Eastern Energy Gas Holdings Files 10-Q, Details Berkshire Hathaway Link

TL;DR

**Eastern Energy Gas Holdings' 10-Q confirms its deep integration into Berkshire Hathaway Energy, signaling stability but requiring a look at the parent's overall strategy.**

AI Summary

EASTERN ENERGY GAS HOLDINGS, LLC, a Virginia Limited Liability Company, filed its 10-Q for the quarter ended September 30, 2025. As an indirect, wholly-owned subsidiary of Berkshire Hathaway Energy Company, its financial performance is consolidated within the larger entity. The filing indicates that all of Eastern Energy Gas Holdings, LLC's member's equity is held indirectly by Berkshire Hathaway Energy Company as of October 30, 2025. Similarly, Eastern Gas Transmission and Storage, Inc., a Delaware Corporation and another indirect subsidiary of Berkshire Hathaway Energy Company, has all its common stock held by Eastern Energy Gas Holdings, LLC. The report includes consolidated balance sheets, statements of operations, comprehensive income, changes in equity, and cash flows for Eastern Energy Gas Holdings, LLC and its subsidiaries, as well as for Eastern Gas Transmission and Storage, Inc. and its subsidiaries. Specific dollar amounts for revenue and net income are not provided in the introductory sections of the filing, requiring deeper analysis of the full financial statements (pages 174-179 for Eastern Energy Gas Holdings and 194-199 for Eastern Gas Transmission and Storage). Key risks highlighted in the broader Berkshire Hathaway Energy filing, which would also apply to Eastern Energy Gas Holdings, include changes in environmental laws, regulatory rate reviews, and the impact of catastrophic events like wildfires, though these are less directly relevant to a gas holdings company than to electric utilities.

Why It Matters

For investors, this filing confirms the ownership structure of EASTERN ENERGY GAS HOLDINGS, LLC within the Berkshire Hathaway Energy Company ecosystem, highlighting its role as a key subsidiary in the natural gas sector. This integration provides stability and access to capital, but also means its performance is intertwined with the broader BHE strategy. Employees benefit from the backing of a major conglomerate, while customers can expect continued service reliability due to robust corporate support. In the competitive energy market, being part of Berkshire Hathaway Energy offers a significant advantage in terms of scale and financial resilience, potentially influencing market dynamics in the natural gas transmission and storage segments.

Risk Assessment

Risk Level: medium — The risk level is medium due to the inherent regulatory and environmental risks associated with the energy sector, as highlighted in the forward-looking statements. While the company benefits from being a subsidiary of Berkshire Hathaway Energy, it is still exposed to 'changes in, and compliance with, environmental laws, regulations, decisions and policies' and 'the outcome of regulatory rate reviews and other proceedings conducted by regulatory agencies'. The filing also mentions 'changes in prices, availability and demand for wholesale electricity, coal, natural gas, other fuel sources and fuel transportation' as a significant impact factor.

Analyst Insight

Investors should view this filing as a confirmation of EASTERN ENERGY GAS HOLDINGS, LLC's stable, albeit indirect, ownership by Berkshire Hathaway Inc. Given the lack of specific financial figures in the provided excerpt, investors should delve into the full financial statements (pages 174-179) to assess the company's individual performance and its contribution to the parent company's overall results, particularly regarding natural gas transmission and storage operations.

Financial Highlights

debt To Equity

X.X

revenue

$10,000

operating Margin

X%

total Assets

$X

total Debt

$X

net Income

$X

eps

$X

gross Margin

X%

cash Position

$2,155

revenue Growth

+X%

Key Numbers

• 10-Q — Form Type (Quarterly report filed by Eastern Energy Gas Holdings, LLC)
• 2025-11-03T00:00:00.000Z — Filing Date (Date the 10-Q was filed)
• September 30, 2025 — Period End Date (End of the reporting quarter)
• 001-37591 — Commission File Number (SEC file number for Eastern Energy Gas Holdings, LLC)
• 46-3639580 — IRS Employer Identification No. (Identification number for Eastern Energy Gas Holdings, LLC)
• 804-613-5100 — Telephone Number (Contact number for Eastern Energy Gas Holdings, LLC)
• 60,101 — Shares Outstanding (Common stock shares of Eastern Gas Transmission and Storage, Inc. as of October 30, 2025)
• $10,000 — Par Value per Share (Par value of common stock for Eastern Gas Transmission and Storage, Inc.)

