Summary
Williams Companies, Inc. (WMB) filed an 8-K on August 21, 2017, to report on a court decision regarding the Constitution Pipeline. The United States Court of Appeals for the Second Circuit denied Constitution Pipeline Company, LLC's petition to review the New York State Department of Environmental Conservation's decision to deny certification under Section 401 of the Clean Water Act. This decision is a setback for the Constitution Pipeline project, which is a joint venture involving Williams. Despite this legal development, Williams maintains its target for the Constitution Pipeline to be in-service as early as the first half of 2019. This timeline remains contingent on receiving a Notice to Proceed from the Federal Energy Regulatory Commission. Investors should monitor future regulatory and legal developments impacting the project's permitting status and in-service date.
Key Highlights
- 1The Second Circuit Court of Appeals denied Constitution Pipeline's petition to review the NYDEC's denial of Section 401 Clean Water Act certification.
- 2The court ruled it lacked jurisdiction over the challenge regarding the timeliness of the NYDEC's decision, suggesting the DC Circuit court may have jurisdiction.
- 3Williams Companies continues to target an in-service date for the Constitution Pipeline project as early as the first half of 2019.
- 4The project's in-service date is dependent on receiving a timely Notice to Proceed from the Federal Energy Regulatory Commission (FERC).
- 5The filing clarifies the legal status of the Constitution Pipeline's certification challenges.
- 6Williams Partners L.P. is also involved in this matter, with its General Partner signing the filing.