IN ONE FELL SWOOP - 500-Mile Alantic Coast Pipeline Dead, Buffet Buys Companies With $10 Billion Deal

(07/07/2020)

The 500-mile Alantic Coast Pipeline slated to run from West Virginia to North Carolina has been canceled, after just winning a Supreme Court case, and on the same day Warren Buffet has purchased the companies with a $10 billion deal. Dominion Energy and Duke Energy announced the cancellation of the Atlantic Coast Pipeline Sunday due to “ongoing delays and increasing cost uncertainty” surrounding the project, according to a Duke Energy news release. Executives said the cancellation is a reflection of issues energy leaders are facing across the country. “This announcement reflects the increasing legal uncertainty that overhangs large-scale energy and industrial infrastructure development in the United States,” the statement read. Officials said the estimated cost for the project has ballooned to about $8 billion, nearly double the original estimate. In its first deal since the economic downturn caused by coronavirus, Buffet's Berkshire Hathaway is purchasing natural gas transmission and storage assets from Dominion Energy in a deal worth nearly $10 billion.

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