Berkshire Hathaway Successfully Acquires Dominion Energy’s 50% Stake in Cove Point LNG
(P&GJ) — Berkshire Hathaway Energy today announced it has completed the purchase of Dominion Energy’s 50% limited partnership stake in the Cove Point LNG, LP business, resulting in a total ownership interest of 75%. The ownership interest is held within BHE GT&S, LLC, 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% limited partnership interest in Cove Point LNG, LP.
In July, Berkshire Hathaway Energy announced that it had reached an agreement to acquire Dominion Energy’s limited partnership interest in Cove Point LNG, LP, 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,” Paul Ruppert, president of BHE GT&S, said. “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.”
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