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Williams Companies' Constitution Pipeline Suffers Set Back
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Energy infrastructure provider The Williams Companies, Inc.’s (WMB - Free Report) Constitution Pipeline project recently suffered a major setback when the U.S. 2nd Circuit Court of Appeals reiterated New York Department of Environmental Conservation’s (DEC) decision to stall the pipeline. The court’s ruling came as a blow to pipeline developers’ endeavors to transport additional natural gas to New England, which relies heavily on pipeline imports from Canada and overseas.
The project is jointly owned by William Companies, Cabot Oil & Gas Corporation , WGL Holdings, Inc. and Piedmont Natural Gas Company which was acquired by Duke Energy Corporation (DUK - Free Report) last year. The 121 mile natural gas pipeline, which runs from Pennsylvania to Schoharie County, had been planned to transport natural gas from the Marcellus shale to customers in the North East. The $750 million project has the capacity to transport 650,000 dekatherms of gas each day. The pipeline aimed to address the problems of transportation infrastructure in the Northeast region and speed up shipments from the prolific Marcellus and Utica basins.
The project was expected to become operational in 2015, but got delayed due to lengthy review process, pushing the in-service date to late 2016. The project received the Federal Energy Regulatory Commission’s (FERC) approval in early 2016. However, DEC had rejected water quality permit to the pipeline in 2016 owing to its possibility of impacting the ecology and climate adversely. DEC claimed that the owners of the project and the FERC did not analyze the environmental impacts of the project properly and that the pipeline will possibly impact over 250 streams.
Concurrently, the pipeline owners filed a lawsuit challenging DEC’s decision. FERC granted the developers additional two years for a thorough review and completion. The $750 million pipeline project had also drawn much censure from various activists and environmental groups as they were of the opinion that the project will have negative impact on public health and environment.
Nevertheless, the owners of the pipeline still were optimistic about their five-year project that received President Trump’s support and challenged DEC’s decision. However, the court dismissed the lawsuit.
The decision reverses FERC’s approval received by the project. Also the company has been directed to reassess the environmental impacts of the pipeline.
Over the last six months, Williams Companies’ stock has outperformed the industry to which it belongs to. During the aforesaid period, Williams Companies’ shares have rallied more than 4% against the 5% decline of the broader industry.
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Williams Companies' Constitution Pipeline Suffers Set Back
Energy infrastructure provider The Williams Companies, Inc.’s (WMB - Free Report) Constitution Pipeline project recently suffered a major setback when the U.S. 2nd Circuit Court of Appeals reiterated New York Department of Environmental Conservation’s (DEC) decision to stall the pipeline. The court’s ruling came as a blow to pipeline developers’ endeavors to transport additional natural gas to New England, which relies heavily on pipeline imports from Canada and overseas.
The project is jointly owned by William Companies, Cabot Oil & Gas Corporation , WGL Holdings, Inc. and Piedmont Natural Gas Company which was acquired by Duke Energy Corporation (DUK - Free Report) last year. The 121 mile natural gas pipeline, which runs from Pennsylvania to Schoharie County, had been planned to transport natural gas from the Marcellus shale to customers in the North East. The $750 million project has the capacity to transport 650,000 dekatherms of gas each day. The pipeline aimed to address the problems of transportation infrastructure in the Northeast region and speed up shipments from the prolific Marcellus and Utica basins.
The project was expected to become operational in 2015, but got delayed due to lengthy review process, pushing the in-service date to late 2016. The project received the Federal Energy Regulatory Commission’s (FERC) approval in early 2016. However, DEC had rejected water quality permit to the pipeline in 2016 owing to its possibility of impacting the ecology and climate adversely. DEC claimed that the owners of the project and the FERC did not analyze the environmental impacts of the project properly and that the pipeline will possibly impact over 250 streams.
Concurrently, the pipeline owners filed a lawsuit challenging DEC’s decision. FERC granted the developers additional two years for a thorough review and completion. The $750 million pipeline project had also drawn much censure from various activists and environmental groups as they were of the opinion that the project will have negative impact on public health and environment.
Nevertheless, the owners of the pipeline still were optimistic about their five-year project that received President Trump’s support and challenged DEC’s decision. However, the court dismissed the lawsuit.
The decision reverses FERC’s approval received by the project. Also the company has been directed to reassess the environmental impacts of the pipeline.
Oklahoma-based Williams Companies presently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1(Strong Buy) Rank stocks here.
Over the last six months, Williams Companies’ stock has outperformed the industry to which it belongs to. During the aforesaid period, Williams Companies’ shares have rallied more than 4% against the 5% decline of the broader industry.
4 Surprising Tech Stocks to Keep an Eye on
Tech stocks have been a major force behind the market’s record highs, but picking the best ones to buy can be tough. There’s a simple way to invest in the success of the entire sector. Zacks has just released a Special Report revealing one thing tech companies literally cannot function without. More importantly, it reveals 4 top stocks set to skyrocket on increasing demand for these devices. I encourage you to get the report now – before the next wave of innovations really takes off.
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