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Linn Energy, LLC (LINE) Message Board

  • opinionsarelike33 opinionsarelike33 Dec 6, 2012 12:40 PM Flag

    We don't need NO WSJ to tell us dominion

    is the furthest along.

    Dominion says it anticipates many local, state and national economic benefits if its Cove Point facility in southern Maryland on the Chesapeake Bay is approved to export up to 1 billion cubic feet of liquefied natural gas per year.

    The company acquired Cove Point in 2002 and began receiving ships in summer 2003. Dominion finished an expansion project in 2009 that increased the facility's storage and production capacity by nearly 80 percent. It has a storage capacity of 14.6 billion cubic feet and a daily send-out capacity of 1.8 billion cubic feet, according to the company's website.

    "Dominion Cove Point is the logical, cost-effective and environmentally-efficient site to use to export domestic natural gas," CEO Thomas F. Farrell II said in a statement.

    The energy company said an average of 750 construction workers would be employed during three-plus years of construction, with between 2,700 and 3,400 jobs associated with the project at the peak of construction. And Dominion said the benefits to the natural gas and other industries would support another 14,600 jobs once exports begin.

    The company also said the project would directly and indirectly contribute about $1 billion in additional federal, state and local government revenues annually, as well as a significant increase in local property taxes. On an environmental side, Dominion said by adding onto an existing facility, the Cove Point project would have less environmental impact than other projects proposed for undeveloped sites elsewhere.

    The 15 projects in front of the Energy Department for review seek to export a total of 24 billion cubic feet of natural gas per day. That would represent an increase of 34 percent over this year's average U.S. natural gas consumption of 70 billion cubic feet per day. After a 45-day initial comment period on the study and a 30-day reply comment period, the department said it will review the 15 applications on a case by case basis.

    Dominion Resources is one of the nation's largest producers and transporters of energy and has the nation's largest natural gas storage system.

 
LINE
30.73-0.35(-1.13%)Aug 22 4:00 PMEDT

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