Dominion Welcomes DOE Approval For Natural Gas Exports From Cove Point
RICHMOND, Va., Sept. 11, 2013 /PRNewswire/ -- Dominion (NYSE: D) today welcomed approval from the U.S. Department of Energy for natural gas exports to non-Free Trade Agreement countries from its Dominion Cove Point LNG facility on the Chesapeake Bay in Lusby, Maryland.
"We agree with the DOE's decision that exports are expected to bring economic benefits to the country," said Thomas F. Farrell II, Dominion chairman, president and CEO. "It is good news on many fronts, including the thousands of jobs that will be created, the boost in government revenues that will result, and the support it provides to allied nations.
"Dominion Cove Point is an ideal location for a cost-effective and environmentally compatible export facility. Dominion is dedicated to constructing a safe and reliable facility that is an asset to the community, state and country."
The DOE previously approved Dominion's application to export to countries with Free Trade Agreements. Dominion's proposed facilities are expected to cost $3.4 billion to $3.8 billion. The company filed in March with the Federal Energy Regulatory Commission for approval of the proposed facilities. Pending receipt of regulatory approval and permits, construction is scheduled to 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 Corp., and GAIL Global (USA) LNG LLC, a U.S. affiliate of GAIL (India) Ltd., each have contracted for half of the marketed capacity.
Dominion Cove Point has robust existing infrastructure, including connections to the pipeline grid, LNG storage capacity and an updated pier. Construction will chiefly entail adding liquefaction capability.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 23,500 megawatts of generation, 11,000 miles of natural gas transmission, gathering and storage pipeline and 6,300 miles of electric transmission lines. Dominion operates one of the nation's largest natural gas storage systems 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.
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