“Our growing LNG exposure, combined with the unique attributes that have made EQT the supplier of choice for end users of natural gas domestically – our low-cost structure, unmatched scale and resource depth, investment grade balance sheet, and peer leading emissions profile – position the company to expand its market reach and become the supplier of choice for end users of natural gas worldwide,” EQT chief executive Toby Rice said in comments on the deal.
Blackstone’s investment comes as utilities are bracing for the largest increase in power use in a generation thanks to artificial intelligence and data centers. They expect a significant portion of that electricity will be generated with natural gas.