Dominion Unit Gets Regulatory Nod To Continue PIR Program
Zacks Investment Research | Sep 14, 2016 09:38PM ET
Dominion Resources (NYSE:D) announced that its subsidiary, Dominion East Ohio, has received approval from The Public Utilities Commission of Ohio (PUCO) to continue the Pipeline Infrastructure Replacement (PIR) program. The approval will also allow the company to recover associated costs over another five-year period through 2021.
The PIR Program
Dominion launched its $4 billion 25-year PIR program in mid 2008. The objective of the program was to replace the pipelines installed in the early 1900s. Under this program, the company planned to replace 5,500 miles in a bid to improve reliability and quality of services offered to customers.
PUCO’s Nod for Higher Spending
The PUCO approval included an authorization to increase spending from the current levels. The regulatory body approved an increase in annual PIR spending from the current $160 million to $180 million in 2017, $200 million in 2018 and up 3% every year thereafter.
Dominion East Ohio is also allowed to recover the expenses incurred for the program through the PIR Cost Recovery Charge.
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