UGI - Tired of fighting regulators PennEast gas pipeline to cease development

The Enbridge-led (ENB +1.3%) PennEast Pipeline cancels development of the proposed Pennsylvania-to-New Jersey natural gas project, citing the continued lack of support from New Jersey regulators in acquiring environmental permits. The move comes just three months after the U.S. Supreme Court ruled in favor of PennEast in overruling New Jersey's attempt to block the company from seizing state-controlled land for construction of the $1.2B project. As recently as last month, PennEast said it planned to finish the first phase of the pipeline in Pennsylvania by next year, but the company says it still lacks certain permits, including a water quality certification for the New Jersey portion of the project. Enbridge's partners in the PennEast project are New Jersey Resources (NJR +1.7%), South Jersey Industries (SJI +0.9%), Southern Co. (SO -0.2%) and UGI Corp. (UGI +1.1%) Other U.S. east coast gas pipelines held up by regulators and legal battles include Williams' Northeast

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Tired of fighting regulators, PennEast gas pipeline to cease development