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Utility Roundup

Cove Point Approved: What’s Next

By Roger S. Conrad on Oct. 2, 2014

Dominion Resources will retain control of Dominion Midstream Partners, and its general-partner interest in the MLP will ensure that the parent has upside exposure to the partnership’s cash flow growth. The spin-off also limits Dominion Resources’ direct financial exposure to the LNG project and possible cost overruns.

Dominion Midstream Partners will be the first pure play on LNG exports from the Marcellus and Utica Shale, which hold some of the cheapest natural-gas reserves in the world. Cash-generating midstream assets will support the distribution while Cove Point is under construction. And Dominion Resources plans to drop down other assets to the MLP.

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