MidAmerican goes big on wind
MidAmerican Energy, a unit of Berkshire Hathaway is planning on build new wind capacity in Iowa with a capacity of over 1 gigawatt of power generation. The fact sheet below gives some information on the scale of these current state of the art wind turbines.
MidAmerican said it has installed 1,267 wind turbines in Iowa since 2004. When the new projects are complete, the company said about 39 percent of its generation portfolio will come from wind resources.
MidAmerican’s ability to raise capital may make it unique amongst many of its peers as is mentioned in the MRR this week. It seems to help to have a deep pocketed member in the corporate family.
Baker Hughes well count
The Baker Hughes well count released today indicated that their estimate for new wells in the Eagle Ford and Permian basins in Texas total over 3,350. That is a lot of holes in the Texas countryside. Equally amazing is that total land wells drilled in the US in the third quarter is estimated at 9,175 or over 36,000 wells annually. This is worth pondering a bit when considering the scale of the oil and gas extraction business in the US. Also keep in mind this doesn’t even consider the pipelines, refineries, rail transport and other infrastructure surrounding the oil and gas industry this nation depends on.
Note: Clients and advisers at Ravenna Capital Management currently hold positions in Berkshire Hathaway.