Cove Point On The One-yard Line

WVONGA Fall MeetingSeptember 11, 2013

Dominion ProfilePower and Natural Gas Infrastructure

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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)

Leading provider of energy and energy services in the Midwest, Northeast and Mid-Atlantic regions of the U.S

OH

VA

NC

IL IN

PA

MACT RI

MD

WV

WINY

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

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Cove Point Export Project: Domestic Benefits

Jobs• 7,000 Short Term• 14,600 Long Term

U.S. trade imbalance• Reduce it by $2.8 to $7.1

billion/year

Source: ICF International

Government revenue– Almost $1.0 billion/year– Up to $40 million in annual

property taxes in Calvert County, MD

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What Does it Mean to U.S. Workers?

Major Milestones in DOE Approval Process

September 2010Sabine Pass

application filed

May 2011DOE approves

Sabine Pass

October 2011Cove Point

application filed

November 2011DOE calls “time-out”

for two studies

January 2012DOE releases EIA

Pricing Study

December 2012DOE releases Macro-economic study

May 2013DOE approvesFreeport

August 2013DOE approvesLake Charles

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A Window of Opportunity

Proposed NA LNG Export Projects

3. Cove Point LNG (1 bcfd)

1. , 4. Freeport LNG (up to 2.8 bcfd)

Sabine Pass LNG (2.2 bcfd) DOE approved

2. Lake Charles LNG (2 bcfd)**

5. Cameron LNG (1.7 bcfd)

Kitimat LNG (up to 1.3 bcfd)

LNG Canada (up to 3.2 bcfd)

Pacific NW LNG (approx. 1 bcfd)

6. Jordan Cove (.8 bcfd1)

Total US: Approx. 28.02 Bcfd* NON-FTA Under ConsiderationTotal US Applications (FTA/Non-FTA) Approx. 29.41 Bcfd*

Total North America (FTA/Non-FTA + Canada) Approx. 35.71 Bcfd*

11. Gulf Coast LNG (2.8 bcfd)

US Department of Energy

13. Gulf LNG (1.5 bcfd)

12. Southern LNG (.5 bcfd)

9. Excelerate FLNG (1.38 bcfd)

Both FTA and Non-FTA approvedFTA approved, Non-FTA filedFTA & Non-FTA awaiting approvalFTA only filed

7. Oregon LNG (1.25 bcfd)

Main Pass Energy Hub (3.22 bcfd)

Goldboro LNG (.7 bcfd)

15. Golden Pass LNG (2.6 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 bcfd1 Jordan Cove applied for 1.2 bcfd FTA and .8 Bcfd Non-FTA

8. Corpus Christi LNG (2.1 bcfd)

16. STX LNG (Pangea) (1.09 bcfd)

14. CE FLNG (1.07 bcfd)

Magnolia LNG (.54 bcfd)

10. Carib Energy (<.03 bcfd)

BC LNG ( approx. .2 bcfd)

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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

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The Case is Overwhelming

2013 -- DOE approval

2014 -- Federal Energy Regulatory Commission approval

2014 -- Begin construction

2017 -- Commence operation

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What Next?

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