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For Immediate Release
March, 25 2019, 12:00am EDT
Contact:
Friends of the Earth: Patrick Davis, (202) 222-0744, pdavis@foe.org
Oil Change International: David Turnbull, (202) 316-3499, david@priceofoil.org
Investors Beware: Atlantic Coast Pipeline Faces Multiple Legal, Regulatory Threats
New investor briefing highlights the long list of challenges to ACP’s viability
WASHINGTON
A briefing for Dominion Energy investors released today breaks down the major challenges the Atlantic Coast Pipeline faces. The project, which is currently two years behind schedule and estimated to be more than $2 billion over budget, faces significant financial, legal and regulatory hurdles.
"The Atlantic Coast Pipeline is an environmental, climate and human rights boondoggle," said Donna Chavis, lead Atlantic Coast Pipeline campaigner with Friends of the Earth. "As the transition to clean energy gathers pace, the risks and growing costs of this major methane gas pipeline project look increasingly unwise to ratepayers, regulators and investors alike."
The briefing outlines the many significant regulatory and legal burdens the pipeline faces. Besides the vacating of a key U.S. Forest Service permit, for which project sponsors plan an appeal to the Supreme Court, there are challenges to U.S. Fish and Wildlife Service permits, a lawsuit aiming to block the Buckingham County Compressor Station, legal challenges to permits issued in North Carolina and a well-organized citizen's surveillance initiative that aims to report every possible construction violation should construction ever restart. Currently, seven federal permits have been stayed, suspended or vacated, which has put a halt to construction along the entire pipeline.
Lorne Stockman, senior research analyst at Oil Change International and co-author of the report said, "The Atlantic Coast Pipeline was always a bad idea. But now it's clearer than ever that it is a failure. While news about the project's challenges has mostly focused on the Forest Service permit and Appalachian Trail crossing, this report shows that the project's problems do not stop there. If Dominion and Duke don't drop the project soon, investors can only expect more cost hikes and delays."
The over budget project continues to hemorrhage money. Dominion Energy claims that the halt on construction is costing the company $20 million per week. Additionally, Moody's Investors Service stated in February 2019 that "Dominion's execution risk with its Atlantic Coast pipeline is credit negative."
The briefing details the full list of challenges facing the project and is being released as Dominion holds its 2019 investor day meetings, which are set to begin this morning at 9:30 a.m. Eastern time.
The full briefing is available here.
Friends of the Earth fights for a more healthy and just world. Together we speak truth to power and expose those who endanger the health of people and the planet for corporate profit. We organize to build long-term political power and campaign to change the rules of our economic and political systems that create injustice and destroy nature.
(202) 783-7400LATEST NEWS
'Iranians Do Not Submit to Force,' Says Iran's President as Trump Lobs More Threats
Another Iranian official, Foreign Ministry spokesperson Esmail Baghaei, said the US is "claiming diplomacy and readiness for negotiations" while still engaging in acts of aggression.
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Iranian President Masoud Pezeshkian on Monday criticized what he called "unconstructive and contradictory signals" by US officials as the two sides weighed another round of peace talks in the Pakistani capital of Islamabad, where an earlier summit failed to produce a deal to end the conflict that the Trump administration and its Israeli counterparts launched in late February.
"Honoring commitments is the basis of meaningful dialogue," Pezeshkian wrote in a social media post, adding that Iranians harbor "deep historical mistrust" toward the US government given its record of aggression against the Middle Eastern country.
"They seek Iran's surrender," Pezeshkian wrote of Trump administration officials. "Iranians do not submit to force."
The Iranian president's comments came as his US counterpart, President Donald Trump, threatened to continue the bombing campaign that has so far killed more than 3,300 Iranians—and displaced millions—if the current two-week ceasefire expires Wednesday evening without an agreement to end the war.
"Lots of bombs start going off," Trump told PBS News when asked what happens if the ceasefire lapses without a deal.
Trump's remarks came after he warned that if Iranian leaders don't accept his administration's terms for an end to the war, "the United States is going to knock out every single Power Plant, and every single Bridge, in Iran." Experts have said Trump's threats are themselves war crimes even if he doesn't follow through with the attacks on civilian infrastructure, which is protected under international law.
Iran is considering attending another round of peace talks with the Trump administration in Islamabad this week, even after Iran's top diplomat accused the US delegation of sabotaging the previous round with maximalist demands and "shifting goal posts."
The spokesperson for Iran's Foreign Ministry, Esmail Baghaei, said in a press briefing on Monday that "no decision has been made" regarding Iranian attendance at another round of talks.
