Dominion Energy weighing sale of stake in Cove Point LNG Facility -Bloomberg
6:22 pm Monday, November 07th, 2022
(Reuters) – Dominion Energy Inc is considering selling its multi-billion-dollar stake in the Cove Point liquefied natural gas (LNG) facility in Maryland’s Chesapeake Bay, Bloomberg News reported on Monday citing people with knowledge of the matter.
The company is working with advisers to solicit interest from potential suitors including infrastructure funds, according to the Bloomberg report.
Talks are at an early stage, and Dominion could still decide to hold onto the 50% stake, the people said.
Dominion was not immediately available for a comment.
The Cove Point terminal is operated by Berkshire Hathaway Inc’s Berkshire Hathaway Energy, which owns 25% of the facility. The rest is owned by units of Dominion Energy (50%) and Brookfield Asset Management Inc (25%).
Shares of Dominion Energy dropped on Monday as the company initiates a “top-to-bottom” review to weigh strategic business actions, as its shares have been underperforming over the past several years.
(Reporting by Swati Verma in Bengaluru; Editing by Chris Reese)
