RICHMOND, Va., Sept. 30, 2014 /PRNewswire/ -- Dominion (NYSE: D) today notified the Federal Energy Regulatory Commission that it has accepted the commission's order approving the Cove Point LNG liquefaction and export project and all of FERC's environmental conditions.
"The FERC's review of this project was exhaustive, complete, and reflects consideration of thousands of comments. We thank the FERC for its thoroughness" said Diane Leopold, president of Dominion Energy.
"We are looking forward to starting construction in the very near future, building the terminal with the public's safety first and foremost in our mind, so that we can bring the economic benefits both locally and to our customers," Leopold said.
The FERC issued the order approving the project and 79 related conditions Monday evening.
The construction of the export project, which is estimated to cost between $3.4 billion and $3.8 billion, will create thousands of skilled construction jobs, 75 permanent jobs and an additional $40 million in annual tax revenue to Calvert County. Other economic benefits includes millions of dollars of new revenues for Maryland and the federal government as well as a reduction in the nation's trade deficit by billions of dollars annually.
The project also can bring significant environmental benefits by replacing coal for power generation overseas.
IHI/Kiewit Cove Point, a joint venture between IHI E&C International Corporation of Houston and Kiewit Corporation of Omaha, Neb., is the engineering, procurement and construction contractor for the new liquefaction facilities.
Dominion is one of the nation's largest producers and transporters of energy, with a portfolio of approximately 23,600 megawatts of generation, 10,900 miles of natural gas transmission, gathering and storage pipeline and 6,400 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 utility and retail energy customers in 10 states. For more information about Dominion, visit the company's website at www.dom.com.