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Southern California Energy Summit Palm Springs, California • October 4-5, 2012

Southern California Energy Summit Palm Springs, California • October 4-5, 2012. Jonathan M. Weisgall. Vice President, Legislative & Regulatory Affairs. MidAmerican Energy Holdings Company. The dilemma: We spend more than we take in. MidAmerican Owned Wind Resources.

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Southern California Energy Summit Palm Springs, California • October 4-5, 2012

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  1. Southern California Energy SummitPalm Springs, California • October 4-5, 2012 Jonathan M. Weisgall Vice President, Legislative & Regulatory Affairs MidAmerican Energy Holdings Company

  2. The dilemma: We spend more than we take in

  3. MidAmerican Owned Wind Resources • Owned Wind Generation (MW) MidAmerican Energy Total PacifiCorp 1999 2004 2005 2006 2007 2008 2009 2010 2011 Total 2012 Total 32.1 160.5 200.0 199.5 341.9 1,005.0 265.5 111.0 593.4 2,908.9 407.1 3,316.0 $6.0 32.1 - - 100.5 140.4 381.7 265.5 111.0 - 1,031.2 - 1,031.2 $2.1 - 160.5 200.0 99.0 201.5 623.3 - - 593.4 1,877.7 407.1 2,284.8 $3.9 MidAmerican Energy Company PacifiCorp In-service at acquisition date – 32.1 megawatts In-service – 1,877.7 megawatts In-service since acquisition – 999.1 megawatts In construction 2012 – 407.1 megawatts • 29 percent of total owned generation capacity • In addition, • 109 megawatts contracted through purchased power agreements • 9 percent of total owned generation capacity • In addition, 937 megawatts contracted through purchased power agreements • 385 megawatts planned 2018-22 Investment (billions)

  4. Uncertainties in the market • No price on carbon • Natural gas • Customers • Climate change debate • Political arena • Renewables • Tax incentives • Transmission

  5. What can Congress do? • Taxes: • PTC • ITC • Spending: • Loan guarantees • Research and development • Regulate: • Federal RPS • EPA regulations of coal plants – impact on renewables

  6. PTC extension – wind • Year-end fiscal cliff • Tax extenders bill • Under construction by 12-31-13 – not on-line • Wide support among Democrats and Republicans – but Romney opposition • How to justify against tax reform, deficit reduction, corporate welfare • Phase-out • What happens if PTC isn’t extended?

  7. What does the renewable industry need? • Basic R&D funding • Regulatory certainty and longevity: • PTC? • ITC? • Bonus depreciation? • Federal clean energy (or renewable portfolio) standard? • Master limited partnership structure (or REIT)? • Other ways to “de-risk” development

  8. What will the renewable industry get? • R&D funding? • Department of Defense spending? • PTC extension? • ITC? • Clean energy standard (renewable) standard? • Cap and trade? • More stimulus funding? • Loan guarantee program? • §1603 Treasury grant in lieu of credit? • Federal feed-in tariff? • Carbon tax?

  9. New business models needed • MLP/REIT – counter to tax reform? • Treasury grants out; need partner with tax appetite • Risk mitigation • How to incorporate new technologies? • Other factors affecting industry • Backstop of state RPS programs • Certainty and longevity – California’s record

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