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Bruce McKay Managing Director Dominion Federal Affairs October 16, 2013

Governor’s Conference on Energy. Bruce McKay Managing Director Dominion Federal Affairs October 16, 2013. How Often?. Billions of $$ in private investment Thousands of “shovel ready” project jobs Thousands of permanent jobs Billions of $$ in new federal, state, local revenues

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Bruce McKay Managing Director Dominion Federal Affairs October 16, 2013

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  1. Governor’s Conference on Energy Bruce McKay Managing Director Dominion Federal Affairs October 16, 2013

  2. How Often? • Billions of $$ in private investment • Thousands of “shovel ready” project jobs • Thousands of permanent jobs • Billions of $$ in new federal, state, local revenues • Reduce the U.S. trade deficit by billions annually • Strengthen America’s strategic position in global affairs • Stabilize energy prices for American consumers

  3. Cove Point Facility • Facility is located on the Chesapeake Bay in Southern Maryland • 87 miles of 36” pipe • 47 miles parallel 36” pipe • Interconnects with • Transco • Columbia • DTI

  4. Cove Point Liquefaction Update • $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

  5. The Path Forward • 2013 -- DOE approval – September 11, 2013 • 2014 -- Federal Energy Regulatory Commission approval • 2014 -- Begin construction • 2017 -- Commence operation

  6. Third Party Support for LNG Exports • National Association of Manufacturers • American Chemistry Council • Brookings Institution • Bipartisan Policy Center • Council on Foreign Relations • American Council for Capital Formation • American Security Project • Peterson Institute • Center for Strategic and International Studies • Resources for the Future • MIT Energy Initiative • National Regulatory Research Institute • Marshall Institute • Labors International Union on North America • National Taxpayers Union • US Chamber of Commerce • Small Business & Entrepreneurship Council

  7. Editorial Support: Natural Gas Exports: A boon to the economy Washington Post - December 2012 Sending Natural Gas Abroad New York Times – December 2012 Energy Economics in One Lesson: Natural gas exports are good for America Wall Street Journal – December 2012

  8. Geopolitical Considerations • 40 year anniversary of OPEC oil embargo • “Why is Vladimir Putin Acting So Crazy?”* • Iran *Putin article available in Businessweek – September 2, 2013

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