Front Page » State/National News » State/National2 » Dominion Energy to sell gas transmission, storage assets to Berkshire Hathaway Energy
Dominion Energy has executed an agreement to sell its gas transmission and storage segment assets to an affiliate of Berkshire Hathaway Inc. in a transaction valued at $9.7 billion, including the assumption of $5.7 billion of existing indebtedness.
The sale includes more than 7,700 miles of natural gas storage and transmission pipelines and about 900 billion cubic feet of gas storage that the company currently operates to an affiliate of Berkshire Hathaway Energy, which will also make a cash payment of approximately $4 billion to Dominion Energy upon closing.
The announcement, according to Dominion Energy chairman, president and CEO Tom Farrell, reflects Dominion’s focus on its state-regulated, sustainability-focused utilities.
The company expects that up to 90 percent of its future operating earnings will come from its portfolio of best-in-class electric and natural gas state-regulated utility companies centered around five key states: Virginia, the Carolinas, Ohio, and Utah.