The shares nearly touched $70 in April but have come back down along with the rest of the energy sector.
On six consecutive market days starting a week ago Wednesday, Berkshire purchased a total of 4.3 million shares for $258.8 million. That’s an average of $59.98 per share.
It will use geothermal electricity to help power its data centers as it moves towards its goal of using only carbon-free energy by 2030.
Under the arrangement, NV Energy will get 115 megawatts of electricity generated by a geothermal plant developed by a startup called Fervo Energy.
Google will agree to buy that power from NV Energy, a commitment that will facilitate the relatively expensive investment needed to produce geothermal energy on a larger, more economical scale.
Google Data Center Southland is seen from air in Council Bluffs, Iowa in 2019. REUTERS/Brian Snyder
Unlike solar and wind power, which are affected by the weather and the Earth’s rotation, geothermal taps into heat in the planet’s crust and is thus reliably available around the clock
The arrangement needs to be approved by Nevada regulators.
Last week, Occidental Petroleum announced it will work with BHE on extracting lithium from geothermal brine, the liquid used to transfer heat from underground to a power plant.
The ‘simple arithmetic’ behind a Berkshire buyback (2019)
Warren Buffett lays out the conditions necessary before Berkshire will buy back any of its shares, drawing a distinction with almost every other company’s repurchasing strategy.
BERKSHIRE STOCK WATCH
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Twelve months
BERKSHIRE’S TOP U.S. STOCK HOLDINGS – Jun. 14, 2024
Berkshire’s top holdings of disclosed publicly traded stocks in the U.S., Japan, and Hong Kong, by market value, based on today’s closing prices.
