,045	81,476
Commitments and contingencies
Equity:
Additional paid-in capital	6,374	6,374
Retained earnings	40,608	40,754
Total shareholder's equity, parent	46,530	46,694
Total liabilities and equity	131,469	132,065
MidAmerican Funding, LLC
Current assets:
Cash and cash equivalents	132	233
Trade receivables, net	468	526
Income tax receivable	299	80
Inventories	185	234
Other current assets	187	123
Total current assets	1,271	1,196
Property, plant and equipment, net	20,345	20,302
Goodwill	1,270	1,270
Regulatory assets	492	473
Investments and restricted cash, cash equivalents and investments	987	1,028
Other assets	261	262
Total assets	24,626	24,531
Current liabilities:
Accounts payable	429	531
Accrued interest	89	89
Accrued property, income and other taxes	144	158
Notes payable	197	189
Current portion of long-term debt	7	0
Other current liabilities	145	146
Total current liabilities	1,011	1,113
Long-term debt	7,959	7,961
Regulatory liabilities	1,057	1,080
Deferred income taxes	3,371	3,387
Asset retirement obligations	723	714
Other long-term liabilities	463	475
Total liabilities	14,584	14,730
Commitments and contingencies
Equity:
Additional paid-in capital	1,679	1,679
Retained earnings	8,363	8,122
Total shareholder's equity, parent	10,042	9,801
Total liabilities and equity	$ 24,626	$ 24,531

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Consolidated Balance Sheets (Unaudited) - NPC - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,432	$ 1,096
Inventories	1,091	1,122
Regulatory assets	627	544
Other current assets	815	1,096
Total current assets	8,504	8,248
Regulatory assets	3,458	3,419
Other assets	3,181	3,144
Total assets	131,469	132,065
Current liabilities:
Accounts payable	1,820	2,136
Accrued interest	644	537
Accrued property, income and other taxes	606	606
Short-term debt	1,849	2,009
Other current liabilities	1,647	1,837
Total current liabilities	8,458	8,762
Regulatory liabilities	7,063	6,960
Deferred income taxes	12,786	12,938
Other long-term liabilities	4,327	4,319
Total liabilities	81,045	81,476
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	6,374	6,374
Retained earnings	40,608	40,754
Accumulated other comprehensive loss, net	(1,358)	(1,340)
Total shareholder's equity, parent	46,530	46,694
Total liabilities and equity	131,469	132,065
NPC
Current assets:
Cash and cash equivalents	47	33
Trade receivables, net	187	227
Inventories	61	64
Regulatory assets	327	291
Prepayments	48	33
Other current assets	59	53
Total current assets	729	701
Property, plant and equipment, net	6,992	6,891
Regulatory assets	759	728
Other assets	431	432
Total assets	8,911	8,752
Current liabilities:
Accounts payable	224	242
Accrued interest	38	32
Accrued property, income and other taxes	30	29
Short-term debt	104	180
Regulatory liabilities	49	49
Customer deposits	45	44
Derivative contracts	88	55
Other current liabilities	59	62
Total current liabilities	637	693
Long-term debt	2,700	2,499
Finance lease obligations	306	310
Regulatory liabilities	1,083	1,100
Deferred income taxes	799	782
Other long-term liabilities	358	338
Total liabilities	5,883	5,722
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	2,308	2,308
Retained earnings	722	724
Accumulated other comprehensive loss, net	(2)	(2)
Total shareholder's equity, parent	3,028	3,030
Total liabilities and equity	$ 8,911	$ 8,752

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Consolidated Balance Sheets (Unaudited) - NPC (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Common stock, shares authorized	115,000,000	115,000,000
Common stock, shares issued	76,000,000	76,000,000
Common stock, shares outstanding	76,000,000	76,000,000
NPC
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized	1,000	1,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000

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Consolidated Balance Sheets (Unaudited) - SPPC - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,432	$ 1,096
Inventories	1,091	1,122
Regulatory assets	627	544
Other current assets	815	1,096
Total current assets	8,504	8,248
Regulatory assets	3,458	3,419
Other assets	3,181	3,144
Total assets	131,469	132,065
Current liabilities:
Accounts payable	1,820	2,136
Accrued property, income and other taxes	606	606
Short-term debt	1,849	2,009
Other current liabilities	1,647	1,837
Total current liabilities	8,458	8,762
Regulatory liabilities	7,063	6,960
Deferred income taxes	12,786	12,938
Other long-term liabilities	4,327	4,319
Total liabilities	81,045	81,476
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	6,374	6,374
Retained earnings	40,608	40,754
Accumulated other comprehensive loss, net	(1,358)	(1,340)
Total shareholder's equity, parent	46,530	46,694
Total liabilities and equity	131,469	132,065
SPPC
Current assets:
Cash and cash equivalents	15	10
Trade receivables, net	120	128
Inventories	71	65
Regulatory assets	164	177
Other current assets	36	35
Total current assets	406	415
Property, plant and equipment, net	3,386	3,340
Regulatory assets	282	263
Other assets	205	205
Total assets	4,279	4,223
Current liabilities:
Accounts payable	125	147
Accrued property, income and other taxes	28	16
Short-term debt	57	159
Regulatory liabilities	20	19
Customer deposits	16	15
Derivative contracts	28	16
Other current liabilities	39	42
Total current liabilities	313	414
Long-term debt, carrying value	1,164	1,164
Regulatory liabilities	440	444
Deferred income taxes	401	402
Other long-term liabilities	268	264
Total liabilities	2,586	2,688
Commitments and contingencies
Equity:
Common stock	0	0
Additional paid-in capital	1,241	1,111
Retained earnings	453	425
Accumulated other comprehensive loss, net	(1)	(1)
Total shareholder's equity, parent	1,693	1,535
Total liabilities and equity	$ 4,279	$ 4,223

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Consolidated Balance Sheets (Unaudited) - SPPC (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Common stock, shares authorized	115,000,000	115,000,000
Common stock, shares issued	76,000,000	76,000,000
Common stock, shares outstanding	76,000,000	76,000,000
SPPC
Common stock, par value (in dollars per share)	$ 3.75	$ 3.75
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000

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Consolidated Balance Sheets (Unaudited) - EEGH - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 1,432	$ 1,096
Trade receivables, net	2,342	2,468
Inventories	1,091	1,122
Natural gas imbalances	627	544
Other current assets	815	1,096
Total current assets	8,504	8,248
Property, plant and equipment, net	90,283	89,816
Goodwill	11,649	11,650
Investments	14,394	15,788
Other assets	3,181	3,144
Total assets	131,469	132,065
Current liabilities:
Accounts payable	1,820	2,136
Accrued interest	644	537
Accrued property, income and other taxes	606	606
Accrued employee expenses	398	372
Other current liabilities	1,647	1,837
Total current liabilities	8,458	8,762
Regulatory liabilities	7,063	6,960
Other long-term liabilities	4,327	4,319
Total liabilities	81,045	81,476
Commitments and contingencies
Member's equity:
Accumulated other comprehensive loss, net	(1,358)	(1,340)
Total liabilities and equity	131,469	132,065
EEGH
Current assets:
Cash and cash equivalents	54	22
Trade receivables, net	154	183
Receivables from affiliates	32	47
Notes receivable from affiliates	122	7
Other receivables	3	9
Inventories	124	122
Natural gas imbalances	105	100
Other current assets	132	131
Total current assets	726	621
Property, plant and equipment, net	10,183	10,200
Goodwill	1,286	1,286
Investments	423	412
Other assets	122	129
Total assets	12,740	12,648
Current liabilities:
Accounts payable	42	79
Accounts payable to affiliates	13	38
Accrued interest	54	19
Accrued property, income and other taxes	59	89
Accrued employee expenses	21	13
Regulatory liabilities	44	40
Other current liabilities	110	87
Total current liabilities	343	365
Long-term debt	3,899	3,906
Regulatory liabilities	645	645
Other long-term liabilities	263	238
Total liabilities	5,150	5,154
Commitments and contingencies
Member's equity:
Membership interests	3,595	3,501
Accumulated other comprehensive loss, net	(38)	(43)
Total member's equity	3,557	3,458
Noncontrolling interests	4,033	4,036
Total equity	7,590	7,494
Total liabilities and equity	$ 12,740	$ 12,648

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Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating revenue:
Total operating revenue	$ 6,030	$ 6,081
Energy:
Cost of sales	1,460	1,569
Operations and maintenance	943	934
Depreciation and amortization	1,007	915
Property and other taxes	205	210
Real estate	1,179	1,120
Total operating expenses	4,794	4,748
Operating income	1,236	1,333
Other income (expense):
Interest expense	(532)	(530)
Capitalized interest	17	14
Allowance for equity funds	38	26
Interest and dividend income	23	21
Losses on marketable securities, net	(1,257)	(1,118)
Other, net	5	8
Total other income (expense)	(1,706)	(1,579)
Income (loss) before income tax expense (benefit) and equity income (loss)	(470)	(246)
Income tax benefit	(507)	(535)
Equity loss	(57)	(179)
Net (loss) income	(20)	110
Net income attributable to noncontrolling interests	109	106
Net income (loss) attributable to parent	(129)	4
Preferred dividends	16	38
Loss on common shares	(145)	(34)
Energy
Operating revenue:
Total operating revenue	4,823	4,849
Real estate
Operating revenue:
Total operating revenue	$ 1,207	$ 1,232

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Consolidated Statements of Operations (Unaudited) - PAC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating revenue	$ 6,030	$ 6,081
Operating expenses:
Cost of sales	1,460	1,569
Operating income	1,236	1,333
Other income (expense):
Interest expense	(532)	(530)
Allowance for borrowed funds	17	14
Allowance for equity funds	38	26
Interest and dividend income	23	21
Other, net	5	8
Total other income (expense)	(1,706)	(1,579)
Income (loss) before income tax expense (benefit) and equity income (loss)	(470)	(246)
Income tax benefit	(507)	(535)
Net income (loss) attributable to parent	(129)	4
PAC
Operating revenue	1,297	1,242
Operating expenses:
Cost of sales	465	424
Operations and maintenance	277	259
Depreciation and amortization	280	264
Property and other taxes	59	61
Total operating expenses	1,081	1,008
Operating income	216	234
Other income (expense):
Interest expense	(106)	(107)
Allowance for borrowed funds	6	6
Allowance for equity funds	13	13
Interest and dividend income	7	6
Other, net	(4)	6
Total other income (expense)	(84)	(76)
Income (loss) before income tax expense (benefit) and equity income (loss)	132	158
Income tax benefit	2	(11)
Net income (loss) attributable to parent	$ 130	$ 169

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Statements of Operations (Unaudited) - MEC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating revenue:
Total operating revenue	$ 6,030	$ 6,081
Operating expenses:
Cost of sales	1,460	1,569
Total operating expenses	4,794	4,748
Operating income	1,236	1,333
Other income (expense):
Interest expense	(532)	(530)
Allowance for equity funds	38	26
Other, net	5	8
Total other income (expense)	(1,706)	(1,579)
Income (loss) before income tax expense (benefit) and equity income (loss)	(470)	(246)
Income tax benefit	(507)	(535)
Net income (loss) attributable to parent	(129)	4
MEC
Operating revenue:
Total operating revenue	1,005	1,067
Operating expenses:
Operations and maintenance	192	193
Depreciation and amortization	250	207
Property and other taxes	40	36
Total operating expenses	905	1,019
Operating income	100	48
Other income (expense):
Interest expense	(78)	(74)
Allowance for borrowed funds	4	2
Allowance for equity funds	15	6
Other, net	(3)	11
Total other income (expense)	(62)	(55)
Income (loss) before income tax expense (benefit) and equity income (loss)	38	(7)
Income tax benefit	(206)	(154)
Net income (loss) attributable to parent	244	147
Regulated electric | MEC
Operating revenue:
Total operating revenue	608	545
Operating expenses:
Cost of sales	125	151
Regulated natural gas and other | MEC
Operating revenue:
Total operating revenue	397	522
Operating expenses:
Cost of sales	$ 298	$ 432

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Consolidated Statements of Operations (Unaudited) - MidAmerican Funding LLC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating revenue:
Total operating revenue	$ 6,030	$ 6,081
Operating expenses:
Cost of sales	1,460	1,569
Total operating expenses	4,794	4,748
Operating income	1,236	1,333
Other income (expense):
Interest expense	(532)	(530)
Allowance for equity funds	38	26
Other, net	5	8
Total other income (expense)	(1,706)	(1,579)
Income (loss) before income tax expense (benefit) and equity income (loss)	(470)	(246)
Income tax benefit	(507)	(535)
Net income (loss) attributable to parent	(129)	4
MidAmerican Funding, LLC
Operating revenue:
Total operating revenue	1,005	1,067
Operating expenses:
Operations and maintenance	192	193
Depreciation and amortization	250	207
Property and other taxes	40	36
Total operating expenses	905	1,019
Operating income	100	48
Other income (expense):
Interest expense	(82)	(78)
Allowance for borrowed funds	4	2
Allowance for equity funds	15	6
Other, net	(4)	10
Total other income (expense)	(67)	(60)
Income (loss) before income tax expense (benefit) and equity income (loss)	33	(12)
Income tax benefit	(208)	(156)
Net income (loss) attributable to parent	241	144
Regulated electric | MidAmerican Funding, LLC
Operating revenue:
Total operating revenue	608	545
Operating expenses:
Cost of sales	125	151
Regulated natural gas and other | MidAmerican Funding, LLC
Operating revenue:
Total operating revenue	397	522
Operating expenses:
Cost of sales	$ 298	$ 432

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Consolidated Statements of Operations (Unaudited) - NPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating revenue	$ 6,030	$ 6,081
Operating expenses:
Cost of sales	1,460	1,569
Total operating expenses	4,794	4,748
Operating income	1,236	1,333
Other income (expense):
Interest expense	(532)	(530)
Allowance for borrowed funds	17	14
Allowance for equity funds	38	26
Interest and dividend income	23	21
Other, net	5	8
Total other income (expense)	(1,706)	(1,579)
Net income (loss) attributable to parent	(129)	4
NPC
Operating revenue	415	370
Operating expenses:
Cost of sales	212	165
Operations and maintenance	65	63
Depreciation and amortization	103	101
Property and other taxes	13	12
Total operating expenses	393	341
Operating income	22	29
Other income (expense):
Interest expense	(38)	(38)
Allowance for borrowed funds	1	1
Allowance for equity funds	3	1
Interest and dividend income	9	5
Other, net	1	4
Total other income (expense)	(24)	(27)
Net income (loss) attributable to parent	$ (2)	$ 2

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Consolidated Statements of Operations (Unaudited) - SPPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total operating revenue	$ 6,030	$ 6,081
Cost of sales	1,460	1,569
Total operating expenses	4,794	4,748
Operating income	1,236	1,333
Interest expense	(532)	(530)
Allowance for equity funds	38	26
Interest and dividend income	23	21
Other, net	5	8
Total other income (expense)	(1,706)	(1,579)
Income (loss) before income tax expense (benefit) and equity income (loss)	(470)	(246)
Income tax benefit	(507)	(535)
Net income (loss) attributable to parent	(129)	4
SPPC
Total operating revenue	279	220
Operations and maintenance	41	36
Depreciation and amortization	36	36
Property and other taxes	6	6
Total operating expenses	241	181
Operating income	38	39
Interest expense	(13)	(14)
Capitalized interest	1	0
Allowance for equity funds	2	1
Interest and dividend income	3	2
Other, net	2	4
Total other income (expense)	(5)	(7)
Income (loss) before income tax expense (benefit) and equity income (loss)	33	32
Income tax benefit	5	4
Net income (loss) attributable to parent	28	28
SPPC | Regulated electric
Total operating revenue	227	181
Cost of sales	124	82
SPPC | Regulated natural gas
Total operating revenue	52	39
Cost of sales	$ 34	$ 21

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Consolidated Statements of Operations (Unaudited) - EEGH - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating revenue	$ 6,030	$ 6,081
Operating expenses:
Total operating expenses	4,794	4,748
Operating income	1,236	1,333
Other income (expense):
Interest expense	(532)	(530)
Allowance for equity funds	38	26
Other, net	5	8
Total other income (expense)	(1,706)	(1,579)
Income (loss) before income tax expense (benefit) and equity income (loss)	(470)	(246)
Income tax benefit	(507)	(535)
Equity income (loss)	(57)	(179)
Net (loss) income	(20)	110
Net income attributable to noncontrolling interests	109	106
Net income (loss) attributable to parent	(129)	4
EEGH
Operating revenue	482	486
Operating expenses:
Excess gas	(1)	0
Operations and maintenance	118	124
Depreciation and amortization	85	80
Property and other taxes	29	39
Total operating expenses	231	243
Operating income	251	243
Other income (expense):
Interest expense	(36)	(44)
Allowance for equity funds	2	2
Other, net	(1)	1
Total other income (expense)	(35)	(41)
Income (loss) before income tax expense (benefit) and equity income (loss)	216	202
Income tax benefit	30	27
Equity income (loss)	19	16
Net (loss) income	205	191
Net income attributable to noncontrolling interests	111	102
Net income (loss) attributable to parent	$ 94	$ 89

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (20)	$ 110
Other comprehensive (loss) income, net of tax:
Unrecognized amounts on retirement benefits, net of tax	15	7
Foreign currency translation adjustment	(110)	91
Unrealized gains (losses) on cash flow hedges, net of tax	77	14
Total other comprehensive (loss) income, net of tax	(18)	112
Comprehensive (loss) income	(38)	222
Comprehensive income attributable to noncontrolling interests	109	106
Comprehensive income (loss) attributable to parent	$ (147)	$ 116

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Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Unrecognized amounts on retirement benefits, tax	$ 3	$ 4
Unrealized gains (losses) on cash flow hedges, tax	28	5
EEGH
Unrecognized amounts on retirement benefits, tax	0	0
Unrealized gains (losses) on cash flow hedges, tax	$ 1	$ 3

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Consolidated Statements of Comprehensive Income (Unaudited) - EEGH - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net (loss) income	$ (20)	$ 110
Other comprehensive (loss) income, net of tax:
Unrecognized amounts on retirement benefits, net of tax	15	7
Unrealized gains (losses) on cash flow hedges, net of tax	77	14
Total other comprehensive (loss) income, net of tax	(18)	112
Comprehensive (loss) income	(38)	222
Comprehensive income attributable to noncontrolling interests	109	106
Comprehensive income (loss) attributable to parent	(147)	116
EEGH
Net (loss) income	205	191
Other comprehensive (loss) income, net of tax:
Unrecognized amounts on retirement benefits, net of tax	1	2
Unrealized gains (losses) on cash flow hedges, net of tax	4	10
Total other comprehensive (loss) income, net of tax	5	12
Comprehensive (loss) income	210	203
Comprehensive income attributable to noncontrolling interests	111	106
Comprehensive income (loss) attributable to parent	$ 99	$ 97

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Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Long-term Income Tax Receivable	Retained Earnings	Accumulated Other Comprehensive (Loss) Income, Net	Noncontrolling Interest
Balance at Dec. 31, 2020	$ 46,977	$ 3,750	$ 0	$ 6,377	$ (658)	$ 35,093	$ (1,552)	$ 3,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	110					4		106
Other comprehensive income (loss)	112						112
Preferred stock dividend	(38)					(38)
Distributions to noncontrolling interests	(113)							(113)
Other equity transactions	3					1		2
Balance at Mar. 31, 2021	47,051	3,750	0	6,377	(658)	35,060	(1,440)	3,962
Balance at Dec. 31, 2021	50,589	1,650	0	6,374	(744)	40,754	(1,340)	3,895
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	(20)					(129)		109
Other comprehensive income (loss)	(18)						(18)
Preferred stock dividend	(16)					(16)
Distributions to noncontrolling interests	(116)							(116)
Other equity transactions	5					(1)		6
Balance at Mar. 31, 2022	$ 50,424	$ 1,650	$ 0	$ 6,374	$ (744)	$ 40,608	$ (1,358)	$ 3,894

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Consolidated Statements of Changes in Equity (Unaudited) - PAC - USD ($) $ in Millions	Total	Accumulated Other Comprehensive (Loss) Income, Net	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, 2020			$ 9,173	$ 2	$ 0	$ 4,479	$ 4,711	$ (19)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 4		169				169
Other comprehensive income (loss)	112	$ 112
Balance at Mar. 31, 2021			9,342	2	0	4,479	4,880	(19)
Balance at Dec. 31, 2021	46,694		9,913	2	0	4,479	5,449	(17)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(129)		130				130
Other comprehensive income (loss)	(18)	$ (18)	1					1
Balance at Mar. 31, 2022	$ 46,530		$ 10,044	$ 2	$ 0	$ 4,479	$ 5,579	$ (16)

XML

Statements of Changes in Shareholder's Equity (Unaudited) - MEC - USD ($) $ in Millions	Total	MEC	MEC Common Stock	MEC Additional Paid-in Capital	MEC Retained Earnings
Balance at Dec. 31, 2020		$ 8,065	$ 0	$ 561	$ 7,504
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 4	147			147
Balance at Mar. 31, 2021		8,212	0	561	7,651
Balance at Dec. 31, 2021	46,694	8,960	0	561	8,399
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(129)	244			244
Balance at Mar. 31, 2022	$ 46,530	$ 9,204	$ 0	$ 561	$ 8,643

XML

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, 2020		$ 8,919	$ 1,679	$ 7,240
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 4	144		144
Balance at Mar. 31, 2021		9,063	1,679	7,384
Balance at Dec. 31, 2021	46,694	9,801	1,679	8,122
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(129)	241		241
Balance at Mar. 31, 2022	$ 46,530	$ 10,042	$ 1,679	$ 8,363

XML

Consolidated Statements of Changes in 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, 2020			1,000
Balance at Dec. 31, 2020		$ 2,939	$ 0	$ 2,308	$ 634	$ (3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 4	2			2
Balance (shares) at Mar. 31, 2021			1,000
Balance at Mar. 31, 2021		$ 2,941	$ 0	2,308	636	(3)
Balance (shares) at Dec. 31, 2021	76,000,000	1,000	1,000
Balance at Dec. 31, 2021	$ 46,694	$ 3,030	$ 0	2,308	724	(2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (129)	$ (2)			(2)
Balance (shares) at Mar. 31, 2022	76,000,000	1,000	1,000
Balance at Mar. 31, 2022	$ 46,530	$ 3,028	$ 0	$ 2,308	$ 722	$ (2)

XML

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, 2020			1,000
Balance at Dec. 31, 2020		$ 1,411	$ 0	$ 1,111	$ 301	$ (1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 4	28			28
Balance (shares) at Mar. 31, 2021			1,000
Balance at Mar. 31, 2021		$ 1,439	$ 0	1,111	329	(1)
Balance (shares) at Dec. 31, 2021	76,000,000	1,000	1,000
Balance at Dec. 31, 2021	$ 46,694	$ 1,535	$ 0	1,111	425	(1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (129)	28			28
Contributions		$ 130		130
Balance (shares) at Mar. 31, 2022	76,000,000	1,000	1,000
Balance at Mar. 31, 2022	$ 46,530	$ 1,693	$ 0	$ 1,241	$ 453	$ (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
Balance at Dec. 31, 2020	$ 46,977	$ 6,995	$ 2,957	$ (1,552)	$ (53)	$ 3,967	$ 4,091
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	110	191	89				102
Other comprehensive income (loss)	112	12		112	8		4
Contributions		11	11
Distributions		(131)	(22)				(109)
Balance at Mar. 31, 2021	47,051	7,078	3,035	(1,440)	(45)	3,962	4,088
Balance at Dec. 31, 2021	50,589	7,494	3,501	(1,340)	(43)	3,895	4,036
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(20)	205	94				111
Other comprehensive income (loss)	(18)	5		(18)	5
Distributions		(114)	0				(114)
Balance at Mar. 31, 2022	$ 50,424	$ 7,590	$ 3,595	$ (1,358)	$ (38)	$ 3,894	$ 4,033

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (20)	$ 110
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Gains (losses) on marketable securities, net	1,257	1,118
Depreciation and amortization	1,022	927
Allowance for equity funds	(38)	(26)
Equity income, net of distributions	88	221
Changes in regulatory assets and liabilities	(42)	(9)
Deferred income taxes and investment tax credits, net	(203)	(135)
Other, net	6	9
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	333	(249)
Derivative collateral, net	85	14
Pension and other postretirement benefit plans	(11)	(21)
Accrued property, income and other taxes, net	(347)	(453)
Accounts payable and other liabilities	91	19
Net cash flows from operating activities	2,221	1,525
Cash flows from investing activities:
Capital expenditures	(1,553)	(1,295)
Purchases of marketable securities	(170)	(128)
Proceeds from sales of marketable securities	149	104
Equity method investments	(17)	(26)
Other, net	19	(29)
Net cash flows from investing activities	(1,572)	(1,374)
Cash flows from financing activities:
Repayments of BHE senior debt	0	(450)
Proceeds from subsidiary debt	405	0
Repayments of subsidiary debt	(193)	(26)
Net (repayments of) proceeds from short-term debt	(165)	409
Distributions to noncontrolling interests	(117)	(115)
Other, net	(240)	(9)
Net cash flows from financing activities	(310)	(191)
Effect of exchange rate changes	(1)	1
Net change in cash and cash equivalents and restricted cash and cash equivalents	338	(39)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,244	1,445
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 1,582	$ 1,406

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Consolidated Statements of Cash Flows (Unaudited) - PAC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (129)	$ 4
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Allowance for equity funds	(38)	(26)
Changes in regulatory assets and liabilities	(42)	(9)
Deferred income taxes and investment tax credits, net	(203)	(135)
Other, net	6	9
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	333	(249)
Derivative collateral, net	85	14
Accrued property, income and other taxes, net	(347)	(453)
Accounts payable and other liabilities	91	19
Net cash flows from operating activities	2,221	1,525
Cash flows from investing activities:
Capital expenditures	(1,553)	(1,295)
Other, net	19	(29)
Net cash flows from investing activities	(1,572)	(1,374)
Cash flows from financing activities:
Net (repayments of) proceeds from short-term debt	(165)	409
Other, net	(240)	(9)
Net cash flows from financing activities	(310)	(191)
Net change in cash and cash equivalents and restricted cash and cash equivalents	338	(39)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,244	1,445
Cash and cash equivalents and restricted cash and cash equivalents at end of period	1,582	1,406
PAC
Cash flows from operating activities:
Net income (loss)	130	169
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation and amortization	280	264
Allowance for equity funds	(13)	(13)
Changes in regulatory assets and liabilities	(9)	(4)
Deferred income taxes and investment tax credits, net	19	13
Other, net	4	(2)
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	59	61
Inventories	(5)	7
Derivative collateral, net	22	7
Prepaid expenses	0	6
Accrued property, income and other taxes, net	15	12
Accounts payable and other liabilities	35	(51)
Net cash flows from operating activities	537	469
Cash flows from investing activities:
Capital expenditures	(374)	(439)
Other, net	3	(1)
Net cash flows from investing activities	(371)	(440)
Cash flows from financing activities:
Repayments of long-term debt	(9)	0
Net (repayments of) proceeds from short-term debt	0	2
Other, net	(2)	(1)
Net cash flows from financing activities	(11)	1
Net change in cash and cash equivalents and restricted cash and cash equivalents	155	30
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	186	19
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 341	$ 49

