In conjunction with its acquisition of Piedmont Natural Gas, Duke Energy will sell a part of its interest in the Atlantic Coast Pipeline back to Dominion.
Last week, regulators approved Duke’s purchase of Piedmont, increasing Duke’s natural gas customer base by about 1 million. Duke stated that its acquisition of Piedmont will help transition the company away from coal operations and invest in a cleaner source of fuel.
Because Duke currently owns 40 percent of the Atlantic Coast Pipeline and Piedmont owns 10 percent, Duke must now restructure its ownership of the pipeline after acquiring Piedmont to keep Dominion, the owner of the pipeline, the majority shareholder of the project.
Duke will sell some of its shares back to Dominion, who will then own 48 percent of the Atlantic Coast Pipeline, leaving Duke with 47 percent ownership.
The Atlantic Coast Pipeline will travel approximately 560 miles from West Virginia to North Carolina, delivering natural gas at a capacity of 1.5 million dekatherms a day.