Whoa, amazingly good news for a change! Just wanted to break the news for now…will provide further thoughts later, but this is just superb news, as this pipeline was a massive boondoggle, a big-time polluter, and just stupid all around. Oh, and of course great work by all the attorneys, activists, etc. who fought the Atlantic Coast Pipeline (ACP) for the past few years!
Dominion Energy (NYSE: D) and Duke Energy (NYSE: DUK) today announced the cancelation of the Atlantic Coast Pipeline (“ACP”) due to ongoing delays and increasing cost uncertainty which threaten the economic viability of the project.
Despite last month’s overwhelming 7-2 victory at the United States Supreme Court, which vindicated the project and decisions made by permitting agencies, recent developments have created an unacceptable layer of uncertainty and anticipated delays for ACP.
Specifically, the decision of the United States District Court for the District of Montana overturning long-standing federal permit authority for waterbody and wetland crossings (Nationwide Permit 12), followed by a Ninth Circuit ruling on May 28 indicating an appeal is not likely to be successful, are new and serious challenges. The potential for a Supreme Court stay of the district court’s injunction would not ultimately change the judicial venue for appeal nor decrease the uncertainty associated with an eventual ruling. The Montana district court decision is also likely to prompt similar challenges in other Circuits related to permits issued under the nationwide program including for ACP.