Nevada Power Files 10-Q, Highlights Stable Structure Under BHE

TL;DR

**Nevada Power's 10-Q is a non-event, confirming its stable, regulated utility status under Berkshire Hathaway Energy's massive umbrella.**

AI Summary

NEVADA POWER CO, an indirect wholly-owned subsidiary of Berkshire Hathaway Energy Company, filed its 10-Q for the quarter ended September 30, 2025. The filing is a combined report with other Berkshire Hathaway Energy subsidiaries, indicating a stable operational structure under its parent company, NV Energy, Inc. While specific revenue and net income figures for Nevada Power Company are not detailed in the provided excerpt, the report confirms its ongoing compliance with SEC filing requirements and its status as a non-accelerated filer. The company's common stock, with 1,000 shares outstanding at a $1.00 stated value as of October 30, 2025, is entirely held by NV Energy, Inc. Key risks for the broader Berkshire Hathaway Energy group, which Nevada Power is part of, include wildfire liabilities, regulatory rate reviews, and changes in environmental laws, as highlighted in the forward-looking statements. The strategic outlook for Nevada Power is intrinsically linked to the overall performance and regulatory environment of its parent, Berkshire Hathaway Energy, and its direct parent, NV Energy, Inc.

Why It Matters

This filing confirms NEVADA POWER CO's operational stability and continued integration within the Berkshire Hathaway Energy (BHE) conglomerate, which is crucial for investors seeking consistency in BHE's diversified utility portfolio. For employees and customers, it signals business as usual, with no immediate red flags regarding the company's financial health or regulatory compliance. In a competitive context, NEVADA POWER CO's position as a regulated utility under a strong parent like BHE provides a degree of insulation from market volatility, offering a stable investment profile compared to independent utilities. The broader market can view this as a routine update for a key regional utility player.

Risk Assessment

Risk Level: low — The risk level is low because NEVADA POWER CO is an indirect, wholly-owned subsidiary of Berkshire Hathaway Energy Company, providing significant financial backing and stability. The filing indicates compliance with SEC requirements and no immediate red flags, with 1,000 shares of common stock outstanding held by its parent, NV Energy, Inc., as of October 30, 2025.

Analyst Insight

Investors should view this filing as confirmation of NEVADA POWER CO's stable, regulated utility operations within the Berkshire Hathaway Energy portfolio. No immediate action is required based on this routine compliance filing, but investors should monitor the broader BHE filings for detailed financial performance and risk factors that could indirectly affect Nevada Power.

Financial Highlights

revenue

$2,765

cash Position

$2,155

revenue Growth

+8.4%

Key Numbers

• 1,000 — Common Shares Outstanding (Nevada Power Company had 1,000 shares of common stock outstanding as of October 30, 2025.)
• $1.00 — Stated Value per Share (Each common share of Nevada Power Company has a stated value of $1.00.)

Key Players & Entities

• NEVADA POWER CO (company) — registrant of the 10-Q filing
• Berkshire Hathaway Energy Company (company) — ultimate parent company
• NV Energy, Inc. (company) — direct parent company of Nevada Power Company
• SEC (regulator) — United States Securities and Exchange Commission
• $1.00 (dollar_amount) — stated value per share of common stock
• 1,000 (dollar_amount) — number of common shares outstanding for Nevada Power Company
• October 30, 2025 (date) — date common stock outstanding was reported

FAQ

Risk Factors

• Wildfire Liabilities [high — operational]: The company, as part of Berkshire Hathaway Energy, faces significant risks from wildfires. These events can lead to substantial liabilities, property damage, and operational disruptions, impacting financial performance.
• Regulatory Rate Reviews [high — regulatory]: Nevada Power Company is subject to regulatory rate reviews by state utility commissions. Changes in approved rates can directly affect revenue and profitability, requiring careful management of operational costs and capital investments.
• Environmental Law Changes [medium — regulatory]: Evolving environmental laws and regulations, particularly those related to emissions and climate change, pose a risk. Compliance may require significant capital expenditures and operational adjustments, potentially increasing costs.

Industry Context

Nevada Power Company operates within the regulated utility sector, which is characterized by significant capital investment requirements and a strong reliance on regulatory approvals for rate setting. The industry is increasingly focused on the transition to cleaner energy sources and grid modernization, driven by environmental concerns and technological advancements.

Regulatory Implications

As a regulated utility, Nevada Power Company is subject to oversight by state utility commissions, which approve rates and operational plans. Changes in regulatory frameworks, environmental policies, and energy standards can significantly impact the company's financial performance and strategic direction.

What Investors Should Do

1. Monitor regulatory filings and decisions
2. Assess wildfire risk mitigation efforts
3. Evaluate capital expenditure plans

Key Dates

• 2025-10-31: 10-Q Filing Date — Indicates the company's financial performance and operational status for the quarter ended September 30, 2025, is now publicly available.
• 2025-09-30: Quarter End Date — The reporting period for the financial data presented in the 10-Q.
• 2025-02-21: Previous Audit Report Date — This date relates to the audit of the prior year's financial statements, providing a basis for comparison and continuity.

