Greenbrier Pipeline Applauds FERC Approval Process
RICHMOND, Va., and Charlotte, N.C. - Dominion (NYSE: D) and
Piedmont Natural Gas (NYSE: PNY) said today that the companies are pleased that
the Federal Energy Regulatory Commission (FERC) has given final approval to
the Greenbrier Pipeline Project. Dominion owns 67 percent of the pipeline partnership,
Piedmont Natural Gas 33 percent.
Thomas E. Skains, President and CEO of Charlotte-based Piedmont
Natural Gas, commented that, "The FERC is to be applauded for the speed
and efficiency afforded all parties that have benefited by its new pre-filing
process, for which the Greenbrier Pipeline project was the first applicant.
We are also very pleased that this FERC-expedited project will be able to provide
additional supply diversity to serve the growing energy needs of the region."
Thos. E. Capps, chairman, president and chief executive officer
of Dominion, said, "As part of FERC's innovative pre-filing process, we
conducted nearly 30 community meetings along the pipeline route. When affected
parties became involved in the siting process in its earliest stages, issues
and concerns could be addressed and resolved. As we prepare for the construction
phase of the project, we will continue to work closely with FERC and with residents
and landowners to develop a partnership that will benefit the region."
Both companies credited the pre-filing process for the early
issuance of a certificate, less than a year from the application submission
in July 2002. FERC issued a preliminary determination in late October after
reviewing Greenbrier's market studies, proposed FERC Tariff and rate design.
In its determination, FERC said the Greenbrier Pipeline should continue to go
forward, pending the outcome of environmental reviews. Those reviews resulted
in the release of a draft environmental impact statement in October and the
final environmental impact statement in late February.
The Greenbrier Pipeline would be a 280-mile, $497 million
project. It would originate in Kanawha County, W.Va., and extend southeast to
Granville County, N.C. The planned route has been mapped by the partnership
during more than two years of meetings with local governments, landowners, customers
and other stakeholders.
The pipeline is expected to enter service in mid-2005 with
capacity to move more than 580 million cubic feet of natural gas per day. It
will operate as Greenbrier Pipeline Company, LLC.
The pipeline will be designed, constructed and operated by
Dominion Transmission Inc. The proposed route through West Virginia, Virginia
and North Carolina includes two new compressor stations - the Elk River Station
in Kanawha County, W.Va., and the Eden Station in Rockingham County, N.C. Detailed
route maps can be viewed on Dominion's Web site (www.dom.com,
keyword Greenbrier).
Dominion is one of the nation's largest producers of energy,
with a diversified and integrated energy portfolio consisting of 24,000 megawatts
of generation, 6.1 trillion cubic feet equivalent of proved natural gas reserves,
7,900 miles of natural gas transmission pipeline and more than 960 billion cubic
feet of storage capacity. Dominion also serves 5 million retail energy customers
in nine states. In addition, Dominion owns a managing equity interest in Dominion
Fiber Ventures LLC, owner of Dominion Telecom. For more information about Dominion,
visit the company's web site at www.dom.com.
Piedmont Natural Gas is an energy services company primarily
engaged in the distribution of natural gas to 740,000 residential, commercial
and industrial customers in North Carolina, South Carolina and Tennessee. The
Charlotte-based company is the second-largest natural gas utility in the Southeast.
Piedmont is also invested in a number of non-utility, energy- related businesses
including companies involved in unregulated retail natural gas and propane marketing,
and interstate and intrastate natural gas storage and transportation. More information
about Piedmont Natural Gas is available on the Internet at www.piedmontng.com.
