Warren Buffett Plans To Massively Increase His Bets On Solar And Wind

Here's how they report it:

Warren Buffett briefly lost track of how many billions of dollars his Berkshire Hathaway Inc. is spending to build wind and solar power in the U.S. That didn't stop him from vowing to double the outlay.

Describing the company's increasing investment in renewable energy at the Edison Electric Institute's annual convention in Las Vegas yesterday, Buffett had to rely on a deputy, Greg Abel, to remind him just how much they'd committed: $15 billion.

Without missing a beat, Buffett responded: "There's another $15 billion ready to go, as far as I'm concerned."

"We're going to keep doing that as far as the eye can see," Buffett added. "We'll just keep moving."

Last year, Berkshire's MidAmerican Energy purchased the largest set of solar arrays in the world, an industrial facility near Bakersfield, California. Abel said the firm can use the tax credits it gets from renewables investments to offset profit at its other businesses. The credits are set to expire in 2016.