Continues to Target a Full In-Service for 2019; Reiterates $4.6
Billion Cost Estimate
Mountain Valley Pipeline, LLC, (Mountain Valley) today announced a 2018
year-end project update, supporting its targeted fourth quarter 2019
full in-service date and reaffirming a total Mountain Valley Pipeline
(MVP) project cost estimate of $4.6 billion.
Mountain Valley expects to have approximately 70% of the MVP project
complete by year-end, which includes the welding of nearly 58% of the
pipeline and the ongoing construction work of all compressor stations
and interconnects that are expected to be complete by February. Most
recently, MVP construction crews have been focused on stabilizing the
right-of-way for the winter season.
“Construction of MVP began in February 2018 and, despite various
setbacks and unprecedented weather conditions, we have made substantial
progress this year," said Diana Charletta, Chief Operating Officer,
Equitrans Midstream Corporation. "We appreciate the expertise and
oversight of the West Virginia Department of Environmental Protection
and Virginia Department of Environmental Quality, as well as other state
and federal agencies that have helped guide our construction activities.
The MVP project team takes its environmental stewardship
responsibilities very seriously and we will continue to comply with the
laws and regulations related to the safe and responsible construction of
our MVP project.”
Since the onset of the project more than four years ago, MVP has
retained five key stakeholder priorities: design a route with the least
overall impact to landowners and communities; minimize impacts to
sensitive species and preserve cultural, historical, and environmental
resources, including streams and wetlands; construct the pipeline in the
safest manner possible; maintain high levels of environmental protection
at all times; and ensure the safety of MVP’s landowners, communities,
inspectors, employees, and contractors.
Activities related to MVP’s construction have brought an economic boost
to local businesses, restaurants, and hotels – generating additional
revenue and creating jobs. Additionally, and in support of communities
along the route, MVP established a local giving program in mid-2017.
MVP’s community support program provides sponsorships and donations to
charitable organizations and community events that focus on STEAM
education (science, technology, engineering, arts, and mathematics);
environmental stewardship; civic and community; or arts and culture.
During the past 18 months, MVP has donated nearly $400,000 to local
organizations and community associations along the 303-mile route.
The MVP project team is committed to the safety of its communities, to
the preservation and protection of the environment, and to the continued
responsible construction of this important natural gas infrastructure
project that will serve homes and business in the mid-Atlantic and
southeast United States.
About Mountain Valley Pipeline
The Mountain Valley Pipeline
(MVP) is a proposed underground, interstate natural gas pipeline system
that spans approximately 303 miles from northwestern West Virginia to
southern Virginia. Subject to approval and regulatory oversight by the
Federal Energy Regulatory Commission, the MVP will be constructed and
owned by Mountain Valley Pipeline, LLC – a joint venture of EQM
Midstream Partners, LP; NextEra US Gas Assets, LLC; Con Edison
Transmission, Inc.; WGL Midstream, Inc.; and RGC Midstream, LLC. The MVP
was designed to transport clean-burning natural gas from the prolific
Marcellus and Utica shale regions to the growing demand markets in the
Mid-Atlantic and Southeast areas of the United States. Targeting a full
in-service during the fourth quarter 2019, EQM Midstream Partners, LP
(NYSE:EQM), primary interest owner, will operate the pipeline. From
planning and development, to construction and in-service operation – MVP
is dedicated to the safety of its communities, employees, and
contractors; and to the preservation and protection of the environment.
