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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.

9 mins ago - World

Barbados becomes a republic, replacing U.K. queen with president

Combination images of Dame Sandra Mason, president of Barbados, and Britain's Prince Charles at her swearing-in ceremony in Bridgetown, Barbados, late Monday.

Barbados officially became a republic at midnight local time after Dame Sandra Mason was sworn in as the Caribbean nation's first president in a ceremony attended by the United Kingdom's Prince Charles.

Why it matters: Mason replaced Britain's Queen Elizabeth as head of state Tuesday — removing the country's final remaining colonial tie to the U.K. almost 400 years after the first British ships arrived in Barbados.

Right-wingers making McCarthy sweat for future Speaker post

House Minority Leader Kevin McCarthy stands with his Republican colleagues outside the House on Nov. 17. Photo: Stefani Reynolds/Bloomberg via Getty Images

Right-wing elements in the Republican Party are complicating House Minority Leader Kevin McCarthy's attempts to become the next speaker of the House should the GOP take back the majority in 2022.

Why it matters: While McCarthy has worked carefully to build trust among the conservatives who tanked his chances at clinching the speakership in 2015, they're still circling ahead of the next Speaker vote in January 2023.

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