MidAmerican’s Deal for Pacificorp Advances
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MidAmerican Energy Holdings Co., controlled by billionaire investor Warren Buffett, reached a settlement with Oregon consumer groups and state regulatory staff members that would allow the company’s purchase of PacifiCorp to proceed.
MidAmerican needs the approval of Oregon and federal regulators to complete its $5.1-billion purchase of Portland, Ore.-based PacifiCorp from Scottish Power, which was announced in May. The company had been working to win over consumer groups and regulatory staff members who recommended last month that the purchase be blocked because MidAmerican had failed to offer any rate credits for customers.
PacifiCorp has 1.6 million customers, mostly in Utah and Oregon. It also serves California, Wyoming, Washington and Idaho.
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