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Statements of Cash Flows (Unaudited) - MEC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (129)	$ 4
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Allowance for equity funds	(38)	(26)
Deferred income taxes and investment tax credits, net	(203)	(135)
Other, net	6	9
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	333	(249)
Pension and other postretirement benefit plans	(11)	(21)
Accrued property, income and other taxes, net	(347)	(453)
Accounts payable and other liabilities	91	19
Net cash flows from operating activities	2,221	1,525
Cash flows from investing activities:
Capital expenditures	(1,553)	(1,295)
Purchases of marketable securities	(170)	(128)
Proceeds from sales of marketable securities	149	104
Other, net	19	(29)
Net cash flows from investing activities	(1,572)	(1,374)
Cash flows from financing activities:
Net (repayments of) proceeds from short-term debt	(165)	409
Other, net	(240)	(9)
Net cash flows from financing activities	(310)	(191)
Net change in cash and cash equivalents and restricted cash and cash equivalents	338	(39)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,244	1,445
Cash and cash equivalents and restricted cash and cash equivalents at end of period	1,582	1,406
MEC
Cash flows from operating activities:
Net income (loss)	244	147
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation and amortization	250	207
Amortization of utility plant to other operating expenses	9	8
Allowance for equity funds	(15)	(6)
Deferred income taxes and investment tax credits, net	16	154
Settlements of asset retirement obligations	(7)	(4)
Other, net	10	(18)
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	42	(299)
Inventories	49	46
Pension and other postretirement benefit plans	3	1
Accrued property, income and other taxes, net	(244)	(331)
Accounts payable and other liabilities	3	10
Net cash flows from operating activities	360	(85)
Cash flows from investing activities:
Capital expenditures	(459)	(298)
Purchases of marketable securities	(105)	(52)
Proceeds from sales of marketable securities	102	47
Other, net	1	0
Net cash flows from investing activities	(461)	(303)
Cash flows from financing activities:
Repayments of long-term debt	(1)	0
Net (repayments of) proceeds from short-term debt	0	387
Other, net	1	0
Net cash flows from financing activities	0	387
Net change in cash and cash equivalents and restricted cash and cash equivalents	(101)	(1)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	239	45
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 138	$ 44

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Consolidated Statements of Cash Flows (Unaudited) - MidAmerican Funding LLC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (129)	$ 4
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Allowance for equity funds	(38)	(26)
Deferred income taxes and investment tax credits, net	(203)	(135)
Other, net	6	9
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	333	(249)
Pension and other postretirement benefit plans	(11)	(21)
Accrued property, income and other taxes, net	(347)	(453)
Accounts payable and other liabilities	91	19
Net cash flows from operating activities	2,221	1,525
Cash flows from investing activities:
Capital expenditures	(1,553)	(1,295)
Purchases of marketable securities	(170)	(128)
Proceeds from sales of marketable securities	149	104
Other, net	19	(29)
Net cash flows from investing activities	(1,572)	(1,374)
Cash flows from financing activities:
Net (repayments of) proceeds from short-term debt	(165)	409
Net cash flows from financing activities	(310)	(191)
Net change in cash and cash equivalents and restricted cash and cash equivalents	338	(39)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,244	1,445
Cash and cash equivalents and restricted cash and cash equivalents at end of period	1,582	1,406
MidAmerican Funding, LLC
Cash flows from operating activities:
Net income (loss)	241	144
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation and amortization	250	207
Amortization of utility plant to other operating expenses	9	8
Allowance for equity funds	(15)	(6)
Deferred income taxes and investment tax credits, net	16	153
Settlements of asset retirement obligations	(7)	(4)
Other, net	10	(17)
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	43	(298)
Inventories	49	46
Pension and other postretirement benefit plans	3	1
Accrued property, income and other taxes, net	(245)	(332)
Accounts payable and other liabilities	(1)	6
Net cash flows from operating activities	353	(92)
Cash flows from investing activities:
Capital expenditures	(459)	(298)
Purchases of marketable securities	(105)	(52)
Proceeds from sales of marketable securities	102	47
Other, net	1	0
Net cash flows from investing activities	(461)	(303)
Cash flows from financing activities:
Repayments of long-term debt	(1)	0
Net change in note payable to affiliate	8	7
Net (repayments of) proceeds from short-term debt	0	387
Net cash flows from financing activities	7	394
Net change in cash and cash equivalents and restricted cash and cash equivalents	(101)	(1)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	240	46
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 139	$ 45

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Consolidated Statements of Cash Flows (Unaudited) - NPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (129)	$ 4
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Allowance for equity funds	(38)	(26)
Changes in regulatory assets and liabilities	(42)	(9)
Deferred income taxes and investment tax credits, net	(203)	(135)
Other, net	6	9
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	333	(249)
Accrued property, income and other taxes, net	(347)	(453)
Accounts payable and other liabilities	91	19
Net cash flows from operating activities	2,221	1,525
Cash flows from investing activities:
Capital expenditures	(1,553)	(1,295)
Net cash flows from investing activities	(1,572)	(1,374)
Cash flows from financing activities:
Net (repayments of) proceeds from short-term debt	(165)	409
Other, net	(240)	(9)
Net cash flows from financing activities	(310)	(191)
Net change in cash and cash equivalents and restricted cash and cash equivalents	338	(39)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,244	1,445
Cash and cash equivalents and restricted cash and cash equivalents at end of period	1,582	1,406
NPC
Cash flows from operating activities:
Net income (loss)	(2)	2
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation and amortization	103	101
Allowance for equity funds	(3)	(1)
Changes in regulatory assets and liabilities	(8)	(15)
Deferred income taxes and investment tax credits, net	5	(10)
Deferred energy	(51)	41
Amortization of deferred energy	13	0
Other, net	4	(1)
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	33	41
Inventories	3	4
Accrued property, income and other taxes, net	(15)	3
Accounts payable and other liabilities	3	14
Net cash flows from operating activities	85	179
Cash flows from investing activities:
Capital expenditures	(189)	(106)
Net cash flows from investing activities	(189)	(106)
Cash flows from financing activities:
Proceeds from long-term debt	200	0
Net (repayments of) proceeds from short-term debt	(76)	0
Other, net	(4)	(5)
Net cash flows from financing activities	120	(5)
Net change in cash and cash equivalents and restricted cash and cash equivalents	16	68
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	45	36
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 61	$ 104

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Consolidated Statements of Cash Flows (Unaudited) - SPPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (129)	$ 4
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Allowance for equity funds	(38)	(26)
Changes in regulatory assets and liabilities	(42)	(9)
Deferred income taxes and investment tax credits, net	(203)	(135)
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	333	(249)
Accrued property, income and other taxes, net	(347)	(453)
Accounts payable and other liabilities	91	19
Net cash flows from operating activities	2,221	1,525
Cash flows from investing activities:
Capital expenditures	(1,553)	(1,295)
Net cash flows from investing activities	(1,572)	(1,374)
Cash flows from financing activities:
Net (repayments of) proceeds from short-term debt	(165)	409
Other, net	(240)	(9)
Net cash flows from financing activities	(310)	(191)
Net change in cash and cash equivalents and restricted cash and cash equivalents	338	(39)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,244	1,445
Cash and cash equivalents and restricted cash and cash equivalents at end of period	1,582	1,406
SPPC
Cash flows from operating activities:
Net income (loss)	28	28
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation and amortization	36	36
Allowance for equity funds	(2)	(1)
Changes in regulatory assets and liabilities	(4)	(13)
Deferred income taxes and investment tax credits, net	(3)	4
Deferred energy	(7)	(18)
Amortization of deferred energy	23	(3)
Changes in other operating assets and liabilities, net of effects from acquisitions:
Trade receivables and other assets	12	8
Inventories	(6)	3
Accrued property, income and other taxes, net	7	(3)
Accounts payable and other liabilities	(21)	1
Net cash flows from operating activities	63	42
Cash flows from investing activities:
Capital expenditures	(83)	(61)
Net cash flows from investing activities	(83)	(61)
Cash flows from financing activities:
Net (repayments of) proceeds from short-term debt	(102)	10
Proceeds from equity contributions	130	0
Other, net	(2)	(2)
Net cash flows from financing activities	26	8
Net change in cash and cash equivalents and restricted cash and cash equivalents	6	(11)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	16	26
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 22	$ 15

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Consolidated Statements of Cash Flows (Unaudited) - EEGH - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (20)	$ 110
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation and amortization	1,022	927
Allowance for equity funds	(38)	(26)
Equity income, net of distributions	88	221
Changes in regulatory assets and liabilities	(42)	(9)
Deferred income taxes	(203)	(135)
Other, net	6	9
Changes in other operating assets and liabilities:
Trade receivables and other assets	333	(249)
Derivative collateral, net	85	14
Accrued property, income and other taxes	(347)	(453)
Accounts payable and other liabilities	91	19
Net cash flows from operating activities	2,221	1,525
Cash flows from investing activities:
Capital expenditures	(1,553)	(1,295)
Other, net	19	(29)
Net cash flows from investing activities	(1,572)	(1,374)
Cash flows from financing activities:
Net cash flows from financing activities	(310)	(191)
Net change in cash and cash equivalents and restricted cash and cash equivalents	338	(39)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	1,244	1,445
Cash and cash equivalents and restricted cash and cash equivalents at end of period	1,582	1,406
EEGH
Cash flows from operating activities:
Net (loss) income	205	191
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Losses on other items, net	1	0
Depreciation and amortization	85	80
Allowance for equity funds	(2)	(2)
Equity income, net of distributions	(8)	(5)
Changes in regulatory assets and liabilities	(14)	6
Deferred income taxes	27	30
Other, net	2	0
Changes in other operating assets and liabilities:
Trade receivables and other assets	44	(56)
Derivative collateral, net	2	2
Accrued property, income and other taxes	(29)	(25)
Accounts payable and other liabilities	28	20
Net cash flows from operating activities	341	241
Cash flows from investing activities:
Capital expenditures	(75)	(55)
Repayment of loans by affiliates	3	0
Loans to affiliates	(117)	0
Other, net	(5)	(1)
Net cash flows from investing activities	(194)	(56)
Cash flows from financing activities:
Repayment of notes payable, net	0	(9)
Distributions	(114)	(109)
Net cash flows from financing activities	(114)	(118)
Net change in cash and cash equivalents and restricted cash and cash equivalents	33	67
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	39	48
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$ 72	$ 115

XML

General

3 Months Ended

Mar. 31, 2022

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 and interests in a liquefied natural gas ("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, the largest residential real estate brokerage firm in the U.S. and one of the largest 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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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, 2021 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The Consolidated Statements of Comprehensive Income have been omitted as net income materially equals comprehensive income for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month periods ended March 31, 2022 and 2021 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, 2021 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

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, 2022, and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month periods ended March 31, 2022, 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, 2021, 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

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, 2022, and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month periods ended March 31, 2022, 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, 2021, 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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, 2021 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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, 2021 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 assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

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 transportation pipeline 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 25% of the limited partnership interest in 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 transportation pipeline. 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. ("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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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, 2021 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' assumptions regarding significant accounting estimates and policies during the three-month period ended March 31, 2022.

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2022

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, custodial and nuclear decommissioning funds. Restricted amounts are included in other current assets and other assets on the Consolidated Balance Sheets. A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented in 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,
	2022		2021
Cash and cash equivalents	$	335	$	179
Restricted cash and cash equivalents included in other current assets	4		4
Restricted cash included in other assets	2		3
Total cash and cash equivalents and restricted cash and cash equivalents	$	341	$	186

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 in 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,
	2022		2021
Cash and cash equivalents	$	131	$	232
Restricted cash and cash equivalents in other current assets	7		7
Total cash and cash equivalents and restricted cash and cash equivalents	$	138	$	239

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 in 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,
	2022		2021
Cash and cash equivalents	$	132	$	233
Restricted cash and cash equivalents in other current assets	7		7
Total cash and cash equivalents and restricted cash and cash equivalents	$	139	$	240

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 in 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,
	2022		2021
Cash and cash equivalents	$	47	$	33
Restricted cash and cash equivalents included in other current assets	14		12
Total cash and cash equivalents and restricted cash and cash equivalents	$	61	$	45

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 in 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,
	2022		2021
Cash and cash equivalents	$	15	$	10
Restricted cash and cash equivalents included in other current assets	7		6
Total cash and cash equivalents and restricted cash and cash equivalents	$	22	$	16

XML

Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2022

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	2022		2021
Regulated assets:
Utility generation, transmission and distribution systems	5-80 years	$	90,560	$	90,223
Interstate natural gas pipeline assets	3-80 years	17,526		17,423
		108,086		107,646
Accumulated depreciation and amortization		(33,248)		(32,680)
Regulated assets, net		74,838		74,966
Nonregulated assets:
Independent power plants	2-50 years	7,932		7,665
Cove Point LNG facility	40 years	3,366		3,364
Other assets	2-30 years	2,688		2,666
		13,986		13,695
Accumulated depreciation and amortization		(3,146)		(3,041)
Nonregulated assets, net		10,840		10,654
Net operating assets		85,678		85,620
Construction work-in-progress		4,605		4,196
Property, plant and equipment, net		$	90,283	$	89,816

Construction work-in-progress includes $4.3 billion as of March 31, 2022 and $3.8 billion as of December 31, 2021, 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	2022		2021
Utility Plant:
Generation	15 - 59 years	$	13,688	$	13,679
Transmission	60 - 90 years	7,914		7,894
Distribution	20 - 75 years	8,125		8,044
Intangible plant(1)	5 - 75 years	1,112		1,106
Other	5 - 60 years	1,563		1,539
Utility plant in-service		32,402		32,262
Accumulated depreciation and amortization		(10,704)		(10,507)
Utility plant in-service, net		21,698		21,755
Other non-regulated, net of accumulated depreciation and amortization	14 - 95 years	18		18
Plant, net		21,716		21,773
Construction work-in-progress		1,365		1,141
Property, plant and equipment, net		$	23,081	$	22,914

(1)Computer software costs included in intangible plant are initially assigned a depreciable life of 5 to 10 years.

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	2022		2021
Utility plant in-service, net:
Generation	20-70 years	$	17,466	$	17,397
Transmission	52-75 years	2,488		2,474
Electric distribution	20-75 years	4,713		4,661
Natural gas distribution	29-75 years	2,055		2,039
Utility plant in-service		26,722		26,571
Accumulated depreciation and amortization		(7,555)		(7,376)
Utility plant in-service, net		19,167		19,195
Nonregulated property, net:
Nonregulated property gross	20-50 years	7		7
Accumulated depreciation and amortization		(1)		(1)
Nonregulated property, net		6		6
		19,173		19,201
Construction work-in-progress		1,171		1,100
Property, plant and equipment, net		$	20,344	$	20,301

MidAmerican Funding, LLC

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, Plant and Equipment, NetRefer to Note 3 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,
		2022		2021
Utility plant:
Generation	30 - 55 years	$	3,810	$	3,793
Transmission	45 - 70 years	1,508		1,503
Distribution	20 - 65 years	3,979		3,920
General and intangible plant	5 - 65 years	831		836
Utility plant		10,128		10,052
Accumulated depreciation and amortization		(3,478)		(3,406)
Utility plant, net		6,650		6,646
Other non-regulated, net of accumulated depreciation and amortization	45 years	1		1
Plant, net		6,651		6,647
Construction work-in-progress		341		244
Property, plant and equipment, net		$	6,992	$	6,891

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,
		2022		2021
Utility plant:
Electric generation	25 - 60 years	$	1,169	$	1,163
Electric transmission	50 - 100 years	937		940
Electric distribution	20 - 100 years	1,885		1,846
Electric general and intangible plant	5 - 70 years	206		204
Natural gas distribution	35 - 70 years	445		438
Natural gas general and intangible plant	5 - 70 years	14		14
Common general	5 - 70 years	370		370
Utility plant		5,026		4,975
Accumulated depreciation and amortization		(1,878)		(1,854)
Utility plant, net		3,148		3,121
Construction work-in-progress		238		219
Property, plant and equipment, net		$	3,386	$	3,340

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	2022		2021
Utility Plant:
Interstate natural gas pipeline assets	21 - 44 years	$	8,776	$	8,675
Intangible plant	5 - 10 years	110		110
Utility plant in-service		8,886		8,785
Accumulated depreciation and amortization		(2,936)		(2,901)
Utility plant in-service, net		5,950		5,884
Nonutility Plant:
LNG facility	40 years	4,477		4,475
Intangible plant	14 years	25		25
Nonutility plant in-service		4,502		4,500
Accumulated depreciation and amortization		(454)		(423)
Nonutility plant in-service, net		4,048		4,077
Plant, net		9,998		9,961
Construction work-in-progress		185		239
Property, plant and equipment, net		$	10,183	$	10,200

Construction work-in-progress includes $151 million and $209 million as of March 31, 2022 and December 31, 2021, respectively, related to the construction of utility plant.

XML

Investments and Restricted Cash, Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2022

Restricted Cash and Cash Equivalents Items [Line Items]

Investments and Restricted Cash, Cash Equivalents and Investments

Investments and Restricted Cash, Cash Equivalents and Investments

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

	As of
	March 31,		December 31,
	2022		2021
Investments:
BYD Company Limited common stock	$	6,446	$	7,693
Rabbi trusts	475		492
Other	315		305
Total investments	7,236		8,490
Equity method investments:
BHE Renewables tax equity investments	4,812		4,931
Iroquois Gas Transmission System, L.P.	744		735
Electric Transmission Texas, LLC	598		595
JAX LNG, LLC	93		92
Bridger Coal Company	44		45
Other	152		156
Total equity method investments	6,443		6,554
Restricted cash, cash equivalents and investments:
Quad Cities Station nuclear decommissioning trust funds	733		768
Other restricted cash and cash equivalents	150		148
Total restricted cash, cash equivalents and investments	883		916
Total investments and restricted cash, cash equivalents and investments	$	14,562	$	15,960
Reflected as:
Current assets	$	168	$	172
Noncurrent assets	14,394		15,788
Total investments and restricted cash, cash equivalents and investments	$	14,562	$	15,960

Investments

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Unrealized losses recognized on marketable securities still held at the reporting date	$	(1,257)	$	(1,119)
Net gains recognized on marketable securities sold during the period	—		1
Losses on marketable securities, net	$	(1,257)	$	(1,118)

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 in 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,
	2022		2021
Cash and cash equivalents	$	1,432	$	1,096
Restricted cash and cash equivalents	129		127
Investments and restricted cash, cash equivalents and investments	21		21
Total cash and cash equivalents and restricted cash and cash equivalents	$	1,582	$	1,244

EEGH

Restricted Cash and Cash Equivalents Items [Line Items]

Investments and Restricted Cash, 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,
	2022		2021
Investments:
Investment funds	$	15	$	13
Equity method investments:
Iroquois	408		399
Total investments	423		412
Restricted cash and cash equivalents:
Customer deposits	18		17
Total restricted cash and cash equivalents	18		17
Total investments and restricted cash and cash equivalents	$	441	$	429
Reflected as:
Current assets	$	18	$	17
Noncurrent assets	423		412
Total investments and restricted cash and cash equivalents	$	441	$	429

Equity Method Investments

Eastern Energy Gas, through a subsidiary, owns 50% of Iroquois, which owns and operates an interstate natural gas pipeline located in the states of New York and Connecticut.

As of both March 31, 2022 and December 31, 2021, 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 $11 million and $10 million for the three-month periods ended March 31, 2022 and 2021, 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 in 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,
	2022		2021
Cash and cash equivalents	$	54	$	22
Restricted cash and cash equivalents included in other current assets	18		17
Total cash and cash equivalents and restricted cash and cash equivalents	$	72	$	39

XML

Regulatory Matters	3 Months Ended
	Mar. 31, 2022
EEGH
Schedule Of Regulatory Assets and Liabilities [Line Items]
Regulatory Matters	Regulatory MattersIn September 2021, Eastern Gas Transmission and Storage, Inc. ("EGTS") filed a general rate case for its FERC-jurisdictional services, with proposed rates to be effective November 1, 2021. EGTS' previous general rate case was settled in 1998. EGTS proposed an annual cost-of-service of approximately $1.1 billion, and requested increases in various rates, including general system storage rates by 85% and general system transportation rates by 60%. In October 2021, the FERC issued an order that accepted the November 1, 2021 effective date for certain changes in rates, while suspending the other changes for five months following the proposed effective date, until April 1, 2022, subject to refund and the outcome of hearing procedures. This matter is pending.

XML

Recent Financing Transactions

3 Months Ended

Mar. 31, 2022

Debt Instrument [Line Items]

Recent Financing Transactions

Recent Financing Transactions

Long-Term Debt

In April 2022, BHE issued $1 billion of its 4.6% Senior Notes due 2053 and intends to use the net proceeds for general corporate purposes, which may include repaying a portion of BHE's outstanding commercial paper obligations and redeeming a portion of its 4.00% Perpetual Preferred Stock issued to certain subsidiaries of Berkshire Hathaway.

In April 2022, Sierra Pacific purchased the following series of bonds that were held by the public: $30 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036; $25 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016D, due 2036; $25 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016E, due 2036; $75 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016F, due 2036; $20 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016G, due 2036; and $30 million of its variable-rate tax-exempt Pollution Control Refunding Revenue Bonds, Series 2016B, due 2029. Sierra Pacific purchased these bonds as required by the bond indentures. Sierra Pacific is holding these bonds and can re-offer them at a future date.

In April 2022, Northern Powergrid (Northeast) plc issued £350 million of its 3.25% bonds due 2052 and intends to use the net proceeds for general corporate purposes.

In January 2022, Nevada Power entered into a $300 million secured delayed draw term loan facility maturing in January 2024. Amounts borrowed under the facility bear interest at variable rates based on the Secured Overnight Financing Rate or a base rate, at Nevada Power's option, plus a pricing margin. In January 2022, Nevada Power borrowed $200 million under the facility at an initial interest rate of 0.55%. Nevada Power may draw all or none of the remaining unused commitment through June 2022. Nevada Power used the proceeds to repay amounts outstanding under its existing secured credit facility and for general corporate purposes.

NPC

Debt Instrument [Line Items]

Recent Financing Transactions

Recent Financing Transactions

Long-Term Debt

In January 2022, Nevada Power entered into a $300 million secured delayed draw term loan facility maturing in January 2024. Amounts borrowed under the facility bear interest at variable rates based on the Secured Overnight Financing Rate or a base rate, at Nevada Power's option, plus a pricing margin. In January 2022, Nevada Power borrowed $200 million under the facility at an initial interest rate of 0.55%. Nevada Power may draw all or none of the remaining unused commitment through June 2022. Nevada Power used the proceeds to repay amounts outstanding under its existing secured credit facility and for general corporate purposes.

SPPC

Debt Instrument [Line Items]

Recent Financing Transactions

Recent Financing Transactions

Long-Term Debt

In April 2022, Sierra Pacific entered into a $200 million unsecured loan with NV Energy payable upon demand. The net proceeds were used to purchase certain tax-exempt refunding revenue bond obligations that were subject to mandatory purchase by Sierra Pacific in April 2022. The loan has an underlying variable interest rate based on 30-day U.S. dollar deposits offered on the London Interbank Offer Rate market plus a spread of 0.75%.

In April 2022, Sierra Pacific purchased the following series of bonds that were held by the public: $30 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016C, due 2036; $25 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016D, due 2036; $25 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016E, due 2036; $75 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016F, due 2036; $20 million of its variable-rate tax-exempt Water Facilities Refunding Revenue Bonds, Series 2016G, due 2036; and $30 million of its variable-rate tax-exempt Pollution Control Refunding Revenue Bonds, Series 2016B, due 2029. Sierra Pacific purchased these bonds as required by the bond indentures. Sierra Pacific is holding these bonds and can re-offer them at a future date.

XML

Income Taxes

3 Months Ended

Mar. 31, 2022

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

The effective income tax rate for the three-month period ended March 31, 2022, is 108% and results from a $507 million income tax benefit associated with a $470 million pre-tax loss, primarily relating to a pre-tax unrealized loss of $1,247 million on the Company's investment in BYD Company Limited. The $507 million income tax benefit is primarily comprised of a $99 million benefit (21%) from the application of the statutory income tax rate to the pre-tax loss and a $339 million benefit (72%) from income tax credits.

The effective income tax rate for the three-month period ended March 31, 2021, is 217% and results from a $535 million income tax benefit associated with a $246 million pre-tax loss, primarily relating to a pre-tax unrealized loss of $1,124 million on the Company's investment in BYD Company Limited. The $535 million income tax benefit is primarily comprised of a $52 million benefit (21%) from the application of the statutory income tax rate to the pre-tax loss, a $334 million benefit (136%) from income tax credits and a $51 million benefit (21%) from state income tax benefits, net of federal income tax impacts.

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Income tax credits	72		136
State income tax, net of federal income tax impacts	(3)		21
Income tax effect of foreign income	3		6
Effects of ratemaking	8		10
Equity income	3		15
Noncontrolling interest	5		9
Other, net	(1)		(1)
Effective income tax rate	108	%	217	%

Income tax credits relate primarily to PTCs from wind-powered generating facilities owned by MidAmerican Energy, PacifiCorp and BHE Renewables. 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 for the three-month periods ended March 31, 2022 and 2021 totaled $338 million and $315 million, respectively.

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 made no payments for federal income taxes to Berkshire Hathaway for the three-month periods ended March 31, 2022 and 2021.

