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Dominion Energy may sell

stake in Cove Point LNG facility

INVESTMENT DOMINION Energy may divest its 50% stake The company’s stock performance – down
in the Cove Point liquefied natural gas (LNG) some 12% so far this year – has been tepid over
terminal in Maryland, according to Bloomberg, the past few years.
citing knowledgeable sources. The review is necessary, said Blue. “Some
The stake in the facility, on Chesapeake Bay would suggest that doing the same thing over
on the Mid-Atlantic coast, is worth several bil- and over and expecting a different result doesn’t
lion dollars. make a lot of sense.”
The talks are at an early stage, and Dominion “There are two drivers behind today’s
may ultimately not sell, said the sources. announcement of a review: one, enhancing
Dominion is working with unnamed advisers shareholder value and two, ensuring the sustain-
to secure potential bids, including for infrastruc- ability” of plans to reduce carbon in the compa-
ture, Bloomberg continued. Dominion did not ny’s regulated utility business, said Blue.
comment. Blue did not say how long the review would
The terminal is 25% owned by Berkshire take.
Hathaway Energy, which also operates it, and In August, Cove Point exported its 300th
25% by Brookfield Asset Management. Two commercial cargo since international trade
years ago, Dominion sold most of its natural began, said Berkshire Hathaway.
gas storage and transport assets to Berkshire The facility’s LNG has “supported the energy
Hathaway. needs of 28 countries, including many in Europe
The Cove Point facility started exporting in recent months,” said the operator.
LNG four years ago. There has been a gas shortage in Europe as the
Dominion president and CEO Robert Blue continent pivots away from imports of the fuel
had said, in the company’s third-quarter earn- from Russian in response to the war in Ukraine.
ings call on November 4, that the company European countries are increasingly turning to
will initiate a “top-to-bottom” review of its LNG to fill the gap. ™
businesses.

P14 www. NEWSBASE .com Week 45 10•November•2022