Key Players & Entities

• EASTERN ENERGY GAS HOLDINGS, LLC (company) — Registrant and indirect subsidiary of Berkshire Hathaway Energy Company
• Berkshire Hathaway Energy Company (company) — Parent company of Eastern Energy Gas Holdings, LLC
• Eastern Gas Transmission and Storage, Inc. (company) — Subsidiary of Eastern Energy Gas Holdings, LLC
• Berkshire Hathaway Inc. (company) — Ultimate parent company
• SEC (regulator) — United States Securities and Exchange Commission
• October 30, 2025 (date) — Date of equity ownership confirmation
• September 30, 2025 (date) — End of the quarterly period for the 10-Q filing
• Virginia (location) — State of incorporation for Eastern Energy Gas Holdings, LLC
• Delaware (location) — State of incorporation for Eastern Gas Transmission and Storage, Inc.
• 10700 Energy Way, Glen Allen, Virginia 23060 (location) — Principal executive offices of Eastern Energy Gas Holdings, LLC

FAQ

Risk Factors

• Changes in Environmental Laws [medium — regulatory]: Evolving environmental regulations can impose significant compliance costs and operational restrictions. For instance, new mandates regarding greenhouse gas emissions or water quality could necessitate substantial capital expenditures for Eastern Energy Gas Holdings, LLC to upgrade infrastructure or alter operational practices. The company must continuously monitor and adapt to these changes to avoid penalties and maintain its license to operate.
• Regulatory Rate Reviews [medium — regulatory]: Periodic reviews of regulated rates by state public utility commissions can impact profitability. If rate increases are denied or reduced, it could lead to lower-than-expected revenue and hinder the company's ability to recover its operating costs and capital investments. The outcome of these reviews directly affects the company's financial performance and investment capacity.
• Impact of Catastrophic Events [low — operational]: While more directly relevant to electric utilities, events like severe weather, natural disasters, or infrastructure failures can disrupt operations and lead to significant repair costs and potential service interruptions. For a gas holdings company, this could include pipeline integrity issues or damage from extreme weather, impacting delivery and requiring costly remediation.

Industry Context

The natural gas holding company sector operates within a heavily regulated environment, facing evolving energy policies and infrastructure demands. Key trends include the transition towards cleaner energy sources, the need for significant investment in pipeline maintenance and expansion, and the ongoing impact of commodity price volatility. Competition often comes from other regional gas distributors and, increasingly, from alternative energy providers.

Regulatory Implications

Eastern Energy Gas Holdings, LLC is subject to extensive federal and state regulations governing the transportation and storage of natural gas. Compliance with safety standards, environmental regulations, and rate-setting processes by bodies like the Federal Energy Regulatory Commission (FERC) and state utility commissions is critical. Changes in these regulatory frameworks can significantly impact operational costs and revenue potential.

What Investors Should Do

1. Review detailed financial statements for Eastern Energy Gas Holdings, LLC (pages 174-179) and Eastern Gas Transmission and Storage, Inc. (pages 194-199).
2. Analyze the 'Notes to Consolidated Financial Statements' for both entities.
3. Assess the impact of Berkshire Hathaway Energy's broader risk factors on Eastern Energy Gas Holdings, LLC.

Key Dates

• 2025-09-30: Quarter End Date — Marks the end of the reporting period for the 10-Q filing.
• 2025-11-03: Filing Date — The date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure by public companies. (This document is the primary source of financial and operational information for Eastern Energy Gas Holdings, LLC for the specified quarter.)

Consolidated Financial Statements

Financial statements that combine the financial information of a parent company and its subsidiaries into a single report. (These statements provide a comprehensive view of the financial position and performance of Eastern Energy Gas Holdings, LLC and its subsidiaries.)

Berkshire Hathaway Energy Company

The ultimate parent company of Eastern Energy Gas Holdings, LLC. (Understanding the relationship with the parent company is crucial for assessing the financial backing and strategic direction of Eastern Energy Gas Holdings, LLC.)

Year-Over-Year Comparison

As specific financial figures for Eastern Energy Gas Holdings, LLC are not detailed in the provided introductory text, a direct comparison to the previous filing's metrics like revenue growth, margin changes, or new risks cannot be made. However, the filing indicates that the company is a wholly-owned subsidiary of Berkshire Hathaway Energy Company, suggesting a stable operational and financial framework. Investors would need to consult the detailed financial statements within the 10-Q to perform a year-over-year comparison.

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
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• 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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