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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.

Dave Lawler, author of World
29 mins ago - World

How Biden might tackle the Iran deal

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Images

Four more years of President Trump would almost certainly kill the Iran nuclear deal — but the election of Joe Biden wouldn’t necessarily save it.

The big picture: Rescuing the 2015 Joint Comprehensive Plan of Action (JCPOA) is near the top of Biden's foreign policy priority list. He says he'd re-enter the deal once Iran returns to compliance, and use it as the basis on which to negotiate a broader and longer-lasting deal with Iran.

Kamala Harris, the new left's insider

Photo illustration: Eniola Odetunde/Axios. Photo: Joe Buglewicz/Getty Images     

Progressive leaders see Sen. Kamala Harris, if she's elected vice president, as their conduit to a post-Biden Democratic Party where the power will be in younger, more diverse and more liberal hands.

  • Why it matters: The party's rising left sees Harris as the best hope for penetrating Joe Biden's older, largely white inner circle.

If Biden wins, Harris will become the first woman, first Black American and first Indian American to serve as a U.S. vice president — and would instantly be seen as the first in line for the presidency should Biden decide against seeking a second term.

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