Dominion Power 2015 Annual Report Download - page 6

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DOMINION RESOURCES 2015 SUMMARY ANNUAL REPORT
4
The Cove Point liquefaction project,
expected to cost $3.4 billion to
$3.8 billion, ranks as one of the largest
projects Dominion has ever constructed.
Dominion acquired Cove Point,
then an import gas terminal, in 2002,
and later expanded the facility’s pier
and storage capabilities.
The current project will allow your
company to “liquefy” natural gas —
that is, cool the gas to extreme low
temperatures — and transport it to
tankers for export.
We have long-term, take-or-pay
contracts with creditworthy Indian and
Japanese companies seeking access to
low-cost American gas supplies in order
to meet their customers’ energy demands.
Nearly 1,600 workers and all major
equipment are on site. The liquefaction
capabilities are expected to commence —
on time and on budget — in late 2017.
The Atlantic Coast Pipeline has been
proposed to increase access to natural gas
supplies for a host of electric and gas
utilities in the mid-Atlantic and Southeast,
including Dominion Virginia Power.
Dominion is a partner in the $4.5 billion
to $5 billion project that would move
1.5 billion cubic feet of gas per day into
Virginia and North Carolina.
COVE POINT LIQUEFACTION ATLANTIC COAST PIPELINE