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Released May 05, 2017 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Dominion Resources Incorporated's (NYSE:D) (Richmond, Virginia) Cove Point liquefied natural gas (LNG) production and export plant in Lusby, Maryland, is 89% complete and on track for startup by the end of the year, according to company executives. The company also has other major growth projects under way, including its combined-cycle power plant in Greensville County, Virginia, and its Atlantic Coast natural gas pipeline project. Industrial Info is tracking $36.7 billion of projects involving Dominion.
Chief Executive Officer Tom Farrell said during the company's first-quarter earnings presentation that engineering and procurement at Cove Point "is essentially finished. Structural steel and large-diameter piping installation are coming to completion, and the post-installation pipe testing is about 60% complete. ...The fourth quarter will provide a period of sustained production of LNG prior to achieving commercial in-service late this year."
Dominion's Cove Point LNG facility began construction in late 2014 and will take about three years to complete. The facility will be capable of liquefying 1 billion cubic feet per day (Bcf/d) of natural gas to produce 5.25 million tons year of LNG for export. The project has a total investment value of approximately $4 billion. For more information, see Industrial Info's project report.
The company is also in the late planning stages for the Atlantic Coast natural gas pipeline project. Dominion is partnering on the project with Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina), Piedmont Natural Gas Company (NYSE:PNY) (Charlotte) and Southern Company Gas (Atlanta, Georgia). The 600-mile pipeline will carry up to 1.5 Bcf/d of natural gas from West Virginia to Virginia and North Carolina. The project received a favorable draft environmental impact statement (EIS) from the U.S. Federal Energy Regulatory Commission (FERC) in December. For more information, see January 9, 2017, article - Atlantic Coast Pipeline Gets Boost from FERC, County Supervisors. A final EIS is expected from FERC this summer, and Dominion is expecting to receive a final permit for construction from FERC in late summer or early fall. "We remain on track to start to construction in the second half of this year and expect completion of the Atlantic Coast Pipeline and the supply header in the second half of 2019," said Farrell. For more information, see Industrial Info's project reports on the West Virginia, Virginia and North Carolina segments of the pipeline.
Also under construction is the 1,588-megawatt (MW) combined-cycle power plant in Greensville County, Virginia. Farrell said that the project "continues on time and on budget. As of March 31, the $1.3 billion project was 30% complete, while three gas turbines, the gas turbine generators, as well as the steam turbine generator and casings have been placed on their foundations. All three heat-recovery steam generators have been set, with modules loaded. With the major equipment on site, the rest of the schedule is greatly reduced. Greensville is expected to achieve commercial operations late next year." The project is about 30% complete. For more information, see Industrial Info's project report.
Dominion is also building several solar installations and expects to have 408 MW of solar projects go into service this year, followed by 200 MW next year, bringing the company's solar portfolio to about 1,800 MW, which includes about 700 MW in Virginia and North Carolina. Among these projects is the Summit Farms PV solar project in Moyock, North Carolina. The facility will have a generating capacity of 60 MW and is expected to kick off in the second quarter of next year, taking about seven months to complete. SunEnergy 1 LLC is acting as engineering, procurement and construction firm on the project, which has an estimated total investment value of $120 million. For more information, see Industrial Info's project report.
Dominion reported net income of $632 million in first-quarter 2017, compared to $524 million in first-quarter 2016.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Chief Executive Officer Tom Farrell said during the company's first-quarter earnings presentation that engineering and procurement at Cove Point "is essentially finished. Structural steel and large-diameter piping installation are coming to completion, and the post-installation pipe testing is about 60% complete. ...The fourth quarter will provide a period of sustained production of LNG prior to achieving commercial in-service late this year."
Dominion's Cove Point LNG facility began construction in late 2014 and will take about three years to complete. The facility will be capable of liquefying 1 billion cubic feet per day (Bcf/d) of natural gas to produce 5.25 million tons year of LNG for export. The project has a total investment value of approximately $4 billion. For more information, see Industrial Info's project report.
The company is also in the late planning stages for the Atlantic Coast natural gas pipeline project. Dominion is partnering on the project with Duke Energy Corporation (NYSE:DUK) (Charlotte, North Carolina), Piedmont Natural Gas Company (NYSE:PNY) (Charlotte) and Southern Company Gas (Atlanta, Georgia). The 600-mile pipeline will carry up to 1.5 Bcf/d of natural gas from West Virginia to Virginia and North Carolina. The project received a favorable draft environmental impact statement (EIS) from the U.S. Federal Energy Regulatory Commission (FERC) in December. For more information, see January 9, 2017, article - Atlantic Coast Pipeline Gets Boost from FERC, County Supervisors. A final EIS is expected from FERC this summer, and Dominion is expecting to receive a final permit for construction from FERC in late summer or early fall. "We remain on track to start to construction in the second half of this year and expect completion of the Atlantic Coast Pipeline and the supply header in the second half of 2019," said Farrell. For more information, see Industrial Info's project reports on the West Virginia, Virginia and North Carolina segments of the pipeline.
Also under construction is the 1,588-megawatt (MW) combined-cycle power plant in Greensville County, Virginia. Farrell said that the project "continues on time and on budget. As of March 31, the $1.3 billion project was 30% complete, while three gas turbines, the gas turbine generators, as well as the steam turbine generator and casings have been placed on their foundations. All three heat-recovery steam generators have been set, with modules loaded. With the major equipment on site, the rest of the schedule is greatly reduced. Greensville is expected to achieve commercial operations late next year." The project is about 30% complete. For more information, see Industrial Info's project report.
Dominion is also building several solar installations and expects to have 408 MW of solar projects go into service this year, followed by 200 MW next year, bringing the company's solar portfolio to about 1,800 MW, which includes about 700 MW in Virginia and North Carolina. Among these projects is the Summit Farms PV solar project in Moyock, North Carolina. The facility will have a generating capacity of 60 MW and is expected to kick off in the second quarter of next year, taking about seven months to complete. SunEnergy 1 LLC is acting as engineering, procurement and construction firm on the project, which has an estimated total investment value of $120 million. For more information, see Industrial Info's project report.
Dominion reported net income of $632 million in first-quarter 2017, compared to $524 million in first-quarter 2016.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