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 before income tax (benefit) expense is as follows:

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax benefit	3		3
Federal income tax credits	(20)		(20)
Effects of ratemaking(1)	(11)		(13)
Valuation allowance	6		—
Other	3		2
Effective income tax rate	2	%	(7)	%

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

Income tax credits relate primarily to production tax credits ("PTCs") earned by 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 for the three-month periods ended March 31, 2022 and 2021 totaled $26 million and $31 million, respectively.

For the three-month period ended March 31, 2022 PacifiCorp recorded a valuation allowance related to state net operating loss carryforwards.

MEC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

The effective income tax rate for the three-month period ended March 31, 2021, is 2,200% and results from a $154 million income tax benefit associated with a $7 million pretax loss. The $154 million income tax benefit is primarily comprised of a $2 million benefit (21%) from the application of the statutory income tax rate to the pretax loss and a $168 million benefit (2,400%) from income tax credits, partially offset by a $13 million expense (186%) from the effects of ratemaking.

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Income tax credits	(534)		2,400
State income tax, net of federal income tax impacts	(21)		(29)
Effects of ratemaking	(8)		(186)
Other, net	—		(6)
Effective income tax rate	(542)	%	2,200	%

Income tax credits relate primarily to production tax credits ("PTCs") from MidAmerican Energy'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. 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 other income tax expense. Wind-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs for the three-month periods ended March 31, 2022 and 2021 totaled $203 million and $151 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 made no cash payments for income tax to BHE for each of the three-month periods ended March 31, 2022 and 2021.

MidAmerican Funding, LLC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Income Taxes

The effective income tax rate for the three-month period ended March 31, 2021, is 1,300% and results from a $156 million income tax benefit associated with a $12 million pretax loss. The $156 million income tax benefit is primarily comprised of a $3 million benefit (21%) from the application of the statutory income tax rate to the pretax loss and a $168 million benefit (1,400%) from income tax credits, partially offset by a $13 million expense (108%) from the effects of ratemaking.

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Income tax credits	(618)		1,400
State income tax, net of federal income tax impacts	(24)		(8)
Effects of ratemaking	(9)		(108)
Other, net	—		(5)
Effective income tax rate	(630)	%	1,300	%

Income tax credits relate primarily to production tax credits ("PTCs") from MidAmerican Energy'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. 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 other income tax expense. Wind-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. PTCs for the three-month periods ended March 31, 2022 and 2021 totaled $203 million and $151 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 made no cash payments for income tax to BHE for each of the three-month periods ended March 31, 2022 and 2021.

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 is as follows:

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Effects of ratemaking	(7)		(10)
Other	1		2
Effective income tax rate	15	%	13	%

Effects of ratemaking is primarily attributable to the recognition of excess deferred income taxes related to the 2017 Tax Cuts and Jobs Act pursuant to an order issued by the PUCN effective January 1, 2020.

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 is as follows:

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax benefit	5		3
Equity interest	2		2
Effects of ratemaking	(4)		(1)
Noncontrolling interest	(11)		(11)
Other, net	1		(1)
Effective income tax rate	14	%	13	%

For the period ended March 31, 2022, Eastern Energy Gas' reconciliation of the federal statutory income tax rate to the effective income tax rate is driven primarily by an absence of tax on income attributable to Cove Point's 75% noncontrolling interest.

Eastern Energy Gas, as a subsidiary of BHE, is included in Berkshire Hathaway's U.S. federal income tax return. Consistent with established regulatory practice, Eastern Energy Gas' provisions for income tax have 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. Eastern Energy Gas made no cash payments for income tax to BHE for the three-month periods ended March 31, 2022 and 2021.

XML

Employee Benefit Plans

3 Months Ended

Mar. 31, 2022

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit Plans

Domestic Operations

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Pension:
Service cost	$	7	$	7
Interest cost	19		20
Expected return on plan assets	(27)		(33)
Settlement	2		—
Net amortization	4		6
Net periodic benefit cost	$	5	$	—
Other postretirement:
Service cost	$	2	$	2
Interest cost	5		5
Expected return on plan assets	(7)		(5)
Net amortization	—		(1)
Net periodic benefit cost	$	—	$	1

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in Other, net in the Consolidated Statements of Operations. Employer contributions to the domestic pension and other postretirement benefit plans are expected to be $13 million and $4 million, respectively, during 2022. As of March 31, 2022, $4 million and $3 million of contributions had been made to the domestic pension and other postretirement benefit plans, respectively.

Foreign Operations

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Service cost	$	4	$	4
Interest cost	10		8
Expected return on plan assets	(25)		(28)
Net amortization	6		14
Net periodic benefit credit	$	(5)	$	(2)

Amounts other than the service cost for the United Kingdom pension plan are recorded in Other, net in the Consolidated Statements of Operations. Employer contributions to the United Kingdom pension plan are expected to be £12 million during 2022. As of March 31, 2022, £3 million, or $4 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,
	2022		2021
Pension:
Service cost	$	—	$	—
Interest cost	7		7
Expected return on plan assets	(10)		(13)
Net amortization	4		5
Net periodic benefit cost (credit)	$	1	$	(1)
Other postretirement:
Service cost	$	—	$	—
Interest cost	2		2
Expected return on plan assets	(2)		(2)
Net amortization	—		—
Net periodic benefit cost (credit)	$	—	$	—

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in Other, net in 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 2022. As of March 31, 2022, $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 for the plans of MidAmerican Energy and the aforementioned affiliates included the following components (in millions):

	Three-Month Periods
	Ended March 31,
	2022		2021
Pension:
Service cost	$	5	$	5
Interest cost	5		6
Expected return on plan assets	(7)		(9)
Settlement	2		—
Net periodic benefit cost	$	5	$	2
Other postretirement:
Service cost	$	2	$	2
Interest cost	2		2
Expected return on plan assets	(4)		(2)
Net amortization	—		(1)
Net periodic benefit cost	$	—	$	1

Amounts other than the service cost for pension and other postretirement benefit plans are recorded in Other, net in the Statements of Operations. Employer contributions to the pension and other postretirement benefit plans are expected to be $7 million and $3 million, respectively, during 2022. As of March 31, 2022, $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 PlansRefer to Note 5 of MidAmerican Energy's Notes to Financial Statements.

NPC

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit PlansNevada 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,
	2022		2021
Qualified Pension Plan:
Other non-current assets	$	42	$	42
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(8)		(8)
Other Postretirement Plans:
Other non-current assets	8		8

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. Sierra Pacific contributed $2 million to the Other Postretirement Plans for the three-month period ended March 31, 2022. 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,
	2022		2021
Qualified Pension Plan:
Other non-current assets	$	63	$	62
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(7)		(7)
Other Postretirement Plans:
Other long-term liabilities	(8)		(10)

EEGH

Defined Benefit Plan Disclosure [Line Items]

Employee Benefit Plans

Employee Benefit PlansEastern 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 $3 million to the MidAmerican Energy Company Retirement Plan and $1 million to the MidAmerican Energy Company Welfare Benefit Plan for the three-month period ended March 31, 2022. 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 both March 31, 2022 and December 31, 2021, 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 $95 million.

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Risk Management and Hedging Activities

3 Months Ended

Mar. 31, 2022

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 may from time to time 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.

There have been no significant changes in PacifiCorp's accounting policies related to derivatives. Refer to Note 7 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, 2022
Not designated as hedging contracts(1):
Commodity assets	$	165	$	37	$	6	$	(1)	$	207
Commodity liabilities	(3)		—		(9)		—		(12)
Total	162		37		(3)		(1)		195
Total derivatives	162		37		(3)		(1)		195
Cash collateral payable	(17)		—		—		—		(17)
Total derivatives - net basis	$	145	$	37	$	(3)	$	(1)	$	178
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	81	$	21	$	2	$	—	$	104
Commodity liabilities	(5)		(1)		(38)		(7)		(51)
Total	76		20		(36)		(7)		53
Total derivatives	76		20		(36)		(7)		53
Cash collateral receivable	—		—		5		—		5
Total derivatives - net basis	$	76	$	20	$	(31)	$	(7)	$	58

(1)PacifiCorp's commodity derivatives are generally included in rates. As of March 31, 2022 a regulatory liability of $195 million was recorded related to the net derivative asset of $195 million. As of December 31, 2021 a regulatory liability of $53 million was recorded related to the net derivative asset of $53 million.

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Beginning balance	$	(53)	$	17
Changes in fair value recognized in regulatory assets	(168)		(17)
Net losses reclassified to operating revenue	(3)		—
Net gains reclassified to energy costs	29		—
Ending balance	$	(195)	$	—

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	2022	2021
Electricity purchases, net	Megawatt hours	1	2
Natural gas purchases	Decatherms	105	106

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 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 PacifiCorp's creditworthiness. These rights can vary by contract and by counterparty. As of March 31, 2022, PacifiCorp'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 PacifiCorp's derivative contracts in liability positions with specific credit-risk-related contingent features totaled $10 million and $37 million as of March 31, 2022 and December 31, 2021, respectively, for which PacifiCorp had posted collateral of $— million and $5 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, 2022 and December 31, 2021, PacifiCorp would have been required to post $2 million and $23 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, natural gas and coal 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 7 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, 2022
Not designated as hedging contracts (1):
Commodity liabilities	$	—	$	(88)	$	(80)	$	(168)
Total derivative - net basis	$	—	$	(88)	$	(80)	$	(168)
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	4	$	—	$	—	$	4
Commodity liabilities	—		(55)		(62)		(117)
Total derivative - net basis	$	4	$	(55)	$	(62)	$	(113)

(1)Nevada Power's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2022 a regulatory asset of $168 million was recorded related to the net derivative liability of $168 million. As of December 31, 2021 a regulatory asset of $113 million was recorded related to the net derivative liability of $113 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	2022	2021
Electricity purchases	Megawatt hours	3	1
Natural gas purchases	Decatherms	138	119

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, 2022, 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 and $6 million as of March 31, 2022 and December 31, 2021, respectively, 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 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 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):

			Derivative
	Other		Contracts -		Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2022
Not designated as hedging contracts (1):
Commodity assets	$	1	$	—	$	—	$	1
Commodity liabilities	—		(28)		(25)		(53)
Total derivative - net basis	$	1	$	(28)	$	(25)	$	(52)
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	2	$	—	$	—	$	2
Commodity liabilities	—		(16)		(19)		(35)
Total derivative - net basis	$	2	$	(16)	$	(19)	$	(33)

(1)Sierra Pacific's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2022 a net regulatory asset of $52 million was recorded related to the net derivative liability of $52 million. As of December 31, 2021 a net regulatory asset of $33 million was recorded related to the net derivative liability of $33 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	2022	2021
Electricity purchases	Megawatt hours	1	1
Natural gas purchases	Decatherms	60	53

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, 2022, 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 $2 million and $— million as of March 31, 2022 and December 31, 2021, respectively, 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, 2022

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, 2022:
Assets:
Commodity derivatives	$	13	$	534	$	59	$	(64)	$	542
Interest rate derivatives	11		58		25		—		94
Mortgage loans held for sale	—		975		—		—		975
Money market mutual funds	715		—		—		—		715
Debt securities:
U.S. government obligations	225		—		—		—		225
International government obligations	—		1		—		—		1
Corporate obligations	—		79		—		—		79
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		1		—		—		1
Equity securities:
U.S. companies	415		—		—		—		415
International companies	6,455		—		—		—		6,455
Investment funds	285		—		—		—		285
	$	8,119	$	1,651	$	84	$	(64)	$	9,790
Liabilities:
Commodity derivatives	$	(1)	$	(88)	$	(298)	$	69	$	(318)
Foreign currency exchange rate derivatives	—		(3)		—		—		(3)
Interest rate derivatives	—		—		(12)		—		(12)
	$	(1)	$	(91)	$	(310)	$	69	$	(333)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2021:
Assets:
Commodity derivatives	$	5	$	271	$	73	$	(47)	$	302
Foreign currency exchange rate derivatives	—		3		—		—		3
Interest rate derivatives	1		3		20		—		24
Mortgage loans held for sale	—		1,263		—		—		1,263
Money market mutual funds	554		—		—		—		554
Debt securities:
U.S. government obligations	232		—		—		—		232
International government obligations	—		2		—		—		2
Corporate obligations	—		90		—		—		90
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		2		—		—		2
Equity securities:
U.S. companies	428		—		—		—		428
International companies	7,703		—		—		—		7,703
Investment funds	237		—		—		—		237
	$	9,160	$	1,637	$	93	$	(47)	$	10,843
Liabilities:
Commodity derivatives	$	(2)	$	(113)	$	(224)	$	73	$	(266)
Foreign currency exchange rate derivatives	—		(3)		—		—		(3)
Interest rate derivatives	—		(7)		(1)		—		(8)
	$	(2)	$	(123)	$	(225)	$	73	$	(277)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $5 million and $26 million as of March 31, 2022 and December 31, 2021, 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):

	Three-Month Periods
	Ended March 31,
			Interest
	Commodity		Rate
	Derivatives		Derivatives
2022:
Beginning balance	$	(151)	$	19
Changes included in earnings(1)	(56)		(6)
Changes in fair value recognized in OCI	5		—
Changes in fair value recognized in net regulatory assets	(60)		—
Settlements	23		—
Ending balance	$	(239)	$	13

2021:
Beginning balance	$	116	$	62
Changes included in earnings(1)	(6)		(21)
Changes in fair value recognized in OCI	(1)		—
Changes in fair value recognized in net regulatory assets	16		—
Settlements	(1)		—
Ending balance	$	124	$	41

(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, including fair value adjustments and unamortized premiums, discounts and debt issuance costs as applicable, 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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	49,905	$	52,246	$	49,762	$	57,189

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, 2022:
Assets:
Commodity derivatives	$	—	$	207	$	—	$	(25)	$	182
Money market mutual funds	319		—		—		—		319
Investment funds	28		—		—		—		28
	$	347	$	207	$	—	$	(25)	$	529
Liabilities - Commodity derivatives	$	—	$	(12)	$	—	$	8	$	(4)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	104	$	—	$	(8)	$	96
Money market mutual funds	181		—		—		—		181
Investment funds	27		—		—		—		27
	$	208	$	104	$	—	$	(8)	$	304
Liabilities - Commodity derivatives	$	—	$	(51)	$	—	$	13	$	(38)

(1)Represents netting under master netting arrangements and a net cash collateral payable of $17 million and a net cash collateral receivable of $5 million as of March 31, 2022 and December 31, 2021, 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 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 6 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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	8,722	$	9,423	$	8,730	$	10,374

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, 2022:
Assets:
Commodity derivatives	$	—	$	66	$	4	$	—	$	70
Money market mutual funds	132		—		—		—		132
Debt securities:
U.S. government obligations	225		—		—		—		225
International government obligations	—		1		—		—		1
Corporate obligations	—		79		—		—		79
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		1		—		—		1
Equity securities:
U.S. companies	415		—		—		—		415
International companies	9		—		—		—		9
Investment funds	23		—		—		—		23
	$	804	$	150	$	4	$	—	$	958
Liabilities - commodity derivatives	$	(1)	$	—	$	—	$	—	$	(1)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	32	$	3	$	(7)	$	28
Money market mutual funds	228		—		—		—		228
Debt securities:
U.S. government obligations	232		—		—		—		232
International government obligations	—		2		—		—		2
Corporate obligations	—		90		—		—		90
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		2		—		—		2
Equity securities:
U.S. companies	428		—		—		—		428
International companies	10		—		—		—		10
Investment funds	18		—		—		—		18
	$	916	$	129	$	3	$	(7)	$	1,041
Liabilities - commodity derivatives	$	—	$	(6)	$	(8)	$	12	$	(2)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $— million and $5 million as of March 31, 2022 and December 31, 2021, 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.

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, 2022				As of December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	7,726	$	8,196	$	7,721	$	9,037

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 6 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, 2022				As of December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	7,966	$	8,480	$	7,961	$	9,350

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 Balance Sheets 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 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, 2022:
Assets:
Money market mutual funds	$	43	$	—	$	—	$	43
Investment funds	3		—		—		3
	$	46	$	—	$	—	$	46
Liabilities - commodity derivatives	$	—	$	—	$	(168)	$	(168)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	—	$	4	$	4
Money market mutual funds	34		—		—		34
Investment funds	3		—		—		3
	$	37	$	—	$	4	$	41
Liabilities - commodity derivatives	$	—	$	—	$	(117)	$	(117)

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, 2022 and December 31, 2021, 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,
	2022		2021
Beginning balance	$	(113)	$	15
Changes in fair value recognized in regulatory assets	(56)		11
Settlements	1		1
Ending balance	$	(168)	$	27

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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	2,700	$	2,985	$	2,499	$	3,067

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 Balance Sheets 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 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, 2022:
Assets:
Commodity derivatives	$	—	$	—	$	1	$	1
Money market mutual funds	13		—		—		13
Investment funds	1		—		—		1
	$	14	$	—	$	1	$	15
Liabilities - commodity derivatives	$	—	$	—	$	(53)	$	(53)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	—	$	2	$	2
Money market mutual funds	10		—		—		10
Investment funds	1		—		—		1
	$	11	$	—	$	2	$	13
Liabilities - commodity derivatives	$	—	$	—	$	(35)	$	(35)

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,
	2022		2021
Beginning balance	$	(33)	$	7
Changes in fair value recognized in regulatory assets	(19)		5
Ending balance	$	(52)	$	12

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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	1,164	$	1,261	$	1,164	$	1,316

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, 2022:
Assets:
Money market mutual funds	$	28	$	—	$	—	$	28
Equity securities:
Investment funds	15		—		—		15
	$	43	$	—	$	—	$	43
Liabilities:
Commodity derivatives	$	—	$	(2)	$	—	$	(2)
Foreign currency exchange rate derivatives	—		(3)		—		(3)
	$	—	$	(5)	$	—	$	(5)
As of December 31, 2021:
Assets:
Foreign currency exchange rate derivatives	$	—	$	3	$	—	$	3
Equity securities:
Investment funds	13		—		—		13
	$	13	$	3	$	—	$	16
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(3)	$	—	$	(3)
	$	—	$	(3)	$	—	$	(3)

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, including unamortized premiums, discounts and debt issuance costs as applicable, 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 carrying value of Eastern Energy Gas' 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 Eastern Energy Gas' long-term debt (in millions):

	As of March 31, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	3,899	$	3,911	$	3,906	$	4,266

XML

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Legal Matters

The Company is party to a variety of legal actions arising out of the normal course of business. Plaintiffs occasionally seek punitive or exemplary damages. The Company does not believe that such normal and routine litigation will have a material impact on its consolidated financial results. The Company is also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines, penalties and other costs in substantial amounts and are described below.

California and Oregon 2020 Wildfires

In September 2020, a severe weather event resulting in high winds, low humidity and warm temperatures contributed to several major wildfires, real and personal property and natural resource damage, personal injuries and loss of life and widespread power outages in Oregon and Northern California (the "2020 Wildfires"). 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. Fire suppression costs estimated by various agencies total approximately $150 million. Investigations into the cause and origin of each wildfire are complex and ongoing and being conducted by various entities, including the United States Forest Service, the California Public Utilities Commission, the Oregon Department of Forestry, the Oregon Department of Justice, PacifiCorp and various experts engaged by PacifiCorp.

Multiple lawsuits have been filed in Oregon and California, including a putative class action complaint in Oregon, on behalf of citizens and businesses who suffered damages from fires allegedly caused by PacifiCorp. Additionally, several insurance carriers have filed subrogation complaints in Oregon and California with allegations similar to those made in the aforementioned lawsuits. The final determinations of liability, however, will only be made following comprehensive investigations and litigation processes.

In California, under inverse condemnation, courts have held that investor-owned utilities can be liable for real and personal property damages 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 nevertheless be found liable for all damages proximately caused by negligence, including real and personal property and natural resource damage; fire suppression costs; personal injury and loss of life damages; and interest.

PacifiCorp has accrued $136 million as its best estimate of the potential losses net of expected insurance recoveries associated with the 2020 Wildfires that are considered probable of being incurred. These accruals include estimated losses for fire suppression costs, real and personal property damage, personal injury damages and loss of life damages, but exclude estimated potential losses for natural resource damage as PacifiCorp is unable to reasonably estimate such losses at this time. It is reasonably possible that PacifiCorp will incur additional losses beyond the amounts accrued; however, PacifiCorp is currently unable to estimate the range of possible additional losses that could be incurred due to the number of properties and parties involved and the variation in those types of properties and lack of available details. To the extent losses beyond the amounts accrued are incurred, additional insurance coverage is expected to be available to cover at least a portion of the losses.

Environmental Laws and Regulations

The Company is subject to federal, state, local and foreign 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 the Company's current and future operations. The Company believes it is in material compliance with all applicable laws and regulations.

Hydroelectric Relicensing

PacifiCorp is a party to the 2016 amended Klamath Hydroelectric Settlement Agreement ("KHSA"), which is intended to resolve disputes surrounding PacifiCorp's efforts to relicense the Klamath Hydroelectric Project. The KHSA establishes a process for PacifiCorp, the states of Oregon and California ("States") and other stakeholders to assess whether dam removal can occur consistent with the settlement's terms. For PacifiCorp, the key elements of the settlement include: (1) a contribution from PacifiCorp's Oregon and California customers capped at $200 million plus $250 million in California bond funds; (2) complete indemnification from harms associated with dam removal; (3) transfer of the FERC license to a third-party dam removal entity, the Klamath River Renewal Corporation ("KRRC"), who would conduct dam removal; and (4) ability for PacifiCorp to operate the facilities for the benefit of customers until dam removal commences.

In September 2016, the KRRC and PacifiCorp filed a joint application with the FERC to transfer the license for the four mainstem Klamath dams from PacifiCorp to the KRRC. The FERC approved partial transfer of the Klamath license in a July 2020 order, subject to the condition that PacifiCorp remains co-licensee. Under the amended KHSA, PacifiCorp did not agree to remain co-licensee during the surrender and removal process given concerns about liability protections for PacifiCorp and its customers. In November 2020, PacifiCorp entered a memorandum of agreement (the "MOA") with the KRRC, the Karuk Tribe, the Yurok Tribe and the States to continue implementation of the KHSA. The agreement required the States, PacifiCorp and KRRC to file a new license transfer application to remove PacifiCorp from the license for the Klamath Hydroelectric Project and add the States and KRRC as co-licensees for the purposes of surrender. In addition, the MOA provides for additional contingency funding of $45 million, equally split between PacifiCorp and the States, and for PacifiCorp and the States to equally share in any additional cost overruns in the unlikely event that dam removal costs exceed the $450 million in funding to ensure dam removal is complete. The MOA also requires PacifiCorp to cover the costs associated with certain pre-existing environmental conditions. In June 2021, the FERC approved transfer of the four mainstem Klamath dams from PacifiCorp to the KRRC and the States as co-licensees. In July 2021, the Oregon, Wyoming, Idaho and California state public utility commissions conditionally approved the required property transfer applications. In August 2021, PacifiCorp notified the Public Service Commission of Utah of the property transfer, however no formal approval is required in Utah. The transfer will be effective within 30 days following the issuance of a license surrender from the FERC for the project, which remains pending. In February 2022, the FERC staff issued a draft environmental impact statement for the project, concluding that dam removal is the preferred alternative. Comments on the draft were due in April 2022, and a final environmental impact statement is expected later in 2022.

Guarantees

The Company has entered into guarantees as part of the normal course of business and the sale 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

Legal Matters

PacifiCorp is party to a variety of legal actions arising out of the normal course of business. Plaintiffs occasionally seek punitive or exemplary damages. PacifiCorp does not believe that such normal and routine litigation will have a material impact on its consolidated financial results. PacifiCorp is also involved in other kinds of legal actions, some of which assert or may assert claims or seek to impose fines, penalties and other costs in substantial amounts and are described below.

California and Oregon 2020 Wildfires

In September 2020, a severe weather event resulting in high winds, low humidity and warm temperatures contributed to several major wildfires, real and personal property and natural resource damage, personal injuries and loss of life and widespread power outages in Oregon and Northern California (the "2020 Wildfires"). 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. Fire suppression costs estimated by various agencies total approximately $150 million. Investigations into the cause and origin of each wildfire are complex and ongoing and being conducted by various entities, including the United States Forest Service, the California Public Utilities Commission, the Oregon Department of Forestry, the Oregon Department of Justice, PacifiCorp and various experts engaged by PacifiCorp.

Multiple lawsuits have been filed in Oregon and California, including a putative class action complaint in Oregon, on behalf of citizens and businesses who suffered damages from fires allegedly caused by PacifiCorp. Additionally, several insurance carriers have filed subrogation complaints in Oregon and California with allegations similar to those made in the aforementioned lawsuits. The final determinations of liability, however, will only be made following comprehensive investigations and litigation processes.

In California, under inverse condemnation, courts have held that investor-owned utilities can be liable for real and personal property damages 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 nevertheless be found liable for all damages proximately caused by negligence, including real and personal property and natural resource damage; fire suppression costs; personal injury and loss of life damages; and interest.

PacifiCorp has accrued $136 million as its best estimate of the potential losses net of expected insurance recoveries associated with the 2020 Wildfires that are considered probable of being incurred. These accruals include estimated losses for fire suppression costs, real and personal property damage, personal injury damages and loss of life damages, but exclude estimated potential losses for natural resource damage as PacifiCorp is unable to reasonably estimate such losses at this time. It is reasonably possible that PacifiCorp will incur additional losses beyond the amounts accrued; however, PacifiCorp is currently unable to estimate the range of possible additional losses that could be incurred due to the number of properties and parties involved and the variation in those types of properties and lack of available details. To the extent losses beyond the amounts accrued are incurred, additional insurance coverage is expected to be available to cover at least a portion of the losses.

Environmental Laws and Regulations

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

Hydroelectric Relicensing

PacifiCorp is a party to the 2016 amended Klamath Hydroelectric Settlement Agreement ("KHSA"), which is intended to resolve disputes surrounding PacifiCorp's efforts to relicense the Klamath Hydroelectric Project. The KHSA establishes a process for PacifiCorp, the states of Oregon and California ("States") and other stakeholders to assess whether dam removal can occur consistent with the settlement's terms. For PacifiCorp, the key elements of the settlement include: (1) a contribution from PacifiCorp's Oregon and California customers capped at $200 million plus $250 million in California bond funds; (2) complete indemnification from harms associated with dam removal; (3) transfer of the Federal Energy Regulatory Commission ("FERC") license to a third-party dam removal entity, the Klamath River Renewal Corporation ("KRRC"), who would conduct dam removal; and (4) ability for PacifiCorp to operate the facilities for the benefit of customers until dam removal commences.

