Pipeline would have run from the Southern Tier to near
Albany
ALBANY — Williams Companies, the Oklahoma energy giant,
confirmed Friday that it has shelved the Constitution Pipeline, a proposed
interstate natural gas pipeline that triggered a prolonged battle between
environmental activists and pro-development advocates.
“Williams — with support from its partners, Duke, Cabot and
AltaGas — has halted investment in the proposed Constitution project,” the
company said in response to questions from CNHI.
“While Constitution did receive positive outcomes in recent
court proceedings and permit applications, the underlying risk adjusted return
for this greenfield pipeline project has diminished in such a way that further
development is no longer supported,” Williams added.
Anne Marie Garti, an environmental lawyer who helped form
the opposition group Stop the Pipeline, said the group “fought this epic 8-year
battle with courage, conviction and intelligence, adding: “Perseverance pays
off.”
Williams disclosed this week in a financial report that the
investors in the Constitution Pipeline took a $345 million “impairment,”
suggesting that the investment in the mammoth 124-mile pipeline was being
written off.
“Impairment” is an accounting term meaning a reduction in
the recoverable amount of a fixed asset. Read more HERE.
