Biden, McCarthy debt deal would speed up Mountain Valley gas pipeline

RGC Resources

29/05/2023 02:37

By Trevor Hunnicutt
       WASHINGTON, May 28 (Reuters) - U.S. energy company
Equitrans Midstream Corp's  ETRN.N  long-delayed $6.6 billion
Mountain Valley natural gas pipeline could win federal approval
as part of Washington's debt limit deal.
    Streamlined federal approval for the 303-mile (488-km)
project was placed into the text of the budget deal between U.S.
President Joe Biden and House of Representatives Speaker Kevin
McCarthy that may end the debt limit crisis.
    The pipeline is backed by Democratic West Virginia Senator
Joe Manchin, who's vote is often needed since the Democrats hold
a thin majority in that body. 
    The pipeline's approval has been delayed amid negative court
rulings and has been opposed by environmental groups. The text
of the House budget bill expedites the pipeline's federal
permits and limits judicial review.
    In early May, Equitrans said it could finish the pipe by the
end of 2023, but noted "there remains significant risk and
uncertainty, including regarding current and likely litigation."
    When Mountain Valley construction started in February 2018,
Equitrans estimated the 2-billion-cubic-feet-per-day (bcfd)
project that stretches from West Virginia to Virginia would cost
about $3.5 billion and enter service by late 2018.
    The pipeline, which would unlock gas supplies from
Appalachia, the country's biggest shale gas basin, still needs
review and permitting including in West Virginia. The project
could still be held up or blocked by lawsuits from opponents.
    Mountain Valley is owned by units of Equitrans, NextEra
Energy Inc  NEE.N , Consolidated Edison Inc  ED.N , AltaGas Ltd
 ALA.TO  and RGC Resources Inc  RGCO.O .

 (Reporting by Trevor Hunnicutt; Editing by Christian
Schmollinger)
 ((trevor.hunnicutt@tr.com; +1 (332) 219 1571;
twitter.com/TrevorNews; Reuters Messaging:
trevor.hunnicutt.thomsonreuters.com@reuters.net))