The Atlantic Coast Pipeline natural gas pipeline project by Dominion Energy and Duke Energy has been cancelled thanks to growing uncertainty over both its legal status and economic viability. The pipeline was to have passed across North Carolina, West Virginia and Virginia, but substantial litigation brought about by environmental groups and unexpected delays had raised its costs. Dominion Energy’s CEO Thomas Farrell warned that the activities of green activists threatened the long-term energy security of the country. The collapse of the project, he complained, “reflects the increasing legal uncertainty that overhangs large-scale energy and industrial infrastructure development in the United States…Until these issues are resolved, the ability to satisfy the country’s energy needs will be significantly challenged.” The project has come under intense pressure ever since it was announced in 2014. Environmental groups hailed the decision and called on energy companies to concentrate on environmentally friendly sources of renewable energy that would create jobs and a cleaner future. In separate news, Warren Buffett’s investment vehicle Berkshire Hathaway revealed that it would be acquiring nearly $10bn worth of Dominion Energy’s natural gas transmission and storage assets.
