Energy giant Berkshire Hathaway Energy, an integral part of Warren Buffett’s conglomerate, has made a significant step into the liquefied natural gas sector. The company has acquired half of the Cove Point terminal, located in Maryland, from Dominion Energy. The purchase price of the transaction is $3.3 billion.
This acquisition brings Berkshire’s stake in Cove Point to 75%, leaving the remaining 25% to Brookfield Infrastructure Partners. This strategic move further solidifies Berkshire Hathaway Energy’s position in the energy sector, particularly in the liquefied natural gas market.
The acquisition announcement had a positive impact on Berkshire stock, which rose 0.4% in the premarket. This reflects investor confidence in Berkshire Hathaway Energy’s ability to effectively expand its presence in the energy market.