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Utility Investor With Ties to Buffett Joins World's 400 Richest

  • Scott can exchange Berkshire Energy stake for 1% of parent
  • Unit's rising value highlights its appeal amid market turmoil
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The words “magnate” and “billionaire” aren’t usually linked with the utility industry. But for Walter Scott, a board member at Berkshire Hathaway Energy Co. and a friend of Warren Buffett, the connection means a net worth of $3.9 billion.

Scott, 84, the only utility billionaire from the U.S. on the Bloomberg Billionaires Index, joins the ranking after seeing his net worth rise 5 percent in the past year. The energy unit recorded a 5.3 percent increase in value in the 12 months ended Jan. 31, 2016, according to a Bloomberg analysis of its 2015 annual report.