Dominion agrees to buy Southern stake in Atlantic Coast Pipeline as project costs soar

摘要

Southern Company is out as an equity partner in the Atlantic CoastPipeline after majority owner Dominion Energy agreed to buy its stake,amid ballooning costs and legal challenges that have stalled the 1.5Bcf/d US Northeast natural gas project.Dominion disclosed the new ownership structure Tuesday as itreleased financial results for the final three months of 2019. It willown 53% and Duke Energy will own 47%, with Dominion acquiringSouthern’s 5% stake in the pipeline and gas transmission assets,which include an interest in a small LNG project in Florida, for $175million. Southern will remain an anchor shipper on Atlantic CoastPipeline.