RICHMOND, Va., Sept. 21, 2016 /PRNewswire/ -- Atlantic
Coast Pipeline, LLC, which has proposed a 600-mile natural gas
transmission pipeline to bring much-needed energy to Virginia and North
Carolina, today announced it has signed a construction
contract with Spring Ridge Constructors, LLC (SRC), a joint venture
of leading natural gas pipeline construction companies. Comprised
of Price Gregory International, Inc., a Quanta Services, Inc.
(NYSE: PWR) company; U.S. Pipeline, Inc.; SMPC, LLC; and Rockford
Corporation, a Primoris Services Corporation (NASDAQ: PRIM)
company, the joint venture will serve as the Atlantic Coast
Pipeline's lead construction contractor.
Pending approval by the Federal Energy Regulatory Commission
(FERC), the Atlantic Coast Pipeline (ACP) would run from
Harrison County, W.Va., southeast
through Virginia with a lateral
extension to Chesapeake, Va., and
then south through eastern North
Carolina to Robeson County.
If approved, construction is scheduled to begin in the fall of
2017. According to economic impact studies conducted in 2015, the
project's construction is expected to generate more than 17,000
jobs, $2.7 billion in total economic
activity and $4.2 million in average
annual tax revenue for cities and counties in the project area.
SRC was selected as the most-qualified contractor for the
project after an extensive, competitive bidding process conducted
by Atlantic Coast Pipeline, LLC. The four SRC companies account for
a significant portion of the large-diameter natural gas pipeline
construction spread capacity in the U.S.
"We are excited to work with SRC, which has assembled four of
the nation's leading and most-qualified pipeline builders for this
project," said Diane Leopold,
president of Dominion Energy. "These companies have extensive
experience in building large-scale, complex projects like the
Atlantic Coast Pipeline, and their commitment to safe construction
practices and best-in-class standards align with our expectations
for the project."
"The selection of our lead construction contractor is another
significant milestone for the Atlantic Coast Pipeline and
represents one more step toward making this project a reality and
securing the energy future of our region," Leopold added.
"SRC is pleased to have been selected by ACP as the constructor
of this vital project which serves to strengthen the nation's
energy infrastructure," said Dan
Plume, SRC project director. "The members of SRC are aligned
in purpose with the common goals of safe construction practices, a
commitment to environmental stewardship and quality construction.
The SRC team leads the industry with a combined 200 years of
expertise and leadership in the construction of large diameter
pipelines that encompass all regions and terrains across
North America. We are also excited
about the positive economic impact this project will have in
communities across these three states, where SRC and its
subcontractors expect to hire thousands of local workers and enlist
the services of many local businesses."
In another significant milestone for the project, in early
August FERC issued a Notice of Schedule, which established the
timeline for the remainder of the project's federal environmental
review process. Based on FERC's schedule, ACP expects to receive a
FERC certificate in the late summer or fall of 2017, with
construction beginning shortly thereafter. ACP anticipates
completing construction and bringing the pipeline into service in
late 2019. ACP is working with its contractors to evaluate the
possibility of bringing on more crews and working on more
simultaneous spreads in order to complete construction sooner. This
analysis is expected to be finalized over the next few months.
Atlantic Coast Pipeline, LLC is composed of four major U.S.
energy companies – Dominion, Duke Energy, Piedmont Natural Gas and
Southern Company Gas. The joint venture partners plan to build and
own the $4.5 billion-to-$5 billion
pipeline, which would help meet the growing clean energy needs of
Virginia and North Carolina by providing direct access to
low-cost, abundant supplies of natural gas being produced in the
nearby Marcellus and Utica shale
basins of West Virginia,
Pennsylvania and Ohio.
About Dominion
Dominion (NYSE: D) is one of the
nation's largest producers and transporters of energy, with a
portfolio of approximately 25,700 megawatts of generation, 14,400
miles of natural gas transmission, gathering and storage pipeline,
and 6,500 miles of electric transmission lines. Dominion operates
one of the nation's largest natural gas storage systems with 1
trillion cubic feet of storage capacity and serves more than 6
million utility and retail energy customers. For more information
about Dominion, visit the company's website at
www.dom.com.
About Spring Ridge Constructors, LLC
SRC, LLC is a
joint venture involved in the mainline pipeline construction
industry.
About Duke Energy
Duke Energy (NYSE: DUK) is
one of the largest electric power holding companies in the United States. Its regulated utility
operations serve approximately 7.4 million electric customers
located in six states in the Southeast and Midwest, representing a
population of approximately 24 million people. Its Commercial
Portfolio and International business segments own and operate
diverse power generation assets in North
America and Latin America,
including a growing portfolio of renewable energy assets in
the United States.
Headquartered in Charlotte,
N.C., Duke Energy is an S&P 100 Stock Index company
traded on the New York Stock Exchange under the symbol DUK. More
information about the company is available at
www.duke-energy.com.
About Piedmont Natural Gas
Piedmont Natural Gas
(NYSE: PNY) is an energy services company primarily engaged in the
distribution of natural gas to more than one million residential,
commercial, industrial and power generation utility customers in
portions of North Carolina,
South Carolina and Tennessee, including customers served by
municipalities who are wholesale customers. Our subsidiaries are
invested in joint venture, energy-related businesses, including
unregulated retail natural gas marketing, and regulated interstate
natural gas transportation and storage, and regulated intrastate
natural gas transportation businesses. More information about
Piedmont Natural Gas is available on the Internet at
www.piedmontng.com.
About Southern Company Gas
Southern Company Gas is a
wholly owned subsidiary of Atlanta-based Southern Company (NYSE:SO),
America's premier energy company. Southern Company Gas serves
approximately 4.5 million natural gas utility customers through its
regulated distribution companies in seven states and more than 1
million retail customers through its companies that market natural
gas and related home services. Other nonutility businesses include
asset management for natural gas wholesale customers and ownership
and operation of natural gas storage facilities. For more
information, visit Southern Company Gas at
www.southerncompanygas.com.
This news release includes certain "forward-looking
information." Examples include information as to our expectations,
beliefs, plans, goals, objectives and future financial or other
performance or assumptions concerning matters discussed in this
release. Factors that could cause actual results to differ from
those in the forward-looking statements may accompany the
statements themselves. In addition, our business is influenced by
many factors that are difficult to predict, involve uncertainties
that may materially affect actual results and are often beyond our
ability to control or estimate precisely, such as estimates of
future market conditions, access to and costs of capital, the
receipt of regulatory approvals for, and timing of, planned
projects and compliance with conditions associated with such
regulatory approvals, and the ability to complete planned
construction or expansion projects within the terms and timeframes
initially anticipated. We have identified and will in the future
identify a number of these factors in our SEC Reports on Forms 10-K
and 10-Q. We refer you to those discussions for further
information. Any forward-looking statement speaks only as of the
date on which it is made, and we undertake no obligation to update
any forward-looking statement to reflect events or circumstances
after the date on which it is made.
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SOURCE Dominion