Their reason: Years of … "This announcement reflects the increasing legal uncertainty that overhangs large-scale energy and industrial infrastructure development in the United States," Thomas Farrell, chairman of Dominion Energy, said in a statement. All rights reserved.

More information about the company is available at duke-energy.com. Legal challenges brought by environmental groups prompted the dismissal or suspension of numerous permits and led to an extended delay in construction.

“Unfortunately, today’s announcement detrimentally impacts the Commonwealth’s access to affordable, reliable energy,” the Virginia Chamber of Commerce said in a statement. The pipeline, initially announced in 2014, had faced intense criticism and legal challenges from environmental and other groups. © Duke Energy Corporation. Everything you need to know about energy savings and information regarding energy service for your home from Duke Energy. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. The project was years behind schedule and the anticipated cost had ballooned from the original estimate of $4.5 billion to $5 billion. US Energy Secretary Dan Brouillette blamed the pipeline's cancellation on "activists.". For example, a productive tree-felling season this winter is a key milestone to maintaining the project’s cost and schedule.

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The assets involved in the sale include more than 7,700 miles (12,300 kilometers) of natural gas storage and transmission pipelines and about 900 billion cubic feet of gas storage that Dominion currently operates, the company said.

More information about the company is available at, contains news releases, fact sheets, photos, videos and other materials. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. (CNN)Dominion Energy and Duke Energy have canceled their Atlantic Coast Pipeline project, a natural gas pipeline that was to stretch hundreds of miles across West Virginia, Virginia and North Carolina, citing "legal uncertainty.". The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. Despite a victory last month at the United States Supreme Court over a critical permit, Dominion Energy and Duke Energy said in a news release that “recent developments have created an unacceptable layer of uncertainty and anticipated delays” for the $8 billion project designed to cross West Virginia and Virginia into North Carolina. RICHMOND, Va. and CHARLOTTE, N.C. – Dominion Energy (NYSE: D) and Duke Energy (NYSE: DUK) today announced the cancellation of the Atlantic Coast Pipeline (“ACP”) due to ongoing delays and increasing cost uncertainty which threaten the economic viability of the project. Berkshire Hathaway will buy natural gas assets from Dominion Energy in $10 billion deal. © 2020 The Philadelphia Inquirer, LLC Terms of Use/Privacy Policy. This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. It employs 29,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities and 2,300 megawatts through its nonregulated Duke Energy Renewables unit. As a result, recent public guidance of project cost has increased to $8 billion from the original estimate of $4.5 to $5.0 billion. This new information and litigation risk, among other continuing execution risks, make the project too uncertain to justify investing more shareholder capital.

Dominion Energy and Duke Energy will separately provide additional information for their respective stakeholders and shareholders as relates to the company-specific financial, environmental, operational, and other impacts of this announcement. Until these issues are resolved, the ability to satisfy the country’s energy needs will be significantly challenged.”. Natural gas, Thomas F. Farrell, II, Dominion Energy chairman, president, and chief executive officer, and Lynn J. The project announced in 2014 has drawn fierce opposition from a coalition of landowners, activists and environmental advocates, who said it would damage pristine landscapes and harm wildlife.

2050. More than 7 million customers in 20 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. Economic development officials in distressed parts of the three states it would run through had hoped that the greater availability of natural gas would help draw heavy manufacturing companies. Despite a recent win for the project in the US Supreme Court, ongoing delays, litigation and an expected increase in costs threatened the economic viability of the project, the companies said Sunday. Duke Energy was named to Fortune’s 2020 “World’s Most Admired Companies” list and Forbes’ “America’s Best Employers” list. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Media: Aaron Ruby, (804) 489-8081 or  Aaron.F.Ruby@dominionenergy.com, Financial analysts: Steven Ridge, (804) 929-6865 or Steven.D.Ridge@dominionenergy.com, Media: Tammie McGee, (800) 559-3853 or Tammie.McGee@duke-energy.com, Financial analysts: Bryan Buckler, (704) 382-2640 or Bryan.Buckler@duke-energy.com. Business news and analysis sent straight to your inbox every Tuesday morning.

The Atlantic Coast Pipeline was initially announced in 2014 in response to a lack of energy supply and delivery diversification for millions of families, businesses, schools, and national defense installations across North Carolina and Virginia. Nonetheless, over the weekend Dominion Energy (D) and Duke Energy (DUK) announced they’re walking away from the project. The Electric Utilities and Infrastructure unit’s regulated utilities serve 7.8 million retail electric customers in six states: North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky.

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