2023-04-24 17:25:48 ET
Equitrans Midstream ( NYSE: ETRN ) closed +2.9% in Monday's trading after Energy Secretary Jennifer Granholm urged the Federal Energy Regulatory Commission to "expeditiously" proceed with permitting the long-delayed Mountain Valley Pipeline.
"Energy infrastructure, like the MVP project, can help ensure the reliable delivery of energy that heats homes and businesses, and powers electric generators that support the reliability of the electric system," Granholm wrote in a letter to FERC on Friday.
Senate Energy Committee Chairman Joe Manchin, who has pushed for the completion of the project, praised the letter.
The $6.2B project has faced multiple legal challenges to its permits; it is being developed by a consortium led by Equitrans Midstream ( ETRN ), with partners NextEra Energy ( NEE ), Consolidated Edison ( ED ), AltaGas ( OTCPK:ATGFF ) and RGC Resources ( RGCO ).
Goldman Sachs has downgraded Equitrans ( ETRN ) to Sell from Buy, citing continuing delays to the MVP project .
For further details see:
Energy secretary sends letter of support to FERC for Mountain Valley Pipeline