The Atlantic Coast Pipeline (ACP) major gas pipeline project is closed amid price and regulatory uncertainty, the project’s organizers, Dominion Energy and Duke Energy said in a press release.
“Despite a convincing victory in the Supreme court – seven for, two against-which confirmed the viability of the project and the decision of regulators, recent events and expected delays had created an unacceptable level of uncertainty for ACP,” the companies said in a statement.
They, in particular, cite other court decisions on other projects that show the risk of environmental lawsuits for similar projects.
Constant lawsuits demanding to change the route of the gas pipeline have already increased its cost from $ 4.5-5 billion to at least $ 8 billion, the companies remind. In their opinion, further investment in the project is not appropriate.
The project was canceled, despite a victory in the Supreme Court, which removed environmental objections to construction under the Appalachian Trail – a popular Hiking route that runs for 3,500 kilometers along the mountains of the Atlantic coast of the United States.
The goal of the project was to transport natural gas from West Virginia to ports on the Atlantic Ocean.