Utility Giant Kills Gas Pipeline, Sells Assets to Berkshire (2)
By Rachel Adams-Heard and Katherine Chiglinsky
July 6, 2020, 3:00 PM
One of the largest utilities in America is starting to turn its back on natural gas.
Dominion Energy Inc., the second-biggest U.S. power company by market value, on Sunday said it’s selling substantially all of its gas pipeline and storage assets to Berkshire Hathaway Inc. for $4 billion. It’s the largest deal announced this year to buy U.S. energy assets, according to Bloomberg data.
In a separate statement, Dominion and its partner Duke Energy Corp. said they’re killing the controversial Atlantic Coast gas pipeline along the U.S. East Coast, citing ongoing delays and “cost uncertainty.”