Seems like just yesterday that Dominion Energy’s Cove Point LNG export plant opened for business–in April 2018 (see First-Ever Shipment of Marcellus LNG Leaves Cove Point, Maryland). Fast forward a year and a half later and on Monday, November 11, Dominion loaded its 100th commercial LNG ship. Let’s celebrate!
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Yesterday MDN reported on Dominion Energy’s third quarter update from last Friday, a session in which CEO Tom Farrell commented the company’s commitment to building the Atlantic Coast Pipeline (ACP) is “unwavering” (see Dominion Energy 3Q – Commitment to Atlantic Coast Pipe “Unwavering”). Last Thursday a pair of ACP representatives gave an update to Upshur County, WV commissioners at one of their scheduled meetings. The reps did a deep dive into the details of what is currently blocking construction, and gave their best guess about when construction (in Upshur and elsewhere) will resume.
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Dominion Energy has formed a joint venture partnership with Interstate Gas Supply to form Wrangler Retail Gas Holdings. Dominion will, over the next three years, contribute all of its non-regulated retail energy marketing operations to Wrangler under the terms of the agreement. Wranger will operate a non-regulated natural gas retail energy marketing business.
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Dominion Energy released their third quarter 2019 update late last week. The company reports earnings of $975 million ($1.17 per share), an increase of 14.2% from the previous year. Dominion, as you may know, is a huge company involved in not only the pipeline business, but the utility business. They generate and deliver electricity to millions of customers. They deliver natural gas to millions of customers. The key issue right now for us with regard to Dominion is the status of their Atlantic Coast Pipeline (ACP) project. CEO Tom Farrell says that ACP is still a go.
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Of all the issues that drives us crazy, this one is near or at the top of the list–the charge that building a low-emissions compressor station for Dominion Energy’s Atlantic Coast Pipeline (ACP) about an hour outside of Richmond, Virginia is “racist” because it will be built in a community founded by emancipated slaves following the Civil War. The so-called “environmental justice” issue.
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Yesterday Dominion Energy announced it has sold a 25% stake in the completed Cove Point, Maryland LNG export facility to Brookfield Asset Management for a cool $2 billion. Dominion completed the $4.1 billion facility in 2018. The share just sold to Brookfield values the facility at $8.22 billion. Holy smokes! Nice play–to double the value of your investment in not much more than a year after completing it. What will Dominion do with all that cash?
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Dominion Energy’s Atlantic Coast Pipeline (ACP) previously filed a request with the U.S. Supreme Court to overturn a decision by the U.S. Court of Appeals for the Fourth Circuit that judicially creates a new law stipulating pipelines can’t cross under the Appalachian Trail without (no kidding) an Act of Congress. The Supremes get 8,000 such requests each year, and accept maybe 80 (or 1%). Lightning struck. The ACP case was accepted by the Supremes on Friday. This is *seriously* good news!
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Two very important (perhaps we should say critically important) cases now sit before the U.S. Supreme Court–cases that have a direct bearing on the Marcellus/Utica region. Both cases deal with pipelines. The first case we’ve written about before: Dominion Energy’s Atlantic Coast Pipeline case to overturn a nutty decision by the U.S. Court of Appeals for the Fourth Circuit that judicially creates a new law that pipelines can’t cross under the Appalachian Trail without (no kidding) an Act of Congress. The other case involves the Hoopa Valley Indian Tribe in California–a case that has profound implications for the Constitution Pipeline from Pennsylvania into New York.
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Dominion Energy, a huge utility/powergen/midstream company with one of the most active philanthropic foundations in our industry, has just donated another $1.6 million to 135 organizations across 10 states for environmental and educational projects. We bring you this news for a couple of reasons. One is to toot Dominion’s horn for them, to point out the millions in nonprofit giving they make each year–opposite of the money-grubbing evil corporation picture pained by antis. And two, to encourage nonprofits–from schools to 4H clubs to museums to…just about any nonprofit in the states where Dominion operates, to apply for a grant. This is not a one-off! They do this year after year after year.
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Last week we brought you an update on outstanding litigation and the status for Dominion Energy’s 600-mile Atlantic Coast Pipeline project (see Dominion Confident Courts Will Restart Atlantic Coast Pipe). We attempted to simplify where things stand in relation to two court cases. Truth be told, there are multiple court cases in two different courts. It is a complex situation. We have a more detailed look at what’s blocking thousands of workers from returning to work on this critical project…
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What’s the status of Atlantic Coast Pipeline (ACP), a 600+ mile pipeline that will run from West Virginia through Virginia and into North Carolina? Only 35 miles of pipeline is currently built, and all construction, at the moment, is blocked by the U.S. Fourth District Court of Appeals. Almost all of the workers for the project (thousands of them) have been laid off. Big Green groups with deep pockets have harassed the project from the beginning by filing lawsuits, blocking construction. Yet Dominion Energy, the primary partner and builder of ACP, remains “confident” the pipeline will, eventually, get built. When?
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In October 2016, Dominion announced a new pipeline project called Eastern Market Access Project (see Dominion Announces $145M Project to Expand Gas Supply to DC & MD). The $145 million project was slated to beef up two compressor stations in Virginia, build a new compressor station in Maryland, and add a couple of pipeline taps near Washington, D.C. The new compressor station was eventually axed, and along with it some of the extra capacity. But Dominion completed the other work and last Friday the Federal Energy Regulatory Commission (FERC) gave the OK to begin service.
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There is currently no construction happening along the 600-mile Dominion Energy Atlantic Coast Pipeline (ACP) project due to several lawsuits brought by disgusting Big Green groups that have blocked the path of the pipeline (see Dominion 2Q Update: The Battle to Build Atlantic Coast Pipe). Even though there is no current construction happening, a federal agency has just sent a “warning letter” to the builders citing violations of certain “unsafe construction practices at work sites”–related to work done last December.
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Dominion Energy, a huge company with its fingers in many energy pies (pipelines, LNG exports, power generation, utility company) issued its second quarter update yesterday. Although the company is large and yesterday’s update spanned many different initiatives, there was no escaping the fact that much of yesterday’s conversation revolved around the company’s stalled Atlantic Coast Pipeline (ACP) project.
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The same U.S. Fourth Circuit Court of Appeals judges who quoted from Dr. Seuss’ book “The Lorax” in a previous decision against Dominion Energy’s Atlantic Coast Pipeline (ACP) have, once again, delivered another blow to ACP. In a very poor decision issued on Friday, the clown judges overturned reissued permits from the U.S. Fish and Wildlife Service (FWS) for the project, claiming the permits don’t do enough to protect bumble bees and bats.
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A radical anti-fossil fuel group (rich snobs) from Cooperstown, NY, in Otsego County (calling themselves Otsego 2000), sued the Federal Energy Regulatory Commission (FERC) in federal court a year ago to try and stop a project to build a couple of compressor stations in upstate New York, using the argument global warming wasn’t factored into the decision-making process (see Otsego2000 Snobs Appeal FERC Approval of New Market Pipe Project). Because neither of the compressor stations are located in Otsego County, the court ruled Otsego 2000 had no standing to bring the lawsuit in the first place (see Fed Court Rules Against NY Antis in “Landmark” Dominion Pipe Case).
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