Buffett On Iowa Electricity Costs

Mar 28, 2016

Low electric rates in Iowa are being touted by none other than billionaire Warren Buffett, whose company owns MidAmerican Energy. Rick Fredericksen has the story.

In his annual report to shareholders, Warren Buffett says, "Our rock-bottom prices add up to real money for paycheck-strapped customers." The Berkshire Hathaway CEO says MidAmerican’s retail rate was 6.8 cents per kilowatt hour, much lower than the national average (10.4) and for the surrounding states of Nebraska (9.0), Minnesota (9.7), Missouri (9.3) and Illinois (9.3). And also cheaper than Alliant Energy (9.5), Iowa’s other major utility. Buffett tells investors that when new projects come on line next year, energy generated from wind will total 58 percent of the electricity consumed by MidAmerican retail customers in Iowa. In Des Moines, I'm Rick Fredericksen, Iowa Public Radio News.