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Energy giant drops proposed Constitution Pipeline

From The Daily Star
 
Pipeline would have run from the Southern Tier to near Albany
ALBANY — Williams Companies, the Oklahoma energy giant, confirmed Friday that it has shelved the Constitution Pipeline, a proposed interstate natural gas pipeline that triggered a prolonged battle between environmental activists and pro-development advocates.
“Williams — with support from its partners, Duke, Cabot and AltaGas — has halted investment in the proposed Constitution project,” the company said in response to questions from CNHI.
“While Constitution did receive positive outcomes in recent court proceedings and permit applications, the underlying risk adjusted return for this greenfield pipeline project has diminished in such a way that further development is no longer supported,” Williams added.
Anne Marie Garti, an environmental lawyer who helped form the opposition group Stop the Pipeline, said the group “fought this epic 8-year battle with courage, conviction and intelligence, adding: “Perseverance pays off.”
Williams disclosed this week in a financial report that the investors in the Constitution Pipeline took a $345 million “impairment,” suggesting that the investment in the mammoth 124-mile pipeline was being written off.
“Impairment” is an accounting term meaning a reduction in the recoverable amount of a fixed asset. Read more HERE.

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