EQT Midstream Partners, LP (EQM - Free Report) has recently revealed its intention to build a natural gas pipeline to connect Virginia and North Carolina. The interstate MVP Southgate pipeline project is backed by shipping commitment from SCANA Corporation's (SCG - Free Report) subsidiary PSNC Energy.
The MVP Southgate pipeline is actually an extension of the $3.5 billion main Mountain Valley Pipeline, operated by EQT Midstream and partnered by NextEra Energy, Inc. (NEE - Free Report) , Consolidated Edison, Inc., WGL Holdings, Inc. and RGC Resources, Inc. The proposed extension will ship gas from the Pittsylvania County, VA-located main pipeline to around 70 miles south Rockingham and Alamance Counties, NC. EQT Midstream expects the project to come online by the fourth quarter of 2020.
A binding open season for the extension has also been announced on Apr 11, which will last one month and close on May 11 to recognize additional shipping participants in the market.
The new project is expected to provide shippers from the Marcellus and Utica shale in the prolific Appalachian Basin to reach PSNC Energy and southern Virginia and central North Carolina markets. With increasing shale activities and rising demand for cleaner energy sources, the pipeline is expected to face high demand as it will provide its clients with supply diversity.
Price Performance and Zacks Rank
Pittsburgh, PA-based EQT Midstream has lost 18.3% in the past year compared with 22.8% decline of its industry. The partnership has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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