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Mountain Valley Is to Be Completed by Equitrans in 2023: Shares Rose
08/19/2022![Mountain-Valley-Is-to-Be-Completed-by-Equitrans-in-2023-Shares-Rose](https://images2.rextag.com/public/blog/83BLOG_Mountain_Valley_Will_Be_Completed_2022_08.png)
According to a company release on August 2, U.S. energy company Equitrans Midstream Corp. anticipates finishing the $6.6 billion Mountain Valley natural gas pipeline from West Virginia to Virginia in the second half of 2023.
The company decided to complete this project after the announcement on August 1 that Democratic U.S. Senator Joe Manchin honored a commitment from President Joe Biden, Senate Majority Leader Chuck Schumer, and House of Representatives Speaker Nancy Pelosi to permit the long-delayed Mountain Valley to be finished.
Manchin’s agreement and the announcement increased Equitrans shares by over 10% to a three-month high of $8.72 on August 2.
It is important to notice, that Mountain Valley is the sole big gas pipe under construction in Appalachia and one of some U.S. pipeline projects delayed by regulatory and legal arguments with environmental and local groups. These fights prevent federal permit problems issued during President Donald Trump’s administration.
As Appalachia is the nation's biggest shale gas basin, this project is vital point to unlocking more gas supplies. Equitrans admits that the Mountain Valley venture was engaged in the permitting process with the relevant federal agencies for the outstanding permits required to complete the project.
A few agencies still need to reissue permits, including the U.S. Federal Energy Regulatory Commission, the U.S. Fish and Wildlife Service (Biological Opinion), U.S. Army Corps of Engineers, U.S. Forest Service, and Bureau of Land Management (Right-of-Way across Jefferson National Forest).
Moreover, lots of those permits were dismissed by the U.S. Court of Appeals for the Fourth Circuit and even some more than once.
At the beginning of Mountain Valley construction in February 2018, Equitrans valued the 303-mile (488-km), 2 Bcf/d project would cost approximately $3.5 billion and enter service by late 2018.
Equitrans has said the pipeline was 94% completed. The company has a 48.1% ownership interest in Mountain Valley and will operate the pipeline. Mountain Valley is owned by units of Equitrans, NextEra Energy Inc., Consolidated Edison Inc., AltaGas Ltd., and RGC Resources Inc.
One of the challenges to safe pipeline operations is associated with accidental damage caused by excavation, directional drilling, construction, farming activities, or even homeowners digging in their yards. Equitrans Midstream Corporation (ETRN) helps customers to prevent pipeline emergencies that are caused by accidental damage to the pipeline system.
As part of the commitment to local communities, ETRN has dedicated resources to develop and implement damage prevention initiatives focused on maintaining the integrity of its pipelines and the safety of individuals working in proximity to ETRN’s pipelines and facilities.
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Grand Prix Pipeline Will Be Completely Owned by Targa: To Buy Remaining Stake For $1.05 Billion
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On January 3, Targa Resources Corp asserted that it is purchasing the remaining stake for $1.05 billion in cash from BlackstoneInc's energy unit in its Grand Prix NGL Pipeline that it does not already own. Targa, which is going to acquire a 25% stake from Blackstone Energy Partners, purchased 75% interest in the pipeline last year when it repurchased interests in its development company joint ventures from investment firm Stonepeak Partners LP for almost $925 million. The Stonepeak agreement also included 100% interest in its Train 6 fractionator in Mont Belvieu, Texas, and a 25% equity interest in the Gulf Coast Express Pipeline. Grand Prix has the capacity to transfer up to 1 MMbbl/d of NGL to the NGL market hub at Mont Belvieu. The same day Targa maintained the price of the Blackstone Energy Partners agreement, which is anticipated closing in the first quarter of 2023, representing roughly 8.75 times Grand Prix's valued 2023 adjusted EBITDA multiple.
Equitrans Midstream Collaborates with US Regulator on MVP Project Contract
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/BLOG_Equitrans Midstream Collaborates with US Regulator on MVP Project Contract.jpg)
he PHMSA mandates Equitrans to clearly detail the progression measures for the Mountain Valley Pipeline completion. Equitrans Midstream, overseeing the Mountain Valley Pipeline (MVP) in Virginia's Jefferson National Forest, has committed to enhanced safety protocols following a consent order from the Pipeline and Hazardous Materials Safety Administration (PHMSA). As part of the agreement, Equitrans and MVP LLC have vowed to transparently detail the pipeline's progression, aiming to bolster public trust.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/297_Blog_Keystone XL Pipeline Controversy and Wildlife Disaster From Trump's Green Light to Biden's Red Light on the 15 Billion Project.jpg)
The pipeline industry in the USA faced and still faces a range of regulatory challenges, including permitting delays, environmental requirements, and public opposition to pipeline projects. In recent years, pipeline projects like the Keystone XL and Dakota Access pipelines had legal and regulatory obstacles that delayed or canceled their construction. Keystone XL Pipeline, proposed by TransCanada in 2008, aimed to transport crude oil from Canada (around Calgary and Edmonton) to refineries on the Gulf Coast (Port Arthur). The project faced opposition from environmental groups and indigenous communities, who argued that it would contribute to climate change and pose a risk to water resources. In 2015, President Obama rejected the project, citing concerns about its environmental impact. However, in 2017, President Trump revived the project, leading to further legal challenges. In June 2021, U.S. President Joe Biden officially canceled the project on his first day in office.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/282_Blog_Renewable Natural Gas How RNG Changes the Industry.jpg)
The renewable natural gas (RNG) industry in the United States is showing promising signs of growth. As of 2019, the U.S. consumed 261 billion cubic feet (BCF) of RNG, primarily utilized by independent power producers, electric utilities, and various commercial and industrial entities. However, this figure represents only a small fraction of its potential. Research indicates that the U.S. could theoretically produce up to 2,200 BCF of RNG through anaerobic digestion alone, which would equate to about 11% of daily national natural gas consumption.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/295_Blog_Renewable Efforts Lag as Global Oil and Gas Demand Continues to Rise.jpg)
Recently, the progress toward an energy transition is hitting a snag. Sales of electric vehicles are decelerating, and the growth in wind and solar power needs to be keeping pace with expectations. To make matters more challenging, electricity prices are climbing when they were expected to fall. Amidst these setbacks, the oil and gas sectors are proving resilient. According to BP's latest energy outlook, not only are these energy mainstays here to stay, but their demand is expected to remain relatively high even after reaching a peak. Interestingly, BP forecasts that oil demand will reach its zenith next year, marking a critical moment in energy consumption trends. This isn't the first time BP has projected a peak in oil demand. Back in 2019, their review anticipated a decline in demand growth, but the prediction fell flat. Instead, oil demand surged to unprecedented levels following the end of the global pandemic lockdowns, defying previous forecasts and underscoring the enduring dominance of traditional energy sources in the global market.