How Berkshire Hathaway Energy escaped ‘The Coal Trap’
Warren Buffet’s Berkshire Hathaway BRK.B +1.5% Energy purchased 2,000 acres in West Virginia, where the company will provide solar energy to an aerospace enterprise, creating as many as 1,000 jobs. The $500 million project is a potential magnet for similar businesses and helps to diversify the state’s economy and energy base.
Despite the optimism, economic expansion remains an uphill battle. West Virginia’s Public Service Commission is under the thumb of coal companies that still have political muscle. Examples abound, underscoring that point. The state’s citizens are paying more for electricity as a result, while their communities may forego growth.
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