{"id":109716,"date":"2021-01-23T15:11:01","date_gmt":"2021-01-23T15:11:01","guid":{"rendered":"https:\/\/precoinnews.com\/?p=109716"},"modified":"2021-01-23T15:11:01","modified_gmt":"2021-01-23T15:11:01","slug":"biden-blocking-keystone-threatens-to-end-mega-pipelines-era","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/biden-blocking-keystone-threatens-to-end-mega-pipelines-era\/","title":{"rendered":"Biden Blocking Keystone Threatens to End Mega Pipelines Era"},"content":{"rendered":"<p>Joe Biden\u2019s move to block the $9 billion Keystone XL project is the clearest sign yet that constructing a major new pipeline in the U.S. has become an impossible task.<\/p>\n<p>The incoming president has pledged to reshape the U.S. energy sector and accelerate the transition from fossil fuels, and the cancellation of the proposed link to Canada\u2019s oil sands will be one of his first big environmental actions.<\/p>\n<p><\/path><\/g><\/svg> 50,\u200b820  Million metric tons of greenhouse emissions, most recent annual data 0 3 2 1 0 9 ,0 2 1 0 9 8 0 9 8 7 6 5 0 5 4 3 2 1   Soccer pitches of forest lost this hour, most recent data   0 6 5 4 3 2 0 3 2 1 0 9 0 8 7 6 5 4 .0 9 8 7 6 5 0 9 8 7 6 5 0 5 4 3 2 1 0 0 9 8 7 6 0 9 8 7 6 5 0 2 1 0 9 8   Parts per million CO<sub>2<\/sub> in the atmosphere     <svg width=\"100%\" viewBox=\"0 0 400 100\" preserveAspectRatio=\"xMinYMid\" class=\"svelte-1agbo4c\"><defs><marker id=\"circle\" viewBox=\"0 0 3 3\" refX=\"1.5\" refY=\"1.5\" markerWidth=\"3\" markerHeight=\"3\" orient=\"auto-start-reverse\"><circle fill=\"currentColor\" cx=\"1.5\" cy=\"1.5\" r=\"1.5\"><\/circle><\/marker><\/defs><g transform=\"translate(2, 4)\"><\/p>\n<p><\/path><\/g><\/svg> $69.\u200b9B  Renewable power investment worldwide in Q2 2020 46% Carbon-free net power in the U.K., most recent data   -6.\u200b14% Today&#8217;s arctic ice area vs. historic average   +0.\u200b78\u00b0 C Dec. 2020 increase in global temperature vs. 1900s average    <svg viewBox=\"0 3 100 47\"><\/p>\n<p><\/path><g class=\"marker svelte-xiruid\" transform=\"translate(69.13025193107656,15.638924777010443)\"><\/p>\n<p><\/path><\/g><\/svg> <span>Bishkek, Kyrgyzstan<\/span>Most polluted air today, in sensor range  <\/p>\n<p>            <script class=\"params\" type=\"application\/json\">{\"contentId\":\"QN7D26DWLU6I01\",\"position\":\"greensponsoredby\",\"dimensions\":{\"small_desktop\":[[190,31]],\"large_desktop\":[[190,31]],\"tablet\":[[190,31]],\"mobile\":[[190,31]]},\"positionIncrement\":2,\"targeting\":{\"position\":\"greensponsoredby2\",\"positionIncrement\":2,\"url\":\"\/news\/articles\/2021-01-20\/biden-blocking-keystone-threatens-to-end-era-of-mega-pipelines\"},\"containerId\":\"greensponsoredby-MWstsUa\"}<\/script><\/p>\n<p>Even before Biden\u2019s inauguration Wednesday, the oil and gas industry was on its back foot when it came to building major new infrastructure. Despite Donald Trump\u2019s pro-fossil-fuel policies, energy companies such as <meta itemprop=\"security\" content=\"WMB US Equity\"><meta itemprop=\"type\" content=\"SecurityLink\">Williams Cos. and <meta itemprop=\"security\" content=\"D US Equity\"><meta itemprop=\"type\" content=\"SecurityLink\">Dominion Energy Inc. have been forced to scrap new projects in the face of stiff opposition.<\/p>\n<p>\u201cI can\u2019t imagine going to my board and saying, \u2018we want to build a new greenfield pipeline\u2019,\u201d Williams Chief Executive Officer Alan Armstrong said in an interview. \u201cI do not think there will be any funding of any big cross-country greenfield pipelines, and I say that because of the amount of money that\u2019s been wasted.\u201d<\/p>\n<p>The industry\u2019s retreat is a victory for the environmental movement. Groups that once campaigned under the slogan Keep It In The Ground have increasingly turned their attention to the pipes. Building them in much of the U.S. is a far trickier business than drilling oil and gas wells. That\u2019s due to the numerous federal and state permits that, for the most part, can be more easily litigated. The Trump administration sought to streamline federal permitting, but many projects were dealt a mortal blow in the courts.<\/p>\n<p>\u201cNo one is going to announce a new pipeline while Joe Biden is the president,\u201d said Katie Bays, managing director at FiscalNote Markets, which tracks policy issues for investors.