WASHINGTON, April 23, 2013 /PRNewswire/ -- Dominion (NYSE: D) Chairman, President and Chief Executive Officer Thomas F. Farrell II today discussed the U.S. shale gas boom and the opportunities presented by liquefied natural gas (LNG) exportation to lead the nation's return to economic health and restore its status as a global energy leader. Farrell gave the remarks at the U.S. Chamber of Commerce's Institute for 21st Century Energy in Washington, D.C.
"A superpower does not punch below its weight class and stay a superpower forever," Farrell said. "We owe it to the American public – and to future Americans – to act like the global leader we are and seize the energy opportunities before us. . . . Exports will create incentives for American companies to drill for more natural gas, create more economic growth, more jobs and more government revenues – while at the same time, boosting international stability, supporting our country's geopolitical interests and reducing our trade deficits."
Dominion has announced that it is moving forward with its project to liquefy natural gas for exportation at its Cove Point import terminal on the Chesapeake Bay in Lusby, Md. Pending all necessary approvals, construction on the $3.4-$3.8 billion project, with access to the Marcellus and Utica Shale production areas, would begin in 2014, with an in-service date of 2017.
The capacity of the facility is fully subscribed, with signed 20-year terminal service agreements. Pacific Summit Energy, LLC, a U.S. affiliate of Japanese trading company Sumitomo Corporation, and GAIL Global (USA) LNG LLC, a U.S. affiliate of GAIL (India) Ltd., each have contracted for half of the marketed capacity. Sumitomo in turn has announced agreements to serve Tokyo Gas Co. and Kansai Electric Power Co., Inc. GAIL is the largest natural gas processing and distributing company in India.
To read the speech, please visit: https://www.dom.com/about/executive-perspective/042313.jsp.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 27,500 megawatts of generation, 11,000 miles of natural gas transmission, gathering and storage pipeline and approximately 6,300 miles of electric transmission lines. Dominion operates the one of the nation's largest natural gas storage system with 947 billion cubic feet of storage capacity and serves retail energy customers in 15 states. For more information about Dominion, visit the company's website at www.dom.com.