Dominion Power Proclaims Settlement to Promote Questar Pipelines to Southwest Fuel


– All-cash transaction valued at $1.975 billion, together with assumption of Questar Pipelines debt

– Money proceeds to cut back parent-level debt, assist strong regulated capital plan

– Sale anticipated to shut in fourth quarter of 2021, topic to regulatory approvals

RICHMOND, Va., Oct. 5, 2021 /PRNewswire/ — Dominion Power (NYSE: D) introduced right now execution of a definitive settlement to promote Questar Pipelines to Southwest Fuel Holdings Inc. (NYSE: SWX), in a transaction valued at $1.975 billion, together with the belief of $430 million of current indebtedness. Questar Pipelines consists of FERC-regulated, long-term contracted, transportation and underground storage property in Utah, Wyoming and Colorado, along with associated companies and processing entities. The transaction is anticipated to shut within the fourth quarter of 2021, topic to regulatory approvals.

(PRNewsfoto/Dominion Energy)

Robert M. Blue, Dominion Power chair, president and chief government officer, mentioned:

“We’re happy with the results of our sale course of for these high-quality property. This transaction represents one other important step in our evolution as an organization, permitting us to focus much more on fulfilling the power wants of our utility clients and persevering with progress of our clean-energy portfolio, together with improvement of the biggest offshore wind farm in North America. We respect the main target and professionalism of the Questar Pipelines workers, who’ve maintained secure and dependable operations. We stay up for closure by yr’s finish.”

Right now’s announcement doesn’t change Dominion Power’s current monetary steerage. Questar Pipelines will proceed to be accounted for as discontinued operations. Proceeds from the sale will probably be utilized by Dominion Power to cut back parent-level debt, together with retiring the 364-day time period mortgage that was entered into in July, which Dominion Power beforehand used to repay the roughly $1.3 billion transaction deposit made by Berkshire Hathaway Power. Proceeds from the sale of Questar Pipelines will even be used to assist Dominion Power’s strong regulated capital plan, as a part of the biggest regulated decarbonization alternative within the nation.

McGuireWoods LLP served as authorized counsel to Dominion Power. Barclays acted as the corporate’s monetary advisor. 

About Dominion Power

Greater than 7 million clients in 16 states energize their houses and companies with electrical energy or pure fuel from Dominion Power (NYSE: D), headquartered in Richmond, Va. The corporate is dedicated to sustainable, dependable, inexpensive and secure power and to attaining web zero carbon dioxide and methane emissions from its energy technology and fuel infrastructure operations by 2050. Please go to DominionEnergy.com to be taught extra. 

This launch incorporates sure forward-looking statements with respect to the sale of Dominion Power Questar Pipeline, LLC, and related entities, and the usage of the proceeds of such sale, that are topic to varied dangers and uncertainties. Elements that might trigger precise outcomes to vary embody however usually are not restricted to: the chance that Dominion Power and Southwest Fuel could also be unable to acquire any crucial regulatory approvals for the transaction or that required regulatory approvals could delay the transaction and the chance that any circumstances to the closing of any of the transaction is probably not glad.  Different danger components are detailed once in a while in Dominion Power’s quarterly stories on Kind 10-Q and most up-to-date annual report on Kind 10-Ok filed with the Securities and Change Fee.  These forward-looking statements communicate solely as of the date of this press launch. Dominion Power assumes no obligation to offer any revisions to, or replace, any projections and forward-looking statements contained on this press launch.

 

SOURCE Dominion Power

For additional data: For additional data: Media: Ryan Frazier, (804) 836-2083 or C.Ryan.Frazier@dominionenergy.com; Monetary Analysts: David McFarland, (804) 819-2438 or David.M.McFarland@dominionenergy.com



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