In September 2016, the KRRC and PacifiCorp filed a joint application with the FERC to transfer the license for the four mainstem Klamath dams from PacifiCorp to the KRRC. The FERC approved partial transfer of the Klamath license in a July 2020 order, subject to the condition that PacifiCorp remains co-licensee. Under the amended KHSA, PacifiCorp did not agree to remain co-licensee during the surrender and removal process given concerns about liability protections for PacifiCorp and its customers. In November 2020, PacifiCorp entered a memorandum of agreement (the "MOA") with the KRRC, the Karuk Tribe, the Yurok Tribe and the States to continue implementation of the KHSA. The agreement required the States, PacifiCorp and KRRC to file a new license transfer application to remove PacifiCorp from the license for the Klamath Hydroelectric Project and add the States and KRRC as co-licensees for the purposes of surrender. In addition, the MOA provides for additional contingency funding of $45 million, equally split between PacifiCorp and the States, and for PacifiCorp and the States to equally share in any additional cost overruns in the unlikely event that dam removal costs exceed the $450 million in funding to ensure dam removal is complete. The MOA also requires PacifiCorp to cover the costs associated with certain pre-existing environmental conditions. In June 2021, the FERC approved transfer of the four mainstem Klamath dams from PacifiCorp to the KRRC and the States as co-licensees. In July 2021, the Oregon, Wyoming, Idaho and California state public utility commissions conditionally approved the required property transfer applications. In August 2021, PacifiCorp notified the Public Service Commission of Utah of the property transfer, however no formal approval is required in Utah. The transfer will be effective within 30 days following the issuance of a license surrender from the FERC for the project, which remains pending. In February 2022, the FERC staff issued a draft environmental impact statement for the project, concluding that dam removal is the preferred alternative. Comments on the draft were due in April 2022, and a final environmental impact statement is expected later in 2022.

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

Legal Matters

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

Environmental Laws and Regulations

MidAmerican Energy 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 its current and future operations. MidAmerican Energy believes it is in material compliance with all applicable laws and regulations.

Transmission Rates

MidAmerican Energy's wholesale transmission rates are set annually using Federal Energy Regulatory Commission ("FERC")-approved formula rates subject to true-up for actual cost of service. MidAmerican Energy is authorized by the FERC to include a 0.50% adder beyond the approved base return on equity ("ROE") effective January 2015. Prior to September 2016, the rates in effect were based on a 12.38% ROE. In November 2013 and February 2015, a coalition of intervenors filed successive complaints with the FERC requesting that the 12.38% ROE no longer be found just and reasonable and sought to reduce the base ROE to 9.15% and 8.67%, respectively. In September 2016, the FERC issued an order for the first complaint, which reduces the base ROE to 10.32% and required refunds, plus interest, for the period from November 2013 through February 2015. Customer refunds relative to the first complaint occurred in February 2017. In November 2019, the FERC issued an order addressing the second complaint and issues on appeal in the first complaint. The order established a ROE of 9.88% (10.38% including the 0.50% adder) for the 15-month refund period of the first complaint and prospectively from September 2016 forward. In May 2020, the FERC issued an order on rehearing of the November 2019 order. The May 2020 order affirmed the FERC's prior decision to dismiss the second complaint and established an ROE of 10.02% (10.52% including the 0.50% adder) for the 15-month refund period of the first complaint and prospectively from September 2016 to the date of the May 2020 order. These orders continue to be subject to judicial appeal. MidAmerican Energy cannot predict the ultimate outcome of these matters and, as of March 31, 2022, has accrued an $8 million liability for refunds of amounts collected under the higher ROE during the periods covered by both complaints.

MidAmerican Funding, LLC

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and ContingenciesMidAmerican Funding is party to a variety of legal actions arising out of the normal course of business. Plaintiffs occasionally seek punitive or exemplary damages. MidAmerican Funding does not believe that such normal and routine litigation will have a material impact on its consolidated financial results. Refer to Note 7 of MidAmerican Energy's Notes to Financial Statements.

NPC

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Legal Matters

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

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.

SPPC

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Legal Matters

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

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.

EEGH

Loss Contingencies [Line Items]

Commitments and Contingencies

Commitments and Contingencies

Legal Matters

Eastern Energy Gas is party to a variety of legal actions arising out of the normal course of business. Plaintiffs occasionally seek punitive or exemplary damages. Eastern Energy Gas does not believe that such normal and routine litigation will have a material impact on its consolidated financial results.

Environmental Laws and Regulations

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

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Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2022

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 11 (in millions):

	For the Three-Month Period Ended March 31, 2022
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,185	$	472	$	599	$	—	$	—	$	—	$	—	$	—	$	2,256
Retail gas	—		337		51		—		—		—		—		—		388
Wholesale	55		161		20		—		—		—		—		—		236
Transmission and    distribution	32		15		17		269		—		176		—		—		509
Interstate pipeline	—		—		—		—		745		—		—		(41)		704
Other	20		—		1		—		1		—		—		—		22
Total Regulated	1,292		985		688		269		746		176		—		(41)		4,115
Nonregulated	—		2		—		15		278		7		169		133		604
Total Customer Revenue	1,292		987		688		284		1,024		183		169		92		4,719
Other revenue	5		18		5		31		11		—		(2)		36		104
Total	$	1,297	$	1,005	$	693	$	315	$	1,035	$	183	$	167	$	128	$	4,823

	For the Three-Month Period Ended March 31, 2021
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,145	$	452	$	511	$	—	$	—	$	—	$	—	$	—	$	2,108
Retail gas	—		460		38		—		—		—		—		—		498
Wholesale	36		125		15		—		17		—		—		—		193
Transmission and    distribution	25		15		21		263		—		172		—		—		496
Interstate pipeline	—		—		—		—		815		—		—		(41)		774
Other	23		—		—		—		2		—		—		—		25
Total Regulated	1,229		1,052		585		263		834		172		—		(41)		4,094
Nonregulated	—		10		—		10		237		8		166		187		618
Total Customer Revenue	1,229		1,062		585		273		1,071		180		166		146		4,712
Other revenue	13		5		6		27		22		—		24		40		137
Total	$	1,242	$	1,067	$	591	$	300	$	1,093	$	180	$	190	$	186	$	4,849

(1)The BHE and Other reportable segment represents amounts related principally to other entities, including MidAmerican Energy Services, LLC, 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,
	2022		2021
Customer Revenue:
Brokerage	$	1,092	$	1,022
Franchise	20		18
Total Customer Revenue	1,112		1,040
Mortgage and other revenue	95		192
Total	$	1,207	$	1,232

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, 2022, by reportable segment (in millions):

	Performance obligations expected to be satisfied:
	Less than 12 months		More than 12 months		Total
BHE Pipeline Group	$	2,878	$	22,103	$	24,981

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,
	2022		2021
Customer Revenue:
Retail:
Residential	$	505	$	483
Commercial	370		359
Industrial	273		271
Other retail	37		32
Total retail	1,185		1,145
Wholesale	55		36
Transmission	32		25
Other Customer Revenue	20		23
Total Customer Revenue	1,292		1,229
Other revenue	5		13
Total operating revenue	$	1,297	$	1,242

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 9 (in millions):

	For the Three-Month Period Ended March 31, 2022
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	168	$	225	$	—	$	393
Commercial	74		88		—		162
Industrial	198		9		—		207
Natural gas transportation services	—		14		—		14
Other retail(1)	32		1		—		33
Total retail	472		337		—		809
Wholesale	104		58		—		162
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		1		1
Total Customer Revenue	591		395		1		987
Other revenue	17		1		—		18
Total operating revenue	$	608	$	396	$	1	$	1,005

	For the Three-Month Period Ended March 31, 2021
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	161	$	308	$	—	$	469
Commercial	71		129		—		200
Industrial	190		12		—		202
Natural gas transportation services	—		10		—		10
Other retail(1)	30		1		—		31
Total retail	452		460		—		912
Wholesale	74		51		—		125
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		10		10
Total Customer Revenue	541		511		10		1,062
Other revenue	4		1		—		5
Total operating revenue	$	545	$	512	$	10	$	1,067

(1)    Other retail includes provisions for rate refunds, for which any actual refunds will be reflected in the applicable customer classes upon resolution of the related regulatory proceeding.

MidAmerican Funding, LLC

Disaggregation of Revenue [Line Items]

Revenue from Contracts with Customers

Revenue from Contracts with CustomersRefer to Note 8 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,
	2022		2021
Customer Revenue:
Retail:
Residential	$	214	$	196
Commercial	96		84
Industrial	78		63
Other	1		3
Total fully bundled	389		346
Distribution only service	5		5
Total retail	394		351
Wholesale, transmission and other	16		14
Total Customer Revenue	410		365
Other revenue	5		5
Total revenue	$	415	$	370

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 11 (in millions):

	Three-Month Periods
	Ended March 31,
	2022						2021
	Electric		Natural Gas		Total		Electric		Natural Gas		Total
Customer Revenue:
Retail:
Residential	$	85	$	32	$	117	$	71	$	25	$	96
Commercial	70		15		85		54		10		64
Industrial	49		4		53		39		3		42
Other	1		—		1		1		—		1
Total fully bundled	205		51		256		165		38		203
Distribution only service	1		—		1		1		—		1
Total retail	206		51		257		166		38		204
Wholesale, transmission and other	21		—		21		15		—		15
Total Customer Revenue	227		51		278		181		38		219
Other revenue	—		1		1		—		1		1
Total revenue	$	227	$	52	$	279	$	181	$	39	$	220

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,
	2022		2021
Customer Revenue:
Regulated:
Gas transportation and storage	$	285	$	279
Wholesale	—		17
Total regulated	285		296
Nonregulated	203		190
Total Customer Revenue	488		486
Other revenue	(6)		—
Total operating revenue	$	482	$	486

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, 2022 (in millions):

	Performance obligations expected to be satisfied
	Less than 12 months		More than 12 months		Total
Eastern Energy Gas	$	1,832	$	17,061	$	18,893

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Components of Other Comprehensive Income (Loss), Net

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss) [Line Items]

Components of Other Comprehensive Income (Loss), Net

Components of Other Comprehensive Income (Loss), Net

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

	Unrecognized		Foreign		Unrealized				AOCI
	Amounts on		Currency		(Losses) Gains				Attributable
	Retirement		Translation		on Cash		Noncontrolling		To BHE
	Benefits		Adjustment		Flow Hedges		Interests		Shareholders, Net
Balance, December 31, 2020	$	(492)	$	(1,062)	$	(8)	$	10	$	(1,552)
Other comprehensive income	7		91		14		—		112
Balance, March 31, 2021	$	(485)	$	(971)	$	6	$	10	$	(1,440)
Balance, December 31, 2021	$	(318)	$	(1,086)	$	59	$	5	$	(1,340)
Other comprehensive income (loss)	15		(110)		77		—		(18)
Balance, March 31, 2022	$	(303)	$	(1,196)	$	136	$	5	$	(1,358)

EEGH

Accumulated Other Comprehensive Income (Loss) [Line Items]

Components of Other Comprehensive Income (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, 2020	$	(12)	$	(51)	$	10	$	(53)
Other comprehensive income (loss)	2		10		(4)		8
Balance, March 31, 2021	$	(10)	$	(41)	$	6	$	(45)
Balance, December 31, 2021	$	(6)	$	(42)	$	5	$	(43)
Other comprehensive income	1		4		—		5
Balance, March 31, 2022	$	(5)	$	(38)	$	5	$	(38)

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Segment Information

3 Months Ended

Mar. 31, 2022

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,
	2022		2021
Operating revenue:
PacifiCorp	$	1,297	$	1,242
MidAmerican Funding	1,005		1,067
NV Energy	693		591
Northern Powergrid	315		300
BHE Pipeline Group	1,035		1,093
BHE Transmission	183		180
BHE Renewables	167		190
HomeServices	1,207		1,232
BHE and Other(1)	128		186
Total operating revenue	$	6,030	$	6,081

Depreciation and amortization:
PacifiCorp	$	280	$	264
MidAmerican Funding	250		207
NV Energy	140		136
Northern Powergrid	80		71
BHE Pipeline Group	131		118
BHE Transmission	58		58
BHE Renewables	65		60
HomeServices	15		11
BHE and Other(1)	3		2
Total depreciation and amortization	$	1,022	$	927

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating income:
PacifiCorp	$	216	$	234
MidAmerican Funding	100		48
NV Energy	62		70
Northern Powergrid	159		151
BHE Pipeline Group	538		618
BHE Transmission	83		81
BHE Renewables	(2)		33
HomeServices	28		112
BHE and Other(1)	52		(14)
Total operating income	1,236		1,333
Interest expense	(532)		(530)
Capitalized interest	17		14
Allowance for equity funds	38		26
Interest and dividend income	23		21
Losses on marketable securities, net	(1,257)		(1,118)
Other, net	5		8
Total loss before income tax benefit and equity loss	$	(470)	$	(246)

Interest expense:
PacifiCorp	$	106	$	107
MidAmerican Funding	82		78
NV Energy	51		52
Northern Powergrid	32		33
BHE Pipeline Group	37		38
BHE Transmission	38		38
BHE Renewables	41		40
HomeServices	1		1
BHE and Other(1)	144		143
Total interest expense	$	532	$	530

Loss on common shares:
PacifiCorp	$	130	$	169
MidAmerican Funding	241		144
NV Energy	29		34
Northern Powergrid	111		104
BHE Pipeline Group	322		383
BHE Transmission	62		59
BHE Renewables	104		16
HomeServices	21		84
BHE and Other(1)	(1,165)		(1,027)
Total loss on common shares	$	(145)	$	(34)

	As of
	March 31,		December 31,
	2022		2021
Assets:
PacifiCorp	$	27,999	$	27,615
MidAmerican Funding	25,451		25,352
NV Energy	15,430		15,239
Northern Powergrid	9,175		9,326
BHE Pipeline Group	20,486		20,434
BHE Transmission	9,618		9,476
BHE Renewables	12,138		11,829
HomeServices	4,036		4,574
BHE and Other(1)	7,136		8,220
Total assets	$	131,469	$	132,065

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating revenue by country:
U.S.	$	5,534	$	5,597
United Kingdom	315		300
Canada	181		177
Other	—		7
Total operating revenue by country	$	6,030	$	6,081

Loss before income tax benefit and equity loss by country:
U.S.	$	(654)	$	(423)
United Kingdom	139		132
Canada	46		39
Other	(1)		6
Total loss before income tax benefit and equity loss by country	$	(470)	$	(246)

The following table shows the change in the carrying amount of goodwill by reportable segment for the three-month period ended March 31, 2022 (in millions):

									BHE Pipeline Group
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid				BHE Transmission		BHE Renewables		HomeServices
																	Total
December 31, 2021	$	1,129	$	2,102	$	2,369	$	992	$	1,814	$	1,563	$	95	$	1,586	$	11,650
Acquisitions	—		—		—		—		—		—		—		3		3
Foreign currency translation	—		—		—		(20)		—		16		—		—		(4)
March 31, 2022	$	1,129	$	2,102	$	2,369	$	972	$	1,814	$	1,579	$	95	$	1,589	$	11,649

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 regulated natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in 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,
	2022		2021
Operating revenue:
Regulated electric	$	608	$	545
Regulated natural gas	396		512
Other	1		10
Total operating revenue	$	1,005	$	1,067
Operating income:
Regulated electric	$	51	$	9
Regulated natural gas	49		39
Total operating income	100		48
Interest expense	(78)		(74)
Allowance for borrowed funds	4		2
Allowance for equity funds	15		6
Other, net	(3)		11
Income (loss) before income tax benefit	$	38	$	(7)

	As of
	March 31, 2022		December 31, 2021
Assets:
Regulated electric	$	21,613	$	21,385
Regulated natural gas	1,737		1,871
Other	1		1
Total assets	$	23,351	$	23,257

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 regulated natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in 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,
	2022		2021
Operating revenue:
Regulated electric	$	608	$	545
Regulated natural gas	396		512
Other	1		10
Total operating revenue	$	1,005	$	1,067
Operating income:
Regulated electric	$	51	$	9
Regulated natural gas	49		39
Total operating income	100		48
Interest expense	(82)		(78)
Allowance for borrowed funds	4		2
Allowance for equity funds	15		6
Other, net	(4)		10
Income (loss) before income tax benefit	$	33	$	(12)

	As of
	March 31, 2022		December 31, 2021
Assets(1):
Regulated electric	$	22,804	$	22,576
Regulated natural gas	1,816		1,950
Other	6		5
Total assets	$	24,626	$	24,531

(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,
	2022		2021
Operating revenue:
Regulated electric	$	227	$	181
Regulated natural gas	52		39
Total operating revenue	$	279	$	220
Operating income:
Regulated electric	$	30	$	31
Regulated natural gas	8		8
Total operating income	38		39
Interest expense	(13)		(14)
Allowance for borrowed funds	1		—
Allowance for equity funds	2		1
Interest and dividend income	3		2
Other, net	2		4
Income before income tax expense	$	33	$	32

	As of
	March 31,		December 31,
	2022		2021
Assets:
Regulated electric	$	3,869	$	3,829
Regulated natural gas	375		365
Other(1)	35		29
Total assets	$	4,279	$	4,223

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

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General (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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.
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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The Consolidated Statements of Comprehensive Income have been omitted as net income materially equals comprehensive income for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month periods ended March 31, 2022 and 2021 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.
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, 2022, and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month periods ended March 31, 2022, 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.
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, 2022, and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month periods ended March 31, 2022, 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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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.
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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The Consolidated Statements of Comprehensive Income have been omitted as net income equals comprehensive income for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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.
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, 2022 and for the three-month periods ended March 31, 2022 and 2021. The results of operations for the three-month period ended March 31, 2022 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.

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Tables)

3 Months Ended

Mar. 31, 2022

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 in 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,
	2022		2021
Cash and cash equivalents	$	1,432	$	1,096
Restricted cash and cash equivalents	129		127
Investments and restricted cash, cash equivalents and investments	21		21
Total cash and cash equivalents and restricted cash and cash equivalents	$	1,582	$	1,244

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 in 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,
	2022		2021
Cash and cash equivalents	$	335	$	179
Restricted cash and cash equivalents included in other current assets	4		4
Restricted cash included in other assets	2		3
Total cash and cash equivalents and restricted cash and cash equivalents	$	341	$	186

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 in 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,
	2022		2021
Cash and cash equivalents	$	131	$	232
Restricted cash and cash equivalents in other current assets	7		7
Total cash and cash equivalents and restricted cash and cash equivalents	$	138	$	239

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 in 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,
	2022		2021
Cash and cash equivalents	$	132	$	233
Restricted cash and cash equivalents in other current assets	7		7
Total cash and cash equivalents and restricted cash and cash equivalents	$	139	$	240

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 in 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,
	2022		2021
Cash and cash equivalents	$	47	$	33
Restricted cash and cash equivalents included in other current assets	14		12
Total cash and cash equivalents and restricted cash and cash equivalents	$	61	$	45

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 in 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,
	2022		2021
Cash and cash equivalents	$	15	$	10
Restricted cash and cash equivalents included in other current assets	7		6
Total cash and cash equivalents and restricted cash and cash equivalents	$	22	$	16

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 in 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,
	2022		2021
Cash and cash equivalents	$	54	$	22
Restricted cash and cash equivalents included in other current assets	18		17
Total cash and cash equivalents and restricted cash and cash equivalents	$	72	$	39

XML

Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2022

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	2022		2021
Regulated assets:
Utility generation, transmission and distribution systems	5-80 years	$	90,560	$	90,223
Interstate natural gas pipeline assets	3-80 years	17,526		17,423
		108,086		107,646
Accumulated depreciation and amortization		(33,248)		(32,680)
Regulated assets, net		74,838		74,966
Nonregulated assets:
Independent power plants	2-50 years	7,932		7,665
Cove Point LNG facility	40 years	3,366		3,364
Other assets	2-30 years	2,688		2,666
		13,986		13,695
Accumulated depreciation and amortization		(3,146)		(3,041)
Nonregulated assets, net		10,840		10,654
Net operating assets		85,678		85,620
Construction work-in-progress		4,605		4,196
Property, plant and equipment, net		$	90,283	$	89,816

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	2022		2021
Utility Plant:
Generation	15 - 59 years	$	13,688	$	13,679
Transmission	60 - 90 years	7,914		7,894
Distribution	20 - 75 years	8,125		8,044
Intangible plant(1)	5 - 75 years	1,112		1,106
Other	5 - 60 years	1,563		1,539
Utility plant in-service		32,402		32,262
Accumulated depreciation and amortization		(10,704)		(10,507)
Utility plant in-service, net		21,698		21,755
Other non-regulated, net of accumulated depreciation and amortization	14 - 95 years	18		18
Plant, net		21,716		21,773
Construction work-in-progress		1,365		1,141
Property, plant and equipment, net		$	23,081	$	22,914

(1)Computer software costs included in intangible plant are initially assigned a depreciable life of 5 to 10 years.

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	2022		2021
Utility plant in-service, net:
Generation	20-70 years	$	17,466	$	17,397
Transmission	52-75 years	2,488		2,474
Electric distribution	20-75 years	4,713		4,661
Natural gas distribution	29-75 years	2,055		2,039
Utility plant in-service		26,722		26,571
Accumulated depreciation and amortization		(7,555)		(7,376)
Utility plant in-service, net		19,167		19,195
Nonregulated property, net:
Nonregulated property gross	20-50 years	7		7
Accumulated depreciation and amortization		(1)		(1)
Nonregulated property, net		6		6
		19,173		19,201
Construction work-in-progress		1,171		1,100
Property, plant and equipment, net		$	20,344	$	20,301

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,
		2022		2021
Utility plant:
Generation	30 - 55 years	$	3,810	$	3,793
Transmission	45 - 70 years	1,508		1,503
Distribution	20 - 65 years	3,979		3,920
General and intangible plant	5 - 65 years	831		836
Utility plant		10,128		10,052
Accumulated depreciation and amortization		(3,478)		(3,406)
Utility plant, net		6,650		6,646
Other non-regulated, net of accumulated depreciation and amortization	45 years	1		1
Plant, net		6,651		6,647
Construction work-in-progress		341		244
Property, plant and equipment, net		$	6,992	$	6,891

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,
		2022		2021
Utility plant:
Electric generation	25 - 60 years	$	1,169	$	1,163
Electric transmission	50 - 100 years	937		940
Electric distribution	20 - 100 years	1,885		1,846
Electric general and intangible plant	5 - 70 years	206		204
Natural gas distribution	35 - 70 years	445		438
Natural gas general and intangible plant	5 - 70 years	14		14
Common general	5 - 70 years	370		370
Utility plant		5,026		4,975
Accumulated depreciation and amortization		(1,878)		(1,854)
Utility plant, net		3,148		3,121
Construction work-in-progress		238		219
Property, plant and equipment, net		$	3,386	$	3,340

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	2022		2021
Utility Plant:
Interstate natural gas pipeline assets	21 - 44 years	$	8,776	$	8,675
Intangible plant	5 - 10 years	110		110
Utility plant in-service		8,886		8,785
Accumulated depreciation and amortization		(2,936)		(2,901)
Utility plant in-service, net		5,950		5,884
Nonutility Plant:
LNG facility	40 years	4,477		4,475
Intangible plant	14 years	25		25
Nonutility plant in-service		4,502		4,500
Accumulated depreciation and amortization		(454)		(423)
Nonutility plant in-service, net		4,048		4,077
Plant, net		9,998		9,961
Construction work-in-progress		185		239
Property, plant and equipment, net		$	10,183	$	10,200

XML

Investments and Restricted Cash, Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 31, 2022

Restricted Cash and Cash Equivalents Items [Line Items]

Investments and Restricted Cash

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

	As of
	March 31,		December 31,
	2022		2021
Investments:
BYD Company Limited common stock	$	6,446	$	7,693
Rabbi trusts	475		492
Other	315		305
Total investments	7,236		8,490
Equity method investments:
BHE Renewables tax equity investments	4,812		4,931
Iroquois Gas Transmission System, L.P.	744		735
Electric Transmission Texas, LLC	598		595
JAX LNG, LLC	93		92
Bridger Coal Company	44		45
Other	152		156
Total equity method investments	6,443		6,554
Restricted cash, cash equivalents and investments:
Quad Cities Station nuclear decommissioning trust funds	733		768
Other restricted cash and cash equivalents	150		148
Total restricted cash, cash equivalents and investments	883		916
Total investments and restricted cash, cash equivalents and investments	$	14,562	$	15,960
Reflected as:
Current assets	$	168	$	172
Noncurrent assets	14,394		15,788
Total investments and restricted cash, cash equivalents and investments	$	14,562	$	15,960

Unrealized Gain (Loss) on Investments

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Unrealized losses recognized on marketable securities still held at the reporting date	$	(1,257)	$	(1,119)
Net gains recognized on marketable securities sold during the period	—		1
Losses on marketable securities, net	$	(1,257)	$	(1,118)

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented in 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,
	2022		2021
Cash and cash equivalents	$	1,432	$	1,096
Restricted cash and cash equivalents	129		127
Investments and restricted cash, cash equivalents and investments	21		21
Total cash and cash equivalents and restricted cash and cash equivalents	$	1,582	$	1,244

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,
	2022		2021
Investments:
Investment funds	$	15	$	13
Equity method investments:
Iroquois	408		399
Total investments	423		412
Restricted cash and cash equivalents:
Customer deposits	18		17
Total restricted cash and cash equivalents	18		17
Total investments and restricted cash and cash equivalents	$	441	$	429
Reflected as:
Current assets	$	18	$	17
Noncurrent assets	423		412
Total investments and restricted cash and cash equivalents	$	441	$	429

Schedule of Cash and Cash Equivalents

A reconciliation of cash and cash equivalents and restricted cash and cash equivalents as presented in 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,
	2022		2021
Cash and cash equivalents	$	54	$	22
Restricted cash and cash equivalents included in other current assets	18		17
Total cash and cash equivalents and restricted cash and cash equivalents	$	72	$	39

XML

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

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 benefit is as follows:

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Income tax credits	72		136
State income tax, net of federal income tax impacts	(3)		21
Income tax effect of foreign income	3		6
Effects of ratemaking	8		10
Equity income	3		15
Noncontrolling interest	5		9
Other, net	(1)		(1)
Effective income tax rate	108	%	217	%

