Nov 7 (Reuters) – Dominion Power Inc (D.N) is contemplating promoting its multi-billion-dollar stake within the Cove Level liquefied pure gasoline (LNG) facility in Maryland’s Chesapeake Bay, Bloomberg Information reported on Monday citing individuals with information of the matter.
The corporate is working with advisers to solicit curiosity from potential suitors together with infrastructure funds, in accordance with the Bloomberg report.
Talks are at an early stage, and Dominion might nonetheless resolve to carry onto the 50% stake, the individuals mentioned.
Dominion was not instantly obtainable for a remark.
The Cove Level terminal is operated by Berkshire Hathaway Inc’s (BRKa.N) Berkshire Hathaway Power, which owns 25% of the power. The remainder is owned by models of Dominion Power (50%) and Brookfield Asset Administration Inc (BAMa.TO) (25%).
Shares of Dominion Power dropped on Monday as the corporate initiates a “top-to-bottom” evaluate to weigh strategic enterprise actions, as its shares have been underperforming over the previous a number of years.
Reporting by Swati Verma in Bengaluru
Enhancing by Chris Reese
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