Buffett and his billions worth conglomerate will pocket 9.3% annual return from the total investment stated the same report by Dallas Morning News. According to the company, the proposed emergency backup would be less expensive than adapting the established electric cold to freezing conditions. Additionally, the project will be cheaper than doing any alterations to the state-energy market for building excess capacity.
Buffett’s Berkshire team of executives flied to Austin this week to negotiate with lawmakers and explain their plan. However, to make the project possible, the state legislature should organize a vote, the Dallas Morning News said.
Chris Bloomstrana, a Berkshire investor and the boss of Semper Augustus Investments said the project could become a favorite to Texas authorities in a tweet on Thursday. “Political but a $4 billion surety guarantee will be hard to beat,” he said.
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