Dominion Announces Yet Another ACP Price Rise

In a November 1, 2018, article in Yahoo Finance, Dominion’s Tom Farrell announced yet another cost increase for the Atlantic Coast Pipeline from a range of $6.0 to $6.5 billion to a range of $6.5 to $7.0 billion, excluding financing costs. “Atlantic Coast Pipeline is pursuing a phased in-service approach with its customers, whereby we maintain a late 2019 in-service for key segments of the project to meet peak winter demand in critically constrained regions served by the project. ACP will be pursuing a mid-2020 in-service date for the remaining segments of the project. Abnormal weather and/or work delays (including delays due to judicial or regulatory action) may result in cost or schedule modifications in the future.”

The original cost projection for the ACP was $4.5 billion and the original expected in-service date was the end of 2018. Numerous independent studies (here, here, and here, for example) have shown that, despite what Dominion says, there are no “critically constrained regions” needing the gas.