Berkshire Hathaway's Power Bet is Starting to Look Riskier

Greg Abel has replaced Warren Buffett as the head of Berkshire Hathaway. The company’s annual meeting last week was the first one helmed by him. Mr Abel formerly headed Mid American Energy, a utility based in Des Moines, and then all of Berkshire Hathaway’s utility operations. When Mr Buffett spoke on issues of finance, investors listened attentively. Whether Mr Abel attracts the same reverential following remains to be seen. However, his views on electric utilities, based on his many years in the industry, are definitely worth…