– Termination a result of ongoing uncertainty associated with achieving requisite HSR clearance
– Dominion Energy targeting year-end 2021 for completion of competitive sale process to an alternative buyer
– No change to Dominion Energy’s existing financial guidance
PR Newswire
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.
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SOURCE Dominion Energy
