Steve Haner at Bacon’s Rebellion has a good breakdown of a recent Dominion Energy earnings call in which CEO Tom Farrell said the company’s Atlantic Coast Pipeline’s cost estimates had ballooned to $6.5 to $7 billion.
Per the transcript, Farrell blamed a Federal Energy Regulatory Commission stop-work order and delays in obtaining permits for the contentious project. Farrell told investors he still expects the pipeline to begin service in late 2019 for “key segments” while the rest of the pipeline will be operational the following year.
“The returns are going to be very adequate,” Farrell said.
The news comes as activists spotted Farrell leaving the governor’s office Monday and amid the fallout from Gov. Ralph Northam’s decision to yank two members of the State Air Pollution Control Board who had asked tough questions about a proposed permit for a Buckingham County compressor station that is part of the Atlantic Coast Pipeline.