Duke Energy and Dominion Energy on Sunday threw in the towel on the Atlantic Coast Pipeline, a proposed 600-mile natural gas line from West Virginia to North Carolina.
It ends one of the highest profile battles over fossil fuel infrastructure in recent years, and its demise is a win for the environmental groups that spent years fighting it.
- It also underscores hurdles facing big pipelines and other projects, despite White House efforts to speed up approvals and scale back environmental reviews.
Despite a favorable Supreme Court ruling last month, the project faced ongoing legal and permitting battles.
- The price tag had reached $8 billion — far above initial estimates — and the project had become “too uncertain to justify investing more shareholder capital,” the companies said.
- The cancelation came the same day that Dominion announced sale of its gas transmission and storage assets to Warren Buffett’s Berkshire Hathaway in a $10 billion deal.
Source: Axios News