Underground Construction - January 2022 - 19
challenges to large midstream projects have
only grown as U.S. President Joe Biden's
administration has taken a more adversarial
stance toward all fossil fuels in pursuit
of stricter national climate policies - a
shift that became clear with the effective
cancellation of the Keystone XL project on
his first day in office.
S&P Global Ratings revised its midstream
industry risk assessment downward
to intermediate risk from low-risk in 2021,
incorporating the " increasing environmental
and social risks posed by climate
change, greenhouse gas emissions, and the
use of hydrocarbons over the longer term. "
All these factors have steered U.S.dominated
North American midstream
construction away from major greenfield
projects and toward more upgrades and
expansions of existing systems. On the
other hand, the difficulty in building new
infrastructure is increasing the value of
existing pipelines and infrastructure, and
that trend is making the U.S. midstream
sector ripe for more consolidation.
In fact, one of the clear industry
trends of 2021 was a move among U.S.
utility companies to sell or spin off
their midstream assets in order to focus
capital spending within their lower-risk,
regulated businesses. In one of the largest
of these transactions, Energy Transfer
acquired 100 percent of Enable Midstream
Partners from CenterPoint Energy and
OGE Energy. In another, DEl sold its
gas transmission and storage assets to
Berkshire Hathaway Energy.
Construction continues
It would be easy to take a dim view of
North American midstream prospects
based on these high-profile events, but despite
challenges, there is still a substantial
level of construction planned or underway
by historical standards and many analysts
maintain a positive outlook for the sector.
" Despite the ongoing transition to a
lower carbon intensive economy, we expect
that existing midstream assets will continue
to be needed over the next several decades
because the U.S. will continue to rely on the
consumption of hydrocarbons to meet most
of the country's energy needs, " S&P wrote.
" As such, we expect that the midstream
industry will continue to play a critical role
in the broader energy value chain. "
North American pipelines under construction
during 2021 included natural gas
projects that added more than 4 Bcf/d of
new capacity in the United States during
the third quarter, primarily supplying Gulf
Coast and Northeast demand markets.
The largest of those, NextEra's
450-mile, 42-inch Whistler natural gas
pipeline was completed in July, adding 2
Bcf/d of capacity from the Permian Basin
UCONonline.com | JANUARY 2022
19
http://www.UCONonline.com
Underground Construction - January 2022
Table of Contents for the Digital Edition of Underground Construction - January 2022
Contents
Underground Construction - January 2022 - Cover1
Underground Construction - January 2022 - Cover2
Underground Construction - January 2022 - Contents
Underground Construction - January 2022 - 4
Underground Construction - January 2022 - 5
Underground Construction - January 2022 - 6
Underground Construction - January 2022 - 7
Underground Construction - January 2022 - 8
Underground Construction - January 2022 - 9
Underground Construction - January 2022 - 10
Underground Construction - January 2022 - 11
Underground Construction - January 2022 - 12
Underground Construction - January 2022 - 13
Underground Construction - January 2022 - 14
Underground Construction - January 2022 - 15
Underground Construction - January 2022 - 16
Underground Construction - January 2022 - 17
Underground Construction - January 2022 - 18
Underground Construction - January 2022 - 19
Underground Construction - January 2022 - 20
Underground Construction - January 2022 - 21
Underground Construction - January 2022 - 22
Underground Construction - January 2022 - 23
Underground Construction - January 2022 - 24
Underground Construction - January 2022 - 25
Underground Construction - January 2022 - 26
Underground Construction - January 2022 - 27
Underground Construction - January 2022 - 28
Underground Construction - January 2022 - 29
Underground Construction - January 2022 - 30
Underground Construction - January 2022 - 31
Underground Construction - January 2022 - 32
Underground Construction - January 2022 - 33
Underground Construction - January 2022 - 34
Underground Construction - January 2022 - 35
Underground Construction - January 2022 - 36
Underground Construction - January 2022 - 37
Underground Construction - January 2022 - 38
Underground Construction - January 2022 - 39
Underground Construction - January 2022 - 40
Underground Construction - January 2022 - 41
Underground Construction - January 2022 - 42
Underground Construction - January 2022 - 43
Underground Construction - January 2022 - 44
Underground Construction - January 2022 - 45
Underground Construction - January 2022 - 46
Underground Construction - January 2022 - 47
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Underground Construction - January 2022 - 49
Underground Construction - January 2022 - 50
Underground Construction - January 2022 - Cover3
Underground Construction - January 2022 - Cover4
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