Dominion Energy Announces Closing of Sale of Remaining Interest in Cove Point

Rhea-AI Summary

Dominion Energy has announced the closure of the sale of its 50% noncontrolling limited partnership interest in Cove Point LNG, LP, to Berkshire Hathaway Energy for $3.3 billion. Dominion Energy will also receive proceeds of $0.2 billion from the settlement of related interest rate derivatives.

Positive

• Dominion Energy sold its stake in Cove Point LNG, LP for $3.3 billion, which could positively impact its stock price.

Negative

• None.

RICHMOND, Va., Sept. 1, 2023 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced closure of the sale of its 50% noncontrolling limited partnership interest in Cove Point LNG, LP, to Berkshire Hathaway Energy for $3.3 billion. In addition, Dominion Energy will receive proceeds of $0.2 billion from the settlement of related interest rate derivatives. This transaction was previously announced on July 10, 2023.

A bidirectional liquefied natural gas facility on the western shore of the Chesapeake Bay in Lusby, Md., Cove Point is served by an associated pipeline system in Virginia and Maryland and has 14.6 Bcf of onsite storage.

The transaction met all customary closing conditions.                                                                                                                   

About Dominion Energy
About 7 million customers in 15 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to safely providing reliable, affordable and sustainable energy and to achieving Net Zero emissions by 2050. Please visit DominionEnergy.com to learn more.

View original content to download multimedia:https://www.prnewswire.com/news-releases/dominion-energy-announces-closing-of-sale-of-remaining-interest-in-cove-point-301916199.html

SOURCE Dominion Energy

FAQ

What did Dominion Energy announce?

Dominion Energy announced the closure of the sale of its stake in Cove Point LNG, LP.

Who did Dominion Energy sell its stake to?

Dominion Energy sold its stake to Berkshire Hathaway Energy.

How much did Dominion Energy receive from the sale?

Dominion Energy received $3.3 billion from the sale.

What other proceeds did Dominion Energy receive?

Dominion Energy received $0.2 billion from the settlement of related interest rate derivatives.