Blog > Oil and Energy > Buffett on nuclear power: Berkshire (BRK.A) goes nuclear with Constellation (CEG) buyout
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Buffett on nuclear power: Berkshire (BRK.A) goes nuclear with Constellation (CEG) buyout

Today's Financial News - Posted October 1, 2008

With Berkshire Hathaway (NYSE:BRK.A) taking over three nuclear power plants and half of a nuclear power development firm in its Constellation Energy (NYSE:CEG) buyout, will Warren Buffett change his tune on nuclear power? Or should investors wave goodbye to the nuclear dream?

by Rebecca Smith, Wall Street Journal

Baltimore — (TFN):  Warren Buffett’s decision to rescue Constellation Energy Group Inc. gives one of the nuclear power industry’s biggest skeptics some important clout in deciding its future.

In agreeing to a $4.7-billion cash deal for Baltimore-based Constellation, Mr. Buffett’s Berkshire Hathaway Inc. will gain control of three nuclear power plants. In addition, it will own half of a prominent nuclear-plant development company, UniStar Nuclear Energy LLC, which is trying to accelerate construction of the next generation of nuclear plants in the U.S.

Mr. Buffett, who has sizable investments in electric utilities and gas pipelines through Berkshire’s energy firm, MidAmerican Energy Holding Co., has previously argued nuclear plants are too costly to build. Read on to learn whether Buffet will destroy the future of nuclear energy.

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