ETRN - Mountain Valley Pipeline wins key federal permit approval

2023-05-16 14:17:29 ET

Equitrans Midstream ( NYSE: ETRN ) +5.8% in Tuesday's trading on news that the Biden administration granted a crucial permit for the Mountain Valley Pipeline that will allow the project to cross portions of the Jefferson National Forest in Virginia and West Virginia.

The decision by the U.S. Forest Service, issued late Monday, adds momentum to the $6.6B project, which has been slowed by court delays for four years.

The pipeline is far from a done deal, as fresh lawsuits challenging the latest decision are expected, there is a pending lawsuit over a recent Fish and Wildlife Service permitting decision in favor of the project, and the Bureau of Land Management must decide whether to issue required permits.

The Fourth Circuit has upheld MVP's Virginia water quality certification but last month vacated the project's state water quality certification from West Virginia.

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