Dominion 3Q16: Profit Up 22% Y/Y; Cove Point LNG 75% Done

dominionDominion, a major pipeline and utility company operating in the Marcellus/Utica region, released its third quarter 2016 update yesterday. Like Williams, Dominion showed an impressive swing up in revenue. They made $728 million in 3Q16 vs. $599 million in 3Q15, a healthy 22% increase. Several items in the update caught our interest: CEO Thomas Farrell mentioned that construction has begun on the largest natural gas-fired electric generating plant in Virginia, the 1,588-megawatt Greensville County plant. He also said that the Cove Point LNG export facility in Maryland is now 75% complete and “the facility continues on time and on budget for a late 2017 in-service date.” Farrell also said the company is working hard on the Atlantic Coast Pipeline and the related Supply Header project. He expects both projects to be online in late 2019. Here’s the 3Q16 update for Dominion…

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