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 before income tax (benefit) expense is as follows:

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax benefit	3		3
Federal income tax credits	(20)		(20)
Effects of ratemaking(1)	(11)		(13)
Valuation allowance	6		—
Other	3		2
Effective income tax rate	2	%	(7)	%

(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 benefit is as follows:

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Income tax credits	(534)		2,400
State income tax, net of federal income tax impacts	(21)		(29)
Effects of ratemaking	(8)		(186)
Other, net	—		(6)
Effective income tax rate	(542)	%	2,200	%

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 benefit is as follows:

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Income tax credits	(618)		1,400
State income tax, net of federal income tax impacts	(24)		(8)
Effects of ratemaking	(9)		(108)
Other, net	—		(5)
Effective income tax rate	(630)	%	1,300	%

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 is as follows:

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
Effects of ratemaking	(7)		(10)
Other	1		2
Effective income tax rate	15	%	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 is as follows:

	Three-Month Periods
	Ended March 31,
	2022		2021
Federal statutory income tax rate	21	%	21	%
State income tax, net of federal income tax benefit	5		3
Equity interest	2		2
Effects of ratemaking	(4)		(1)
Noncontrolling interest	(11)		(11)
Other, net	1		(1)
Effective income tax rate	14	%	13	%

XML

Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2022

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Pension:
Service cost	$	7	$	7
Interest cost	19		20
Expected return on plan assets	(27)		(33)
Settlement	2		—
Net amortization	4		6
Net periodic benefit cost	$	5	$	—
Other postretirement:
Service cost	$	2	$	2
Interest cost	5		5
Expected return on plan assets	(7)		(5)
Net amortization	—		(1)
Net periodic benefit cost	$	—	$	1

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Service cost	$	4	$	4
Interest cost	10		8
Expected return on plan assets	(25)		(28)
Net amortization	6		14
Net periodic benefit credit	$	(5)	$	(2)

PAC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

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,
	2022		2021
Pension:
Service cost	$	—	$	—
Interest cost	7		7
Expected return on plan assets	(10)		(13)
Net amortization	4		5
Net periodic benefit cost (credit)	$	1	$	(1)
Other postretirement:
Service cost	$	—	$	—
Interest cost	2		2
Expected return on plan assets	(2)		(2)
Net amortization	—		—
Net periodic benefit cost (credit)	$	—	$	—

MEC

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

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

	Three-Month Periods
	Ended March 31,
	2022		2021
Pension:
Service cost	$	5	$	5
Interest cost	5		6
Expected return on plan assets	(7)		(9)
Settlement	2		—
Net periodic benefit cost	$	5	$	2
Other postretirement:
Service cost	$	2	$	2
Interest cost	2		2
Expected return on plan assets	(4)		(2)
Net amortization	—		(1)
Net periodic benefit cost	$	—	$	1

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,
	2022		2021
Qualified Pension Plan:
Other non-current assets	$	42	$	42
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(8)		(8)
Other Postretirement Plans:
Other non-current assets	8		8

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,
	2022		2021
Qualified Pension Plan:
Other non-current assets	$	63	$	62
Non-Qualified Pension Plans:
Other current liabilities	(1)		(1)
Other long-term liabilities	(7)		(7)
Other Postretirement Plans:
Other long-term liabilities	(8)		(10)

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Risk Management and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

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	2022	2021
Electricity purchases	Megawatt hours	1	1
Natural gas purchases	Decatherms	60	53

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, 2022
Not designated as hedging contracts(1):
Commodity assets	$	165	$	37	$	6	$	(1)	$	207
Commodity liabilities	(3)		—		(9)		—		(12)
Total	162		37		(3)		(1)		195
Total derivatives	162		37		(3)		(1)		195
Cash collateral payable	(17)		—		—		—		(17)
Total derivatives - net basis	$	145	$	37	$	(3)	$	(1)	$	178
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	81	$	21	$	2	$	—	$	104
Commodity liabilities	(5)		(1)		(38)		(7)		(51)
Total	76		20		(36)		(7)		53
Total derivatives	76		20		(36)		(7)		53
Cash collateral receivable	—		—		5		—		5
Total derivatives - net basis	$	76	$	20	$	(31)	$	(7)	$	58

(1)PacifiCorp's commodity derivatives are generally included in rates. As of March 31, 2022 a regulatory liability of $195 million was recorded related to the net derivative asset of $195 million. As of December 31, 2021 a regulatory liability of $53 million was recorded related to the net derivative asset of $53 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 and summarizes the pre-tax gains and losses on commodity derivative contracts recognized in net regulatory assets, as well as amounts reclassified to earnings (in millions):

	Three-Month Periods
	Ended March 31,
	2022		2021
Beginning balance	$	(53)	$	17
Changes in fair value recognized in regulatory assets	(168)		(17)
Net losses reclassified to operating revenue	(3)		—
Net gains reclassified to energy costs	29		—
Ending balance	$	(195)	$	—

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	2022	2021
Electricity purchases, net	Megawatt hours	1	2
Natural gas purchases	Decatherms	105	106

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, 2022
Not designated as hedging contracts (1):
Commodity liabilities	$	—	$	(88)	$	(80)	$	(168)
Total derivative - net basis	$	—	$	(88)	$	(80)	$	(168)
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	4	$	—	$	—	$	4
Commodity liabilities	—		(55)		(62)		(117)
Total derivative - net basis	$	4	$	(55)	$	(62)	$	(113)

(1)Nevada Power's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2022 a regulatory asset of $168 million was recorded related to the net derivative liability of $168 million. As of December 31, 2021 a regulatory asset of $113 million was recorded related to the net derivative liability of $113 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	2022	2021
Electricity purchases	Megawatt hours	3	1
Natural gas purchases	Decatherms	138	119

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):

			Derivative
	Other		Contracts -		Other
	Current		Current		Long-term
	Assets		Liabilities		Liabilities		Total
As of March 31, 2022
Not designated as hedging contracts (1):
Commodity assets	$	1	$	—	$	—	$	1
Commodity liabilities	—		(28)		(25)		(53)
Total derivative - net basis	$	1	$	(28)	$	(25)	$	(52)
As of December 31, 2021
Not designated as hedging contracts(1):
Commodity assets	$	2	$	—	$	—	$	2
Commodity liabilities	—		(16)		(19)		(35)
Total derivative - net basis	$	2	$	(16)	$	(19)	$	(33)

(1)Sierra Pacific's commodity derivatives not designated as hedging contracts are included in regulated rates. As of March 31, 2022 a net regulatory asset of $52 million was recorded related to the net derivative liability of $52 million. As of December 31, 2021 a net regulatory asset of $33 million was recorded related to the net derivative liability of $33 million.

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022:
Assets:
Commodity derivatives	$	13	$	534	$	59	$	(64)	$	542
Interest rate derivatives	11		58		25		—		94
Mortgage loans held for sale	—		975		—		—		975
Money market mutual funds	715		—		—		—		715
Debt securities:
U.S. government obligations	225		—		—		—		225
International government obligations	—		1		—		—		1
Corporate obligations	—		79		—		—		79
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		1		—		—		1
Equity securities:
U.S. companies	415		—		—		—		415
International companies	6,455		—		—		—		6,455
Investment funds	285		—		—		—		285
	$	8,119	$	1,651	$	84	$	(64)	$	9,790
Liabilities:
Commodity derivatives	$	(1)	$	(88)	$	(298)	$	69	$	(318)
Foreign currency exchange rate derivatives	—		(3)		—		—		(3)
Interest rate derivatives	—		—		(12)		—		(12)
	$	(1)	$	(91)	$	(310)	$	69	$	(333)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2021:
Assets:
Commodity derivatives	$	5	$	271	$	73	$	(47)	$	302
Foreign currency exchange rate derivatives	—		3		—		—		3
Interest rate derivatives	1		3		20		—		24
Mortgage loans held for sale	—		1,263		—		—		1,263
Money market mutual funds	554		—		—		—		554
Debt securities:
U.S. government obligations	232		—		—		—		232
International government obligations	—		2		—		—		2
Corporate obligations	—		90		—		—		90
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		2		—		—		2
Equity securities:
U.S. companies	428		—		—		—		428
International companies	7,703		—		—		—		7,703
Investment funds	237		—		—		—		237
	$	9,160	$	1,637	$	93	$	(47)	$	10,843
Liabilities:
Commodity derivatives	$	(2)	$	(113)	$	(224)	$	73	$	(266)
Foreign currency exchange rate derivatives	—		(3)		—		—		(3)
Interest rate derivatives	—		(7)		(1)		—		(8)
	$	(2)	$	(123)	$	(225)	$	73	$	(277)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $5 million and $26 million as of March 31, 2022 and December 31, 2021, 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):

	Three-Month Periods
	Ended March 31,
			Interest
	Commodity		Rate
	Derivatives		Derivatives
2022:
Beginning balance	$	(151)	$	19
Changes included in earnings(1)	(56)		(6)
Changes in fair value recognized in OCI	5		—
Changes in fair value recognized in net regulatory assets	(60)		—
Settlements	23		—
Ending balance	$	(239)	$	13

2021:
Beginning balance	$	116	$	62
Changes included in earnings(1)	(6)		(21)
Changes in fair value recognized in OCI	(1)		—
Changes in fair value recognized in net regulatory assets	16		—
Settlements	(1)		—
Ending balance	$	124	$	41

(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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	49,905	$	52,246	$	49,762	$	57,189

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, 2022:
Assets:
Commodity derivatives	$	—	$	207	$	—	$	(25)	$	182
Money market mutual funds	319		—		—		—		319
Investment funds	28		—		—		—		28
	$	347	$	207	$	—	$	(25)	$	529
Liabilities - Commodity derivatives	$	—	$	(12)	$	—	$	8	$	(4)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	104	$	—	$	(8)	$	96
Money market mutual funds	181		—		—		—		181
Investment funds	27		—		—		—		27
	$	208	$	104	$	—	$	(8)	$	304
Liabilities - Commodity derivatives	$	—	$	(51)	$	—	$	13	$	(38)

(1)Represents netting under master netting arrangements and a net cash collateral payable of $17 million and a net cash collateral receivable of $5 million as of March 31, 2022 and December 31, 2021, 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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	8,722	$	9,423	$	8,730	$	10,374

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, 2022:
Assets:
Commodity derivatives	$	—	$	66	$	4	$	—	$	70
Money market mutual funds	132		—		—		—		132
Debt securities:
U.S. government obligations	225		—		—		—		225
International government obligations	—		1		—		—		1
Corporate obligations	—		79		—		—		79
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		1		—		—		1
Equity securities:
U.S. companies	415		—		—		—		415
International companies	9		—		—		—		9
Investment funds	23		—		—		—		23
	$	804	$	150	$	4	$	—	$	958
Liabilities - commodity derivatives	$	(1)	$	—	$	—	$	—	$	(1)

	Input Levels for Fair Value Measurements
	Level 1		Level 2		Level 3		Other(1)		Total
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	32	$	3	$	(7)	$	28
Money market mutual funds	228		—		—		—		228
Debt securities:
U.S. government obligations	232		—		—		—		232
International government obligations	—		2		—		—		2
Corporate obligations	—		90		—		—		90
Municipal obligations	—		3		—		—		3
Agency, asset and mortgage-backed obligations	—		2		—		—		2
Equity securities:
U.S. companies	428		—		—		—		428
International companies	10		—		—		—		10
Investment funds	18		—		—		—		18
	$	916	$	129	$	3	$	(7)	$	1,041
Liabilities - commodity derivatives	$	—	$	(6)	$	(8)	$	12	$	(2)

(1)Represents netting under master netting arrangements and a net cash collateral receivable of $— million and $5 million as of March 31, 2022 and December 31, 2021, respectively.

Fair Value, by Balance Sheet Grouping

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, 2022				As of December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	7,726	$	8,196	$	7,721	$	9,037

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, 2022				As of December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt	$	7,966	$	8,480	$	7,961	$	9,350

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 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, 2022:
Assets:
Money market mutual funds	$	43	$	—	$	—	$	43
Investment funds	3		—		—		3
	$	46	$	—	$	—	$	46
Liabilities - commodity derivatives	$	—	$	—	$	(168)	$	(168)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	—	$	4	$	4
Money market mutual funds	34		—		—		34
Investment funds	3		—		—		3
	$	37	$	—	$	4	$	41
Liabilities - commodity derivatives	$	—	$	—	$	(117)	$	(117)

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,
	2022		2021
Beginning balance	$	(113)	$	15
Changes in fair value recognized in regulatory assets	(56)		11
Settlements	1		1
Ending balance	$	(168)	$	27

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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	2,700	$	2,985	$	2,499	$	3,067

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 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, 2022:
Assets:
Commodity derivatives	$	—	$	—	$	1	$	1
Money market mutual funds	13		—		—		13
Investment funds	1		—		—		1
	$	14	$	—	$	1	$	15
Liabilities - commodity derivatives	$	—	$	—	$	(53)	$	(53)
As of December 31, 2021:
Assets:
Commodity derivatives	$	—	$	—	$	2	$	2
Money market mutual funds	10		—		—		10
Investment funds	1		—		—		1
	$	11	$	—	$	2	$	13
Liabilities - commodity derivatives	$	—	$	—	$	(35)	$	(35)

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,
	2022		2021
Beginning balance	$	(33)	$	7
Changes in fair value recognized in regulatory assets	(19)		5
Ending balance	$	(52)	$	12

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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	1,164	$	1,261	$	1,164	$	1,316

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, 2022:
Assets:
Money market mutual funds	$	28	$	—	$	—	$	28
Equity securities:
Investment funds	15		—		—		15
	$	43	$	—	$	—	$	43
Liabilities:
Commodity derivatives	$	—	$	(2)	$	—	$	(2)
Foreign currency exchange rate derivatives	—		(3)		—		(3)
	$	—	$	(5)	$	—	$	(5)
As of December 31, 2021:
Assets:
Foreign currency exchange rate derivatives	$	—	$	3	$	—	$	3
Equity securities:
Investment funds	13		—		—		13
	$	13	$	3	$	—	$	16
Liabilities:
Foreign currency exchange rate derivatives	$	—	$	(3)	$	—	$	(3)
	$	—	$	(3)	$	—	$	(3)

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, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Long-term debt	$	3,899	$	3,911	$	3,906	$	4,266

XML

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2022

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 11 (in millions):

	For the Three-Month Period Ended March 31, 2022
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,185	$	472	$	599	$	—	$	—	$	—	$	—	$	—	$	2,256
Retail gas	—		337		51		—		—		—		—		—		388
Wholesale	55		161		20		—		—		—		—		—		236
Transmission and    distribution	32		15		17		269		—		176		—		—		509
Interstate pipeline	—		—		—		—		745		—		—		(41)		704
Other	20		—		1		—		1		—		—		—		22
Total Regulated	1,292		985		688		269		746		176		—		(41)		4,115
Nonregulated	—		2		—		15		278		7		169		133		604
Total Customer Revenue	1,292		987		688		284		1,024		183		169		92		4,719
Other revenue	5		18		5		31		11		—		(2)		36		104
Total	$	1,297	$	1,005	$	693	$	315	$	1,035	$	183	$	167	$	128	$	4,823

	For the Three-Month Period Ended March 31, 2021
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,145	$	452	$	511	$	—	$	—	$	—	$	—	$	—	$	2,108
Retail gas	—		460		38		—		—		—		—		—		498
Wholesale	36		125		15		—		17		—		—		—		193
Transmission and    distribution	25		15		21		263		—		172		—		—		496
Interstate pipeline	—		—		—		—		815		—		—		(41)		774
Other	23		—		—		—		2		—		—		—		25
Total Regulated	1,229		1,052		585		263		834		172		—		(41)		4,094
Nonregulated	—		10		—		10		237		8		166		187		618
Total Customer Revenue	1,229		1,062		585		273		1,071		180		166		146		4,712
Other revenue	13		5		6		27		22		—		24		40		137
Total	$	1,242	$	1,067	$	591	$	300	$	1,093	$	180	$	190	$	186	$	4,849

(1)The BHE and Other reportable segment represents amounts related principally to other entities, including MidAmerican Energy Services, LLC, 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,
	2022		2021
Customer Revenue:
Brokerage	$	1,092	$	1,022
Franchise	20		18
Total Customer Revenue	1,112		1,040
Mortgage and other revenue	95		192
Total	$	1,207	$	1,232

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating revenue by country:
U.S.	$	5,534	$	5,597
United Kingdom	315		300
Canada	181		177
Other	—		7
Total operating revenue by country	$	6,030	$	6,081

Loss before income tax benefit and equity loss by country:
U.S.	$	(654)	$	(423)
United Kingdom	139		132
Canada	46		39
Other	(1)		6
Total loss before income tax benefit and equity loss by country	$	(470)	$	(246)

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, 2022, by reportable segment (in millions):

	Performance obligations expected to be satisfied:
	Less than 12 months		More than 12 months		Total
BHE Pipeline Group	$	2,878	$	22,103	$	24,981

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,
	2022		2021
Customer Revenue:
Retail:
Residential	$	505	$	483
Commercial	370		359
Industrial	273		271
Other retail	37		32
Total retail	1,185		1,145
Wholesale	55		36
Transmission	32		25
Other Customer Revenue	20		23
Total Customer Revenue	1,292		1,229
Other revenue	5		13
Total operating revenue	$	1,297	$	1,242

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 9 (in millions):

	For the Three-Month Period Ended March 31, 2022
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	168	$	225	$	—	$	393
Commercial	74		88		—		162
Industrial	198		9		—		207
Natural gas transportation services	—		14		—		14
Other retail(1)	32		1		—		33
Total retail	472		337		—		809
Wholesale	104		58		—		162
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		1		1
Total Customer Revenue	591		395		1		987
Other revenue	17		1		—		18
Total operating revenue	$	608	$	396	$	1	$	1,005

	For the Three-Month Period Ended March 31, 2021
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	161	$	308	$	—	$	469
Commercial	71		129		—		200
Industrial	190		12		—		202
Natural gas transportation services	—		10		—		10
Other retail(1)	30		1		—		31
Total retail	452		460		—		912
Wholesale	74		51		—		125
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		10		10
Total Customer Revenue	541		511		10		1,062
Other revenue	4		1		—		5
Total operating revenue	$	545	$	512	$	10	$	1,067

(1)    Other retail includes provisions for rate refunds, for which any actual refunds will be reflected in the applicable customer classes upon resolution of the related regulatory proceeding.

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,
	2022		2021
Customer Revenue:
Retail:
Residential	$	214	$	196
Commercial	96		84
Industrial	78		63
Other	1		3
Total fully bundled	389		346
Distribution only service	5		5
Total retail	394		351
Wholesale, transmission and other	16		14
Total Customer Revenue	410		365
Other revenue	5		5
Total revenue	$	415	$	370

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 11 (in millions):

	Three-Month Periods
	Ended March 31,
	2022						2021
	Electric		Natural Gas		Total		Electric		Natural Gas		Total
Customer Revenue:
Retail:
Residential	$	85	$	32	$	117	$	71	$	25	$	96
Commercial	70		15		85		54		10		64
Industrial	49		4		53		39		3		42
Other	1		—		1		1		—		1
Total fully bundled	205		51		256		165		38		203
Distribution only service	1		—		1		1		—		1
Total retail	206		51		257		166		38		204
Wholesale, transmission and other	21		—		21		15		—		15
Total Customer Revenue	227		51		278		181		38		219
Other revenue	—		1		1		—		1		1
Total revenue	$	227	$	52	$	279	$	181	$	39	$	220

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,
	2022		2021
Customer Revenue:
Regulated:
Gas transportation and storage	$	285	$	279
Wholesale	—		17
Total regulated	285		296
Nonregulated	203		190
Total Customer Revenue	488		486
Other revenue	(6)		—
Total operating revenue	$	482	$	486

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, 2022 (in millions):

	Performance obligations expected to be satisfied
	Less than 12 months		More than 12 months		Total
Eastern Energy Gas	$	1,832	$	17,061	$	18,893

XML

Components of Other Comprehensive Income (Loss), Net (Tables)

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss) [Line Items]

Schedule of Other Comprehensive Income (Loss), Net

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

	Unrecognized		Foreign		Unrealized				AOCI
	Amounts on		Currency		(Losses) Gains				Attributable
	Retirement		Translation		on Cash		Noncontrolling		To BHE
	Benefits		Adjustment		Flow Hedges		Interests		Shareholders, Net
Balance, December 31, 2020	$	(492)	$	(1,062)	$	(8)	$	10	$	(1,552)
Other comprehensive income	7		91		14		—		112
Balance, March 31, 2021	$	(485)	$	(971)	$	6	$	10	$	(1,440)
Balance, December 31, 2021	$	(318)	$	(1,086)	$	59	$	5	$	(1,340)
Other comprehensive income (loss)	15		(110)		77		—		(18)
Balance, March 31, 2022	$	(303)	$	(1,196)	$	136	$	5	$	(1,358)

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, 2020	$	(12)	$	(51)	$	10	$	(53)
Other comprehensive income (loss)	2		10		(4)		8
Balance, March 31, 2021	$	(10)	$	(41)	$	6	$	(45)
Balance, December 31, 2021	$	(6)	$	(42)	$	5	$	(43)
Other comprehensive income	1		4		—		5
Balance, March 31, 2022	$	(5)	$	(38)	$	5	$	(38)

XML

Segment Information (Tables)

3 Months Ended

Mar. 31, 2022

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,
	2022		2021
Operating revenue:
PacifiCorp	$	1,297	$	1,242
MidAmerican Funding	1,005		1,067
NV Energy	693		591
Northern Powergrid	315		300
BHE Pipeline Group	1,035		1,093
BHE Transmission	183		180
BHE Renewables	167		190
HomeServices	1,207		1,232
BHE and Other(1)	128		186
Total operating revenue	$	6,030	$	6,081

Depreciation and amortization:
PacifiCorp	$	280	$	264
MidAmerican Funding	250		207
NV Energy	140		136
Northern Powergrid	80		71
BHE Pipeline Group	131		118
BHE Transmission	58		58
BHE Renewables	65		60
HomeServices	15		11
BHE and Other(1)	3		2
Total depreciation and amortization	$	1,022	$	927

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating income:
PacifiCorp	$	216	$	234
MidAmerican Funding	100		48
NV Energy	62		70
Northern Powergrid	159		151
BHE Pipeline Group	538		618
BHE Transmission	83		81
BHE Renewables	(2)		33
HomeServices	28		112
BHE and Other(1)	52		(14)
Total operating income	1,236		1,333
Interest expense	(532)		(530)
Capitalized interest	17		14
Allowance for equity funds	38		26
Interest and dividend income	23		21
Losses on marketable securities, net	(1,257)		(1,118)
Other, net	5		8
Total loss before income tax benefit and equity loss	$	(470)	$	(246)

Interest expense:
PacifiCorp	$	106	$	107
MidAmerican Funding	82		78
NV Energy	51		52
Northern Powergrid	32		33
BHE Pipeline Group	37		38
BHE Transmission	38		38
BHE Renewables	41		40
HomeServices	1		1
BHE and Other(1)	144		143
Total interest expense	$	532	$	530

Loss on common shares:
PacifiCorp	$	130	$	169
MidAmerican Funding	241		144
NV Energy	29		34
Northern Powergrid	111		104
BHE Pipeline Group	322		383
BHE Transmission	62		59
BHE Renewables	104		16
HomeServices	21		84
BHE and Other(1)	(1,165)		(1,027)
Total loss on common shares	$	(145)	$	(34)

	As of
	March 31,		December 31,
	2022		2021
Assets:
PacifiCorp	$	27,999	$	27,615
MidAmerican Funding	25,451		25,352
NV Energy	15,430		15,239
Northern Powergrid	9,175		9,326
BHE Pipeline Group	20,486		20,434
BHE Transmission	9,618		9,476
BHE Renewables	12,138		11,829
HomeServices	4,036		4,574
BHE and Other(1)	7,136		8,220
Total assets	$	131,469	$	132,065

(1)The differences between the reportable segment amounts and the consolidated amounts, described as BHE and Other, relate principally to other entities, including MidAmerican Energy Services, LLC, 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 11 (in millions):

	For the Three-Month Period Ended March 31, 2022
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,185	$	472	$	599	$	—	$	—	$	—	$	—	$	—	$	2,256
Retail gas	—		337		51		—		—		—		—		—		388
Wholesale	55		161		20		—		—		—		—		—		236
Transmission and    distribution	32		15		17		269		—		176		—		—		509
Interstate pipeline	—		—		—		—		745		—		—		(41)		704
Other	20		—		1		—		1		—		—		—		22
Total Regulated	1,292		985		688		269		746		176		—		(41)		4,115
Nonregulated	—		2		—		15		278		7		169		133		604
Total Customer Revenue	1,292		987		688		284		1,024		183		169		92		4,719
Other revenue	5		18		5		31		11		—		(2)		36		104
Total	$	1,297	$	1,005	$	693	$	315	$	1,035	$	183	$	167	$	128	$	4,823

	For the Three-Month Period Ended March 31, 2021
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid		BHE Pipeline Group		BHE Transmission		BHE Renewables		BHE and Other(1)		Total
Customer Revenue:
Regulated:
Retail electric	$	1,145	$	452	$	511	$	—	$	—	$	—	$	—	$	—	$	2,108
Retail gas	—		460		38		—		—		—		—		—		498
Wholesale	36		125		15		—		17		—		—		—		193
Transmission and    distribution	25		15		21		263		—		172		—		—		496
Interstate pipeline	—		—		—		—		815		—		—		(41)		774
Other	23		—		—		—		2		—		—		—		25
Total Regulated	1,229		1,052		585		263		834		172		—		(41)		4,094
Nonregulated	—		10		—		10		237		8		166		187		618
Total Customer Revenue	1,229		1,062		585		273		1,071		180		166		146		4,712
Other revenue	13		5		6		27		22		—		24		40		137
Total	$	1,242	$	1,067	$	591	$	300	$	1,093	$	180	$	190	$	186	$	4,849

(1)The BHE and Other reportable segment represents amounts related principally to other entities, including MidAmerican Energy Services, LLC, 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,
	2022		2021
Customer Revenue:
Brokerage	$	1,092	$	1,022
Franchise	20		18
Total Customer Revenue	1,112		1,040
Mortgage and other revenue	95		192
Total	$	1,207	$	1,232

	Three-Month Periods
	Ended March 31,
	2022		2021
Operating revenue by country:
U.S.	$	5,534	$	5,597
United Kingdom	315		300
Canada	181		177
Other	—		7
Total operating revenue by country	$	6,030	$	6,081

Loss before income tax benefit and equity loss by country:
U.S.	$	(654)	$	(423)
United Kingdom	139		132
Canada	46		39
Other	(1)		6
Total loss before income tax benefit and equity loss by country	$	(470)	$	(246)

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, 2022 (in millions):

									BHE Pipeline Group
	PacifiCorp		MidAmerican Funding		NV Energy		Northern Powergrid				BHE Transmission		BHE Renewables		HomeServices
																	Total
December 31, 2021	$	1,129	$	2,102	$	2,369	$	992	$	1,814	$	1,563	$	95	$	1,586	$	11,650
Acquisitions	—		—		—		—		—		—		—		3		3
Foreign currency translation	—		—		—		(20)		—		16		—		—		(4)
March 31, 2022	$	1,129	$	2,102	$	2,369	$	972	$	1,814	$	1,579	$	95	$	1,589	$	11,649

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,
	2022		2021
Operating revenue:
Regulated electric	$	608	$	545
Regulated natural gas	396		512
Other	1		10
Total operating revenue	$	1,005	$	1,067
Operating income:
Regulated electric	$	51	$	9
Regulated natural gas	49		39
Total operating income	100		48
Interest expense	(78)		(74)
Allowance for borrowed funds	4		2
Allowance for equity funds	15		6
Other, net	(3)		11
Income (loss) before income tax benefit	$	38	$	(7)

	As of
	March 31, 2022		December 31, 2021
Assets:
Regulated electric	$	21,613	$	21,385
Regulated natural gas	1,737		1,871
Other	1		1
Total assets	$	23,351	$	23,257

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 9 (in millions):

	For the Three-Month Period Ended March 31, 2022
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	168	$	225	$	—	$	393
Commercial	74		88		—		162
Industrial	198		9		—		207
Natural gas transportation services	—		14		—		14
Other retail(1)	32		1		—		33
Total retail	472		337		—		809
Wholesale	104		58		—		162
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		1		1
Total Customer Revenue	591		395		1		987
Other revenue	17		1		—		18
Total operating revenue	$	608	$	396	$	1	$	1,005

	For the Three-Month Period Ended March 31, 2021
	Electric		Natural Gas		Other		Total
Customer Revenue:
Retail:
Residential	$	161	$	308	$	—	$	469
Commercial	71		129		—		200
Industrial	190		12		—		202
Natural gas transportation services	—		10		—		10
Other retail(1)	30		1		—		31
Total retail	452		460		—		912
Wholesale	74		51		—		125
Multi-value transmission projects	15		—		—		15
Other Customer Revenue	—		—		10		10
Total Customer Revenue	541		511		10		1,062
Other revenue	4		1		—		5
Total operating revenue	$	545	$	512	$	10	$	1,067

(1)    Other retail includes provisions for rate refunds, for which any actual refunds will be reflected in the applicable customer classes upon resolution of the related regulatory proceeding.

