ATGFF - U.S. court allows Equitrans to keep building Mountain Valley pipeline - Reuters
The U.S. Fourth Circuit Court of Appeals has rejected a motion to stay a permit for Mountain Valley natural gas pipeline from West Virginia to Virginia, thus increasing the odds Equitrans Midstream ([[ETRN]] +4.9%) can put the long-delayed project into service in 2H of 2021.When Equitrans started construction in February 2018, it estimated the project would cost about $3.5B and be completed by the end of 2018, now estimated cost has increased to $5.8B-$6B.Analysts said denial of the stay allows Equitrans to continue construction in areas other than the 25-mile exclusion zone surrounding the Jefferson National Forest while the court considers the merits of appeals against the Biological Opinion.Analysts at Height Capital Markets said the authorities may decide soon to reduce that exclusion zone to 7.7 miles. “We continue to have high conviction that the project will be completed, though the Biden administration could delay the ultimate in-service date to 2022,”
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U.S. court allows Equitrans to keep building Mountain Valley pipeline - Reuters