Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Line Items]

Property, plant and equipment, net consists of the following (in millions):


		As of
	Depreciable	March 31,		December 31,
	Life	2025		2024
Regulated assets:
Utility generation, transmission and distribution systems	5-80 years	$	104,030	$	103,015
Interstate natural gas pipeline assets	3-80 years	20,327		20,237
		124,357		123,252
Accumulated depreciation and amortization		(39,687)		(38,940)
Regulated assets, net		84,670		84,312

Nonregulated assets:
Independent power plants	2-50 years	9,082		8,619
Cove Point LNG facility	40 years	3,456		3,455
Other assets	2-30 years	2,851		2,766
		15,389		14,840
Accumulated depreciation and amortization		(4,320)		(4,176)
Nonregulated assets, net		11,069		10,664

		95,739		94,976
Construction work-in-progress		9,575		8,793
Property, plant and equipment, net		$	105,314	$	103,769

Construction work-in-progress includes $8.8 billion as of March 31, 2025 and $8.0 billion as of December 31, 2024, related to the construction of regulated assets.

PAC

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):


		As of
		March 31,		December 31,
	Depreciable Life	2025		2024
Utility plant:
Generation	15 - 59 years	$	14,446	$	14,316
Transmission	60 - 90 years	11,276		10,939
Distribution	20 - 75 years	10,169		9,842
Intangible plant and other	2 - 75 years	2,506		2,958
Utility plant in-service		38,397		38,055
Accumulated depreciation and amortization		(12,726)		(12,504)
Utility plant in-service, net		25,671		25,551
Nonregulated, net of accumulated depreciation and amortization	14 - 75 years	19		19
		25,690		25,570
Construction work-in-progress		3,797		3,550
Property, plant and equipment, net		$	29,487	$	29,120

On January 1, 2025, PacifiCorp implemented the Federal Energy Regulatory Commission's ("FERC") Order 898, "Accounting and Reporting Treatment of Certain Renewable Energy Assets," which required certain plant balances to be reclassified to different functions. As a result of the implementation, $229 million, $42 million and $169 million was transferred to Transmission, Generation and Distribution plant, respectively, from Intangible plant and other primarily due to communications assets previously reported as other plant being functionalized to the noted categories.

Government Grants

On January 20, 2025, U.S. federal executive order entitled Unleashing American Energy was issued requiring federal agencies to immediately pause disbursement of federal funds appropriated under the Inflation Reduction Act of 2022 and the Infrastructure Investment and Jobs Act, subject to respective agency review within 90 days of the date of the order of the agency's processes, policies and programs for issuing grants consistent with the policies stated in the executive order. Based on discussions with the Department of Energy ("DOE") contracting officers, PacifiCorp does not believe the executive order will impact funding for PacifiCorp's contracted awards. PacifiCorp has been working closely with DOE contracting officers regarding submission of costs for reimbursement.

As of March 31, 2025 and December 31, 2024, approximately $22 million and $11 million, respectively, of federal grant funds reduced additions to Property, plant and equipment – net on the Consolidated Balance Sheets. During the three-month period ended March 31, 2025, approximately $13 million of federal grant funds reduced operating expenses on the Consolidated Statements of Operations. Federal grant funds received during the three-month period ended March 31, 2024 were insignificant.

MEC

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):


		As of
		March 31,		December 31,
	Depreciable Life	2025		2024
Utility plant:
Generation	20-62 years	$	18,383	$	18,446
Transmission	55-80 years	3,061		3,029
Electric distribution	15-80 years	5,952		5,890
Natural gas distribution	30-75 years	2,431		2,413
Utility plant in-service		29,827		29,778
Accumulated depreciation and amortization		(8,763)		(8,572)
Utility plant in-service, net		21,064		21,206



Nonregulated, net of accumulated depreciation and amortization	20-50 years	6		6
		21,070		21,212
Construction work-in-progress		1,761		1,553
Property, plant and equipment, net		$	22,831	$	22,765

Under a revenue sharing arrangement in Iowa, MidAmerican Energy accrues throughout the year a regulatory liability based on the extent to which its anticipated annual equity return exceeds specified thresholds, with an equal amount recorded in depreciation and amortization expense. The annual regulatory liability accrual reduces utility plant upon final determination of the amount. For the three-month periods ended March 31, 2025 and 2024, $61 million and $— million, respectively, is reflected in depreciation and amortization expense on the Statements of Operations.

MidAmerican Funding, LLC

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Refer to Note 4 of MidAmerican Energy's Notes to Financial Statements.

NPC

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):


		As of
	Depreciable Life	March 31,		December 31,
		2025		2024
Utility plant:
Generation	30 - 65 years	$	5,434	$	5,369
Transmission	55 - 75 years	1,724		1,660
Distribution	24 - 70 years	4,844		4,754
Intangible plant and other	5 - 65 years	847		900
Utility plant		12,849		12,683
Accumulated depreciation and amortization		(4,155)		(4,093)
Utility plant, net		8,694		8,590
Nonregulated, net of accumulated depreciation and amortization	40 years	1		1
		8,695		8,591
Construction work-in-progress		913		810
Property, plant and equipment, net		$	9,608	$	9,401

SPPC

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):


		As of
	Depreciable Life	March 31,		December 31,
		2025		2024
Utility plant:
Generation	25 - 70 years	$	1,339	$	1,339
Transmission	50 - 76 years	1,126		1,071
Electric distribution	20 - 76 years	2,226		2,224
Electric intangible plant and other	5 - 65 years	202		254
Natural gas distribution	35 - 70 years	564		563
Natural gas intangible plant and other	5 - 65 years	18		18
Common other	5 - 65 years	380		377
Utility plant		5,855		5,846
Accumulated depreciation and amortization		(2,200)		(2,208)
		3,655		3,638


Construction work-in-progress		1,012		801
Property, plant and equipment, net		$	4,667	$	4,439

EEGH

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):


		As of
		March 31,		December 31,
	Depreciable Life	2025		2024
Utility plant:
Interstate natural gas transmission assets	34 - 51 years	$	6,450	$	6,461
Storage assets	47 - 79 years	2,778		2,767
Intangible plant and other assets	4 - 53 years	495		482
Utility plant in-service		9,723		9,710
Accumulated depreciation and amortization		(3,426)		(3,381)
Utility plant in-service, net		6,297		6,329

Nonutility plant:

LNG facility	40 years	4,566		4,565
Accumulated depreciation and amortization		(811)		(779)
Nonutility plant, net		3,755		3,786

		10,052		10,115
Construction work-in-progress		219		223
Property, plant and equipment, net		$	10,271	$	10,338

Construction work-in-progress includes $207 million and $213 million as of March 31, 2025 and December 31, 2024, respectively, related to the construction of utility plant.

EGTS

Property, Plant and Equipment [Line Items]

Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following (in millions):


		As of
		March 31,		December 31,
	Depreciable Life	2025		2024

Interstate natural gas transmission assets	47 - 51 years	$	5,087	$	5,093
Storage assets	47 - 51 years	1,812		1,803
Intangible plant and other assets	12 - 53 years	390		386
Plant in-service		7,289		7,282
Accumulated depreciation and amortization		(2,730)		(2,699)
		4,559		4,583










Construction work-in-progress		179		188
Property, plant and equipment, net		$	4,738	$	4,771

BERKSHIRE HATHAWAY ENERGY CO 10-Q