NextEra Energy posts loss on pipeline write down
- Mountain Valley pipeline in the United States is one of the several oil and gas pipes delayed in recent years by regulatory.
- NextEra posted a net loss of $5 million in the three months ended Dec. 31, compared with an income of $975 million a year ago.
NextEra Energy Inc, the world's largest producer of wind and solar energy, reported a quarterly loss compared to profit a year ago, hit by an impairment charge of $1.2 billion on its investments in the Mountain Valley natural gas pipeline.
Mountain Valley pipeline in the United States is one of the several oil and gas pipes delayed in recent years by regulatory and legal fights with states and environmental groups that found problems with permits issued by the Trump administration.
Analysts expect the pipeline's startup to be delayed after Virginia environmental regulators proposed changes to stream-crossing rules that would bar Mountain Valley from using the US Army Corp's proposed 2020 Nationwide Permits to cross streams.
NextEra posted a net loss of $5 million in the three months ended Dec. 31, compared with an income of $975 million a year ago.
Excluding the charge and other items, the company earned 40 cents per share in the fourth quarter.
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