RICHMOND, Va., July 12, 2021 /PRNewswire/ -- Dominion Energy
(NYSE: D) and Berkshire Hathaway Energy, an affiliate of Berkshire
Hathaway Inc. (NYSE: BRK.A), today announced they have agreed to
terminate the planned sale of Questar Pipelines to Berkshire
Hathaway Energy. The decision is a result of ongoing uncertainty
associated with achieving clearance from the Federal Trade
Commission under the Hart-Scott-Rodino Antitrust Improvements Act
of 1976.
Termination of the sale, effective July
9, 2021, was a potential outcome provided for in the
agreement to sell Questar Pipelines. The decision has no impact on
the sale of gas transmission and storage assets to Berkshire
Hathaway Energy completed in November
2020. That sale represented approximately 80% of the
original transaction value.
Dominion Energy is commencing a competitive process for the sale
of Questar Pipelines, with a target close of year-end
2021.
Today's announcement does not change Dominion Energy's existing
financial guidance. Dominion Energy will continue to account for
Questar Pipelines as discontinued operations. Dominion Energy
intends to enter into a 364-day term loan. The company will use
proceeds from the loan to repay the approximately $1.3 billion transaction deposit made by
Berkshire Hathaway Energy. That loan is expected to be repaid by
year-end 2021 with proceeds from the sale of Questar Pipelines to
an alternative buyer.
About Dominion Energy
More than 7 million customers in
16 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 sustainable, reliable,
affordable and safe energy and to achieving net zero carbon dioxide
and methane emissions from its power generation and gas
infrastructure operations by 2050. Please visit
DominionEnergy.com to learn more.
This release contains certain forward-looking statements with
respect to certain future plans concerning the sale of Dominion
Energy Questar Pipeline, LLC, and associated entities (the "Q-Pipe
Group"), and the repayment of outstanding debt with the proceeds of
such sale, which are subject to various risks and uncertainties.
Factors that could cause actual results to differ include, but are
not limited to: Dominion Energy's ability to enter into an
agreement for any future sale of the Q-Pipe Group; the expected
timing and likelihood of completion of any such transaction; the
risk that Dominion Energy or any potential buyer of the Q-Pipe
Group may be unable to obtain any necessary regulatory approvals
for the transaction or that required regulatory approvals may delay
the transaction; and the risk that any conditions to the closing of
any such transaction may not be satisfied. Other risk factors
are detailed from time to time in Dominion Energy's quarterly
reports on Form 10-Q and most recent annual report on Form 10-K
filed with the Securities and Exchange Commission.
These forward-looking statements speak only as of the date of this
press release. Dominion Energy assumes no obligation to provide any
revisions to, or update, any projections and forward-looking
statements contained in this press release.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/dominion-energy-and-berkshire-hathaway-energy-agree-to-terminate-sale-of-questar-pipelines-dominion-energy-commencing-competitive-sale-process-301331402.html
SOURCE Dominion Energy