Dominion Welcomes DOE Approval For Natural Gas Exports From Cove Point

    Dominion Welcomes DOE Approval For Natural Gas Exports From Cove Point

PR Newswire

RICHMOND, Va., Sept. 11, 2013

RICHMOND, Va., Sept. 11, 2013 /PRNewswire/ -- Dominion (NYSE: D) today
welcomed approval from the U.S. Department of Energy for natural gas exports
to non-Free Trade Agreement countries from its Dominion Cove Point LNG
facility on the Chesapeake Bay in Lusby, Maryland.

"We agree with the DOE's decision that exports are expected to bring economic
benefits to the country," said Thomas F. Farrell II, Dominion chairman,
president and CEO. "It is good news on many fronts, including the thousands
of jobs that will be created, the boost in government revenues that will
result, and the support it provides to allied nations.

"Dominion Cove Point is an ideal location for a cost-effective and
environmentally compatible export facility. Dominion is dedicated to
constructing a safe and reliable facility that is an asset to the community,
state and country."

The DOE previously approved Dominion's application to export to countries with
Free Trade Agreements. Dominion's proposed facilities are expected to cost
$3.4 billion to $3.8 billion. The company filed in March with the Federal
Energy Regulatory Commission for approval of the proposed facilities. Pending
receipt of regulatory approval and permits, construction is scheduled to begin
in 2014, with an in-service date of 2017.

The capacity of the facility is fully subscribed, with signed 20-year terminal
service agreements. Pacific Summit Energy, LLC, a U.S. affiliate of Japanese
trading company Sumitomo Corp., and GAIL Global (USA) LNG LLC, a U.S.
affiliate of GAIL (India) Ltd., each have contracted for half of the marketed
capacity.

Dominion Cove Point has robust existing infrastructure, including connections
to the pipeline grid, LNG storage capacity and an updated pier. Construction
will chiefly entail adding liquefaction capability.

Dominion is one of the nation's largest producers and transporters of energy,
with a portfolio of approximately 23,500 megawatts of generation, 11,000 miles
of natural gas transmission, gathering and storage pipeline and 6,300 miles of
electric transmission lines. Dominion operates one of the nation's largest
natural gas storage systems with 947 billion cubic feet of storage capacity
and serves retail energy customers in 15 states. For more information about
Dominion, visit the company's website at www.dom.com.

SOURCE Dominion

Website: http://www.dom.com
Contact: Media: Dan Donovan, 412-237-2900, daniel.e.donovan@dom.com, Analysts:
Nathan Frost, 804-819-2187, Nathan.j.frost@dom.com
 
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