Warren Buffett's MidAmerican Energy Holdings Co. has canceled its planned nuclear power plant in Payette County, Idaho, because of economic concerns.

MidAmerican Energy, the parent of MidAmerican Nuclear Energy Co., said this week in a statement online that "it does not make economic sense to pursue the project at this time." The company said it thinks "nuclear energy must be an important part of the nation's energy future," and that the decision to abandon the proposal wasn't related to the suitability of the Idaho location.

MidAmerican Energy had told regulators last year that it intended to seek a license for a new nuclear plant in Idaho. In Utah, another company, Transition Power Development, has proposed building a nuclear-power plant with two reactors somewhere in the eastern part of the state.