Governors' Wind Energy Coalition

On utilities

Question: Elon Musk last week debuted a product that promises to store renewable energy. How long before distributed energy storage becomes a threat to utilities like Berkshire Hathaway Energy?

Buffett: This is something we’ve been paying a lot of attention to and we believe the best defense is to offer very low-cost energy. Berkshire Hathaway Energy just announced its 10th project in Iowa, which takes the company to more than 4,000 megawatts of energy produced by wind there.

Munger: Disruptive as new technologies like Musk’s may be, there’s opportunity for Berkshire’s energy subsidiary. Obviously we’ll use a lot more renewable energy because the fossil fuels aren’t going to last forever.