Pipeline Could Boost AI

As the enormous energy demand of artificial intelligence continues to grow the new (again) owner of the beleaguered Mountain Valley Pipeline sees a business opportunity. EQT Corp. CEO Toby Rice said on a call Monday the long-delayed, well-over-budget pipeline could help meet skyrocketing energy demand driven by the computing power required for AI.

Plagued by repeated failures to legally obtain and comply with myriad permits, the 300-mile methane gas pipeline was originally slated to begin operations in 2018 at a cost of $3.7 billion, but six years later, despite direct backing by Joe Manchin, it remains unfinished with a price tag of $7.6 billion. EQT bought back its former subsidiary Equitrans Midstream Corp. on Monday for $5.45 billion. Beyond the Southeast, gas from the pipeline could also be delivered to LNG export terminals on the Gulf Coast. (AI: Bloomberg $; LNG export market: Bloomberg $; EQT-Equitrans deal: Axios, Pittsburgh Post-Gazette $, FT $)