Deals

Utility Giant Kills Gas Pipeline, Sells Assets to Berkshire

Dominion, Duke Energy cancel planned Atlantic Coast project
Dominion will retain interest in LNG terminal in Maryland

Watch: Warren Buffett’s Berkshire Hathaway has agreed to buy Dominion Energy’s natural gas transmission and storage business in a deal with an enterprise value of $9.7 billion.(Source: Bloomberg)

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By Gerson Freitas Jr, Rachel Adams-Heard, and Katherine Chiglinsky

July 5, 2020 at 7:19 PM UTC

Updated on

July 6, 2020 at 11:15 PM UTC

This article is for subscribers only.

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.