Subject: Re: BHE profitability
"Thoughts?"

I applaud your efforts to come up with a meaningful estimate of earnings. Using an average instead of peak-to-date seems reasonable given BNSF's and BHE's recent history, especially BHE.

I have two comments, or rather one question and one comment.
Question: How comfortable are you with the price multiples you apply? As you know, just a change of P/E from, say, 15 to 16 make a 7% change in the valuation.
Comment: Wildfire losses at PacifiCorp are unlikely to be limited to the 2023 losses. I think we have to come up with some way of factoring in the possibility of a huge loss sometime in the near future.

Thank you for sharing you method and results.

rrr12345