Dominion Energy Inc. and Duke Energy Corp. annuounced that they have decided to cancel the $8 billion Atlantic Coast Pipeline project. Both the companies declared that the cost of project initially estimated at $4.5 to $5.0 billion but later its cost increased to $8 billion.
Despite a favorable US Supreme Court ruling in June, the two companies said growing legal uncertainty and expected delays were not enough to justify the project’s economic stability.
Dominion Energy Inc. [NYSE: D] shares rose 0.41% at $82.69 during the last Tradin session of Thursday. Dominion has a day low and high range of 82.51-83.50, respectively. D had a trading volume of 1.55 million as compared to the average volume of 3.77 million.
This company has Gross Margin of 99.70%, Profit Margin of 10.20%, and an operating margin of 21.20%. Its return on asssets (ROA) is 1.70%, return on equity (ROE) is 6.30%, and return on investment (ROI) is 3.20%.
On the other hand, DUK showed a change of -0.09 and its shares had tumbled 0.11%. Duke Energy Inc. has recorded the 52-weeks low and high range of 62.13-103.79. It has moved up 31.72% from its 52-weeks low and moved down -21.15% from its 52-weeks high.
ACP project was first announced in 2014 to address the issue of lack of energy supply across Virginia and North Carolina. Dominion Energy Inc. has declared that the project will be completed in early 2022.