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,
	2022		2021
Operating revenue:
Regulated electric	$	608	$	545
Regulated natural gas	396		512
Other	1		10
Total operating revenue	$	1,005	$	1,067
Operating income:
Regulated electric	$	51	$	9
Regulated natural gas	49		39
Total operating income	100		48
Interest expense	(82)		(78)
Allowance for borrowed funds	4		2
Allowance for equity funds	15		6
Other, net	(4)		10
Income (loss) before income tax benefit	$	33	$	(12)

	As of
	March 31, 2022		December 31, 2021
Assets(1):
Regulated electric	$	22,804	$	22,576
Regulated natural gas	1,816		1,950
Other	6		5
Total assets	$	24,626	$	24,531

(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,
	2022		2021
Operating revenue:
Regulated electric	$	227	$	181
Regulated natural gas	52		39
Total operating revenue	$	279	$	220
Operating income:
Regulated electric	$	30	$	31
Regulated natural gas	8		8
Total operating income	38		39
Interest expense	(13)		(14)
Allowance for borrowed funds	1		—
Allowance for equity funds	2		1
Interest and dividend income	3		2
Other, net	2		4
Income before income tax expense	$	33	$	32

	As of
	March 31,		December 31,
	2022		2021
Assets:
Regulated electric	$	3,869	$	3,829
Regulated natural gas	375		365
Other(1)	35		29
Total assets	$	4,279	$	4,223

(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 11 (in millions):

	Three-Month Periods
	Ended March 31,
	2022						2021
	Electric		Natural Gas		Total		Electric		Natural Gas		Total
Customer Revenue:
Retail:
Residential	$	85	$	32	$	117	$	71	$	25	$	96
Commercial	70		15		85		54		10		64
Industrial	49		4		53		39		3		42
Other	1		—		1		1		—		1
Total fully bundled	205		51		256		165		38		203
Distribution only service	1		—		1		1		—		1
Total retail	206		51		257		166		38		204
Wholesale, transmission and other	21		—		21		15		—		15
Total Customer Revenue	227		51		278		181		38		219
Other revenue	—		1		1		—		1		1
Total revenue	$	227	$	52	$	279	$	181	$	39	$	220

XML

General - BHE (Details)	3 Months Ended
	Mar. 31, 2022 state company 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 electricity transmission companies in Canada	1
Number of owned and operated renewable energy businesses	1
Number of owned and operated residential real estate brokerage firms in the United States	1
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, 2022 mi
Iroquois Gas Transmission System, L.P.
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	50.00%
Primary Beneficiary | General Partner | Cove Point LNG, LP
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	100.00%
Primary Beneficiary | Limited Partner | Cove Point LNG, LP
Variable Interest Entity [Line Items]
Variable interest entity, ownership percentage	25.00%
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, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,432	$ 1,096
Restricted cash and cash equivalents	129	127
Investments and restricted cash, cash equivalents and investments	21	21
Total cash and cash equivalents and restricted cash and cash equivalents	1,582	1,244	$ 1,406	$ 1,445
PAC
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	335	179
Restricted cash and cash equivalents	4	4
Investments and restricted cash, cash equivalents and investments	2	3
Total cash and cash equivalents and restricted cash and cash equivalents	$ 341	$ 186	$ 49	$ 19

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - MEC (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,432	$ 1,096
Restricted cash and cash equivalents	129	127
Total cash and cash equivalents and restricted cash and cash equivalents	1,582	1,244	$ 1,406	$ 1,445
MEC
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	131	232
Restricted cash and cash equivalents	7	7
Total cash and cash equivalents and restricted cash and cash equivalents	$ 138	$ 239	$ 44	$ 45

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - LLC (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,432	$ 1,096
Restricted cash and cash equivalents	129	127
Total cash and cash equivalents and restricted cash and cash equivalents	1,582	1,244	$ 1,406	$ 1,445
MidAmerican Funding, LLC
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	132	233
Restricted cash and cash equivalents	7	7
Total cash and cash equivalents and restricted cash and cash equivalents	$ 139	$ 240	$ 45	$ 46

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - NPC (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,432	$ 1,096
Restricted cash and cash equivalents	129	127
Total cash and cash equivalents and restricted cash and cash equivalents	1,582	1,244	$ 1,406	$ 1,445
NPC
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	47	33
Restricted cash and cash equivalents	14	12
Total cash and cash equivalents and restricted cash and cash equivalents	$ 61	$ 45	$ 104	$ 36

XML

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - SPPC (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,432	$ 1,096
Restricted cash and cash equivalents	129	127
Total cash and cash equivalents and restricted cash and cash equivalents	1,582	1,244	$ 1,406	$ 1,445
SPPC
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	15	10
Restricted cash and cash equivalents	7	6
Total cash and cash equivalents and restricted cash and cash equivalents	$ 22	$ 16	$ 15	$ 26

XML

Property, Plant and Equipment, Net - BHE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 90,283	$ 89,816
Regulated
Property, Plant and Equipment [Line Items]
Property, plant and equipment	108,086	107,646
Accumulated depreciation and amortization	(33,248)	(32,680)
Net operating assets	74,838	74,966
Construction work-in-progress	4,300	3,800
Regulated | Utility generation, transmission and distribution systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 90,560	90,223
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	$ 17,526	17,423
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	$ 13,986	13,695
Accumulated depreciation and amortization	(3,146)	(3,041)
Net operating assets	10,840	10,654
Nonregulated | Independent power plants
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 7,932	7,665
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	$ 3,366	3,364
Depreciable life	40 years
Nonregulated | Other assets
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 2,688	2,666
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	$ 85,678	85,620
Property, plant and equipment, net	90,283	89,816
Construction in Progress
Property, Plant and Equipment [Line Items]
Construction work-in-progress	$ 4,605	$ 4,196

XML

Property, Plant and Equipment, Net - PAC (Details) - PAC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Utility plant in-service	$ 32,402	$ 32,262
Accumulated depreciation and amortization	(10,704)	(10,507)
Utility plant in-service, net	21,698	21,755
Plant, net	21,716	21,773
Construction work-in-progress	1,365	1,141
Property, plant and equipment, net	$ 23,081	22,914
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
Useful life, other	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
Useful life, other	60 years
Generation
Property, Plant and Equipment [Line Items]
Utility plant in-service	$ 13,688	13,679
Transmission
Property, Plant and Equipment [Line Items]
Utility plant in-service	7,914	7,894
Distribution
Property, Plant and Equipment [Line Items]
Utility plant in-service	8,125	8,044
Intangible plant
Property, Plant and Equipment [Line Items]
Utility plant in-service	1,112	1,106
Other assets
Property, Plant and Equipment [Line Items]
Utility plant in-service	$ 1,563	1,539
Computer software | Minimum
Property, Plant and Equipment [Line Items]
Useful life, intangible asset	5 years
Computer software | Maximum
Property, Plant and Equipment [Line Items]
Useful life, intangible asset	10 years
Nonregulated
Property, Plant and Equipment [Line Items]
Plant, net	$ 18	$ 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, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Plant, net	$ 19,173	$ 19,201
Construction work-in-progress	1,171	1,100
Property, plant and equipment, net	20,344	20,301
Regulated
Property, Plant and Equipment [Line Items]
Utility plant in-service	26,722	26,571
Accumulated depreciation and amortization	(7,555)	(7,376)
Plant, net	19,167	19,195
Nonregulated
Property, Plant and Equipment [Line Items]
Accumulated depreciation and amortization	(1)	(1)
Plant, net	6	6
Nonregulated property gross	$ 7	7
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	$ 17,466	17,397
Transmission	2,488	2,474
Distribution	$ 4,713	4,661
Electric Operations | Regulated | Minimum
Property, Plant and Equipment [Line Items]
Useful life, generation	20 years
Useful life, transmission	52 years
Useful life, distribution	20 years
Electric Operations | Regulated | Maximum
Property, Plant and Equipment [Line Items]
Useful life, generation	70 years
Useful life, transmission	75 years
Useful life, distribution	75 years
Natural Gas Processing Plant | Regulated
Property, Plant and Equipment [Line Items]
Distribution	$ 2,055	$ 2,039
Natural Gas Processing Plant | Regulated | Minimum
Property, Plant and Equipment [Line Items]
Useful life, distribution	29 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
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Plant, net	$ 6,651	$ 6,647
Construction work-in-progress	341	244
Property, plant and equipment, net	6,992	6,891
Regulated
Property, Plant and Equipment [Line Items]
Generation	3,810	3,793
Distribution	1,508	1,503
Transmission	3,979	3,920
General and intangible	831	836
Utility plant in-service	10,128	10,052
Accumulated depreciation and amortization	(3,478)	(3,406)
Plant, net	$ 6,650	6,646
Regulated | Minimum
Property, Plant and Equipment [Line Items]
Useful life, generation	30 years
Useful life, distribution	45 years
Useful life, transmission	20 years
Useful life, other	5 years
Regulated | Maximum
Property, Plant and Equipment [Line Items]
Useful life, generation	55 years
Useful life, distribution	70 years
Useful life, transmission	65 years
Useful life, other	65 years
Nonregulated
Property, Plant and Equipment [Line Items]
Plant, net	$ 1	$ 1
Useful life, other	45 years

XML

Property, Plant and Equipment, Net - SPPC (Details) - SPPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 3,386	$ 3,340
Common Facilities
Property, Plant and Equipment [Line Items]
Construction work-in-progress	238	219
Property, plant and equipment, net	3,386	3,340
Regulated | Generation
Property, Plant and Equipment [Line Items]
Generation	1,169	1,163
Transmission	937	940
Distribution	1,885	1,846
General and intangible	$ 206	204
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	60 years
Useful life, transmission	100 years
Useful life, distribution	100 years
Useful life, other	70 years
Regulated | Natural Gas Processing Plant
Property, Plant and Equipment [Line Items]
Distribution	$ 445	438
General and intangible	$ 14	14
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	70 years
Regulated | Common Facilities
Property, Plant and Equipment [Line Items]
Common general	$ 370	370
Utility plant in-service	5,026	4,975
Accumulated depreciation and amortization	(1,878)	(1,854)
Plant, net	$ 3,148	$ 3,121
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	70 years

XML

Property, Plant and Equipment, Net - EEGH (Details) - EEGH - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Plant, net	$ 9,998	$ 9,961
Construction work-in-progress	185	239
Property, plant and equipment, net	10,183	10,200
Regulated
Property, Plant and Equipment [Line Items]
Plant in service, net	8,886	8,785
Accumulated depreciation and amortization	(2,936)	(2,901)
Plant, net	5,950	5,884
Construction work-in-progress	151	209
Nonregulated
Property, Plant and Equipment [Line Items]
Plant in service, net	4,502	4,500
Accumulated depreciation and amortization	(454)	(423)
Plant, net	4,048	4,077
Interstate natural gas pipeline assets | Regulated
Property, Plant and Equipment [Line Items]
Plant in service, net	$ 8,776	8,675
Interstate natural gas pipeline assets | Regulated | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	21 years
Interstate natural gas pipeline assets | Regulated | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	44 years
Intangible plant | Regulated
Property, Plant and Equipment [Line Items]
Plant in service, net	$ 110	110
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	10 years
Intangible plant | Nonregulated
Property, Plant and Equipment [Line Items]
Depreciable life	14 years
Plant in service, net	$ 25	25
LNG facility | Nonregulated
Property, Plant and Equipment [Line Items]
Depreciable life	40 years
Plant in service, net	$ 4,477	$ 4,475

XML

Investments and Restricted Cash, Cash Equivalents and Investments - BHE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments:
Total investments	$ 7,236		$ 8,490
Equity method investments:
Equity method investments	6,443		6,554
Restricted cash and cash equivalents:
Restricted cash and investments	883		916
Total investments and restricted cash, cash equivalents and investments	14,562		15,960
Reflected as:
Current assets	168		172
Noncurrent assets	14,394		15,788
Unrealized losses recognized on marketable securities still held at the reporting date	(1,257)	$ (1,119)
Net gains recognized on marketable securities sold during the period	0	1
Losses on marketable securities, net	(1,257)	$ (1,118)
Quad Cities Station nuclear decommissioning trust funds
Restricted cash and cash equivalents:
Decommissioning fund investments, fair value	733		768
Other restricted cash and cash equivalents
Restricted cash and cash equivalents:
Restricted cash and investments	150		148
BHE Renewables tax equity investments
Equity method investments:
Equity method investments	4,812		4,931
Iroquois Gas Transmission System, L.P.
Equity method investments:
Equity method investments	744		735
Electric Transmission Texas, LLC
Equity method investments:
Equity method investments	598		595
JAX LNG, LLC
Equity method investments:
Equity method investments	93		92
Bridger Coal Company
Equity method investments:
Equity method investments	44		45
Other
Equity method investments:
Equity method investments	152		156
BYD Company Limited common stock
Investments:
BYD Company Limited common stock	6,446		7,693
Rabbi trusts
Investments:
Rabbi trusts	475		492
Other
Investments:
Other	$ 315		$ 305

XML

Investments and Restricted Cash, Cash Equivalents and Investments - EEGH - Components (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments:
Equity method investments	$ 6,443	$ 6,554
Total investments	7,236	8,490
Restricted cash and cash equivalents:
Restricted cash and cash equivalents	883	916
Current assets	168	172
Noncurrent assets	14,394	15,788
Total investments and restricted cash, cash equivalents and investments	14,562	15,960
EEGH
Investments:
Total investments	423	412
Restricted cash and cash equivalents:
Restricted cash and cash equivalents	18	17
Current assets	18	17
Noncurrent assets	423	412
Total investments and restricted cash, cash equivalents and investments	441	429
EEGH | Customer deposits
Restricted cash and cash equivalents:
Restricted cash and cash equivalents	18	17
Iroquois Gas Transmission System, L.P.
Investments:
Equity method investments	744	735
Iroquois Gas Transmission System, L.P. | EEGH
Investments:
Equity method investments	408	399
Investment funds | EEGH
Investments:
Investment funds	$ 15	$ 13

XML

Investments and Restricted Cash, Cash Equivalents and Investments - EEGH - Narrative (Details) - EEGH - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Investments And Restricted Cash And Investments [Line Items]
Investment exceeded share of equity in net assets	$ 130		$ 130
Distributions received from investments	$ 11	$ 10
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, Cash Equivalents and Investments - BHE and EEGH - Reconciliation (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,432	$ 1,096
Restricted cash and cash equivalents	129	127
Total cash and cash equivalents and restricted cash and cash equivalents	1,582	1,244	$ 1,406	$ 1,445
EEGH
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	54	22
Restricted cash and cash equivalents	18	17
Total cash and cash equivalents and restricted cash and cash equivalents	$ 72	$ 39	$ 115	$ 48

XML

Regulatory Matters - EEGH (Details) - General Rate Case - Federal Energy Regulatory Commission - EGTS $ in Billions	1 Months Ended
	Sep. 30, 2021 USD ($)
Schedule Of Regulatory Assets and Liabilities [Line Items]
Proposed annual cost-of-service	$ 1.1
Gas Storage
Schedule Of Regulatory Assets and Liabilities [Line Items]
Proposed annual cost-of-service, rate increase	85.00%
Gas Transportation
Schedule Of Regulatory Assets and Liabilities [Line Items]
Proposed annual cost-of-service, rate increase	60.00%

XML

Recent Financing Transactions - BHE (Details) £ in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 29, 2022 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Apr. 29, 2022 GBP (£)
Debt Instrument [Line Items]
Repayments of subsidiary debt		$ 193	$ 26
NPC
Debt Instrument [Line Items]
Proceeds from long-term debt		$ 200	$ 0
Subsequent Event | Redeemable Preferred Stock | Natural Gas Transmission and Storage
Debt Instrument [Line Items]
Preferred Stock, dividend rate	4.00%
Subsidiary Debt | Water facilities refunding revenue bonds, series 2016C, due 2036 | Subsequent Event | SPPC
Debt Instrument [Line Items]
Repayments of subsidiary debt	$ 30
Subsidiary Debt | Water facilities refunding revenue bonds, series 2016D, due 2036 | Subsequent Event | SPPC
Debt Instrument [Line Items]
Repayments of subsidiary debt	25
Subsidiary Debt | Water facilities refunding revenue bonds, series 2016E, due 2036 | Subsequent Event | SPPC
Debt Instrument [Line Items]
Repayments of subsidiary debt	25
Subsidiary Debt | Water facilities refunding revenue bonds, series 2016F, due 2036 | Subsequent Event | SPPC
Debt Instrument [Line Items]
Repayments of subsidiary debt	75
Subsidiary Debt | Water facilities refunding revenue bonds, series 2016G, due 2036 | Subsequent Event | SPPC
Debt Instrument [Line Items]
Repayments of subsidiary debt	20
Subsidiary Debt | Pollution Control Refunding Revenue Bonds, 1.850%, Series 2016B, due 2029 | Subsequent Event | SPPC
Debt Instrument [Line Items]
Repayments of subsidiary debt	$ 30
Subsidiary Debt | Bonds, 3.25%, Due 2052 | Subsequent Event | Northern Powergrid
Debt Instrument [Line Items]
Face amount | £				£ 350
Stated interest rate	3.25%			3.25%
Senior Notes | Senior Notes, 4.6%, Due 2053 | Subsequent Event | BHE
Debt Instrument [Line Items]
Face amount	$ 1,000
Stated interest rate	4.60%			4.60%

XML

Recent Financing Transactions - NPC (Details) - NPC - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Proceeds from long-term debt		$ 200	$ 0
NPC Secured Delayed Draw Term Loan Facility, Due 2024 | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300
Proceeds from long-term debt	$ 200
Interest rate during period	0.55%

XML

Recent Financing Transactions - SPPC (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 29, 2022	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Repayments of subsidiary debt		$ 193	$ 26
NV Energy loan, payable upon demand | SPPC | Unsecured Debt | Subsequent Event
Debt Instrument [Line Items]
Face amount	$ 200
NV Energy loan, payable upon demand | SPPC | Unsecured Debt | Subsequent Event | London Interbank Offered Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Water facilities refunding revenue bonds, series 2016C, due 2036 | SPPC | Subsidiary Debt | Subsequent Event
Debt Instrument [Line Items]
Repayments of subsidiary debt	$ 30
Water facilities refunding revenue bonds, series 2016D, due 2036 | SPPC | Subsidiary Debt | Subsequent Event
Debt Instrument [Line Items]
Repayments of subsidiary debt	25
Water facilities refunding revenue bonds, series 2016E, due 2036 | SPPC | Subsidiary Debt | Subsequent Event
Debt Instrument [Line Items]
Repayments of subsidiary debt	25
Water facilities refunding revenue bonds, series 2016F, due 2036 | SPPC | Subsidiary Debt | Subsequent Event
Debt Instrument [Line Items]
Repayments of subsidiary debt	75
Water facilities refunding revenue bonds, series 2016G, due 2036 | SPPC | Subsidiary Debt | Subsequent Event
Debt Instrument [Line Items]
Repayments of subsidiary debt	20
Pollution Control Refunding Revenue Bonds, 1.850%, Series 2016B, due 2029 | SPPC | Subsidiary Debt | Subsequent Event
Debt Instrument [Line Items]
Repayments of subsidiary debt	$ 30

XML

Income Taxes - BHE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate	108.00%	217.00%
Income tax benefit	$ 507,000,000	$ 535,000,000
Total loss before income tax benefit and equity loss	470,000,000	246,000,000
Federal statutory income tax rate, benefit	$ 99,000,000	$ 52,000,000
Federal statutory income tax rate	21.00%	21.00%
Effective income tax rate reconciliation, tax credit, amount	$ 339,000,000	$ 334,000,000
Effective income tax rate reconciliation, tax credit, percent	72.00%	136.00%
State income tax, net of federal income tax impacts, benefit		$ 51,000,000
State income tax, net of federal income tax impacts	(3.00%)	21.00%
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Income tax credits	72.00%	136.00%
State income tax, net of federal income tax impacts	(3.00%)	21.00%
Income tax effect of foreign income	3.00%	6.00%
Effects of ratemaking	8.00%	10.00%
Equity income	3.00%	15.00%
Noncontrolling interest	5.00%	9.00%
Other	(1.00%)	(1.00%)
Effective income tax rate	108.00%	217.00%
Years eligible for federal renewable energy production tax credit	10 years
Production tax credits	$ 338,000,000	$ 315,000,000
BYD Company Limited common stock
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Equity securities, pre-tax unrealized loss	1,247,000,000	1,124,000,000
Parent Company
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Related party transaction, cash paid for (received) income taxes	$ 0	$ 0

XML

Income Taxes - PAC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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%)	21.00%
Income tax credits	72.00%	136.00%
Effects of ratemaking	8.00%	10.00%
Other	(1.00%)	(1.00%)
Effective income tax rate	108.00%	217.00%
Years eligible for federal renewable energy production tax credit	10 years
Production tax credits	$ 338	$ 315
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%	3.00%
Income tax credits	(20.00%)	(20.00%)
Effects of ratemaking	(11.00%)	(13.00%)
Valuation allowance	6.00%	0.00%
Other	3.00%	2.00%
Effective income tax rate	2.00%	(7.00%)
Years eligible for federal renewable energy production tax credit	10 years
Production tax credits	$ 26	$ 31

XML

Income Taxes - MEC (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate	108.00%	217.00%
Income tax benefit	$ 507,000,000	$ 535,000,000
Total loss before income tax benefit and equity loss	470,000,000	246,000,000
Federal statutory income tax rate, benefit	$ 99,000,000	$ 52,000,000
Federal statutory income tax rate	21.00%	21.00%
Effective income tax rate reconciliation, tax credit, amount	$ 339,000,000	$ 334,000,000
Effective income tax rate reconciliation, tax credit, percent	72.00%	136.00%
Effects of ratemaking	(8.00%)	(10.00%)
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Income tax credits	72.00%	136.00%
State income tax, net of federal income tax impacts	(3.00%)	21.00%
Effects of ratemaking	8.00%	10.00%
Other	(1.00%)	(1.00%)
Effective income tax rate	108.00%	217.00%
Years eligible for federal renewable energy production tax credit	10 years
Production tax credits	$ 338,000,000	$ 315,000,000
MEC
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate	(542.00%)	2200.00%
Income tax benefit	$ 206,000,000	$ 154,000,000
Total loss before income tax benefit and equity loss	$ (38,000,000)	7,000,000
Federal statutory income tax rate, benefit		$ 2,000,000
Federal statutory income tax rate	21.00%	21.00%
Effective income tax rate reconciliation, tax credit, amount		$ 168,000,000
Effective income tax rate reconciliation, tax credit, percent	(534.00%)	2400.00%
Effects of ratemaking, expense		$ 13,000,000
Effects of ratemaking	8.00%	186.00%
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Income tax credits	(534.00%)	2400.00%
State income tax, net of federal income tax impacts	(21.00%)	(29.00%)
Effects of ratemaking	(8.00%)	(186.00%)
Other	0.00%	(6.00%)
Effective income tax rate	(542.00%)	2200.00%
Years eligible for federal renewable energy production tax credit	10 years
Production tax credits	$ 203,000,000	$ 151,000,000
MEC | BHE
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Related party transaction, cash paid for (received) income taxes	$ 0	$ 0

