Sierra Pacific Power Files 10-Q Amidst Broader BHE Risks

TL;DR

**Sierra Pacific Power's 10-Q is a routine filing, but keep an eye on wildfire liabilities at sister companies like PacifiCorp – that's where the real risk for BHE lies.**

AI Summary

Sierra Pacific Power Company, a Nevada Corporation and subsidiary of NV Energy, Inc., filed its 10-Q for the quarter ended September 30, 2025. The filing is part of a combined report by Berkshire Hathaway Energy Company and its subsidiaries. While specific revenue and net income figures for Sierra Pacific Power Company are not detailed in the provided excerpt, the company is a regulated utility. Key business changes and strategic outlook are not explicitly stated in this introductory section, but the company operates within the broader Berkshire Hathaway Energy framework. Risks highlighted in the general forward-looking statements include the outcomes of regulatory rate reviews, changes in environmental laws, and the significant financial and reputational impacts of wildfires, particularly for PacifiCorp, which could affect capital access and liquidity. The company also faces risks related to the ability to recover costs through rates and the economic obtainment of insurance coverage for catastrophic events.

Why It Matters

This filing provides a glimpse into the operational and financial health of Sierra Pacific Power Company, a key utility in Nevada, and by extension, its parent NV Energy and ultimate owner Berkshire Hathaway Energy. For investors, understanding the regulatory environment and wildfire-related liabilities, especially those impacting sister companies like PacifiCorp, is crucial as these can ripple through the entire BHE portfolio, affecting capital allocation and overall financial stability. Customers and employees are directly impacted by the company's ability to manage costs and risks, which influences service reliability and job security. The competitive context is shaped by the highly regulated utility sector and the increasing focus on environmental compliance and wildfire mitigation.

Risk Assessment

Risk Level: medium — The risk level is medium due to the significant, albeit indirect, exposure to wildfire liabilities and regulatory uncertainties. While Sierra Pacific Power Company's specific financial details aren't in this excerpt, the combined filing highlights 'the outcomes of legal or other actions... associated with the Wildfires, which could have a material adverse effect on PacifiCorp's financial condition and could limit PacifiCorp's ability to access capital.' This systemic risk within the Berkshire Hathaway Energy family could impact all subsidiaries, including Sierra Pacific Power Company.

Analyst Insight

Investors should scrutinize the full 10-Q for Sierra Pacific Power's specific financial performance and, more importantly, delve into the wildfire litigation details affecting PacifiCorp within the broader Berkshire Hathaway Energy filing. Assess the potential for increased capital expenditures for wildfire mitigation and the ability to recover these costs through rate cases, as these factors will directly influence future profitability and dividend stability.

Key Numbers

• 1,000 — Shares of common stock outstanding (For Sierra Pacific Power Company as of October 30, 2025)
• $3.75 — Par value per share (For Sierra Pacific Power Company's common stock)
• September 30, 2025 — Quarter end date (Period covered by the 10-Q filing)

Key Players & Entities

• SIERRA PACIFIC POWER COMPANY (company) — Registrant of the 10-Q filing
• NV Energy, Inc. (company) — Parent company of Sierra Pacific Power Company
• Berkshire Hathaway Energy Company (company) — Ultimate parent company of NV Energy, Inc. and Sierra Pacific Power Company
• PacifiCorp (company) — Sister company within Berkshire Hathaway Energy facing significant wildfire liabilities
• SEC (regulator) — United States Securities and Exchange Commission, the filing body
• September 30, 2025 (date) — End of the quarterly period for the 10-Q filing
• October 30, 2025 (date) — Date common stock outstanding figures were reported
• 1,000 (dollar_amount) — Shares of common stock outstanding for Sierra Pacific Power Company
• $3.75 (dollar_amount) — Par value per share of common stock for Sierra Pacific Power Company
• Multnomah County Circuit Court Oregon (context) — Location of the 'James' class action complaint against PacifiCorp

FAQ

Risk Factors

• Wildfire Impacts [high — operational]: Wildfires pose significant financial and reputational risks, particularly for PacifiCorp. The company faces potential impacts on capital access and liquidity due to these events, with the economic obtainment of insurance coverage for catastrophic events being a key concern.
• Regulatory Rate Reviews [high — regulatory]: The outcomes of regulatory rate reviews are a significant risk. Changes in rates determined by regulators can directly impact the company's revenue and profitability, affecting its ability to recover costs and achieve financial targets.
• Changes in Environmental Laws [medium — regulatory]: The company is exposed to risks associated with changes in environmental laws and regulations. Compliance with new or evolving environmental standards could necessitate significant capital expenditures and operational adjustments.
• Cost Recovery Through Rates [high — financial]: The ability to recover operational and capital costs through approved rates is a critical financial risk. If regulatory decisions do not allow for full cost recovery, it could negatively impact the company's financial performance.

