DTE Earnings Call Reveals that NEXUS Pipeline In Service Date is Pushed to 2018
From Seeking Alpha's transcript of DTE's 2nd quarter earnings call:
Moving on to a NEXUS update, I know many of you are interested in the progress and the timing of this project. So, before I get into that, and get into the timing, I'll reiterate what I said on the first quarter call, and that is that the precise in-service date for NEXUS doesn't materially impact our 2017, 2018 or long-term EPS profile. So, we want to get moving on the project, but near-term earnings are not the driver of that desire.
So that said, as you know, the FERC quorum has not yet been restored. And as I said on the first quarter call, we expected a year-end 2017 in-service date if we received a FERC certificate by the end of the second quarter or sometime within reach of midyear.
We also said on the first quarter call that if the FERC certificate wasn't received within that timeframe, then the project might push into 2018. Well, that's where we are now, with a in-service date in 2018.
And Jerry Norcia will give more color on the FERC dynamics in a few minutes. But even though the process is taking longer than we'd like, we're still feeling very good about the project itself. We continue to make progress on the pipeline in the interim. So we have all the materials and equipment, nearly all the right-of-way easements, we're in the final stages of obtaining the necessary permits, and our construction contracts are in place.
So to put it plainly, we're completing the steps that are in our control to complete during this period. And once we receive the FERC certificate, we will go immediately to work, and we will, at that time, provide a more precise projected in-service date.Read the whole earnings call by clicking here.
Connect with us on Facebook and Twitter!