XML

Income Taxes - LLC (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate	108.00%	217.00%
Income tax benefit	$ 507,000,000	$ 535,000,000
Total loss before income tax benefit and equity loss	470,000,000	246,000,000
Federal statutory income tax rate, benefit	$ 99,000,000	$ 52,000,000
Federal statutory income tax rate	21.00%	21.00%
Effective income tax rate reconciliation, tax credit, amount	$ 339,000,000	$ 334,000,000
Effective income tax rate reconciliation, tax credit, percent	72.00%	136.00%
Effects of ratemaking	(8.00%)	(10.00%)
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Income tax credits	72.00%	136.00%
State income tax, net of federal income tax impacts	(3.00%)	21.00%
Effects of ratemaking	8.00%	10.00%
Other	(1.00%)	(1.00%)
Effective income tax rate	108.00%	217.00%
Production Tax Credit Carryforwards [Abstract]
Years eligible for federal renewable energy production tax credit	10 years
Production tax credits	$ 338,000,000	$ 315,000,000
MidAmerican Funding, LLC
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Effective income tax rate	(630.00%)	1300.00%
Income tax benefit	$ 208,000,000	$ 156,000,000
Total loss before income tax benefit and equity loss	$ (33,000,000)	12,000,000
Federal statutory income tax rate, benefit		$ 3,000,000
Federal statutory income tax rate	21.00%	21.00%
Effective income tax rate reconciliation, tax credit, amount		$ 168,000,000
Effective income tax rate reconciliation, tax credit, percent	(618.00%)	1400.00%
Effects of ratemaking, expense		$ 13,000,000
Effects of ratemaking	9.00%	108.00%
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Federal statutory income tax rate	21.00%	21.00%
Income tax credits	(618.00%)	1400.00%
State income tax, net of federal income tax impacts	(24.00%)	(8.00%)
Effects of ratemaking	(9.00%)	(108.00%)
Other	0.00%	(5.00%)
Effective income tax rate	(630.00%)	1300.00%
Production Tax Credit Carryforwards [Abstract]
Years eligible for federal renewable energy production tax credit	10 years
Production tax credits	$ 203,000,000	$ 151,000,000
MidAmerican Funding, LLC | BHE
Related Party Income Tax Receivable (Payable) [Abstract]
Related party transaction, cash paid for (received) income taxes	$ 0	$ 0

XML

Income Taxes - SPPC (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate	21.00%	21.00%
Effects of ratemaking	8.00%	10.00%
Other	(1.00%)	(1.00%)
Effective income tax rate	108.00%	217.00%
SPPC
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Federal statutory income tax rate	21.00%	21.00%
Effects of ratemaking	(7.00%)	(10.00%)
Other	1.00%	2.00%
Effective income tax rate	15.00%	13.00%

XML

Income Taxes - EEGH (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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	(3.00%)	21.00%
Equity interest	3.00%	15.00%
Noncontrolling interest	5.00%	9.00%
Other	(1.00%)	(1.00%)
Effective income tax rate	108.00%	217.00%
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	5.00%	3.00%
Equity interest	2.00%	2.00%
Effects of ratemaking	(4.00%)	(1.00%)
Noncontrolling interest	(11.00%)	(11.00%)
Other	1.00%	(1.00%)
Effective income tax rate	14.00%	13.00%
EEGH | Cove Point LNG, LP
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Ownership interest	75.00%
EEGH | Affiliated Entity | BHE
Schedule of Effective Income Tax Rate Reconciliation [Line Items]
Related party transaction, cash paid for (received) income taxes	$ 0	$ 0

XML

Employee Benefit Plans - BHE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 2
Interest cost	5	5
Expected return on plan assets	(7)	(5)
Net amortization	0	(1)
Net periodic benefit cost (credit)	0	1
U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	7	7
Interest cost	19	20
Expected return on plan assets	(27)	(33)
Settlement	2	0
Net amortization	4	6
Net periodic benefit cost (credit)	5	0
United Kingdom | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	4	4
Interest cost	10	8
Expected return on plan assets	(25)	(28)
Net amortization	6	14
Net periodic benefit cost (credit)	$ (5)	$ (2)

XML

Employee Benefit Plans - BHE - Employer Contributions (Details) - 3 months ended Mar. 31, 2022 £ 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	$ 4
Employer contributions	3
U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	13
Employer contributions	4
United Kingdom | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year | £			£ 12
Employer contributions	$ 4	£ 3

XML

Employee Benefit Plans - PAC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2	$ 2
Interest cost	5	5
Expected return on plan assets	(7)	(5)
Net amortization	0	(1)
Net periodic benefit cost (credit)	0	1
PAC | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	2	2
Expected return on plan assets	(2)	(2)
Net amortization	0	0
Net periodic benefit cost (credit)	0	0
U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	7	7
Interest cost	19	20
Expected return on plan assets	(27)	(33)
Net amortization	4	6
Net periodic benefit cost (credit)	5	0
U.S. | PAC | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0
Interest cost	7	7
Expected return on plan assets	(10)	(13)
Net amortization	4	5
Net periodic benefit cost (credit)	$ 1	$ (1)

XML

Employee Benefit Plans - PAC - Employer Contributions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	$ 4
Employer contributions	3
PAC | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	0
U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	13
Employer contributions	4
U.S. | PAC | 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, 2022	Mar. 31, 2021
Pension Plan | U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7	$ 7
Interest cost	19	20
Expected return on plan assets	(27)	(33)
Settlement	2	0
Net amortization	4	6
Net periodic benefit cost (credit)	5	0
Pension Plan | U.S. | MEC
Defined Benefit Plan Disclosure [Line Items]
Service cost	5	5
Interest cost	5	6
Expected return on plan assets	(7)	(9)
Settlement	2	0
Net periodic benefit cost (credit)	5	2
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2
Interest cost	5	5
Expected return on plan assets	(7)	(5)
Net amortization	0	(1)
Net periodic benefit cost (credit)	0	1
Other Postretirement Plans | MEC
Defined Benefit Plan Disclosure [Line Items]
Service cost	2	2
Interest cost	2	2
Expected return on plan assets	(4)	(2)
Net amortization	0	(1)
Net periodic benefit cost (credit)	$ 0	$ 1

XML

Employee Benefit Plans - MEC - Employer Contributions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	$ 4
Employer contributions	3
MEC | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	3
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	4
U.S. | MEC | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, expected contributions in current fiscal year	7
Employer contributions	$ 2

XML

Employee Benefit Plans - NPC (Details) - NPC - U.S. - NV Energy - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Other Assets | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	$ 8	$ 8
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	(8)	(8)
Qualified Plan | Other Assets | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	$ 42	$ 42

XML

Employee Benefit Plans - SPPC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 3
U.S. | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	4
SPPC | U.S. | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	2
SPPC | U.S. | NV Energy | Other Current Liabilities | Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other current liabilities	(1)	$ (1)
SPPC | U.S. | NV Energy | Other Noncurrent Liabilities | Other Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other long-term liabilities	(7)	(7)
SPPC | U.S. | NV Energy | Other Noncurrent Liabilities | Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Other long-term liabilities	(8)	(10)
SPPC | Qualified Plan | U.S. | NV Energy | Other Assets | Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Other non-current assets	$ 63	$ 62

XML

Employee Benefit Plans - EEGH (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
EEGH
Defined Benefit Plan Disclosure [Line Items]
Pension plan liability, noncurrent	$ 95	$ 95
Pension Plan | EEGH | MidAmerican Energy Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	3
Other Postretirement Plans
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	3
Other Postretirement Plans | EEGH | MidAmerican Energy Retiree Health and Welfare Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 1

XML

Risk Management and Hedging Activities - PAC - Balance Sheet Location (Details) - PAC - Commodity derivatives - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Total	$ 195	$ 53
Cash collateral payable	(17)	5
Total derivatives - net basis	178	58
Derivative Contracts - Current Assets
Derivatives, Fair Value [Line Items]
Total	162	76
Cash collateral payable	(17)	0
Total derivatives - net basis	145	76
Other Assets
Derivatives, Fair Value [Line Items]
Total	37	20
Cash collateral payable	0	0
Total derivatives - net basis	37	20
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Total	(3)	(36)
Cash collateral payable	0	5
Total derivatives - net basis	(3)	(31)
Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Total	(1)	(7)
Cash collateral payable	0	0
Total derivatives - net basis	(1)	(7)
Not Designated as Hedging
Derivatives, Fair Value [Line Items]
Derivative asset, gross	207	104
Derivative liability	(12)	(51)
Total	195	53
Net regulatory asset (liability) on derivative contracts	(195)	(53)	$ 0	$ 17
Not Designated as Hedging | Derivative Contracts - Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross	165	81
Derivative liability	(3)	(5)
Total	162	76
Not Designated as Hedging | Other Assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross	37	21
Derivative liability	0	(1)
Total	37	20
Not Designated as Hedging | Other Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative asset, gross	6	2
Derivative liability	(9)	(38)
Total	(3)	(36)
Not Designated as Hedging | Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Derivative asset, gross	(1)	0
Derivative liability	0	(7)
Total	$ (1)	$ (7)

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, 2022	Mar. 31, 2021
Regulatory Assets (Liabilities), Net, Unrealized Loss (Gain), Net, on Derivative Instruments [Roll Forward]
Beginning balance	$ (53)	$ 17
Changes in fair value recognized in regulatory assets	(168)	(17)
Net losses reclassified to operating revenue	(3)	0
Net gains reclassified to energy costs	29	0
Ending balance	$ (195)	$ 0

XML

Risk Management and Hedging Activities - PAC - Derivative Contract Volumes (Details) - PAC - Commodity derivatives MWh in Millions, Dth in Millions	Mar. 31, 2022 Dth MWh	Dec. 31, 2021 MWh Dth
Electricity purchases, net
Notional Amounts of Outstanding Derivative Positions [Line Items]
Nonmonetary notional amount | MWh	1	2
Natural gas purchases
Notional Amounts of Outstanding Derivative Positions [Line Items]
Nonmonetary notional amount | Dth	105	106

XML

Risk Management and Hedging Activities - PAC - Collateral and Contingent Features (Details) - PAC - Commodity derivatives - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative, net liability position, aggregate fair value	$ 10	$ 37
Collateral already posted, aggregate fair value	0	5
Additional collateral, aggregate fair value	$ 2	$ 23

XML

Risk Management and Hedging Activities - NPC - Balance Sheet Location (Details) - NPC - Commodity derivatives - Not Designated as Hedging - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset, gross		$ 4
Derivative liability	$ (168)	(117)
Total	(168)	(113)
Net regulatory asset (liability) on derivative contracts	168	113
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross		4
Derivative liability	0	0
Total	0	4
Derivative Contracts - Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative asset, gross		0
Derivative liability	(88)	(55)
Total	(88)	(55)
Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Derivative asset, gross		0
Derivative liability	(80)	(62)
Total	$ (80)	$ (62)

XML

Risk Management and Hedging Activities - NPC - Derivative Contract Volumes (Details) - NPC - Commodity derivatives MWh in Millions, Dth in Millions	Mar. 31, 2022 Dth MWh	Dec. 31, 2021 Dth MWh
Electricity purchases (sales), net
Notional Amounts of Outstanding Derivative Positions [Line Items]
Nonmonetary notional amount | MWh	3	1
Natural gas purchases
Notional Amounts of Outstanding Derivative Positions [Line Items]
Nonmonetary notional amount | Dth	138	119

XML

Risk Management and Hedging Activities - NPC - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commodity derivatives | NPC
Derivative [Line Items]
Derivative, net liability position, aggregate fair value	$ 7	$ 6

XML

Risk Management and Hedging Activities - SPPC - Balance Sheet Location (Details) - SPPC - Commodity derivatives - Not Designated as Hedging - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset, gross	$ 1	$ 2
Derivative liability	(53)	(35)
Total	(52)	(33)
Net regulatory asset (liability) on derivative contracts	52	33
Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative asset, gross	1	2
Derivative liability	0	0
Total	1	2
Derivative Contracts - Current Liabilities
Derivatives, Fair Value [Line Items]
Derivative asset, gross	0	0
Derivative liability	(28)	(16)
Total	(28)	(16)
Other Noncurrent Liabilities
Derivatives, Fair Value [Line Items]
Derivative asset, gross	0	0
Derivative liability	(25)	(19)
Total	$ (25)	$ (19)

XML

Risk Management and Hedging Activities - SPPC - Derivative Contract Volumes (Details) - SPPC - Commodity derivatives MWh in Millions, Dth in Millions	Mar. 31, 2022 Dth MWh	Dec. 31, 2021 MWh Dth
Electricity purchases (sales), net
Notional Amounts of Outstanding Derivative Positions [Line Items]
Nonmonetary notional amount | MWh	1	1
Natural gas purchases
Notional Amounts of Outstanding Derivative Positions [Line Items]
Nonmonetary notional amount | Dth	60	53

XML

Risk Management and Hedging Activities -SPPC - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Commodity derivatives | SPPC
Derivative [Line Items]
Derivative, net liability position, aggregate fair value	$ 2	$ 0

XML

Fair Value Measurements - BHE (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	$ (64)	$ (47)
Assets, fair value	9,790	10,843
Derivative liability, offset	69	73
Derivative liability	(333)	(277)
Cash collateral payable	5	26
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	8,119	9,160
Derivative liability	(1)	(2)
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	1,651	1,637
Derivative liability	(91)	(123)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	84	93
Derivative liability	(310)	(225)
Mortgage loans held for sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	975	1,263
Mortgage loans held for sale | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	0	0
Mortgage loans held for sale | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	975	1,263
Mortgage loans held for sale | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans held for sale	0	0
Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	715	554
Money market mutual funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	715	554
Money market mutual funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Money market mutual funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	225	232
U.S. government obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	225	232
U.S. government obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
U.S. government obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
International government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
International government obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
International government obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
International government obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	79	90
Corporate obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Corporate obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	79	90
Corporate obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3	3
Municipal obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Municipal obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3	3
Municipal obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Agency, asset and mortgage-backed obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
Agency, asset and mortgage-backed obligations | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
Agency, asset and mortgage-backed obligations | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
Agency, asset and mortgage-backed obligations | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	415	428
U.S. companies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	415	428
U.S. companies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
U.S. companies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,455	7,703
International companies | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,455	7,703
International companies | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
International companies | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	285	237
Investment funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	285	237
Investment funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Investment funds | Level 3
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	(64)	(47)
Derivative asset	542	302
Derivative liability, offset	69	73
Derivative liability	(318)	(266)
Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	13	5
Derivative liability, gross	(1)	(2)
Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	534	271
Derivative liability, gross	(88)	(113)
Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	59	73
Derivative liability, gross	(298)	(224)
Foreign currency exchange rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		3
Derivative liability	(3)	(3)
Foreign currency exchange rate derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross		0
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 asset, gross		3
Derivative liability, gross	(3)	(3)
Foreign currency exchange rate derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross		0
Derivative liability, gross	0	0
Interest rate derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	94	24
Derivative liability, offset	0
Derivative liability	(12)	(8)
Interest rate derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	11	1
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	58	3
Derivative liability, gross	0	(7)
Interest rate derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	25	20
Derivative liability, gross	$ (12)	$ (1)

XML

Fair Value Measurements - BHE - Level 3 (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commodity derivatives
Fair Value, Assets (Liabilities), Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (151)	$ 116
Changes included in earnings	(56)	(6)
Changes in fair value recognized in OCI	5	(1)
Changes in fair value recognized in net regulatory assets	(60)	16
Settlements	23	(1)
Ending balance	(239)	124
Interest rate derivatives
Fair Value, Assets (Liabilities), Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	19	62
Changes included in earnings	(6)	(21)
Changes in fair value recognized in OCI	0	0
Changes in fair value recognized in net regulatory assets	0	0
Settlements	0	0
Ending balance	$ 13	$ 41

XML

Fair Value Measurements - BHE - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	$ 49,905	$ 49,762
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 52,246	$ 57,189

XML

Fair Value Measurements - PAC (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	$ (64)	$ (47)
Assets, fair value	9,790	10,843
Derivative liability, offset	69	73
Derivative liability	(333)	(277)
Cash collateral receivable (payable)	5	26
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	8,119	9,160
Derivative liability	(1)	(2)
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	1,651	1,637
Derivative liability	(91)	(123)
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	84	93
Derivative liability	(310)	(225)
Commodity derivatives | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	(64)	(47)
Derivative asset	542	302
Derivative liability, offset	69	73
Derivative liability	(318)	(266)
Commodity derivatives | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	13	5
Derivative liability, gross	(1)	(2)
Commodity derivatives | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	534	271
Derivative liability, gross	(88)	(113)
Commodity derivatives | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	59	73
Derivative liability, gross	(298)	(224)
Money market mutual funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	715	554
Money market mutual funds | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	715	554
Money market mutual funds | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Money market mutual funds | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Investment funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	285	237
Investment funds | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	285	237
Investment funds | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Investment funds | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
PAC | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	529	304
PAC | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	347	208
PAC | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	207	104
PAC | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
PAC | Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash collateral receivable (payable)	(17)	5
PAC | Commodity derivatives | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	(25)	(8)
Derivative asset	182	96
Derivative liability, offset	8	13
Derivative liability	(4)	(38)
Cash collateral receivable (payable)	(17)	5
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	207	104
Derivative liability, gross	(12)	(51)
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
PAC | Money market mutual funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	319	181
PAC | Money market mutual funds | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	319	181
PAC | Money market mutual funds | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
PAC | Money market mutual funds | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
PAC | Investment funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	28	27
PAC | Investment funds | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	28	27
PAC | Investment funds | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
PAC | Investment funds | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 0	$ 0

XML

Fair Value Measurements - PAC - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	$ 49,905	$ 49,762
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,246	57,189
PAC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	8,722	8,730
PAC | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 9,423	$ 10,374

XML

Fair Value Measurements - MEC (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, offset	$ (64)	$ (47)
Assets, fair value	9,790	10,843
Derivative liability, offset	69	73
Cash collateral payable	5	26
Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	715	554
U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	225	232
International government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	79	90
Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3	3
Agency, asset and mortgage-backed obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	415	428
International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,455	7,703
Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	285	237
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	8,119	9,160
Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	715	554
Level 1 | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	225	232
Level 1 | International government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
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 | Agency, asset and mortgage-backed 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	415	428
Level 1 | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	6,455	7,703
Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	285	237
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	1,651	1,637
Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
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 | International government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
Level 2 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	79	90
Level 2 | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3	3
Level 2 | Agency, asset and mortgage-backed obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
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	84	93
Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	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 | International 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 | Agency, asset and mortgage-backed 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	(64)	(47)
Derivative liability, offset	69	73
Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	13	5
Derivative liability	(1)	(2)
Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	534	271
Derivative liability	(88)	(113)
Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	59	73
Derivative liability	(298)	(224)
MEC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	958	1,041
Cash collateral payable	0	5
MEC | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	132	228
MEC | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	225	232
MEC | International government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
MEC | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	79	90
MEC | Municipal obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	3	3
MEC | Agency, asset and mortgage-backed obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
MEC | U.S. companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	415	428
MEC | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	9	10
MEC | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	23	18
MEC | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	804	916
MEC | Level 1 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	132	228
MEC | Level 1 | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	225	232
MEC | Level 1 | International government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	0	0
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 | Agency, asset and mortgage-backed 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	415	428
MEC | Level 1 | International companies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	9	10
MEC | Level 1 | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	23	18
MEC | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	150	129
MEC | Level 2 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
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 | International government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
MEC | Level 2 | Corporate obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	79	90
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 | Agency, asset and mortgage-backed obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities	1	2
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 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	4	3
MEC | Level 3 | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	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 | International 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 | Agency, asset and mortgage-backed 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 | Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	70	28
Derivative asset, offset	0	(7)
Derivative liability	(1)	(2)
Derivative liability, offset	0	12
MEC | Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	0	0
Derivative liability	(1)	0
MEC | Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	66	32
Derivative liability	0	(6)
MEC | Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	4	3
Derivative liability	$ 0	$ (8)

XML

Fair Value Measurements - MEC - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	$ 49,905	$ 49,762
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,246	57,189
MEC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	7,726	7,721
MEC | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 8,196	$ 9,037

XML

Fair Value Measurements - LLC (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	$ 49,905	$ 49,762
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,246	57,189
MidAmerican Funding, LLC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	7,966	7,961
MidAmerican Funding, LLC | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 8,480	$ 9,350

XML

Fair Value Measurements - NPC (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 9,790	$ 10,843
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	8,119	9,160
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	1,651	1,637
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	84	93
Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	13	5
Derivative liability	(1)	(2)
Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	534	271
Derivative liability	(88)	(113)
Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	59	73
Derivative liability	(298)	(224)
NPC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	46	41
NPC | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	46	37
NPC | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
NPC | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	4
NPC | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	43	34
NPC | Money market mutual funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	43	34
NPC | Money market mutual funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
NPC | Money market mutual funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
NPC | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	3	3
NPC | Investment funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	3	3
NPC | Investment funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
NPC | Investment funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
NPC | Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross		4
Derivative liability	(168)	(117)
NPC | 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
NPC | 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
NPC | Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross		4
Derivative liability	$ (168)	$ (117)

XML

Fair Value Measurements - NPC - Level 3 (Details) - NPC - Commodity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets (Liabilities), Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (113)	$ 15
Changes in fair value recognized in regulatory assets	(56)	11
Settlements	1	1
Ending balance	$ (168)	$ 27

XML

Fair Value Measurements - NPC - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	$ 49,905	$ 49,762
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,246	57,189
NPC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	2,700	2,499
NPC | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 2,985	$ 3,067

XML

Fair Value Measurements - SPPC (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 9,790	$ 10,843
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	8,119	9,160
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	1,651	1,637
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	84	93
Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	13	5
Derivative liability	(1)	(2)
Commodity derivatives | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	534	271
Derivative liability	(88)	(113)
Commodity derivatives | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	59	73
Derivative liability	(298)	(224)
SPPC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	15	13
SPPC | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	14	11
SPPC | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	0	0
SPPC | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	1	2
SPPC | Money market mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	13	10
SPPC | Money market mutual funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	13	10
SPPC | Money market mutual funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
SPPC | Money market mutual funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
SPPC | Investment funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	1	1
SPPC | Investment funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	1	1
SPPC | Investment funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
SPPC | Investment funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
SPPC | Commodity derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	1	2
Derivative liability	(53)	(35)
SPPC | Commodity derivatives | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, gross	0	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	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	2
Derivative liability	$ (53)	$ (35)

XML

Fair Value Measurements - SPPC - Level 3 (Details) - Commodity - SPPC - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets (Liabilities), Net, Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ (33)	$ 7
Changes in fair value recognized in regulatory assets	(19)	5
Ending balance	$ (52)	$ 12

XML

Fair Value Measurements - SPPC - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	$ 49,905	$ 49,762
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,246	57,189
SPPC
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	1,164	1,164
SPPC | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,261	$ 1,316

XML

Fair Value Measurements - EEGH (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	$ 9,790	$ 10,843
Derivative liability	(333)	(277)
Recurring | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	43	16
Derivative liability	(5)	(3)
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	8,119	9,160
Derivative liability	(1)	(2)
Recurring | Level 1 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	43	13
Derivative liability	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	1,651	1,637
Derivative liability	(91)	(123)
Recurring | Level 2 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	3
Derivative liability	(5)	(3)
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	84	93
Derivative liability	(310)	(225)
Recurring | Level 3 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value disclosure	0	0
Derivative liability	0	0
Money market mutual funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	715	554
Money market mutual funds | Recurring | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	28
Money market mutual funds | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	715	554
Money market mutual funds | Recurring | Level 1 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	28
Money market mutual funds | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Money market mutual funds | Recurring | Level 2 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0
Money market mutual funds | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Money market mutual funds | Recurring | Level 3 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0
Investment funds | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	15	13
Investment funds | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	285	237
Investment funds | Recurring | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	15	13
Investment funds | Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	285	237
Investment funds | Recurring | Level 1 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	15	13
Investment funds | Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Investment funds | Recurring | Level 2 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Investment funds | Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Investment funds | Recurring | Level 3 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Commodity derivatives | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	542	302
Derivative liability	(318)	(266)
Commodity derivatives | Recurring | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(2)
Commodity derivatives | Recurring | Level 1 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0
Commodity derivatives | Recurring | Level 2 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(2)
Commodity derivatives | Recurring | Level 3 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	0
Foreign currency exchange rate derivatives | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		3
Derivative liability	(3)	(3)
Foreign currency exchange rate derivatives | Recurring | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		3
Derivative liability	(3)	(3)
Foreign currency exchange rate derivatives | Recurring | Level 1 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		0
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 asset		3
Derivative liability	(3)	(3)
Foreign currency exchange rate derivatives | Recurring | Level 3 | EEGH
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset		0
Derivative liability	0	0
Interest rate derivatives | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	94	24
Derivative liability	$ (12)	$ (8)

XML

Fair Value Measurements - EEGH - Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	$ 49,905	$ 49,762
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	52,246	57,189
EEGH
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, carrying value	3,899	3,906
EEGH | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 3,911	$ 4,266

XML

Commitments and Contingencies - Legal Matters (Details) - 2020 Wildfires - PAC naturalGasProducer in Thousands, a in Thousands, $ in Millions	1 Months Ended
	Sep. 30, 2020 USD ($) a naturalGasProducer	Mar. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Number of acres burned | a	500
Number of structures destroyed | naturalGasProducer	2
Fire suppression costs	$ 150
Estimate of possible loss		$ 136

XML

Commitments and Contingencies - Environmental Laws and Regulations (Details) - PAC - Klamath Hydroelectric System $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
ContractualObligationFiscalYearMaturityScheduleTable [Line Items]
Dam removal cost limit	$ 200
Additional dam removal costs, California bond measure	250
Hydroelectric dam removal cost, additional contingency funding	45
Hydroelectric dam removal cost, total funding	$ 450

XML

Commitments and Contingencies - Transmission Rates (Details) - MEC - Transmission $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Public utilities, approved return on equity adder	0.50%
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Accrued liability for estimated transmission billings refunds	$ 8
Prior to September 2016
Loss Contingencies [Line Items]
Public utilities, approved return on equity	12.38%
November 2013 to February 2015
Loss Contingencies [Line Items]
Public utilities, approved return on equity	10.32%
Public utilities, proposed return on equity	9.15%
February 2015 through May 2016
Loss Contingencies [Line Items]
Public utilities, proposed return on equity	8.67%
Nov 2019 Order For Nov 2013 to Feb 2015 and Sept 2016 Forward
Loss Contingencies [Line Items]
Public utilities, approved return on equity	9.88%
Public utilities, approved return on equity plus adder	10.38%
May 2020 Order For Nov 2013 to Feb 2015 and Sept 2016 Forward
Loss Contingencies [Line Items]
Public utilities, approved return on equity	10.02%
Public utilities, approved return on equity plus adder	10.52%

