UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
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Emerging growth company
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| Item 2.06 | Material Impairments. |
On July 5, 2020, Dominion Energy, Inc. (Dominion Energy) and Duke Energy Corporation (Duke Energy) announced the cancelation of the Atlantic Coast Pipeline project (the ACP Project) due to continued permitting delays and legal challenges. The ACP Project is a proposed 600-mile natural gas pipeline running from West Virginia through Virginia to North Carolina. Dominion Atlantic Coast Pipeline, LLC, a subsidiary of Dominion Energy, owns 53% of Atlantic Coast Pipeline, LLC (ACP), the entity that owns the ACP Project. Duke Energy ACP, LLC, a subsidiary of Duke Energy, owns 47% of ACP.
This decision was approved by Dominion Energy’s Board of Directors on July 2, 2020. As a result of this decision, Dominion Energy will recognize estimated pre-tax charges in the range of $2.7 billion to $3.2 billion related to the ACP Project and the associated Supply Header project, of which the majority is expected to be reported in second quarter 2020 earnings and the remainder as exit costs are incurred.
| Item 7.01 | Regulation FD Disclosure. |
On July 5, 2020, Dominion Energy issued a press release announcing the cancelation of the ACP Project. The press release is attached as Exhibit 99.1 hereto.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibits
| 99.1 |
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| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
| * | Furnished herewith. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DOMINION ENERGY, INC. | ||
| Registrant | ||
| /s/ James R. Chapman | ||
| Name: |
James R. Chapman | |
| Title: |
Executive Vice President, Chief Financial Officer and Treasurer | |
Date: July 6, 2020