EQM Midstream 'unlikely' to complete Mountain Valley pipeline in 2019

|About: AltaGas Ltd. (ATGFF)|By:, SA News Editor

EQM Midstream Partners (EQM -1.2%) says it is unlikely to be able to complete the long-delayed $4.6B Mountain Valley natural gas pipeline during 2019 amid ongoing legal and regulatory challenges.

When EQM began construction in February 2018, it estimated the 303-mile, 2B cf/day pipeline would cost ~$3.5B and be completed by the end of 2018.

EQM says it is working through the project’s remaining challenges, which include securing a Nationwide 12 Permit from the U.S. Army Corps of Engineers for stream and waterbody crossings.

But Height Capital analysts say they do not expect Mountain Valley to receive a new Nationwide Permit 12 until Q4 2019, which likely would delay the project’s completion until mid-2020.

Mountain Valley is owned by units of EQM, NextEra Energy (NYSE:NEE), Consolidated Edison (NYSE:ED), AltaGas (OTCPK:ATGFF) and RGC Resources.

Earlier: EQT Midstream Partners beats by $0.44, misses on revenue (Apr. 30)

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