Berkshire Hathaway Energy Acquires Additional Share in Cove Point LNG

In a recent announcement, Berkshire Hathaway Energy (BHE) revealed its plans to acquire Dominion Energy’s 50% limited partnership stake in Cove Point LNG, LP. Upon successful completion of the required regulatory approvals, the acquired interest will be managed by BHE GT&S, LLC, a business unit of Berkshire Hathaway Energy. The Cove Point natural gas pipeline and its liquefied natural gas terminal situated in Lusby, Maryland, are presently operated by a BHE GT&S subsidiary.

This acquisition, which carries a value of $3.3 billion, will be financed through available cash reserves, supplemented with funds from the liquidation of specific investments. Once the transaction is concluded, Berkshire Hathaway Energy's limited partnership stake in Cove Point LNG, LP will rise to 75%. The remaining 25% of the limited partnership interest in Cove Point LNG, LP is owned by a subsidiary of Brookfield Infrastructure Partners.

"We are proud of our operations at Cove Point and are excited for this opportunity to increase our ownership in these world-class facilities. The Cove Point team will continue to focus on providing safe, affordable, and reliable service to its valued customers,” said Paul Ruppert, President of BHE GT&S.

Headquartered in Richmond, Virginia, BHE GT&S is an interstate natural gas transmission and storage company and an indirect subsidiary of Berkshire Hathaway Energy. Currently, the company operates a network spanning 5,400 miles of transmission pipeline in the eastern U.S., and it possesses a total natural gas storage capacity of 756 Bcf, with 420 Bcf of active gas capacity.