Dominion Energy 3Q18: Atlantic Coast Pipeline Delayed to 2020

Dominion Energy shared two bits of big news yesterday during their third quarter 2018 update. The first is that they’ve agreed to sell their 50% stake in Blue Racer Midstream (see Dominion Sells Its 50% Share in Blue Racer Midstream for $1.5B). The second bit of news, big news (for us), is that Atlantic Coast Pipeline (ACP) is now officially delayed–from late 2019 to “mid-2020” for a full startup. The price tag for ACP is going up too: $7 billion (up from $6.5 billion). But it’s not all bad news for ACP. Some pieces of the project will still go online in 2019, just not all of it. Dominion is taking a “phased in-service approach” to bringing the project online. The delays are due to the “FERC stop work order and delays obtaining permits necessary for construction.” We put it this way: The delays due to a myriad of frivolous lawsuits from Big Green groups means everyone will now pay more. Thanks Big Green.

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