Roanoke Gas Company Celebrates Historic Milestone: New Interstate Natural Gas Pipeline Mountain Valley Makes Initial Delivery to the Roanoke Valley
Roanoke Gas Company, a subsidiary of RGC Resources (Nasdaq: RGCO), marked a significant milestone by starting to receive natural gas from the new Mountain Valley Pipeline (MVP) on June 14, 2024. This is the first new interstate natural gas pipeline for the Roanoke Valley since 1965. The MVP enhances the supply and reliability of natural gas, meeting the increasing demand from residential, commercial, and industrial sectors. The pipeline also provides access to cheaper natural gas markets, benefiting customers and propelling regional economic development.
- New interstate natural gas pipeline, MVP, begins delivering to Roanoke Valley.
- First new interstate natural gas pipeline since 1965 for the region.
- Increased supply and reliability of natural gas.
- Enhances economic development in the Roanoke Valley.
- Access to cheaper natural gas markets benefiting customers.
- Supports over 63,000 customers in Virginia.
- No immediate financial figures or projected revenue impact provided.
- Potential costs and risks associated with pipeline maintenance.
- Possible regulatory and environmental challenges in the future.
ROANOKE, Va., June 14, 2024 (GLOBE NEWSWIRE) -- In the midst of celebrating more than 140 years of serving the Roanoke Valley, Roanoke Gas Company, a subsidiary of RGC Resources, Inc. (Nasdaq: RGCO) announced a significant milestone in its long, proud history. For the first time since 1965, the Roanoke Valley now has access to a new interstate natural gas pipeline, the Mountain Valley Pipeline (MVP). Roanoke Gas has two interconnects with the new pipeline and began receiving delivery of natural gas from MVP today, June 14, 2024.
Paul Nester, President and CEO of Roanoke Gas stated, “The new and abundant supply of natural gas that MVP provides will allow Roanoke Gas to meet the continually increasing residential, commercial and industrial demand for natural gas in our service territory and will further propel economic development in the region. In addition, the energy supply the MVP delivers enhances the reliability of our system and allows us access to cheaper natural gas markets, both of which benefit our customers. Roanoke Gas would like to thank its employees, partners and so many in the region who worked diligently to make the interconnects a reality as well as the thousands of workers who became part of our community during the MVP construction. These critical infrastructure projects could not have been completed without them.”
RGC Resources, Inc. provides energy and related products and services to over 63,000 customers in Virginia through its operating subsidiaries Roanoke Gas Company and RGC Midstream, LLC.
The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company’s actual results and experience to differ materially from any expectations expressed in the Company’s forward-looking statements, including regarding customer growth, infrastructure investment and margins. These risks and uncertainties include gas prices and supply, geopolitical considerations and regulatory and legal challenges and those set forth in the Company’s Form 10-Q for the quarter ended March 31, 2024. Forward-looking statements reflect the Company’s current expectations only as of the date they are made. The Company assumes no duty to update these statements should expectations change or actual results differ from current expectations except as required by applicable laws and regulations.
Past performance is not necessarily a predictor of future results.
| Contact: | Paul W. Nester |
| President and CEO | |
| Telephone: | 540-777-3837 |
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