Utility Giant Kills Gas Pipeline, Sells Assets to Berkshire

One of the largest utilities in America is starting to turn its back on natural gas. Dominion Energy Inc., the second-biggest U.S. power company by market value, on Sunday said it’s selling substantially all of its gas pipeline and storage assets to Berkshire Hathaway Inc. for $4 billion. In a separate statement, Dominion and its partner Duke Energy Corp. said they’re killing the controversial Atlantic Coast gas pipeline along the U.S. East Coast, citing ongoing delays and “cost uncertainty.” The moves come as utilities face increasing pressure from local governments, investors and environmentalists to quit the fossil fuel. While long heralded as a cleaner alternative to coal and heating oil, gas is now getting shoved aside in the fight against climate change as states including New York, California and Dominion’s home base of Virginia have all passed laws for utilities to be carbon free within decades. “This transaction represents another significant step in our evolution as a company,” Dominion Chief Executive Officer Thomas Farrell said in a statement, citing the company’s goal of reaching net-zero emissions by 2050. Dominion shares fell as much as 4.5% Monday...MORE