Visit www.mountainvalleypipeline.info
Cautionary Statements
Disclosures in this news release
contain certain forward-looking statements that do not relate strictly
to historical or current facts and are forward-looking. Without limiting
the generality of the foregoing, forward-looking statements contained in
this news release specifically include the expectations of plans,
strategies, objectives and growth, and anticipated financial and
operational performance of Mountain Valley Pipeline, LLC, including
guidance regarding the proposed Mountain Valley Pipeline (MVP); the
expected cost and targeted in-service date of the MVP; the progress on
construction of the MVP’s facilities and pipelines; the expected impact
of litigation and regulatory proceedings on the project; and MVP’s
efforts related to safety and environmental protection. The
forward-looking statements included in this news release are subject to
risks and uncertainties that could cause actual results to differ
materially from projected results. Accordingly, investors should not
place undue reliance on forward-looking statements as a prediction of
actual results. Mountain Valley Pipeline, LLC has based these
forward-looking statements on current expectations and assumptions about
future events. While Mountain Valley Pipeline, LLC considers these
expectations and assumptions to be reasonable, they are inherently
subject to significant business, economic, competitive, regulatory, and
other risks and uncertainties, most of which are difficult to predict
and are beyond its control. The risks and uncertainties that may affect
the operations, performance, and results of Mountain Valley Pipeline,
LLC and forward-looking statements include, but are not limited to:
The business, financial condition, results of operations and prospects
could suffer if Mountain Valley Pipeline, LLC does not proceed with
projects under development or is unable to complete the construction of,
or capital improvements to, its facilities and pipelines on schedule or
within budget.
The ability to complete construction of, and capital improvements to,
facilities on schedule and within budget may be adversely affected by
escalating costs for materials and labor and regulatory compliance,
inability to obtain or renew necessary licenses, rights-of-way, permits
or other approvals on acceptable terms or on schedule, disputes
involving contractors, labor organizations, land owners, governmental
entities, environmental groups, Native American and aboriginal groups,
and other third parties, negative publicity, transmission
interconnection issues, adverse weather conditions and other factors. If
any development project or construction or capital improvement project
is not completed, is delayed or is subject to cost overruns, certain
associated costs may not be approved for recovery or recoverable through
regulatory mechanisms that may otherwise be available, and Mountain
Valley Pipeline, LLC could become obligated to make delay or termination
payments or become obligated for other damages under contracts, could
experience the loss of tax credits or tax incentives, or delayed or
diminished returns, and could be required to write-off all or a portion
of its investment in the project. Any of these events could have a
material adverse effect on Mountain Valley Pipeline, LLC’s business,
financial condition, results of operations and prospects. Mountain
Valley Pipeline, LLC may face risks related to project siting,
financing, construction, permitting, governmental approvals and the
negotiation of project development agreements that may impede its
development and operating activities.
Mountain Valley Pipeline, LLC must periodically apply for licenses and
permits from various local, state, federal and other regulatory
authorities and abide by their respective conditions. Should Mountain
Valley Pipeline, LLC be unsuccessful in obtaining necessary licenses or
permits on acceptable terms, should there be a delay in obtaining or
renewing necessary licenses or permits or should regulatory authorities
initiate any associated investigations or enforcement actions or impose
related penalties or disallowances on Mountain Valley Pipeline, LLC,
Mountain Valley Pipeline, LLC’s business, financial condition, results
of operations and prospects could be materially adversely affected. Any
failure to negotiate successful project development agreements for new
facilities with third parties could have similar results.
Mountain Valley Pipeline, LLC’s gas infrastructure facilities and other
facilities are subject to many operational risks. Operational risks
could result in, among other things, lost revenues due to prolonged
outages, increased expenses due to monetary penalties or fines for
compliance failures, liability to third parties for property and
personal injury damage, a failure to perform under applicable sales
agreements and associated loss of revenues from terminated agreements or
liability for liquidated damages under continuing agreements. The
consequences of these risks could have a material adverse effect on
Mountain Valley Pipeline, LLC’s business, financial condition, results
of operations and prospects.
Uncertainties and risks inherent in operating and maintaining Mountain
Valley Pipeline, LLC's facilities include, but are not limited to, risks
associated with facility start-up operations, such as whether the
facilities will achieve projected operating performance on schedule and
otherwise as planned.
Mountain Valley Pipeline, LLC’s business, financial condition, results
of operations and prospects can be materially adversely affected by
weather conditions, including, but not limited to, the impact of severe
weather.
Threats of terrorism and catastrophic events that could result from
terrorism, cyber-attacks, or individuals and/or groups attempting to
disrupt Mountain Valley Pipeline, LLC’s business, or the businesses of
third parties, may materially adversely affect Mountain Valley Pipeline,
LLC’s business, financial condition, results of operations and prospects.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181213005140/en/
Copyright Business Wire 2018