RGCO - Manchin promotes Defense Production Act in bid to boost MVP pipeline

Senator Joe Manchin, Chairman of the Senate Energy Committee, calls on the Biden administration to use the Defense Production Act if necessary to rush completion of the stalled Mountain Valley Pipeline to help Europe replace Russian natural gas supplies, Bloomberg reports. Manchin says the 303-mile pipeline, which crosses his home state of West Virginia into Virginia, could be up and running in 4-6 months, transporting 2B cf/day of natural gas. White House Press Secretary Jen Psaki said Thursday that President Biden likely would not use the Defense Production Act to stimulate energy production. Equitrans Midstream (NYSE:ETRN) owns a 47.8% stake in Mountain Valley and will operate the pipeline; other owners include NextEra Energy (NYSE:NEE), Consolidated Edison (NYSE:ED), AltaGas (OTCPK:ATGFF) and RGC Resources (NASDAQ:RGCO). The pipeline is more than 90% complete but has been challenged by environmentalists, and a federal court in January rejected its permit to cross the Jefferson National

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Manchin promotes Defense Production Act in bid to boost MVP pipeline