"While claiming diplomacy and readiness for negotiations, the US is carrying out behaviors that do not in any way indicate seriousness in pursuing a diplomatic process," Baghaei told reporters, pointing to the US military's attack on and seizure of an Iranian-flagged cargo ship in the Gulf of Oman over the weekend.
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A dozen universities in the UK are facing criticism after a joint investigation by Al Jazeera English and Liberty Investigates revealed they hired a security firm run by former military intelligence agents to spy on pro-Palestinian student demonstrators.
Specifically, Al Jazeera English and Liberty Investigates reported they have "uncovered evidence that Horus Security Consultancy Limited trawled through student social media feeds and conducted secret counterterror threat assessments on behalf of some of Britain’s most elite institutions," including the University of Oxford, Imperial College London, University College London.
The investigation found that Horus has been paid $594,000 by the universities since 2022, and it has been asked to monitor targets ranging from a Palestinian academic giving a guest lecture at Manchester Metropolitan University to entire groups of pro-Palestinian organizations at the University of Bristol.
Many of the universities implicated in the investigation declined comment. Imperial College London, however, denied that it paid Horus to spy on its students, and said it merely wanted to "help identify potential security risks to its community, which might include protest activity within the vicinity of its campuses."
This rationale failed to satisfy critics, however.
Gina Romero, the United Nations special rapporteur for freedom of peaceful assembly and of association, told Al Jazeera English and Liberty Investigates that “the use of AI to harvest and analyze student data under the guise of open-source intelligence raises profound legal concerns.”
Romero expressed particular concern that Horus is not accountable to any public scrutiny, and that students have no way to know how the data collected from them will be used in the future.
Lizzie Hobbs, a PhD student at the London School of Economics who has taken part in pro-Palestinian protests, said it was "deeply scary" to see universities invest money in surveilling their own students.
"We knew surveillance was happening by the university," she said, "but it is shocking to see how systematized it is."
Jo Grady, general secretary for the University and College Union, slammed the schools' "shameful" actions and said they had "wasted hundreds of thousands of pounds spying on their own students."
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BP has boasted that its planned Kaskida oil field is a "world-class project that reflects decades of technological innovation," but environmental legal firm Earthjustice argued that the company has failed to prove its has the "experience, expertise, and certified equipment to conduct safe drilling under extreme conditions" in waters deeper than 5,600 feet, where opponents of the plan say extreme pressure and temperatures will make a blowout and oil spill more likely than they'd be in a typical drilling project.
A "loss of well control" was blamed for the Deepwater Horizon explosion and spill that killed 11 people, harmed and killed more than 100,000 birds and marine animals as well as untold numbers of fish, and devastated local economies—and that type of accident is 6-7 times more likely in an ultra-deep drilling project like Kaskida, according to Earthjustice.
The organization wrote in a regulatory filing last year when it was trying to block the project that "deep-water and ultra-deep-water oil spills and accidents are also much more difficult to respond to and contain.”
"BP did not show in its proposals that it will have the necessary containment capabilities in case the company needs to stop a blown-out well from spilling 4.5 million barrels of oil or more across the Gulf."
The group is representing Healthy Gulf, Turtle Island Restoration Network, Habitat Recovery Project, Sierra Club, and Center for Biological Diversity in the lawsuit, which argues that President Donald Trump's Interior Department adopted in its environmental analysis of Kaskida a severe underestimation—by about half a million barrels of oil—of what a worst-case scenario oil spill would look like.
"BP did not show in its proposals that it will have the necessary containment capabilities in case the company needs to stop a blown-out well from spilling 4.5 million barrels of oil or more across the Gulf," said Earthjustice.
Rachel Mathews, a senior attorney with the Center for Biological Diversity, said it was "appalling that the Trump administration has authorized this deep-water drilling project without having information critical to preventing harm to marine life."
“This will put Rice’s whales, sea turtles, and other Gulf wildlife at terrible risk," said Mathews. "Ultra-deep-water drilling is ultradangerous, full stop.”
The Bureau of Ocean Energy Management's (BOEM) approval of the Kaskida project was preceded by several industry-friendly actions by the Trump administration, including a meeting last month of the federal Endangered Species Committee, which voted to exempt fossil fuel companies from following policies intended to protect endangered species in the Gulf. Advocates argued that the decision was made illegally because the panel is required to meet publicly.
The administration has also proposed weakening "well control" rules for offshore drilling operations, and the White House is consolidating the BOEM and the Bureau of Safety and Environmental Enforcement—two agencies that were intentionally separated following the Deepwater Horizon disaster after an investigative commission found that conflicts of interest were created when they acted as one regulatory agency.
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Despite the fact that the Trump administration has taken numerous actions to ramp up oil and gas production—as the US already produces record amounts of fossil fuels—those measures are doing little to reduce oil prices, noted Earthjustice.
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