The 7-2 ruling eliminates the biggest obstacle to the 600-mile (965-kilometer) pipeline, which would carry as much as 1.5 billion cubic feet of gas per day from the Marcellus shale basin in West Virginia to customers in North Carolina and Virginia.
Dominion pared earlier losses and was trading up .26% at $83.42 at 11:40 a.m. in New York.
Dominion, which is developing the pipeline with
Dominion didn’t immediately respond to requests for comment.
“Today’s decision is an affirmation for the Atlantic Coast Pipeline and communities across our region that are depending on it for jobs, economic growth and clean energy,” Duke Energy said in a statement. “We look forward to resolving the remaining project permits.”
A federal appeals court had thrown out the permit, saying the
Dominion and the
“With a high court decision in hand, the project can expect the U.S. Forest Service to wrap up work on reissuing approvals voided by the lower court, which we think happens this summer,” Barnes said in a research note.
The ruling also will help EQM’s Mountain Valley gas pipeline in West Virginia and Virginia. Mountain Valley told the Supreme Court in December that the appeals court ruling forced a halt to its project, which is 90% complete at a cost of more than $4.3 billion.
The 2,200-mile (3540-kilometer) Appalachian Trail stretches from Georgia to Maine.
The case is U.S. Forest Service v. Cowpasture River Preservation Association, 18-1584.
(Adds share prices, Duke statement starting in third paragraph)
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