XML

Revenue from Contracts with Customers - BHE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 4,719	$ 4,712
Operating revenue	6,030	6,081
Energy
Disaggregation of Revenue [Line Items]
Operating revenue	4,823	4,849
Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	104	137
PAC
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,292	1,229
Operating revenue	1,297	1,242
PAC | Energy
Disaggregation of Revenue [Line Items]
Operating revenue	1,297	1,242
PAC | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	5	13
MidAmerican Funding
Disaggregation of Revenue [Line Items]
Total Customer Revenue	987	1,062
Operating revenue	1,005	1,067
MidAmerican Funding | Energy
Disaggregation of Revenue [Line Items]
Operating revenue	1,005	1,067
MidAmerican Funding | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	18	5
NV Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	688	585
Operating revenue	693	591
NV Energy | Energy
Disaggregation of Revenue [Line Items]
Operating revenue	693	591
NV Energy | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	5	6
Northern Powergrid
Disaggregation of Revenue [Line Items]
Total Customer Revenue	284	273
Operating revenue	315	300
Northern Powergrid | Energy
Disaggregation of Revenue [Line Items]
Operating revenue	315	300
Northern Powergrid | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	31	27
BHE Pipeline Group
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,024	1,071
Operating revenue	1,035	1,093
BHE Pipeline Group | Energy
Disaggregation of Revenue [Line Items]
Operating revenue	1,035	1,093
BHE Pipeline Group | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	11	22
BHE Transmission
Disaggregation of Revenue [Line Items]
Total Customer Revenue	183	180
Operating revenue	183	180
BHE Transmission | Energy
Disaggregation of Revenue [Line Items]
Operating revenue	183	180
BHE Transmission | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	0	0
BHE Renewables
Disaggregation of Revenue [Line Items]
Total Customer Revenue	169	166
BHE Renewables | Energy
Disaggregation of Revenue [Line Items]
Operating revenue	167	190
BHE Renewables | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	(2)	24
BHE and Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	92	146
Operating revenue	128	186
BHE and Other | Energy
Disaggregation of Revenue [Line Items]
Operating revenue	128	186
BHE and Other | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	36	40
Regulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	4,115	4,094
Regulated | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2,256	2,108
Regulated | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	388	498
Regulated | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	236	193
Regulated | Transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	509	496
Regulated | Interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	704	774
Regulated | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	22	25
Regulated | PAC
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,292	1,229
Regulated | PAC | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,185	1,145
Regulated | PAC | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | PAC | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	55	36
Regulated | PAC | Transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	32	25
Regulated | PAC | Interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | PAC | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	20	23
Regulated | MidAmerican Funding
Disaggregation of Revenue [Line Items]
Total Customer Revenue	985	1,052
Regulated | MidAmerican Funding | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	472	452
Regulated | MidAmerican Funding | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	337	460
Regulated | MidAmerican Funding | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	161	125
Regulated | MidAmerican Funding | Transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	15	15
Regulated | MidAmerican Funding | Interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | MidAmerican Funding | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | NV Energy
Disaggregation of Revenue [Line Items]
Total Customer Revenue	688	585
Regulated | NV Energy | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	599	511
Regulated | NV Energy | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	51	38
Regulated | NV Energy | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	20	15
Regulated | NV Energy | Transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	17	21
Regulated | NV Energy | Interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | NV Energy | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	0
Regulated | Northern Powergrid
Disaggregation of Revenue [Line Items]
Total Customer Revenue	269	263
Regulated | Northern Powergrid | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | Northern Powergrid | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | Northern Powergrid | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | Northern Powergrid | Transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	269	263
Regulated | Northern Powergrid | Interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | Northern Powergrid | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Pipeline Group
Disaggregation of Revenue [Line Items]
Total Customer Revenue	746	834
Regulated | BHE Pipeline Group | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Pipeline Group | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Pipeline Group | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	17
Regulated | BHE Pipeline Group | Transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Pipeline Group | Interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	745	815
Regulated | BHE Pipeline Group | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	2
Regulated | BHE Transmission
Disaggregation of Revenue [Line Items]
Total Customer Revenue	176	172
Regulated | BHE Transmission | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Transmission | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Transmission | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Transmission | Transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	176	172
Regulated | BHE Transmission | Interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Transmission | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE Renewables | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE and Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	(41)	(41)
Regulated | BHE and Other | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE and Other | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE and Other | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE and Other | Transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Regulated | BHE and Other | Interstate pipeline
Disaggregation of Revenue [Line Items]
Total Customer Revenue	(41)	(41)
Regulated | BHE and Other | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Nonregulated | Nonregulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	604	618
Nonregulated | PAC | Nonregulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Nonregulated | MidAmerican Funding | Nonregulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2	10
Nonregulated | NV Energy | Nonregulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
Nonregulated | Northern Powergrid | Nonregulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	15	10
Nonregulated | BHE Pipeline Group | Nonregulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	278	237
Nonregulated | BHE Transmission | Nonregulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	7	8
Nonregulated | BHE Renewables | Nonregulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	169	166
Nonregulated | BHE and Other | Nonregulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 133	$ 187

XML

Revenue from Contracts with Customers - BHE - Real Estate Services (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 4,719	$ 4,712
Operating revenue	6,030	6,081
Real estate
Disaggregation of Revenue [Line Items]
Operating revenue	1,207	1,232
Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	104	137
HomeServices
Disaggregation of Revenue [Line Items]
Operating revenue	1,207	1,232
HomeServices | Real estate
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,112	1,040
Operating revenue	1,207	1,232
HomeServices | Brokerage
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,092	1,022
HomeServices | Franchise
Disaggregation of Revenue [Line Items]
Total Customer Revenue	20	18
HomeServices | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	$ 95	$ 192

XML

Revenue from Contracts with Customers - BHE - Remaining Performance Obligation Total (Details) - BHE Pipeline Group $ in Millions	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 24,981
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 2,878
Performance obligations expected to be satisfied, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 22,103
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, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 4,719	$ 4,712
Operating revenue	6,030	6,081
Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	104	137
Regulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	4,115	4,094
Regulated | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2,256	2,108
Regulated | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	236	193
Regulated | Transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	509	496
Regulated | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	22	25
PAC
Disaggregation of Revenue [Line Items]
Operating revenue	1,297	1,242
PAC | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	5	13
PAC | Regulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,292	1,229
PAC | Regulated | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1,185	1,145
PAC | Regulated | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	55	36
PAC | Regulated | Transmission and distribution
Disaggregation of Revenue [Line Items]
Total Customer Revenue	32	25
PAC | Regulated | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	20	23
PAC | Regulated | Residential | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	505	483
PAC | Regulated | Commercial | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	370	359
PAC | Regulated | Industrial | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	273	271
PAC | Regulated | Other retail | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 37	$ 32

XML

Revenue from Contracts with Customers - MEC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 4,719	$ 4,712
Operating revenue	6,030	6,081
Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	104	137
MEC
Disaggregation of Revenue [Line Items]
Total Customer Revenue	987	1,062
Operating revenue	1,005	1,067
MEC | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	10
MEC | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	18	5
Regulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	4,115	4,094
Regulated | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2,256	2,108
Regulated | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	388	498
Regulated | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	236	193
Regulated | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	22	25
Regulated | MEC | Retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	809	912
Regulated | MEC | Retail | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	393	469
Regulated | MEC | Retail | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	162	200
Regulated | MEC | Retail | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	207	202
Regulated | MEC | Retail | Natural gas transportation services
Disaggregation of Revenue [Line Items]
Total Customer Revenue	14	10
Regulated | MEC | Retail | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	33	31
Regulated | MEC | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	162	125
Regulated | MEC | Multi-value transmission projects | Multi-value transmission projects
Disaggregation of Revenue [Line Items]
Total Customer Revenue	15	15
Regulated electric | MEC
Disaggregation of Revenue [Line Items]
Operating revenue	608	545
Regulated electric | Regulated | MEC
Disaggregation of Revenue [Line Items]
Total Customer Revenue	591	541
Operating revenue	608	545
Regulated electric | Regulated | MEC | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	472	452
Regulated electric | Regulated | MEC | Retail electric | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	168	161
Regulated electric | Regulated | MEC | Retail electric | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	74	71
Regulated electric | Regulated | MEC | Retail electric | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	198	190
Regulated electric | Regulated | MEC | Retail electric | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	32	30
Regulated electric | Regulated | MEC | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	104	74
Regulated electric | Regulated | MEC | Multi-value transmission projects | Multi-value transmission projects
Disaggregation of Revenue [Line Items]
Total Customer Revenue	15	15
Regulated electric | Regulated | MEC | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	17	4
Regulated natural gas | MEC
Disaggregation of Revenue [Line Items]
Operating revenue	396	512
Regulated natural gas | Regulated | MEC
Disaggregation of Revenue [Line Items]
Total Customer Revenue	395	511
Operating revenue	396	512
Regulated natural gas | Regulated | MEC | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	337	460
Regulated natural gas | Regulated | MEC | Retail gas | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	225	308
Regulated natural gas | Regulated | MEC | Retail gas | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	88	129
Regulated natural gas | Regulated | MEC | Retail gas | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	9	12
Regulated natural gas | Regulated | MEC | Retail gas | Natural gas transportation services
Disaggregation of Revenue [Line Items]
Total Customer Revenue	14	10
Regulated natural gas | Regulated | MEC | Retail gas | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	1
Regulated natural gas | Regulated | MEC | Wholesale
Disaggregation of Revenue [Line Items]
Total Customer Revenue	58	51
Regulated natural gas | Regulated | MEC | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	1	1
Other | MEC
Disaggregation of Revenue [Line Items]
Operating revenue	1	10
Other | Nonregulated | MEC
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	10
Operating revenue	1	10
Other | Nonregulated | MEC | Other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	10
Other | Nonregulated | MEC | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	$ 0	$ 0

XML

Revenue from Contracts with Customers - LLC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 4,719	$ 4,712
Nonregulated | Nonregulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	604	618
Other | MidAmerican Funding, LLC | Nonregulated | Nonregulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 0	$ 0

XML

Revenue from Contracts with Customers - NPC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 4,719	$ 4,712
Operating revenue	6,030	6,081
Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	104	137
Regulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	4,115	4,094
Regulated | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2,256	2,108
NPC
Disaggregation of Revenue [Line Items]
Operating revenue	415	370
NPC | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	5	5
NPC | Regulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	410	365
NPC | Regulated | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	394	351
NPC | Regulated | Wholesale, transmission and other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	16	14
NPC | Customer Revenue | Regulated | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	389	346
NPC | Customer Revenue | Regulated | Retail electric | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	214	196
NPC | Customer Revenue | Regulated | Retail electric | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	96	84
NPC | Customer Revenue | Regulated | Retail electric | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	78	63
NPC | Customer Revenue | Regulated | Retail electric | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	3
NPC | Distribution only service | Regulated | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 5	$ 5

XML

Revenue from Contracts with Customers - SPPC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total Customer Revenue	$ 4,719	$ 4,712
Operating revenue	6,030	6,081
Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	104	137
Regulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	4,115	4,094
Regulated | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	2,256	2,108
Regulated | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	388	498
SPPC
Disaggregation of Revenue [Line Items]
Operating revenue	279	220
SPPC | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	1	1
SPPC | Regulated electric
Disaggregation of Revenue [Line Items]
Operating revenue	227	181
SPPC | Regulated electric | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	0	0
SPPC | Regulated natural gas
Disaggregation of Revenue [Line Items]
Operating revenue	52	39
SPPC | Regulated natural gas | Other revenue
Disaggregation of Revenue [Line Items]
Operating revenue	1	1
SPPC | Regulated
Disaggregation of Revenue [Line Items]
Total Customer Revenue	278	219
SPPC | Regulated | Wholesale, transmission and other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	21	15
SPPC | Regulated | Regulated electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	227	181
SPPC | Regulated | Regulated electric | Wholesale, transmission and other
Disaggregation of Revenue [Line Items]
Total Customer Revenue	21	15
SPPC | Regulated | Regulated natural gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	51	38
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	257	204
SPPC | Regulated | Total retail | Regulated electric | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	206	166
SPPC | Regulated | Total retail | Regulated natural gas | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	51	38
SPPC | Regulated | Customer Revenue
Disaggregation of Revenue [Line Items]
Total Customer Revenue	256	203
SPPC | Regulated | Customer Revenue | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	117	96
SPPC | Regulated | Customer Revenue | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	85	64
SPPC | Regulated | Customer Revenue | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	53	42
SPPC | Regulated | Customer Revenue | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	1
SPPC | Regulated | Customer Revenue | Regulated electric | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	205	165
SPPC | Regulated | Customer Revenue | Regulated electric | Retail electric | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	85	71
SPPC | Regulated | Customer Revenue | Regulated electric | Retail electric | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	70	54
SPPC | Regulated | Customer Revenue | Regulated electric | Retail electric | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	49	39
SPPC | Regulated | Customer Revenue | Regulated electric | Retail electric | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	1
SPPC | Regulated | Customer Revenue | Regulated natural gas | Retail gas
Disaggregation of Revenue [Line Items]
Total Customer Revenue	51	38
SPPC | Regulated | Customer Revenue | Regulated natural gas | Retail gas | Residential
Disaggregation of Revenue [Line Items]
Total Customer Revenue	32	25
SPPC | Regulated | Customer Revenue | Regulated natural gas | Retail gas | Commercial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	15	10
SPPC | Regulated | Customer Revenue | Regulated natural gas | Retail gas | Industrial
Disaggregation of Revenue [Line Items]
Total Customer Revenue	4	3
SPPC | Regulated | Customer Revenue | Regulated natural gas | Retail gas | Other retail
Disaggregation of Revenue [Line Items]
Total Customer Revenue	0	0
SPPC | Regulated | Distribution only service
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	1
SPPC | Regulated | Distribution only service | Regulated electric | Retail electric
Disaggregation of Revenue [Line Items]
Total Customer Revenue	1	1
SPPC | Regulated | Distribution only service | Regulated natural gas | 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, 2022	Mar. 31, 2021
Revenue from External Customer [Line Items]
Total Customer Revenue	$ 4,719	$ 4,712
Operating revenue	6,030	6,081
EEGH
Revenue from External Customer [Line Items]
Total Customer Revenue	488	486
Operating revenue	482	486
Regulated
Revenue from External Customer [Line Items]
Total Customer Revenue	4,115	4,094
Regulated | EEGH
Revenue from External Customer [Line Items]
Total Customer Revenue	285	296
Nonregulated | EEGH
Revenue from External Customer [Line Items]
Total Customer Revenue	203	190
Gas transportation and storage | Regulated
Revenue from External Customer [Line Items]
Total Customer Revenue	388	498
Gas transportation and storage | Regulated | EEGH
Revenue from External Customer [Line Items]
Total Customer Revenue	285	279
Wholesale | Regulated
Revenue from External Customer [Line Items]
Total Customer Revenue	236	193
Wholesale | Regulated | EEGH
Revenue from External Customer [Line Items]
Total Customer Revenue	0	17
Other revenue
Revenue from External Customer [Line Items]
Operating revenue	104	137
Other revenue | EEGH
Revenue from External Customer [Line Items]
Operating revenue	$ (6)	$ 0

XML

Revenue from Contracts with Customers - EEGH - Remaining Performance Obligation (Details) - EEGH $ in Millions	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 18,893
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 1,832
Performance obligations expected to be satisfied, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 17,061
Performance obligations expected to be satisfied, expected timing of satisfaction, period

XML

Components of Other Comprehensive Income (Loss), Net - BHE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	$ 50,589	$ 46,977
Other comprehensive income (loss)	(18)	112
Balance	50,424	47,051
Accumulated Other Comprehensive (Loss) Income, Net
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(1,340)	(1,552)
Other comprehensive income (loss)	(18)	112
Balance	(1,358)	(1,440)
Unrecognized Amounts on Retirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(318)	(492)
Other comprehensive income (loss)	15	7
Balance	(303)	(485)
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(1,086)	(1,062)
Other comprehensive income (loss)	(110)	91
Balance	(1,196)	(971)
Unrealized Losses on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	59	(8)
Other comprehensive income (loss)	77	14
Balance	136	6
Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(5)	(10)
Other comprehensive income (loss)	0	0
Balance	$ (5)	$ (10)

XML

Components of Other Comprehensive Income (Loss), Net - EEGH (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	$ 50,589	$ 46,977
Other comprehensive income (loss)	(18)	112
Balance	50,424	47,051
EEGH
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	7,494	6,995
Other comprehensive income (loss)	5	12
Balance	7,590	7,078
Accumulated Other Comprehensive (Loss) Income, Net
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(1,340)	(1,552)
Other comprehensive income (loss)	(18)	112
Balance	(1,358)	(1,440)
Accumulated Other Comprehensive (Loss) Income, Net | EEGH
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(43)	(53)
Other comprehensive income (loss)	5	8
Balance	(38)	(45)
Unrecognized Amounts on Retirement Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(318)	(492)
Other comprehensive income (loss)	15	7
Balance	(303)	(485)
Unrecognized Amounts on Retirement Benefits | EEGH
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(6)	(12)
Other comprehensive income (loss)	1	2
Balance	(5)	(10)
Unrealized Losses on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	59	(8)
Other comprehensive income (loss)	77	14
Balance	136	6
Unrealized Losses on Cash Flow Hedges | EEGH
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(42)	(51)
Other comprehensive income (loss)	4	10
Balance	(38)	(41)
Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(5)	(10)
Other comprehensive income (loss)	0	0
Balance	(5)	(10)
Noncontrolling Interest | EEGH
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(5)	(10)
Other comprehensive income (loss)	0	4
Balance	$ (5)	$ (6)

XML

Segment Information - BHE (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Operating revenue	$ 6,030	$ 6,081
Depreciation and amortization	1,022	927
Operating income	1,236	1,333
Interest expense	532	530
Capitalized interest	17	14
Allowance for equity funds	38	26
Interest and dividend income	23	21
Losses on marketable securities, net	(1,257)	(1,118)
Other, net	5	8
Income (loss) before income tax expense (benefit) and equity income (loss)	(470)	(246)
Total loss on common shares	(145)	(34)
Assets	131,469		$ 132,065
PAC
Segment Reporting Information [Line Items]
Operating revenue	1,297	1,242
Depreciation and amortization	280	264
Operating income	216	234
Interest expense	106	107
Total loss on common shares	130	169
Assets	27,999		27,615
MidAmerican Funding
Segment Reporting Information [Line Items]
Operating revenue	1,005	1,067
Depreciation and amortization	250	207
Operating income	100	48
Interest expense	82	78
Total loss on common shares	241	144
Assets	25,451		25,352
NV Energy
Segment Reporting Information [Line Items]
Operating revenue	693	591
Depreciation and amortization	140	136
Operating income	62	70
Interest expense	51	52
Total loss on common shares	29	34
Assets	15,430		15,239
Northern Powergrid
Segment Reporting Information [Line Items]
Operating revenue	315	300
Depreciation and amortization	80	71
Operating income	159	151
Interest expense	32	33
Total loss on common shares	111	104
Assets	9,175		9,326
BHE Pipeline Group
Segment Reporting Information [Line Items]
Operating revenue	1,035	1,093
Depreciation and amortization	131	118
Operating income	538	618
Interest expense	37	38
Total loss on common shares	322	383
Assets	20,486		20,434
BHE Transmission
Segment Reporting Information [Line Items]
Operating revenue	183	180
Depreciation and amortization	58	58
Operating income	83	81
Interest expense	38	38
Total loss on common shares	62	59
Assets	9,618		9,476
BHE Renewables
Segment Reporting Information [Line Items]
Operating revenue	167	190
Depreciation and amortization	65	60
Operating income	(2)	33
Interest expense	41	40
Total loss on common shares	104	16
Assets	12,138		11,829
HomeServices
Segment Reporting Information [Line Items]
Operating revenue	1,207	1,232
Depreciation and amortization	15	11
Operating income	28	112
Interest expense	1	1
Total loss on common shares	21	84
Assets	4,036		4,574
BHE and Other
Segment Reporting Information [Line Items]
Operating revenue	128	186
Depreciation and amortization	3	2
Operating income	52	(14)
Interest expense	144	143
Total loss on common shares	(1,165)	(1,027)
Assets	7,136		$ 8,220
U.S.
Segment Reporting Information [Line Items]
Operating revenue	5,534	5,597
Income (loss) before income tax expense (benefit) and equity income (loss)	(654)	(423)
United Kingdom
Segment Reporting Information [Line Items]
Operating revenue	315	300
Income (loss) before income tax expense (benefit) and equity income (loss)	139	132
Canada
Segment Reporting Information [Line Items]
Operating revenue	181	177
Income (loss) before income tax expense (benefit) and equity income (loss)	46	39
Other
Segment Reporting Information [Line Items]
Operating revenue	0	7
Income (loss) before income tax expense (benefit) and equity income (loss)	$ (1)	$ 6

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Segment Information - BHE - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 11,650
Acquisitions	3
Foreign currency translation	(4)
Ending balance	11,649
PAC
Goodwill [Roll Forward]
Beginning balance	1,129
Acquisitions	0
Foreign currency translation	0
Ending balance	1,129
MidAmerican Funding
Goodwill [Roll Forward]
Beginning balance	2,102
Acquisitions	0
Foreign currency translation	0
Ending balance	2,102
NV Energy
Goodwill [Roll Forward]
Beginning balance	2,369
Acquisitions	0
Foreign currency translation	0
Ending balance	2,369
Northern Powergrid
Goodwill [Roll Forward]
Beginning balance	992
Acquisitions	0
Foreign currency translation	(20)
Ending balance	972
BHE Pipeline Group
Goodwill [Roll Forward]
Beginning balance	1,814
Acquisitions	0
Foreign currency translation	0
Ending balance	1,814
BHE Transmission
Goodwill [Roll Forward]
Beginning balance	1,563
Acquisitions	0
Foreign currency translation	16
Ending balance	1,579
BHE Renewables
Goodwill [Roll Forward]
Beginning balance	95
Acquisitions	0
Foreign currency translation	0
Ending balance	95
HomeServices
Goodwill [Roll Forward]
Beginning balance	1,586
Acquisitions	3
Foreign currency translation	0
Ending balance	$ 1,589

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Segment Information - MEC (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) operatingSegment reportableSegment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | operatingSegment	8
Operating revenue	$ 6,030	$ 6,081
Operating income	1,236	1,333
Interest expense	(532)	(530)
Allowance for equity funds	38	26
Other, net	5	8
Income (loss) before income tax expense (benefit) and equity income (loss)	(470)	(246)
Assets	$ 131,469		$ 132,065
MEC
Segment Reporting Information [Line Items]
Number of reportable segments | reportableSegment	2
Operating revenue	$ 1,005	1,067
Operating income	100	48
Interest expense	(78)	(74)
Allowance for borrowed funds	4	2
Allowance for equity funds	15	6
Other, net	(3)	11
Income (loss) before income tax expense (benefit) and equity income (loss)	38	(7)
Assets	23,351		23,257
MEC | Regulated electric
Segment Reporting Information [Line Items]
Operating revenue	608	545
Operating income	51	9
Assets	21,613		21,385
MEC | Regulated natural gas
Segment Reporting Information [Line Items]
Operating revenue	396	512
Operating income	49	39
Assets	1,737		1,871
MEC | Other
Segment Reporting Information [Line Items]
Operating revenue	1	$ 10
Assets	$ 1		$ 1

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Segment Information - LLC (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) operatingSegment reportableSegment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | operatingSegment	8
Operating revenue	$ 6,030	$ 6,081
Operating income	1,236	1,333
Interest expense	(532)	(530)
Allowance for equity funds	38	26
Other, net	5	8
Income (loss) before income tax expense (benefit) and equity income (loss)	(470)	(246)
Assets	$ 131,469		$ 132,065
MidAmerican Funding, LLC
Segment Reporting Information [Line Items]
Number of reportable segments | reportableSegment	2
Operating revenue	$ 1,005	1,067
Operating income	100	48
Interest expense	(82)	(78)
Allowance for borrowed funds	4	2
Allowance for equity funds	15	6
Other, net	(4)	10
Income (loss) before income tax expense (benefit) and equity income (loss)	33	(12)
Assets	24,626		24,531
MidAmerican Funding, LLC | Regulated electric
Segment Reporting Information [Line Items]
Operating revenue	608	545
Operating income	51	9
Assets	22,804		22,576
MidAmerican Funding, LLC | Regulated natural gas
Segment Reporting Information [Line Items]
Operating revenue	396	512
Operating income	49	39
Assets	1,816		1,950
MidAmerican Funding, LLC | Other
Segment Reporting Information [Line Items]
Operating revenue	1	$ 10
Assets	$ 6		$ 5

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Segment Information - SPPC (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) operatingSegment reportableSegment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | operatingSegment	8
Operating revenue	$ 6,030	$ 6,081
Operating income	1,236	1,333
Interest expense	(532)	(530)
Allowance for equity funds	38	26
Interest and dividend income	23	21
Other, net	5	8
Income (loss) before income tax expense (benefit) and equity income (loss)	(470)	(246)
Assets	$ 131,469		$ 132,065
SPPC
Segment Reporting Information [Line Items]
Number of reportable segments | reportableSegment	2
Operating revenue	$ 279	220
Operating income	38	39
Interest expense	(13)	(14)
Capitalized interest	1	0
Allowance for equity funds	2	1
Interest and dividend income	3	2
Other, net	2	4
Income (loss) before income tax expense (benefit) and equity income (loss)	33	32
Assets	4,279		4,223
SPPC | Regulated electric
Segment Reporting Information [Line Items]
Regulated electric	227	181
Operating revenue	227	181
Operating income	30	31
Assets	3,869		3,829
SPPC | Regulated natural gas
Segment Reporting Information [Line Items]
Regulated natural gas	52	39
Operating revenue	52	39
Operating income	8	$ 8
Assets	375		365
SPPC | Other
Segment Reporting Information [Line Items]
Assets	$ 35		$ 29