Grandfield & Dodd LLC lowered its stake in Dominion Energy Inc (NYSE:D) by 14.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,726 shares of the utilities provider’s stock after selling 774 shares during the quarter. Grandfield & Dodd LLC’s holdings in Dominion Energy were worth $322,000 as of its most recent filing with the SEC.
All work ordered stopped on Atlantic Coast Pipeline after judges revoke permits
The Atlantic Coast Pipeline project, proposed by Dominion Energy and three other companies, has been approved by the Federal Energy Regulatory Commission. A spur off the main pipeline would run from near Emporia to Chesapeake. FERC hosted a public input session on the pipeline in Suffolk in February of 2017.
A federal agency has ordered a halt to all work on the Atlantic Coast Pipeline after a panel of judges suspended two key permits for the massive project to bring natural gas from West Virginia through central Virginia.
The Federal Energy Regulatory Commission sent a letter late Friday to Dominion Energy, the company leading construction of the 600-mile pipeline, saying that work must stop until the permit issues can be resolved.
Earlier in the week, three judges from the U.S. Court of Appeals for the Fourth Circuit had vacated a permit issued by the National Park Service to allow the pipeline to tunnel under the federally owned Blue Ridge Parkway, saying the agency had not explained how the pipeline fit with the its mandate to conserve public lands.
The court also vacated a permit issued by the U.S. Fish and Wildlife Service governing impact on endangered wildlife, saying the agency failed to set proper limits for harm to five species including a type of freshwater clam and certain bats.
The rulings capped a series of setbacks for the two major pipeline projects underway in Virginia. Last month, the same court revoked a permit for the separate Mountain Valley Pipeline to cross 3.5 miles of the Jefferson National Forest, finding that the impact on the forest had not been fully reviewed.
The Federal Energy Regulatory Commission then stepped in to halt all work on that pipeline, as well. The Mountain Valley Pipeline, being built by a consortium of companies led by EQT Midstream Partners of Pittsburgh, is a 300-mile project that also carries natural gas from West Virginia and passes through Virginia's far southwest mountains.
Environmental activists say the rulings show the approval process for both projects has been hasty and flawed.
The Southern Environmental Law Center brought the challenges against both sets of permits and has urged FERC to reconsider approval for both pipelines.
"With so many unknowns remaining about this project, now is the right time for the Commission to grant rehearing and get to the bottom of Dominion's over-blown and unsupported claims of public benefit," SELC attorney Greg Buppert said via email after Friday's decision.
Builders of both pipelines, though, have said that the permit issues can be readily addressed.
"We are already working with the key agencies to resolve the issues in FERC's order so we can resume construction as soon as possible," said Aaron Ruby of Dominion, spokesman for the Atlantic Coast Pipeline. "Delaying this infrastructure will force consumers and businesses to pay higher energy costs."
Work on most of that pipeline had come to a halt in Virginia in March, once tree-felling season ended, as the builders await final state approval of erosion and sediment control plans. But construction had continued in West Virginia and North Carolina. Dominion also has asked FERC for permission to continue work on portions of the project, including preparation for the source of the gas supply in West Virginia and Pennsylvania.