National Fuel Gas (NFG)

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National Fuel Gas -8.5% on New York denial of pipeline permit

National Fuel Gas (NFG -8.5%) plunges after New York's Department of Environmental Conservation rejected its proposed Northern Access Pipeline between Pennsylvania to western New York.

The DEC determined the 97-mile gas supply pipeline posed too big a threat to water quality and wildlife and denied NFG the water quality certificate required to construct the pipeline.

CEO Ronald Tanski defends NFG's "great record with respect to our construction practices" and says the "most troubling aspect of this decision is that the NYS DEC waited literally until the 11th hour to issue this denial," despite 34 months of discussions and engineering and environmental studies at the agency's request.