$5 Billion Natural Gas Pipeline Headed For North Carolina
A proposed gas pipeline running from West Virginia to Eastern North Carolina is one step closer to becoming reality. Duke Energy and Piedmont Natural Gas announced Tuesday that they have a new partner in place to help build and operate the $5 billion project.
Virginia-based Dominion Resources will join both Duke Energy and Piedmont Natural Gas to build the 550-mile “Atlantic Coast Pipeline”. This is a project that has been talked about for years, but Dominion will act as the glue that puts it together.
It’s expected to meet the region’s rapidly growing demand for natural gas. The pipeline will run from West Virginia, through Virginia and into eastern North Carolina. Duke Energy says it is increasing its reliance on natural gas to power its generator plants as it shifts away from coal. In a joint statement, the four companies’ CEOs say the pipeline represents a major step forward for the region’s energy security, economic future and carbon reduction.
They say the project will create thousands of construction jobs during development and significant new revenue for state and local governments throughout the three states. But before the pipeline project can move forward, the Federal Energy Regulatory Commission needs to approve it. And that could be in mid-2016 with operation on the pipeline beginning in 2018.
Dominion will be one of the pipeline’s four owners – all based in the Mid-Atlantic or Southeast U.S.:
- Dominion – 45 percent ownership
- Duke Energy – 40 percent ownership
- Piedmont Natural Gas – 10 percent ownership
- AGL Resources – 5 percent ownership
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