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Source: S&P GLOBAL, 2/11/20
Southern Company is out as an equity partner in the Atlantic Coast Pipeline after majority owner Dominion Energy agreed to buy its stake, amid ballooning costs and legal challenges that have stalled the 1.5 Bcf/d US Northeast natural gas project. Dominion disclosed the new ownership structure Tuesday as it released financial results for the final three months of 2019. It will own 53% and Duke Energy will own 47%, with Dominion acquiring Southern's 5% stake in the pipeline and gas transmission assets, which include an interest in a small LNG project in Florida, for $175 million. Southern will remain an anchor shipper on Atlantic Coast Pipeline. For more of this story, click here.
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