Dominion Resources today announced it had formed a joint venture with three other firms to build and own a $5 billion, 550-mile natural gas pipeline. The Atlantic Coast Pipeline would transport gas from the Marcellus and Utica formations to markets in Virginia and North Carolina. The plan was initially proposed by Dominion as the Southeast Reliability Project.
Dominion will build and operate the Atlantic Coast Pipeline and own 45% of the joint venture. Duke Energy will own 40% and energy services companies Piedmont Natural Gas and AGL Resources will own 10% and 5%, respectively.
Dominion expects to begin construction in the summer of 2016 and bring the pipeline into service in 2018.
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