The pipeline, known as Atlantic Coast Pipeline, is expected to boost economic development and create jobs while meeting the rapidly growing natural gas demand in the region.
Estimated to cost between $4.5bn and $5bn, the pipeline project has an initial capacity of 1.5 billion cubic feet of natural gas per day and would provide a new route for direct access to the production in the Marcellus and Utica shale basins of West Virginia, Pennsylvania and Ohio.
The project also marks a major step ahead for the region’s energy security, economic future and carbon reduction.
Scheduled to enter service in late 2018, the proposed Atlantic Coast Pipeline would run from Harrison County through Virginia with an extension to Chesapeake, Virginia, and then south through central North Carolina to Robeson County.
Dominion has 45% stake in the joint venture while Duke Energy holds 40%, Piedmont has 10% and AGL Resources has 5%.
Dominion CEO Thomas Farrell, Duke Energy CEO Lynn Good, Piedmont CEO Thomas Skains and AGL Resources CEO John Somerhalder said in a joint statement: "It will create thousands of construction jobs during development and significant new revenue for state and local governments throughout North Carolina, Virginia and West Virginia.
"The expanded source of gas will also help fuel economic development across the region as businesses and homes rely more on natural gas.
"The project will also provide more reliable access to new sources of natural gas, keeping consumers’ energy costs down – even during the coldest and hottest weather."
The natural gas purchases will be made under 20-year contracts.
