NEXT - NextDecade seeks action from FERC on Rio Grande LNG project
NextDecade ( NASDAQ: NEXT ) late Monday criticized the Federal Energy Regulatory Commission for "inexcusable" delays in reviewing information that would allow it to move ahead with its $15.7B Rio Grande LNG export project.
FERC granted approval for the project in 2019, but the a U.S. Court of Appeals remanded the regulator in 2021 to review the impact of the projects.
"It is patently clear that an ongoing, 18-month process to address two questions remanded to the Commission is inexcusable," NextDecade ( NEXT ) CEO Matthew Schatzman wrote in a letter to FERC Chairman Willie Phillips.
The inaction "far exceeds the length of time FERC has taken to respond to other federal appellate court remands," Schatzman said in the letter.
NextDecade ( NEXT ) has said it expects to advance Phase 1 of the Rio Grande LNG project this quarter after signing customer agreements for ~70% of initial capacity, the latest signed last month with Japan's Itochu .
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NextDecade seeks action from FERC on Rio Grande LNG project