Dominion Energy today provided the following statement on a Monday appeals court ruling on the Atlantic Coast Pipeline.
“Yesterday afternoon, the U.S. Court of Appeals for the Fourth Circuit denied the Atlantic Coast Pipeline’s (ACP) request for an en banc rehearing related to the Court’s invalidation of the project’s U.S. Forest Service Appalachian Trail crossing authorization. ACP’s en banc petition was supported by the Department of Justice on behalf of the U.S. Forest Service, as well as several prominent industry, labor, and business groups.
“Dominion Energy expects an appeal to be filed to the Supreme Court of the United States in the next 90 days. The company is also pursuing legislative and administrative options as previously discussed on Dominion Energy’s Feb. 1, 2019 earnings call. We are confident that the U.S. Departments of Interior and Agriculture have the authority to resolve the Appalachian Trail crossing issue administratively in a manner that satisfies the Court’s stated objection and in a timeframe consistent with a restart of at least partial construction during the third quarter. We will continue to work to resolve the outstanding biological opinion issue as well as any impediments to the project’s crossing of the Appalachian Trail, and believe, as a result, that at least partial construction will recommence in the third quarter of 2019.
“The project cost and timing guidance provided on the company’s Feb. 1 earnings call fully contemplated the possibility of an unsuccessful en banc request. Therefore, yesterday’s Fourth Circuit decision does not alter our operating EPS guidance as provided to the investment community on that call. Dominion Energy remains confident in the full completion of the Atlantic Coast Pipeline along the entire 600-mile route.”
Dominion Energy is a 48% owner of the Atlantic Coast Pipeline.
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Chris Graham
