If you burn that gas to produce electricity, not so much. The EIA says that the US generating fleet is not quite 40% efficient turning fossil fuels into electricity. So, for 100 units of thermal energy, you get (generously) 40 units of electricity out. The distribution losses are about 9%, so now we are down to 37.4 unit of energy delivered to the heat pump. To be as efficient as direct heating, the heat pump can't operate at a COP below (90/37.4) or 2.4. And please, no nattering about how we can just increase the efficiency of the grid. We're talking about today. So, if you are in a climate zone with many more heating degree days than cooling, the barrier is a COP of 2.4.