Equitrans Mountain Valley pipeline on track for 1Q24 completion
Published by Isabel Stagg,
Editorial Assistant
World Pipelines,
Equitrans Midstream remains on track to complete the Mountain Valley natural gas pipeline from West Virginia to Virginia in the 1Q24 at an estimated cost of US$7.2 billion, U.S. energy company Equitrans Midstream said on Tuesday 31 October 2023 (says Reuters).
That is the same timeline and cost that the company reported in mid October, which was a revision from a prior completion estimate of the end of 2023 and a cost of around US$6.6 billion.
Equitrans spoke about Mountain Valley in its third quarter earnings report, which beat estimates.
Mountain Valley is the only big gas pipeline under construction in the US Northeast. It has encountered numerous regulatory and court fights that have stopped work several times since construction began in 2018.
The pipe, which is key to unlocking gas supplies from Appalachia, the nation's biggest shale gas-producing region, needed a bill from the US Congress that was signed into law by the President and help from the Supreme Court before it could restart construction.
In its earnings release, Equitrans said it recorded a US$7.5 million expense related to a one-time cash bonus awarded to the company's CEO, Thomas Karam, for his efforts in the inclusion of Mountain Valley in the Fiscal Responsibility Act of 2023, the federal law that enabled construction to start again.
When Mountain Valley started construction in February 2018, Equitrans estimated the 2 billion ft3/d project would cost about US$3.5 billion and enter service by late 2018.
The 303 mile (488 km) Mountain Valley project is owned by units of Equitrans, the lead partner building the pipe with a roughly 48.8% interest, NextEra Energy, Consolidated Edison, AltaGas and RGC Resources. Equitrans will operate the pipeline.
Read the article online at: https://www.worldpipelines.com/project-news/01112023/equitrans-mountain-valley-pipeline-on-track-for-1q24-completion/
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