Berkshire Hathaway Energy completes $3.3bn Cove Point LNG stake acquisition
Berkshire Hathaway Energy has officially closed its $3.3 billion purchase of Dominion Energy’s 50% limited partnership stake in Cove Point LNG, LP, escalating its total ownership to an imposing 75%. Announced back on July 10, 2023, and finalized on September 1, 2023, the ownership stake is now strategically held within BHE GT&S, LLC, a specialized business unit under the Berkshire Hathaway Energy umbrella.
Paul Ruppert, the president of BHE GT&S, weighed in on the deal, stating: “We are pleased for this opportunity to own a greater stake in the Cove Point LNG business. BHE GT&S will continue its excellent operating and commercial performance at Cove Point, which plays an important role in Berkshire Hathaway Energy’s delivery of clean, low-cost and sustainable energy solutions to customers and communities.”
The Cove Point LNG business, located in Lusby, Maryland, features a natural gas pipeline and a state-of-the-art liquefied natural gas terminal. It has been operating under the general partnership and oversight of a BHE GT&S subsidiary. The remaining 25% limited partnership interest in Cove Point LNG, LP is held by a subsidiary of Brookfield Infrastructure Partners.
This landmark deal underscores Berkshire Hathaway Energy’s unwavering commitment to expanding its portfolio in the energy sector, specifically in delivering clean, low-cost, and sustainable energy. The acquisition aligns perfectly with their strategy and is poised to fortify their market position, giving them a competitive edge in delivering premium energy solutions.