For Dominion, the deal is one of a series of moves it has made as it moves away from the gas transmission business to become a “pure game” regulated clean energy utility. The Richmond, Virginia-based company is one of the largest energy producers and transporters in the nation, providing electricity or natural gas to 7 million customers in 20 states.
“We offer an industry-leading clean energy profile that includes a 2050 comprehensive net zero target for carbon and methane emissions, as well as one of the largest zero-carbon electricity generation and storage investment programs in the country.” Dominion CEO Thomas Farrell said in a sentence.
“In the next 15 years we plan to invest up to $ 55 billion in emission reduction technologies, including zero carbon generation and energy storage, replacement of the gas distribution line and renewable natural gas.”
The pipeline had faced intense criticism and legal challenges from environmental and other groups.
“This is tremendous news for West Virginia, Virginia and North Carolina residents who deserve clean air, safe water and protection from climate change,” said Gillian Giannetti, attorney for the Natural Resources Defense Council, in a statement. “As they abandon this dirty pipe dream, Dominion and Duke should now dedicate themselves to investing more in energy, wind and solar efficiency – this is how to provide jobs and a better future for all.”
The acquisition will grow Berkshire Hathaway’s current energy business, adding more than 7,700 miles of natural gas transmission and storage pipelines, and around 900 billion cubic feet of gas storage. Currently, the company provides energy service to more than 12 million electricity and natural gas customers worldwide.
Berkshire Hathaway has agreed to provide “significant protections” for existing employees of Dominion units being sold and to honor existing union commitments, Farrell said.
As part of the agreement, Berkshire will acquire full ownership of Dominion Energy Transmission, Questar Pipeline and Carolina Gas Transmission, as well as a 50% operating interest in Iroquois Gas Transmission System and a 25% operating interest in the natural gas shipping facility. Point Point liquid.
The deal is expected to close in the fourth quarter of this year, pending regulatory approval.
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