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ROANOKE, Va., Jan. 25, 2023 (GLOBE NEWSWIRE) -- After a very thorough regulatory review process, the Virginia State Corporation Commission (Commission) approved Roanoke Gas Company's application to construct, own and operate a renewable natural gas facility. The facility is the result of a cooperative agreement with the Western Virginia Water Authority (WVWA) to produce commercial quality renewable natural gas, or RNG, from bio gas produced at the Roanoke Regional Water Pollution Control Plant located in Roanoke, Virginia.
In quoting the Hearing Examiner's report, the Commission stated that:“Roanoke Gas's project has the potential to achieve a rare combination of increasing local fuel supply, reducing greenhouse gas emissions, and increasing a utility's profit while also lowering customer rates.” Tommy Oliver, Sr. Vice President, Regulatory and External Affairs commented,“We are pleased to be the first gas utility in Virginia to receive Commission approval of a renewable natural gas project. Our project partner, the Western Virginia Water Authority, has made great strides with their digester rehabilitation and project construction is on schedule. We plan to start commissioning the renewable natural gas facility in the next 4 to 6 weeks.”
The RNG facility is being constructed simultaneously with the rehabilitation of the WVWA's digesters. In total, the combined projects represent an approximately $16.5 million investment in Roanoke, Virginia.
Roanoke Gas' investment in the RNG facility, with recovery of the costs from its customers, represents the first investment in a RNG facility under the Virginia Energy Innovation Act, which became law July 1, 2022.
RGC Resources, Inc. provides energy and related products and services to approximately 63,000 customers in Virginia through its operating subsidiaries including Roanoke Gas Company and RGC Midstream, L.L.C.
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, 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-K for the year ended September 30, 2022. 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: || Lawrence T. Oliver |
| || Senior Vice President, Regulatory and External Affairs |
| Telephone: || 540-777-3985 |
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