Duke Energy, Dominion scrap plans for Atlantic Coast Pipeline after years of delays

The builders of the Atlantic Coast Pipeline are pulling the plug on the project as companies continue to meet mounting environmental opposition to new fossil fuel conduits in the U.S.

Duke Energy Corp. DUK, -0.11% and Dominion Energy Inc. D, +0.41% said Sunday that they were abandoning the proposed $8 billion pipeline — which aimed to carry natural gas 600 miles through West Virginia, Virginia and North Carolina and underneath the Appalachian Trail — citing continued regulatory delays and uncertainty, even after a favorable Supreme Court ruling last month.

Dominion meanwhile said it was selling the rest of its natural gas transmission and storage network to Warren Buffett’s Berkshire Hathaway Inc. for $9.7 billion including debt. The deal includes a 25% stake in the Cove Point liquefied natural gas export facility in Maryland, which will remain majority owned by Dominion.

“This announcement reflects the increasing legal uncertainty that overhangs large-scale energy and industrial infrastructure development in the United States,” the companies said in a joint statement. “Until these issues are resolved, the ability to satisfy the country’s energy needs will be significantly challenged.”

Utilities and pipeline companies have been trying to expand U.S. pipeline networks for more than a decade to take advantage of the bounty of oil and gas unlocked by the fracking boom. But many of the projects have encountered intense opposition from landowners, Native American groups and environmental activists concerned about climate change who want to keep fossil fuels in the ground.A North Korean defector’s tale shows rotting military.

THANKS TO THE MAN WARREN

Right after the Berkshire acquisition.

The fools on the US east coast would rather import natural gas by ship from Trinidad in old single hull ship or from West Africa (a political horror show) then to use the cleaner fuel from Mid America. Idiots.

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Companies Cancel Atlantic Coast Pipeline After Years of DelaysDuke Energy and Dominion Energy are pulling the plug on the proposed $8 billion pipeline under the Appalachian Trail as companies continue to meet environmental opposition to new fossil fuel conduits in the U.S. Let's see how brk stock reacts tomorrow KyleEmbler Now - Let's Shut Down Enbridge & Save the Great Lakes! 'Michigan asks court to shut down Enbridge pipeline under Mackinac Straits'
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Warren Buffett's Berkshire buys Dominion Energy natural gas assets in $10 billion dealIt's the first major purchase from Berkshire since the coronavirus pandemic and subsequent market collapse in March. Richy Rich Not very green, Maybe the mob will go after him 'With the purchase, Berkshire Hathaway Energy will carry 18% of all interstate natural gas transmission in the United States, up from 8% currently.'
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