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Dominion Energy sells its 50% limited partnership stake to Berkshire Hathaway, raising the company’s partial ownership of Cove Point LNG.
Berkshire Hathaway Energy (BHE) has announced the acquisition of Dominion Energy’s 50% limited partnership stake in Cove Point LNG. The purchase raises BHE’s ownership interest in Cove Point to a total of 75% and it is held within BHE GT&S—a division of Berkshire Hathaway’s energy business. BHE agreed to acquire Dominion’s 50% stake for a cash consideration of $3.3 billion in July 2023. The transaction officially closed on Sept. 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.
A subsidiary of BHE GT&S serves as partner and operator of the Cove Point NG pipeline and LNG terminal in Lusby, MD. The remaining 25% of the limited partnership interest is held by a subsidiary of Brookfield Infrastructure Partners.