Gov. Roy Cooper last week brokered a controversial memorandum of understanding with Dominion Power, which co-owns with Duke Energy, the even more controversial Atlantic Coast Pipeline. Under the agreement, Duke and Dominion will pay a total of $57.8 million to a mitigation fund to pay for the “unavoidable” environmental damage caused by the pipeline, as well as for “support and funding” for economic development and renewable energy in the eight counties in eastern North Carolina affected by the ACP: Northampton, Halifax, Nash, Wilson, Johnston, Sampson, Cumberland and Robeson.
To Duke and Dominion $57.8 million is pocket change. Considering the utilities will divide the cost — $28.9 million each – the financial hit is minimal.
Further dwarfing the outlay, only half of the total is due upfront. Each utility will initially pay only $14.45 million until the ACP has begun to operate.
To put the financial “burden” in perspective, consider how $57.8 million compares with these figures:
NCpolicywatch – Lisa Sorg – 02.05.18
Posted by: Nelson Bailey