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Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Dominion Energy announced Sunday it has agreed to sell its natural gas transmission and storage network to Warren Buffett's Berkshire Hathaway in a deal valued at $10 billion, including the assumption of debt.

Why it matters: The deal comes as Duke Energy Corp. and Dominion Energy announced they are canceling their plans for the $8 billion Atlantic Coast Pipeline following a Supreme Court ruling. The ruling removed major hurdles for the companies, but "recent developments have created an unacceptable layer of uncertainty and anticipated delays" for the project.

Between the lines per Axios' Ben Geman: The Atlantic Coast Pipeline project has been among the high-profile battles over fossil fuel infrastructure that have been intensifying in recent years.

  • Its demise is a win for environmental groups and shows how energy companies face continued hurdles to building big pipelines and other projects, despite White House efforts to speed up approvals and ease environmental reviews.
  • Delays of the project pushed costs to increase, CNBC reports.

The state of play: This is Berkshire Hathaway's first major deal since the coronavirus pandemic hit the U.S., per CNBC.

  • Buffett is spending $4 billion to buy Dominion Energy's national gas transmission and storage assets.
  • Berkshire Hathaway previously carried 8% of all natural gas transmission in the U.S., but will now carry 18%.

Go deeper

Ben Geman, author of Generate
Sep 28, 2020 - Economy & Business

A big shale deal

Illustration: Sarah Grillo/Axios

The oil-and-gas producers Devon Energy and WPX Energy are merging in a roughly $2.6 billion all-stock transaction that comes as U.S. producers are struggling with depressed prices and demand.

Why it matters: The deal between two companies active in the prolific Permian Basin of Texas and New Mexico will help create economies of scale and improved margins, they said this morning.

2 hours ago - World

Report: "Clear evidence" China is committing genocide against Uyghurs

The scene in 2019 of a site believed to be a re-education camp where mostly Muslim ethnic minorities are detained, north of Kashgar in China's northwestern Xinjiang region. Photo: Greg Baker/AFP via Getty Images

Chinese authorities have breached "each and every act prohibited" under the UN Genocide Convention over the treatment of Uyghurs and other Muslim minorities in China's Xinjiang province, an independent report published Tuesday alleges.

Why it matters: D.C. think-tank the Newlines Institute for Strategy and Policy, which released the report, said in a statement the conclusions by dozens of experts in war crimes, human rights and international law are "clear and convincing": The ruling Chinese Communist Party bears responsibility.

Updated 4 hours ago - Technology

Twitter sues Texas AG Ken Paxton

Texas Attorney General Ken Paxton at February's Conservative Political Action Conference in Orlando, Florida. Photo: Joe Raedle/Getty Images

Twitter on Monday filed a lawsuit against Texas Attorney General Ken Paxton (R), saying that his office launched an investigation into the social media giant because it banned former President Trump from its platform.

Driving the news: Twitter is seeking to halt an investigation launched by Paxton into moderation practices by Big Tech firms including Twitter for what he called "the seemingly coordinated de-platforming of the President," days after they banned him following the Jan. 6 Capitol insurrection.

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