Equitrans plunges as Manchin's energy permitting bill excluded from NDAA
Equitrans Midstream (NYSE:ETRN) -8.4% in Wednesday's trading as its stalled Mountain Valley gas pipeline is thrown into question after Senator Joe Manchin's proposal to fast-track energy projects failed to make it into the National Defense Authorization Act due to opposition from prominent Republican senators and progressive Democrats.
Manchin's proposal would have sped approval of the $6.6B pipeline project in the senator's home state of West Virginia.
"Our energy infrastructure is under attack and America’s energy security has never been more threatened," Manchin lamented in a statement.
Manchin has not given up on his permitting reform effort, releasing amended text for his permitting bill, which includes changes that appear to be aimed at winning more support from Republicans.
According to The Hill, the newest version replaces language that called for agencies to consider major projects for an average of two years, instead setting a two-year deadline for such projects.
It also gives companies the right to seek a court order requiring agencies that have missed deadlines to make a decision, and requires the courts to expedite such requests.
Equitrans Midstream's (ETRN) Mountain Valley Pipeline project has been weighed by legal setbacks this year, but "everything is moving favorably for [its] dividends," Daniel Thurecht writes in an analysis posted on Seeking Alpha.