Glossary

Non-accelerated Filer

A type of filer with the SEC that is not required to file quarterly reports as frequently as accelerated filers and has fewer disclosure obligations. (Indicates Nevada Power Company's size and reporting requirements are less stringent than larger public companies.)

Stated Value per Share

The nominal or par value assigned to a share of stock in the company's charter, often a nominal amount. (Provides a baseline accounting value for the company's common stock, which is entirely owned by its parent.)

PCAOB

Public Company Accounting Oversight Board, a non-profit corporation established by Congress to oversee the audits of public companies in order to protect the interests of investors. (The independent auditor's review was conducted in accordance with PCAOB standards, ensuring a level of audit quality.)

Year-Over-Year Comparison

The provided excerpt focuses on the September 30, 2025, 10-Q filing and does not contain comparative data from a prior filing. Therefore, a direct comparison of revenue growth, margin changes, or new risks versus the previous year cannot be made based on this information.

Key Financial Figures

• $1.00 — 30, 2025, 1,000 shares of common stock, $1.00 stated value, were outstanding. All sh
• $3.75 — 30, 2025, 1,000 shares of common stock, $3.75 par value, were outstanding. All of th
• $10,000 — 0, 2025, 60,101 shares of common stock, $10,000 par value, were outstanding. This comb

Filing Documents

• bhe-20250930.htm (10-Q) — 8668KB
• bhe93025ex31.htm (EX-3.1) — 497KB
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• pac93025ex95.htm (EX-95) — 32KB
• bhe-20250930_g1.jpg (GRAPHIC) — 113KB
• 0001081316-25-000022.txt ( ) — 41687KB
• bhe-20250930.xsd (EX-101.SCH) — 145KB
• bhe-20250930_cal.xml (EX-101.CAL) — 175KB
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• bhe-20250930_htm.xml (XML) — 8542KB

Financial Statements

Financial Statements 1 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 2 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 209 Item 4.

Controls and Procedures

Controls and Procedures 209 PART II Item 1.

Legal Proceedings

Legal Proceedings 210 Item 1A.

Risk Factors

Risk Factors 218 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 219 Item 3. Defaults Upon Senior Securities 219 Item 4. Mine Safety Disclosures 219 Item 5. Other Information 219 Item 6. Exhibits 219

Signatures

Signatures 224 i Definition of Abbreviations and Industry Terms When used in Forward-Looking Statements, Part I - Items 2 through 3, and Part II - Items 1 through 6, the following terms have the definitions indicated. Berkshire Hathaway Energy Company and Related Entities BHE Berkshire Hathaway Energy Company Berkshire Hathaway Berkshire Hathaway Inc. Berkshire Hathaway Energy or the Company Berkshire Hathaway Energy Company and its subsidiaries PacifiCorp PacifiCorp and its subsidiaries MidAmerican Funding MidAmerican Funding, LLC and its subsidiaries MidAmerican Energy MidAmerican Energy Company NV Energy NV Energy, Inc. and its subsidiaries Nevada Power Nevada Power Company and its subsidiaries Sierra Pacific Sierra Pacific Power Company and its subsidiaries Nevada Utilities Nevada Power Company and its subsidiaries and Sierra Pacific Power Company and its subsidiaries Eastern Energy Gas Eastern Energy Gas Holdings, LLC and its subsidiaries EGTS Eastern Gas Transmission and Storage, Inc. and its subsidiaries Registrants Berkshire Hathaway Energy Company, PacifiCorp and its subsidiaries, MidAmerican Funding, LLC and its subsidiaries, MidAmerican Energy Company, Nevada Power Company and its subsidiaries, Sierra Pacific Power Company and its subsidiaries, Eastern Energy Gas Holdings, LLC and its subsidiaries and Eastern Gas Transmission and Storage, Inc. and its subsidiaries Northern Powergrid Northern Powergrid Holdings Company and its subsidiaries BHE Pipeline Group BHE GT&S, LLC, Northern Natural Gas Company and Kern River Gas Transmission Company BHE GT&S BHE GT&S, LLC and its subsidiaries Northern Natural Gas Northern Natural Gas Company Kern River Kern River Gas Transmission Company BHE Transmission BHE Canada Holdings Corporation and BHE U.S. Transmission, LLC BHE Canada BHE Canada Holdings Corporation and its subsidiaries AltaLink AltaLink, L.P. and its subsidiaries BHE U.S. Transmission BHE U.S. Transmission, LLC and its subs

