Dominion Energy: Cove Point LNG Project 97% Complete, Ready by End of Year

Researched by Industrial Info Resources (Sugar Land, Texas)--Dominion Energy Incorporated (NYSE:D) (Richmond, Virginia) reported that the company's key projects were on schedule and on budget, including its Greensville natural gas-fired power plant in Virginia and Cove Point liquefied natural gas (LNG) production facility in Maryland.

In a conference call on Monday, Dominion Chief Executive Officer Thomas Farrell said, "Our Cove Point liquefaction project is now 97% complete and remains on time and on budget. Construction is essentially complete. All processes have been turned over for site commissioning, and we have entered the final phase of startup. ... We will begin generating LNG next month, then conclude commissioning in December and expect to be in service by the end of the year."

The Cove Point plant will be capable of liquefying 1 billion cubic feet per day of natural gas to produce 5.25 million tons per year of LNG for export. Construction on the facility began in late 2014, with Kiewit Construction Company (Lenexa, Kansas) providing engineering, procurement and construction (EPC) on the project. For more information, see Industrial Info's project report.

Also discussed was the Greensville combined-cycle, natural gas-fired power plant near Emporia, Virginia. Farrell said, "Construction on the 1,588-megawatt (MW) Greensville combined-cycle power station continues on time and on budget. As of September 30, the $1.3 billion project was 60% complete. ... Greensville is on schedule to achieve first fire in the second quarter of next year and is expected to achieve commercial operations in late 2018." Construction on the plant began in late 2015. Fluor Corporation (NYSE:FLR) (Irving, Texas) is providing EPC work on the project. For more information, see Industrial Info's project report.

The company is continuing a drive for more renewable energy with pumped-storage hydropower stations in Virginia. "We are currently evaluating the potential for a pumped-storage project in the coalfield region of Virginia. A preliminary permit application has been filed with FERC [Federal Energy Regulatory Commission], identifying a preliminary project site in Tazewell County, Virginia," said Farrell. "We've also contracted with Virginia Tech to study the feasibility of using an abandoned coal mine in Wise County to construct a pumped-storage facility. While construction on the projects would not begin for a number of years, Industrial Info will continue to track these projects as they make their way through the planning, engineering and construction stages. For more information, see Industrial Info's project reports on the Tazewell County and Wise County pumped-storage projects.

Dominion reported third-quarter 2017 net earnings of $632 million, compared with $524 million for the same period of 2016.

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