Cove Point

History

2023: Berkshire Hathaway bought 50% of Cove Point for $3.3 billion

On July 11, 2023, Berkshire Hathaway Energy, a division of the investment company of American billionaire Warren Buffett Berkshire Hathaway, announced the conclusion of a deal to buy Dominion Energy's gas assets. We are talking about the structure of Cove Point in Maryland, and the transaction amount will be approximately $3.3 billion.

Berkshire Hathaway Energy is acquiring a 50 percent stake in Cove Point, an official statement said. This company is engaged in the supply of liquefied natural gas (LNG): for convenience of storage or transportation, liquefaction is carried out at special regasification terminals.

Warren Buffett

After the deal closes, Berkshire Hathaway Energy will hold a 75% stake in Cove Point. It is noted that the remaining 25% in the Cove Point project belongs to Brookfield Infrastructure Partners. The transaction is planned to be carried out at the expense of funds.

The purchase of Dominion's gas assets will allow Berkshire Hathaway Energy to increase natural gas transportation across the U.S. The report said the Cove Point team will continue to concentrate on "providing safe, accessible and reliable services to its customers."

Berkshire Hathaway Energy is one of Berkshire's key divisions. The company owns a number of electric utilities on the U.S. West Coast and Midwest. In addition, the company is included in the list of the country's largest producers of wind energy.

The energy we provide keeps customers' businesses running, including large utility companies. We strive for innovative and sustainable solutions that give our customers more opportunities for safe, reliable and efficient gas transportation, the statement said.[1]

Notes