<\/p>\n<p>Pipelines are likely to face a more burdensome approval process under the new administration, according to industry watchers including analysts at Morgan Stanley. Armstrong, whose company operates the Transco gas pipeline that runs from the Gulf of Mexico up the East Coast, says costs associated with litigation, together with the risk of delays, mean the construction of interstate projects in the U.S. can no longer be justified.<\/p>\n<p>He speaks from recent experience. Williams abandoned its Constitution natural gas pipeline in 2020 following years of legal battles with New York over a water permit. Its Northeast Supply Enhancement plan, which would have added pipeline segments in New York, Pennsylvania and New Jersey to an existing Williams system, was also effectively killed off last year amid opposition from New York Governor Andrew Cuomo.<\/p>\n<p>In fact, 2020 proved to be an awful year for anyone trying to build a major pipeline. In July, Dominion and its partner Duke Energy Corp. scrapped plans for their $8 billion Atlantic Coast natural gas project along the U.S. East Coast after legal battles, permitting hiccups and ballooning costs. Less than 24 hours later, a U.S. court court ordered the shutdown of the Dakota Access crude oil pipeline &#8212; though the order was later sidelined.<\/p>\n<p>In Minnesota, on-the-ground protests from environmental and indigenous activists continue to dog Enbridge Inc.\u2019s proposal to replace its Line 3 crude pipeline, which shuttles crude from Alberta to Wisconsin.<\/p>\n<p>Meanwhile, the $6 billion, 303-mile (488-kilometer) Mountain Valley natural gas project &#8212; which along with Line 3 are the last remaining mega pipeline projects still in development in the U.S. &#8212; is running into regulatory hurdles after years of cost overruns and delays. Shares of Equitrans Midstream Corp., which is constructing the pipeline between West Virginia and southern Virginia, plunged 9.9% Tuesday after a meeting of federal regulators in Washington failed to advance the project.<\/p>\n<p>Mountain Valley \u201cmight be the last one for a good long while,\u201d said Christi Tezak, managing director at ClearView Energy Partners.<\/p>\n<p>TC Energy Corp., which was set to build Keystone, on Wednesday lamented Biden\u2019s decision and <meta itemprop=\"suid\" content=\"QN8LE4DWRGG8\"><meta itemprop=\"type\" content=\"StoryLink\">said it will cost thousands of jobs. The Canadian company could challenge the move, but \u201csuing your way to successful completion of a project is never a good situation to be in,\u201d Southern Methodist University energy law professor James Coleman said.<\/p>\n<p>While the energy industry digests the Keystone news, it faces other harsh truths. Covid-19 decimated demand and prospects for a recovery to pre-pandemic levels remain uncertain. Though Keystone itself is important for Canadian oil producers, it has lost much of its former appeal to refiners on the U.S. Gulf Coast following years of rising shale supplies.<\/p>\n<p>And while oil stumbled, the renewable energy sector has been on a roll. Investors have fled the fossil fuel sector in droves and flocked to companies in solar, wind and other alternative technologies. That trend may determine the kind of big infrastructure projects that get built in years to come.<\/p>\n<p>Williams is now focused on a series of expansions along its current infrastructure, taking advantage of existing rights of ways to meet growing demand. The operator is also seeking to integrate renewable fuels into its systems. As new lines become harder to build, \u201cincumbent pipelines are going to have a huge advantage,\u201d Armstrong said.<\/p>\n<p>\u201cLooking <span>farther<\/span> out, it\u2019s hard to imagine that we\u2019ll never go through a build cycle again,\u201d FiscalNote\u2019s Bays said of the pipeline business. \u201cBut it\u2019s more likely that the next build cycle isn\u2019t gas or oil, but is hydrogen or carbon dioxide.\u201d<\/p>\n<p>Source: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-01-20\/biden-blocking-keystone-threatens-to-end-era-of-mega-pipelines?srnd=premium\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Joe Biden\u2019s move to block the $9<\/p>\n","protected":false},"author":3,"featured_media":109715,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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