RGCO - Court blocks Mountain Valley Pipeline construction in Jefferson National Forest

2023-07-11 07:23:15 ET

Equitrans Midstream ( NYSE: ETRN ) -5% pre-market Tuesday after saying it is " evaluating all legal options ," including an emergency appeal to the U.S. Supreme Court, after a three-judge panel of the Fourth U.S. Circuit Court of Appeals on Monday issued a stay on construction of the Mountain Valley Pipeline in Virginia's Jefferson National Forest.

The panel issued the stay without explanation, while it considers arguments that the U.S. Congress violated the separation of powers doctrine when it passed a law expediting the project's completion.

Equitrans Midstream ( ETRN ) said it believes the Court exceeded its authority in its decision halting construction and "defies the will and clear intent of a bipartisan Congress and this Administration in passing legislation to expedite completion of the Mountain Valley Pipeline project, which was deemed to be in the national interest."

The company said the decision could jeopardize Mountain Valley's ability to complete construction by year-end 2023.

The $6.2B Mountain Valley Pipeline project, which is 94% completed, is led by Equitrans Midstream ( ETRN ), with partners NextEra Energy ( NEE ), Consolidated Edison ( ED ), AltaGas ( OTCPK:ATGFF ) and RGC Resources ( RGCO ).

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