Berkshire Hathaway Energy acquires Dominion’s gas transmission and storage business
Wednesday, December 16, 2020
Last month Berkshire Hathaway Energy completed the purchase of all of Dominion Energy’s natural gas transmission and storage operating segment assets, exclusive of Quester Pipeline Group, according to Seeking Alpha.
Berkshire Hathaway Energy paid $8 billion, including approximately $2.7 billion in cash, which is subject to adjustments, and the assumption of approximately $5.3 billion in debt.
The completed transaction also included the acquisition of 25% of Cove Point LNG – an LNG export, import and storage facility in Maryland
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.