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Buffet Keeping "Open Mind" About Investing in Nuclear Energy

By Eric McErlain
Warren Buffet is taking a hard look at the electricity business, including nuclear energy. From a report in this morning's Wall Street Journal (subscription required):
Billionaire investor Warren Buffett said his Berkshire Hathaway Inc. is willing to invest more money in the U.S. energy sector than the $10 billion to $15 billion he previously discussed and said he sees more opportunities in the utilities industry, including nuclear power.

Mr. Buffett -- whose Berkshire vehicle already plans to buy U.S. utility PacifiCorp from Britain's Scottish Power PLC for $5.1 billion -- also said he would invest in power-transmission lines, broaden energy markets and undertake other efforts to improve electricity reliability after the deal closes. Pledging such moves, which would boost the potential value of his power holdings, also could help him win support from Western state officials who must approve the deal.
Further . . .
In the interview, Mr. Buffett said he is keeping an "open mind" about investing in a new generation of nuclear-power plants that wouldn't create air pollution. Even if there is debate about global warming and the power industry's culpability, Mr. Buffett said, "the price of making a mistake [by not acting] is such that you should err on the side of the planet."
These days, it's hard to tell the difference between Warren Buffet and James Lovelock.

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Comments

Norris McDonald said…
Warren. Call me. Have your people talk to my people. If the U.S. cannot get its act together and build new nuclear plants maybe you and I should meet with Mexico and Canada to see if we can build along the U.S. border. Then all we will need are the transimission lines to deliver the emission-free power. Call me. (301) 265-8185
June 23, 2005 at 5:21 PM
Rod Adams said…
Warren:
Call me instead. Adams Atomic Engines, Inc was incorporated in 1993 with the epress purpose of designing a new kind of nuclear power system that could be built in smaller sizes to take advantage of serial production.
We believe that our plant designs can adapt to fit into a number of market opportunities that are normally ignored by the nuclear industry, including commercial shipping, power for smaller towns and cities, and power in developing areas or countries.
Rod Adams
President and CEO, Adams Atomic Engines, Inc.
June 25, 2005 at 3:42 AM
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