Originally published for customers December 20, 2023
At FERC’s December open meeting, not a single expansion pipeline project was approved. However, the number of projects filed so far in FERC’s first fiscal quarter of 2024 shows promise the industry may rebound from the dearth of projects filed under Chairman Glick.
What’s the issue?
FERC held an open meeting yesterday and the agenda did not have a single pipeline expansion project that was being considered for approval. However, the number of projects that have been filed so far in FERC’s first fiscal quarter of 2024 show some promise that the industry is rebounding from the dearth of projects that were filed under Chairman Glick.
Why does it matter?
A clear indicator of a healthy regulatory regime is the willingness of applicants to submit projects for review. During FERC’s last three fiscal years, the number of projects submitted for review during FERC’s first fiscal quarter actually dropped to zero in 2021, but has rebounded since then.
What’s our view?
Based on past history, the percentage of projects filed during FERC’s first fiscal quarter ranged from zero to almost 50%. With three projects filed so far in this fiscal year, we may see a rebound in projects this fiscal year, if the industry is confident that Chairman Phillips is making progress on reviewing and approving projects and nothing unexpected happens in 2024.
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