Mr. Buffett touts the growth opportunities for his utility business, Berkshire Hathaway Energy, and is full of praise for its chief executive, Greg Abel, who is considered a top candidate to replace Mr. Buffett as CEO one day.
"Electricity demand is not increasing like it was" years ago, he says, but "I'd be surprised if 10 years from now we don't have significantly more money in not only wind and solar, but...we'll probably own more utility systems than we own now."
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Berkshire Hathaway Energy currently owns utilities across the Midwest and Western states as well as in Canada and northern England. It also invests billions in renewable energy.
Mr. Munger adds that some power-generation assets will be stranded in years to come and says Berkshire Hathaway Energy is better run than most utility businesses.
Click here to see the full live coverage of Warren Buffett at Berkshire Hathaway's annual meeting:
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(END) Dow Jones Newswires
May 06, 2017 16:45 ET (20:45 GMT)