- National Fuel Gas (NYSE:NFG +2.6%) is higher after the Federal Energy Regulatory Commission overrules New York’s denial of the Northern Access Pipeline, allowing construction to proceed.
- The New York State Department of Environmental Conservation denied water permits last year for the 99-mile pipeline under section 401 of the Clean Water Act, but FERC says the state waived its right to review the project’s permit application by failing to act within a year of receiving it.
- NFG says it remains committed to Northern Access and will develop a revised project timeline, including reviewing the status of various other relevant permits, due to the significant delay caused by the actions of the New York regulator.