Presentation on theme: "Cove Point On The One-yard Line WVONGA Fall Meeting September 11, 2013."— Presentation transcript:
Cove Point On The One-yard Line WVONGA Fall Meeting September 11, 2013
Dominion Profile Power and Natural Gas Infrastructure 2 27,500 MW of electric generation 6,300 miles of electric transmission 11,000 miles of natural gas transmission, gathering and storage pipeline 947 billion cubic feet of natural gas storage operated Cove Point LNG Facility 2.4 million electric customers in VA and NC 1.3 million natural gas customers in OH & WV 2.1 million non-regulated retail customers in 15 states (not shown) Leading provider of energy and energy services in the Midwest, Northeast and Mid-Atlantic regions of the U.S OH VA NC ILIN PA MA CTRI MD WV WI NY
Cove Point Liquefaction Project $3.4-$3.8 billion Tolling facility Long term capacity contracts with: Sumitomo Corp. (Japan) GAIL (India) One liquefaction train Liquefaction capacity 750 MMCFD inlet ~ 5 mtpa LNG output 3
Cove Point Export Project: Domestic Benefits Jobs 7,000 Short Term 14,600 Long Term U.S. trade imbalance Reduce it by $2.8 to $7.1 billion/year Source: ICF International Government revenue –Almost $1.0 billion/year –Up to $40 million in annual property taxes in Calvert County, MD 4
5 What Does it Mean to U.S. Workers?
Major Milestones in DOE Approval Process September 2010 Sabine Pass application filed May 2011 DOE approves Sabine Pass October 2011 Cove Point application filed November 2011 DOE calls “time-out” for two studies January 2012 DOE releases EIA Pricing Study December 2012 DOE releases Macro- economic study May 2013 DOE approves Freeport August 2013 DOE approves Lake Charles
7 A Window of Opportunity
Proposed NA LNG Export Projects Sabine Pass LNG (2.2 bcfd) DOE approved Kitimat LNG (up to 1.3 bcfd ) LNG Canada (up to 3.2 bcfd) Pacific NW LNG (approx. 1 bcfd) US Department of Energy Both FTA and Non-FTA approved FTA approved, Non-FTA filed FTA & Non-FTA awaiting approval FTA only filed Main Pass Energy Hub (3.22 bcfd) Goldboro LNG (.7 bcfd) Total includes, SB Power, Waller LNG, and Gasfin LNG, small scale projects of less than.2 bcfd (see table). **Trunkline/Lake Charles LNG filed have both filed for 2 bcfd at Lake Charles, but total project will not exceed 2 bcfd 1 Jordan Cove applied for 1.2 bcfd FTA and.8 Bcfd Non-FTA Magnolia LNG (.54 bcfd) BC LNG ( approx..2 bcfd) 8
A permanent price advantage for U.S. consumers Tens of thousands of short-term & long-term jobs Billions of $ for federal, state, and local coffers Bolsters the manufacturing renaissance Avoids the “boom and bust” cycle Assures the production of gas liquids for petrochemical industry Advances U.S. geopolitical interests 9 The Case is Overwhelming
DOE approval Federal Energy Regulatory Commission approval Begin construction Commence operation 10 What Next?
President Obama Supports “It’s true that because of the extraordinary advances in technology that we’ve made in the United States, we are likely to be a net natural gas exporter as soon as 2020.” - President Obama, Business Leaders Forum in Costa Rica, May 6, 2013