ESG issues played key role in Dominion’s decision to get out of the gas business—CEO

first_imgESG issues played key role in Dominion’s decision to get out of the gas business—CEO FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):Dominion Energy Inc. pointed to the growing importance of environmental, social and governance practices as one of the “key considerations” in weighing the sale of its midstream gas assets and narrowing its focus on cleaner energy resources.Dominion announced the sale of its natural gas transmission and storage business to Berkshire Hathaway Energy on July 5 in a deal with an enterprise value of about $9.7 billion, including the assumption of $5.7 billion of debt.“In reviewing this transaction, in the context of our long-term strategic direction, we weighed several key considerations, including the value to our industry-leading ESG-focused strategy,” Dominion Chairman, President and CEO Thomas Farrell II said on a July 6 call with investors.The subsidiary of Warren Buffett’s Berkshire Hathaway Inc. will acquire 100% of Dominion Energy Transmission Inc., Questar Pipeline Co. and Dominion Energy Carolina Gas Transmission LLC and 50% of Iroquois Gas Transmission System LP.The move came on the same day that Dominion and Duke Energy Corp. announced the cancellation of the 604-mile Atlantic Coast natural gas pipeline project based on ongoing delays from legal and regulatory challenges as well as increasing cost uncertainty.“Our company continues to evolve, allowing us to focus even more on serving our customers and positioning us for a bright and increasingly sustainable future,” Farrell said. “We believe that Dominion Energy offers one of the industry’s most compelling profiles for ESG-focused investors and stakeholders.”[Darren Sweeney]More ($): Dominion points to ESG as key factor in decision to off-load gas assetslast_img

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