Analyst Note
| Stephen Ellis |The Federal Regulatory Energy Commission (FERC) deadlocked 2-2 with one commissioner abstaining on the Mountain Valley Pipeline's request to bore under streams and wetlands along the pipeline's 77 miles in West Virginia. We still expect the project to be in service by the end of the year, and our $15 fair value estimate and narrow moat ratings are unchanged. Our fair value estimate already reflects a substantial valuation discount to midstream peers to reflect the challenges and uncertainties associated with the Mountain Valley Pipeline.