Williams wins key state permits for Northeast Supply Enhancement pipeline project

[Three Pipeline Reflecting Blue Sky]
zorazhuang/iStock via Getty Images

Williams (WMB [https://seekingalpha.com/symbol/WMB]) closed +2.8% on Friday after saying New York and New Jersey environmental regulators granted crucial permits [https://seekingalpha.com/pr/20299299-williams-secures-key-permits-for-northeast-supply-enhancement-project] for the long-stalled Northeast Supply Enhancement pipeline project that would bring more natural gas to the New York City area from Pennsylvania.

The New Jersey Department of Environmental Protection and New York State Department of Environmental Conservation Environmental approved certifications under the federal Clean Water Act for the NESE project that would expand Williams' (WMB [https://seekingalpha.com/symbol/WMB]) existing Transco natural gas system that spans Pennsylvania, New Jersey and New York, adding enough capacity to serve ~2.3 million homes.

Williams (WMB [https://seekingalpha.com/symbol/WMB]) canceled the project last year after New York denied a permit under pressure from environmentalists, but it revived the project earlier this year after New York's Governor Hochul pledged not to withhold a permit if President Trump allowed construction on a wind farm off the Long Island coast.

In parallel, Williams (WMB [https://seekingalpha.com/symbol/WMB]) said it remains committed to the Constitution Pipeline project in upstate New York, after state regulators said the company failed to fulfill repeated information requests.

The company said it has withdrawn its current water permit application with the New York regulator and is preparing to follow up with additional filings "to ensure that this critical infrastructure project obtains the regulatory approvals needed for construction and operation."

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