The energy companies behind the Atlantic Coast Pipeline announced their intention to cancel the project on Sunday, citing the cost of the project and regulatory hurdles.
Duke Energy and
Dominion said it has agreed to sell its gas transmission and storage segment assets to an affiliate of
"This announcement reflects the increasing legal uncertainty that overhangs large-scale energy and industrial infrastructure development in
Last month the Supreme Court ruled 7-2 to overturn a lower court ruling that found the
The companies cited a decision by the
"This new information and litigation risk, among other continuing execution risks, make the project too uncertain to justify investing more shareholder capital," the companies said.
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