Virginia Chamber of Commerce Statement on Cancellation of Job-Creating Atlantic Coast Pipeline Project

RICHMOND, VA –Following today’s announcement that the Atlantic Coast Pipeline (ACP) project and the thousands of well-paying jobs associated with the project will not be moving forward, Virginia Chamber President and CEO Barry DuVal issued the below statement:

Energy is a vital resource for the livelihood of our Commonwealth and its citizens. It powers our homes, businesses, transportation systems, and our ability to produce goods and services. Virginia’s future economic growth will depend on the availability of safe, reliable, and affordable energy resources. 

The Atlantic Coast Pipeline was an invaluable gas infrastructure investment that would spur economic development. The ACP project was expected to generate significant economic benefits across the three-state region, including more than 17,000 jobs, $2.7 billion in economic activity, and $4.2 million in average annual local tax revenue during construction. In Virginia alone, construction was expected to support 8,800 jobs and result in $1.4 billion in economic activity. Once in operation, the pipeline was expected to result in almost $38 million in economic activity, support 1,300 jobs and generate $10.4 million in local tax revenue in 13 counties and cities along the route. It also would have provided opportunities for new business development and economic growth along the pipeline route.

 Unfortunately, today’s announcement detrimentally impacts the Commonwealth’s access to affordable, reliable energy. It also demonstrates the significant regulatory burdens businesses must deal with in order to operate. In addition, the cancellation of the ACP project highlights the significant legal and regulatory barriers that businesses now face to complete infrastructure projects distinctly in the public interest.

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