Regulators neglect the cost of the pipeline impacts
By John Downey, Charlotte Business Journal, February 20, 2018
Duke Energy Corp. CEO Lynn Good says the 600-mile Atlantic Coast Pipeline could now cost as much as $6.5 billion to complete — about 30% more than estimated when the project was first proposed just three-and-a-half years ago.
Good disclosed the latest estimate during Charlotte-based power company’s earnings call.
“Due to delays and more stringent conditions in the permitting process, ACP now estimates total project cost between $6 billion and $6.5 billion,” Good told analysts on the conference call.
That would put Duke’s share of the price at between $2.7 billion and $3.1 billion.
The joint project of Dominion Energy Inc., Duke and The Southern Co. was announced in September 2014. At that time, the partners (including Piedmont Natural Gas, which is now part of Duke) said it would cost about $4.5 billion to $5 billion to build.
The price has risen several times since then as the regulators demanded changes to the route and other specifications to meet environmental, cultural and safety objections.
Delays in construction have also added to the cost. The partners originally had hoped to start construction in 2016 and have the project in service by late this year. That has, over time, slipped to construction work starting by summer (there is pre-construction tree clearing already underway) and completion by late next year.
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Report Released on Economic Impact of Atlantic Coast Pipeline – NBC29 WVIR Charlottesville, VA on March 1, 2016
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