All articles tagged with #cove point
Berkshire Hathaway's utility and energy division has acquired a 50% stake in the Cove Point liquefied natural gas facility in Maryland for $3 billion, demonstrating the company's confidence in the future of fossil fuels.
Dominion Energy has agreed to sell its 50% stake in the Cove Point liquefied natural gas facility in Maryland to a unit of Berkshire Hathaway for $3.3 billion in cash. Upon closing, Berkshire Hathaway Energy will have a 75% ownership stake in the facility. Cove Point provides liquefied natural gas to replace coal-burning power plants and support energy needs in 28 countries. Dominion plans to use the sale proceeds to repay debt and focus on state-regulated utility operations. The transaction is subject to regulatory approval and expected to close by the end of 2023.