Duke Energy, Dominion abandon the $8 billion Atlantic Coast Pipeline

[Elderberry]

Charlotte Business Journal By John Downey 7/5/2020

The $8 billion, 600-mile Atlantic Coast Pipeline is dead.

Dominion Energy Inc. and Duke Energy Corp. are canceling the project because of continuing court delays likely to drive the price tag higher. That would threaten the economic viability of the project, they say.

Bound up in the cancellation is Dominion’s decision, announced separately, to sell it gas transmission business to Berkshire Hathaway Energy for $4 billion in cash and the assumption of $5.7 billion in debt.

Charlotte-based Duke (NYSE: DUK) expects to take a charge of $2 billion to $2.5 billion against earnings for its investment to date in the ACP. Duke holds a 47% share of the partnership. That would mean $4.3 billion to $5.3 billion will have been spent on the project, once all the exit costs are calculated.

Dominion (NYSE: D) owns 53% of the project after buying out The Southern Co.’s (NYSE: SO) 5% share in February. That would put Dominion’s share of the costs at $2.3 billion to $2.8 billion.

“This announcement reflects the increasing legal uncertainty that overhangs large-scale energy and industrial infrastructure development in the United States,” say Dominion CEO Tom Farrell and Duke CEO Lynn Good in a joint statement. “Until these issues are resolved, the ability to satisfy the country’s energy needs will be significantly challenged.”

More: https://www.bizjournals.com/charlotte/news/2020/07/05/duke-energy-dominion-abandon-the-atlantic-coast-p.html

[DB]

We don't need no stinking energy...

Leftest really are morons.

[Smokin Joe]

I heard Dominion sold it to Berkshire Hathaway.

[Elderberry]

I heard Dominion sold it to Berkshire Hathaway.

Charlotte Business Journal By John Downey 7/5/2020

The $8 billion, 600-mile Atlantic Coast Pipeline is dead.

Dominion Energy Inc. and Duke Energy Corp. are canceling the project because of continuing court delays likely to drive the price tag higher. That would threaten the economic viability of the project, they say.

Bound up in the cancellation is Dominion’s decision, announced separately, to sell it gas transmission business to Berkshire Hathaway Energy for $4 billion in cash and the assumption of $5.7 billion in debt.

Charlotte-based Duke (NYSE: DUK) expects to take a charge of $2 billion to $2.5 billion against earnings for its investment to date in the ACP. Duke holds a 47% share of the partnership. That would mean $4.3 billion to $5.3 billion will have been spent on the project, once all the exit costs are calculated.

Dominion (NYSE: D) owns 53% of the project after buying out The Southern Co.’s (NYSE: SO) 5% share in February. That would put Dominion’s share of the costs at $2.3 billion to $2.8 billion.

“This announcement reflects the increasing legal uncertainty that overhangs large-scale energy and industrial infrastructure development in the United States,” say Dominion CEO Tom Farrell and Duke CEO Lynn Good in a joint statement. “Until these issues are resolved, the ability to satisfy the country’s energy needs will be significantly challenged.”

More: https://www.bizjournals.com/charlotte/news/2020/07/05/duke-energy-dominion-abandon-the-atlantic-coast-p.html