Berkshire Hathaway Energy Completes Acquisition of Additional Stake in Cove Point LNG
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Berkshire Hathaway Energy has completed the purchase of Dominion Energy’s 50 percent limited partnership stake in the Cove Point LNG, LP business, resulting in a total ownership interest of 75 percent. The ownership interest is held within BHE GT&S, a Berkshire Hathaway Energy business unit.
A subsidiary of BHE GT&S is the general partner and operator of the Cove Point natural gas pipeline and its liquefied natural gas terminal located in Lusby, Maryland. A subsidiary of Brookfield Infrastructure Partners holds the remaining 25 percent limited partnership interest in Cove Point LNG.
On July 10, 2023, Berkshire Hathaway Energy reached an agreement to acquire Dominion Energy’s limited partnership interest in Cove Point LNG, for cash consideration of $3.3 billion. Following satisfaction of all conditions, the transaction closed September 1, 2023.
“We are pleased for this opportunity to own a greater stake in the Cove Point LNG business. BHE GT&S will continue its excellent operating and commercial performance at Cove Point, which plays an important role in Berkshire Hathaway Energy’s delivery of clean, low-cost and sustainable energy solutions to customers and communities,” said Paul Ruppert, president of BHE GT&S.
Berkshire Hathaway Energy is an interstate natural gas transmission and storage company headquartered in Richmond, Virginia. The company currently operates 5,400 miles of transmission pipeline in the eastern U.S., 756 Bcf of total natural gas storage capacity — with 420 Bcf of working gas capacity, and natural gas gathering and processing assets. BHE GT&S provides LNG solutions through Cove Point LNG, Pivotal LNG and other LNG processing and storage ventures. The energy they provide supports customers including major utilities, power plants, and manufacturing through numerous links to production and major pipelines. They are committed to innovative and sustainable solutions that give customers more options to move their gas safely, reliably, and efficiently.
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