OIL & GAS

Dominion takes $2.8 bln charge to exit Atlantic Coast natural gas pipe

U.S. energy company Dominion Energy Inc said on Friday it took a $2.8 billion charge in the second quarter related to the cancellation of the Atlantic Coast natural gas pipeline from West Virginia to North Carolina.

Atlantic Coast was the most expensive U.S. gas pipeline under construction when Dominion and partner Duke Energy Corp exited the $8 billion project earlier this month due to regulatory uncertainty following years of delays and billions of dollars of cost overruns.

It is just one of several U.S. oil and gas pipelines mired in legal and regulatory battles with local and environmental groups that have found numerous problems with U.S. permits issued by Trump administration agencies.

When Dominion started work on the 600-mile (966-km) pipe in 2018, the company estimated it would cost $6.0 billion to $6.5 billion and be completed in late 2019.

Source
ET Energy World
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