By Russell Gold

Warren Buffett's Berkshire Hathaway Inc. is pitching Texas lawmakers on a plan to spend $8.3 billion to build power plants that would run during electricity emergencies, a month after the state suffered devastating blackouts.

Chris Brown, the chief executive of Berkshire Hathaway Energy Infrastructure, said it could build 10 large natural-gas plants that would only operate during times of extreme need, and not otherwise compete in the state's power market. He said the plants could be operational by November 2023.

"The state and its residents should have a reliable source of backup power generation during emergencies to protect residents and businesses, " said Mr. Brown.

In February, half of the state's power plants failed during a severe cold snap, forcing the grid operator to institute widespread blackouts that lasted for four days.

The Texas legislature would need to approve changes to its laws to allow for a new regulated utility to provide emergency backup power.

Mr. Brown said he hoped to receive a 9.3% rate of return on the investment, the same as regulated electric companies that operated a portion of the grid.

Texas officials couldn't be immediately reached for comment on the proposal.

Write to Russell Gold at russell.gold@wsj.com

(END) Dow Jones Newswires

03-25-21 1525ET