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Cove Point On The One-yard Line

Cove Point On The One-yard Line. WVONGA Fall Meeting September 11, 2013 . Dominion Profile Power and Natural Gas Infrastructure. Leading provider of energy and energy services in the Midwest, Northeast and Mid-Atlantic regions of the U.S. NY. WI. MA. 27,500 MW of electric generation

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Cove Point On The One-yard Line

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  1. Cove Point On The One-yard Line WVONGA Fall Meeting September 11, 2013

  2. Dominion ProfilePower and Natural Gas Infrastructure Leading provider of energy and energy services in the Midwest, Northeast and Mid-Atlantic regions of the U.S NY WI MA 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) CT RI PA MD IL IN OH WV VA NC

  3. 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

  4. Cove Point Export Project: Domestic Benefits • Government revenue • Almost $1.0 billion/year • Up to $40 million in annual property taxes in Calvert County, MD Source: ICF International • Jobs • 7,000 Short Term • 14,600 Long Term • U.S. trade imbalance • Reduce it by $2.8 to $7.1 billion/year

  5. What Does it Mean to U.S. Workers?

  6. Major Milestones in DOE Approval Process May 2011 DOE approves Sabine Pass November 2011 DOE calls “time-out” for two studies August 2013 DOE approves Lake Charles December 2012 DOE releases Macro-economic study October 2011 Cove Point application filed September 2010 Sabine Pass application filed January 2012 DOE releases EIA Pricing Study May 2013 DOE approves Freeport

  7. A Window of Opportunity

  8. Proposed NA LNG Export Projects Total US: Approx. 28.02Bcfd* NON-FTA Under Consideration Total US Applications (FTA/Non-FTA) Approx. 29.41 Bcfd* Total North America (FTA/Non-FTA + Canada) Approx. 35.71Bcfd* Pacific NW LNG (approx. 1 bcfd) Kitimat LNG (up to 1.3 bcfd) LNG Canada (up to 3.2 bcfd) Goldboro LNG (.7 bcfd) BC LNG ( approx. .2 bcfd) 6. Jordan Cove (.8 bcfd1) 7. Oregon LNG (1.25 bcfd) 3. Cove Point LNG (1 bcfd) 12. Southern LNG (.5 bcfd) 13. Gulf LNG (1.5 bcfd) 5. Cameron LNG (1.7 bcfd) Sabine Pass LNG (2.2 bcfd) DOE approved 14. CE FLNG (1.07 bcfd) 8. Corpus Christi LNG (2.1 bcfd) 10.Carib Energy (<.03 bcfd) 9.Excelerate FLNG (1.38 bcfd) 1. , 4. Freeport LNG (up to 2.8 bcfd) 15. Golden Pass LNG (2.6 bcfd) Main Pass Energy Hub (3.22 bcfd) 2. Lake Charles LNG (2 bcfd)** 16.STX LNG (Pangea) (1.09 bcfd) Both FTA and Non-FTA approved FTA approved, Non-FTA filed FTA & Non-FTA awaiting approval FTA only filed Magnolia LNG (.54 bcfd) 11. Gulf Coast LNG (2.8 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 US Department of Energy

  9. The Case is Overwhelming 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

  10. What Next? 2013 -- DOE approval 2014 -- Federal Energy Regulatory Commission approval 2014 -- Begin construction 2017 -- Commence operation

  11. 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

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