Buffett buys PacifiCorp

Some local news: Buffett buys PacifiCorp for $5.1 billion

A unit of billionaire U.S. investor Warren Buffett's Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research) (BRKb.N: Quote, Profile, Research) has agreed to buy U.S. electricity firm PacifiCorp for $5.1 billion from British utility Scottish Power Plc (SPW.L: Quote, Profile, Research) .

The acquisition is Buffett's largest since he bought reinsurer General Re Corp in 1998.

Under it, MidAmerican Energy, his Des Moines, Iowa-based unit, will assume $4.3 billion of net debt. PacifiCorp provides services to 1.6 million customers in six western U.S. states.

Scottish Power, which also posted annual earnings ahead of market forecasts despite PacifiCorp missing its targets, said on Tuesday it would return about $4.5 billion of the sale proceeds to shareholders, sending its shares up as much as 9 percent to 479-3/4 pence, their highest level since September 2001.

I don't really have any insight as to what this may mean for customers. If you have any chime in.