FERC gives Mountain Valley Pipeline additional four years to finish project
Equitrans Midstream (NYSE:ETRN) +2.1% in Wednesday's trading as the Federal Energy Regulatory Commission grants an additional four years for the Mountain Valley Pipeline to secure new federal permits and complete the project.
Equitrans (ETRN) and its partners had
after repeated delays caused by litigation from groups concerned about the project's environmental impact.
The new deadline for completion of the 303-mile pipeline is October 2026.
The projected cost has
, and the expected completion date has been pushed back more than a half-dozen times.
Equitrans (ETRN) owns 48% of the MVP project; partners include NextEra Energy (NEE), Consolidated Edison (ED), AltaGas (OTCPK:ATGFF) and RGC Resources (RGCO).
Wells Fargo recently upgraded Equitrans Midstream (ETRN) to Overweight, saying the likelihood that the Mountain Valley Pipeline will be placed into service has "