Tuesday, 11 Aug 2020

Dominion takes $2.8 billion charge to exit Atlantic Coast natgas pipe

(Reuters) – U.S. energy company Dominion Energy Inc (D.N) said 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.

That pipe, and the related Supply Header project in Pennsylvania and West Virginia, was the most expensive gas pipeline under construction in the United States when Dominion canceled it earlier this month.

Dominion and Duke Energy Corp (DUK.N), its partner in the $8 billion Atlantic Coast project, gave up on the pipeline due to regulatory uncertainty following years of delays and billions of dollars of cost overruns.

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