Dominion seeks approval for projects to move natural gas to market Dominion announced that yesterday it asked the Federal Energy Regulatory Commission, or FERC, to approve two projects that would provide additional natural gas supplies from the Appalachian Region. The New Market project in upstate New York would improve access for National Grid to meet its customers' growing demand for natural gas, while the Clarington project in West Virginia provides a route to transport gas supplies out of the Appalachian basin to market. The approximate costs of these two projects are $235M.
Dominion resumed with a Buy from Neutral at Citigroup Citigroup upgraded Dominion Resources to Buy after resuming coverage of the stock and raised its price target for shares to $85 from $74. Citi also added the name to its Focus List. The firm expects drop downs to drive strong cash flows for Dominion.