巴菲特致股东的信（2010年）⑦受管制的资本密集型业务

Regulated, Capital-Intensive Businesses

受管制的资本密集型业务

We have two very large businesses, BNSF and MidAmerican Energy, with important common characteristics that distinguish them from our many others. Consequently, we give them their own sector in this letter and split out their financial statistics in our GAAP balance sheet and income statement.

BNSF 铁路公司和中美能源是我们旗下两家最大的企业，这两家企业都有区别于我们其他企业的共性。因此，我们在股东信函中把它们单独列为一个部门，并且，其财务数据单独列示在 GAAP 资产负债表和收入表中。

A key characteristic of both companies is the huge investment they have in very long-lived, regulated assets, with these funded by large amounts of long-term debt that is not guaranteed by Berkshire. Our credit is not needed: Both businesses have earning power that, even under very adverse business conditions, amply covers their interest requirements. For example, in recessionary 2010 with BNSF’s car loadings far off peak levels, the company’s interest coverage was 6:1.

这两家企业的一个主要特征是对使用寿命长、受管制资产进行了巨额投资，这些资产的资金来自伯克希尔不提供担保的大量长期债务。这两家企业不需要我们的信用：它们都拥有盈利能力，即使面临不利的经营环境，也可以充分满足所需支付利息的要求。例如，在经济衰退的 2010 年，BNSF 的车载运输量远低于峰值水平，该企业的盈利对利息的覆盖倍数为 6:1。

Both companies are heavily regulated, and both will have a never-ending need to make major investments in plant and equipment. Both also need to provide efficient, customer-satisfying service to earn the respect of their communities and regulators. In return, both need to be assured that they will be allowed to earn reasonable earnings on future capital investments.

这两家企业都受到严格的监管，需要长期在工厂和设备方面进行巨额投资，同时还需要提供高效的，客户满意的服务来获得业界的及其监管的尊重。作为回报，两家企业能够在未来的资本投资中获得合理的回报。

Earlier I explained just how important railroads are to our country’s future. Rail moves 42% of America’s inter-city freight, measured by ton-miles, and BNSF moves more than any other railroad – about 28% of the industry total. A little math will tell you that more than 11% of all inter-city ton-miles of freight in the U.S. is transported by BNSF. Given the shift of population to the West, our share may well inch higher.

先前我就解释过铁路对于国家未来的重要性。如果按照吨英里来衡量的话，美国境内 42%的城际货物是通过铁路运输的，其中约 28%的货物是 BNSF 来运输的，超过了其他任何铁路公司。简单计算一下你就会发现，美国超过 11%的城际货物是通过 BNSF 运输的。鉴于美国人口的西进趋势，我们的市场份额还会进一步扩大。

All of this adds up to a huge responsibility. We are a major and essential part of the American economy’s circulatory system, obliged to constantly maintain and improve our 23,000 miles of track along with its ancillary bridges, tunnels, engines and cars. In carrying out this job, we must anticipate society’s needs, not merely react to them. Fulfilling our societal obligation, we will regularly spend far more than our depreciation, with this excess amounting to $2 billion in 2011. I’m confident we will earn appropriate returns on our huge incremental investments. Wise regulation and wise investment are two sides of the same coin.

重任在肩，我们是美国经济循环系统中重要的组成部分，必须不断维护和改善我们 2.3 万英里的铁路线，以及附属的桥梁、隧道、牵引车和车厢。为了履行这份职责，我们不只是被动作出反应，还要预见社会的需求。为了履行我们的社会责任，我们的经常性资本支出将远远超过折旧，2011 年这一金额为 20 亿美元。我相信我们将从巨大的增量投资中获得适当的回报。明智的监管和明智的投资是同一枚硬币的正反面。

At MidAmerican, we participate in a similar “social compact.” We are expected to put up ever-increasing sums to satisfy the future needs of our customers. If we meanwhile operate reliably and efficiently, we know that we will obtain a fair return on these investments.

至于中美能源，我们也享有类似的"社会契约"。为了满足客户的未来需要，我们期望投入更多资本。如果能够同时可靠和高效的运营，我们将从这些投资中获得公正的回报。

MidAmerican supplies 2.4 million customers in the U.S. with electricity, operating as the largest supplier in Iowa, Wyoming and Utah and as an important provider in other states as well. Our pipelines transport 8% of the country’s natural gas. Obviously, many millions of Americans depend on us every day.

中美能源向美国 240 万客户提供能源，是爱荷华州、怀俄明州和犹他州最大的电力供应商，同时也是其他州重要的电力供应商。美国 8%的天然气是通过我们的管道运输的。显然，每天有数以百万计的美国人依赖我们。

MidAmerican has delivered outstanding results for both its owners (Berkshire’s interest is 89.8%) and its customers. Shortly after MidAmerican purchased Northern Natural Gas pipeline in 2002, that company’s performance as a pipeline was rated dead last, 43 out of 43, by the leading authority in the field. In the most recent report published, Northern Natural was ranked second. The top spot was held by our other pipeline, Kern River.

中美能源为其所有者(伯克希尔拥有 89.8%的股份)和客户带来了卓越的业绩。就在 2002 年中美能源收购了北方天然气管线后不久，按照业界一家权威的评级，该公司天然气管道的业绩在 43 家公司之中排名最后。而在最近发布的报告中，北方天然气排名第二。第一名是我们的另一条管道科恩河管道公司。

In its electric business, MidAmerican has a comparable record. Iowa rates have not increased since we purchased our operation there in 1999. During the same period, the other major electric utility in the state has raised prices more than 70% and now has rates far above ours. In certain metropolitan areas in which the two utilities operate side by side, electric bills of our customers run far below those of their neighbors. I am told that comparable houses sell at higher prices in these cities if they are located in our service area.

在其电力业务中，中美能源也有一个不错的记录。自 1999 年收购爱荷华州的电力业务以来，其电费一直没涨过。而在同期，该州其他主要电力公司已经将电价提高了 70%以上，目前电价远远超过我们的电价。在某些两家公司共同经营的大型城市，我们客户的电费远低于他们的邻居。有人曾经告诉我，城市中位于我们服务区域的房产相比其它地区的售价会更高。

MidAmerican will have 2,909 megawatts of wind generation in operation by the end of 2011, more than any other regulated electric utility in the country. The total amount that MidAmerican has invested or committed to wind is a staggering $5.4 billion. We can make this sort of investment because MidAmerican retains all of its earnings, unlike other utilities that generally pay out most of what they earn.

截止到 2011 年底，中美能源的风力发电量将超过 2909 兆瓦，超过美国任何受监管的电力公司。中美能源在风能领域的投资总额高达 54 亿美元。我们之所以能够进行这么大的投资是因为，中美能源保留了所有的收益，而不同于其他电力公司几乎花光其所有的收益。

As you can tell by now, I am proud of what has been accomplished for our society by Matt Rose at BNSF and by David Sokol and Greg Abel at MidAmerican. I am also both proud and grateful for what they have accomplished for Berkshire shareholders. Below are the relevant figures:

正如你现在所看到的，我为 BNSF 的马特罗斯(MattRose)和中美能源的大卫索科尔(DavidSokol)及格雷格阿贝尔(GregAbel)所取得的成就感到骄傲，我也对他们为伯克希尔股东们所作出的贡献感到骄傲，并心生感激。