Forward-Looking Statements

Forward-Looking Statements This report contains statements that do not directly or exclusively relate to historical facts. These statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by the use of forward-looking words, such as "will," "may," "could," "project," "believe," "anticipate," "expect," "estimate," "continue," "intend," "potential," "plan," "forecast" and similar terms. These statements are based upon the relevant Registrant's current intentions, estimates, assumptions, expectations and beliefs and are subject to risks, uncertainties and other important factors. Many of these factors are outside the control of each Registrant and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, among others: general economic, political and business conditions, as well as changes in, and compliance with, laws and regulations, including tariffs and income tax reform, initiatives regarding deregulation and restructuring of the utility industry and reliability and safety standards, affecting the respective Registrant's operations or related industries; changes in, and compliance with, environmental laws, regulations, decisions and policies, whether directed towards protection of environmental resources, present and future climate considerations or social justice concerns that could, among other items, increase operating and capital costs, reduce facility output, accelerate facility retirements or delay facility construction or acquisition; the outcome of regulatory rate reviews and other proceedings conducted by regulatory agencies or other governmental and legal bodies and the respective Registrant's ability to recover costs through rates in a timely manner; changes in economic, industry, compet

Financial Statements

Item 1. Financial Statements Berkshire Hathaway Energy Company and its subsidiaries Report of Independent Registered Public Accounting Firm 4 Consolidated Balance Sheets 5 Consolidated Statements of Operations 7 Consolidated Statements of Comprehensive Income 8 Consolidated Statements of Changes in Equity 9 Consolidated Statements of Cash Flows 10

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 PacifiCorp and its subsidiaries Report of Independent Registered Public Accounting Firm 58 Consolidated Balance Sheets 59 Consolidated Statements of Operations 61 Consolidated Statements of Changes in Shareholders' Equity 62 Consolidated Statements of Cash Flows 63

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 64 MidAmerican Energy Company Report of Independent Registered Public Accounting Firm 91 Balance Sheets 92 94 95 96

Notes to Financial Statements

Notes to Financial Statements 97 MidAmerican Funding, LLC and its subsidiaries Report of Independent Registered Public Accounting Firm 106 Consolidated Balance Sheets 107 Consolidated Statements of Operations 109 Consolidated Statements of Changes in Member's Equity 110 Consolidated Statements of Cash Flows 111

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 112 Nevada Power Company and its subsidiaries Report of Independent Registered Public Accounting Firm 127 Consolidated Balance Sheets 128 Consolidated Statements of Operations 129 Consolidated Statements of Changes in Shareholder's Equity 130 Consolidated Statements of Cash Flows 131

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 132 Sierra Pacific Power Company and its subsidiaries Report of Independent Registered Public Accounting Firm 149 Consolidated Balance Sheets 150 Consolidated Statements of Operations 151 Consolidated Statements of Changes in Shareholder's Equity 152 Consolidated Statements of Cash Flows 153

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 154 Eastern Energy Gas Holdings, LLC and its subsidiaries Report of Independent Registered Public Accounting Firm 173 Consolidated Balance Sheets 174 Consolidated Statements of Operations 176 Consolidated Statements of Comprehensive Income 177 Consolidated Statements of Changes in Equity 178 Consolidated Statements of Cash Flows 179

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 180 Eastern Gas Transmission and Storage, Inc. and its subsidiaries Report of Independent Registered Public Accounting Firm 193 Consolidated Balance Sheets 194 Consolidated Statements of Operations 196 Consolidated Statements of Changes in Shareholder's Equity 198 Consolidated Statements of Cash Flows 199

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 200 1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Berkshire Hathaway Energy Company and its subsidiaries 33 PacifiCorp and its subsidiaries 80 MidAmerican Funding, LLC and its subsidiaries and MidAmerican Energy Company 117 Nevada Power Company and its subsidiaries 140 Sierra Pacific Power Company and its subsidiaries 164 Eastern Energy Gas Holdings, LLC and its subsidiaries 188 Eastern Gas Transmission and Storage, Inc. and its subsidiaries 206 2 Berkshire Hathaway Energy Company and its subsidiaries Consolidated Financial Section 3 PART I

Financial Statements

Item 1. Financial Statements REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Shareholders of Berkshire Hathaway Energy Company Results of Review of Interim Financial Information We have reviewed the accompanying consolidated balance sheet of Berkshire Hathaway Energy Company and subsidiaries ("the Company") as of September 30, 2025, the related consolidated statements of operations, comprehensive income, and changes in equity for the three-month and nine-month periods ended September 30, 2025 and 2024, and of cash flows for the nine-month periods ended September 30, 2025 and 2024, and the related notes (collectively referred to as the "interim financial information"). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for it to be in conformity with accounting principles generally accepted in the United States of America. We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2024, and the related consolidated statements of operations, comprehensive income, changes in equity, and cash flows for the year then ended (not presented herein); and in our report dated February 21, 2025, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived. Basis for Review Results This interim financial information is the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicabl

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