Industry Context

Sierra Pacific Power Company operates as a regulated utility within the broader energy sector, which is characterized by significant capital investment requirements and a heavily regulated operating environment. The industry is increasingly focused on environmental compliance, grid modernization, and managing the risks associated with climate change, such as extreme weather events and wildfires. Competition, where applicable, often centers on efficiency, reliability, and customer service, within the constraints set by regulatory bodies.

Regulatory Implications

As a regulated utility, Sierra Pacific Power Company is subject to stringent oversight by state utility commissions. Key implications include the necessity of obtaining approval for rate changes, which directly impacts revenue generation and cost recovery. Compliance with environmental regulations and evolving energy policies also presents ongoing challenges and potential costs, influencing operational strategies and capital allocation.

What Investors Should Do

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

Key Dates

• 2025-09-30: Quarter end date — Marks the end of the reporting period for the 10-Q filing.
• 2025-10-31: Filing date of the 10-Q — Indicates when the financial information for the quarter ended September 30, 2025, was made public.
• 2025-10-30: Shares of common stock outstanding as of this date — Provides a snapshot of the company's equity structure at a specific point in time.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a comprehensive update on a company's financial performance. (This document is the primary source of the financial information and operational details for Sierra Pacific Power Company for the specified quarter.)

Berkshire Hathaway Energy Company

The parent company of Sierra Pacific Power Company, a major energy conglomerate. (Provides context for Sierra Pacific Power Company's operations and financial reporting, as it is included in the consolidated filings.)

PacifiCorp

Another subsidiary within the Berkshire Hathaway Energy group, which shares some common risks with Sierra Pacific Power Company, particularly related to wildfires. (Highlights a shared risk factor that can impact the broader group, including Sierra Pacific Power Company.)

Regulatory Rate Reviews

The process by which state utility commissions review and approve the rates that utility companies can charge their customers. (A key risk factor for Sierra Pacific Power Company, as these reviews directly affect its revenue and profitability.)

Year-Over-Year Comparison

Specific comparative financial data between the current 10-Q for the period ending September 30, 2025, and the prior year's filing is not detailed in the provided excerpt. However, the filing indicates that the company operates within the Berkshire Hathaway Energy framework, and general risks such as wildfire impacts, regulatory rate reviews, and environmental law changes are recurring themes that investors should monitor year-over-year for any shifts in severity or management's response.

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
• sppc93024ex45.htm (EX-4.5) — 615KB
• sppc93024ex46.htm (EX-4.6) — 168KB
• bhe93025ex151.htm (EX-15.1) — 3KB
• pac93025ex152.htm (EX-15.2) — 3KB
• mec93025ex153.htm (EX-15.3) — 4KB
• npc93025ex154.htm (EX-15.4) — 3KB
• sppc93025ex155.htm (EX-15.5) — 3KB
• eegh93025ex156.htm (EX-15.6) — 3KB
• bhe93025ex311.htm (EX-31.1) — 11KB
• bhe93025ex312.htm (EX-31.2) — 11KB
• pac93025ex313.htm (EX-31.3) — 11KB
• pac93025ex314.htm (EX-31.4) — 11KB
• mec93025ex315.htm (EX-31.5) — 11KB
• mec93025ex316.htm (EX-31.6) — 11KB
• llc93025ex317.htm (EX-31.7) — 11KB
• llc93025ex318.htm (EX-31.8) — 11KB
• npc93025ex319.htm (EX-31.9) — 11KB
• npc93025ex3110.htm (EX-31.10) — 11KB
• sppc93025ex3111.htm (EX-31.11) — 11KB
• sppc93025ex3112.htm (EX-31.12) — 11KB
• eegh93025ex3113.htm (EX-31.13) — 11KB
• eegh93025ex3114.htm (EX-31.14) — 11KB
• egts93025ex3115.htm (EX-31.15) — 11KB
• egts93025ex3116.htm (EX-31.16) — 11KB
• bhe93025ex321.htm (EX-32.1) — 5KB
• bhe93025ex322.htm (EX-32.2) — 5KB
• pac93025ex323.htm (EX-32.3) — 5KB
• pac93025ex324.htm (EX-32.4) — 5KB
• mec93025ex325.htm (EX-32.5) — 5KB
• mec93025ex326.htm (EX-32.6) — 5KB
• llc93025ex327.htm (EX-32.7) — 5KB
• llc93025ex328.htm (EX-32.8) — 5KB
• npc93025ex329.htm (EX-32.9) — 5KB
• npc93025ex3210.htm (EX-32.10) — 5KB
• sppc93025ex3211.htm (EX-32.11) — 5KB
• sppc93025ex3212.htm (EX-32.12) — 5KB
• eegh93025ex3213.htm (EX-32.13) — 5KB
• eegh93025ex3214.htm (EX-32.14) — 5KB
• egts93025ex3215.htm (EX-32.15) — 5KB
• egts93025ex3216.htm (EX-32.16) — 5KB
• 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
• bhe-20250930_def.xml (EX-101.DEF) — 1974KB
• bhe-20250930_lab.xml (EX-101.LAB) — 1049KB
• bhe-20250930_pre.xml (EX-101.PRE) — 2189KB
• 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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