UGI - PennEast Pipeline wins Supreme Court hearing on New Jersey land seizures

The U.S. Supreme Court agrees to hear an appeal from the group of companies behind the PennEast Pipeline that aim to jump-start the $1B natural gas pipeline by securing key land-use rights from New Jersey, whose government opposes land seizures for the project.The Philadelphia-based Third U.S. Circuit Court of Appeals ruled in 2019 that PennEast could not use federal eminent domain to gain access to more than 40 parcels that are either owned or partially controlled by New Jersey.The proposed 116-mile pipeline would carry as much as 1B cf/day of natural gas from northern Pennsylvania to New Jersey.PennEast is a joint venture of Enbridge ([[ENB]] +1.1%), Southern Co. ([[SO]] -0.1%), South Jersey Industries ([[SJI]] -2.6%), New Jersey Resources ([[NJR]] -0.9%) and UGI Corp. ([[UGI]] -0.9%)Enbridge's ~7.5% yield is safe despite the Biden administration's pipeline stance, Growth at a Good Price writes in a bullish analysis published recently on Seeking Alpha.

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PennEast Pipeline wins Supreme Court hearing on New Jersey land seizures