Treasurer Folwell Expresses Support for Extending Mountain Valley Pipeline-Southgate Construction Deadline | Eastern North Carolina Now

Press Release:

    (Raleigh, N.C.)     State Treasurer Dale R. Folwell, CPA, expressed his support today for the Federal Energy Regulatory Commission (FERC) extending the completion date of the Mountain Valley Pipeline-Southgate (MVP Southgate) to June 18, 2026. The MVP Southgate project is a proposed interstate pipeline to deliver natural gas to PSNC Energy at existing facilities in Rockingham and Alamance counties in North Carolina, and to provide access to existing, expanding and new markets in southern Virginia and central North Carolina.

    On June 18, 2020, FERC authorized the construction and operation of 75.1 miles of pipeline and associated facilities in Virginia and North Carolina. However, opponents of the pipeline have successfully delayed construction of the main line through a series of lawsuits and permit challenges. But the recent debt ceiling deal between the White House and Congress cleared the way for the MVP main line, which could start sending natural gas by the end of the year. MVP Southgate, however, remains incomplete and would require FERC to approve an extension of the date for completion.

    "It's vital to our local communities, especially rural communities, that we have a reliable, cost-effective supply of energy," Treasurer Folwell said. "North Carolina was recently voted the number one state for business in the country. As we continue to grow and lead the nation, we must have additional infrastructure to transport energy supplies to power our future. Right now, we only have one interstate transmission pipeline for natural gas and that's the Colonial Pipeline. We all remember the cyber-attack in 2021 that disabled the pipeline, leaving us without a reliable supply of fuel. We must have a dependable system in place to supply our energy needs and that includes MVP Southgate."

    Recently, Senate President Pro Tempore Phil Berger and 28 other senators wrote a letter to FERC requesting that they approve the request to extend the completion date of the MVP Southgate project, saying: "As policymakers, we have worked hard to foster conditions that have led to greater prosperity and population growth across North Carolina. We are committed to building on these successes. To do so, we must have greater supplies of natural gas and additional infrastructure to transport it safely, efficiently and reliably."

    "I fully support Sen. Berger and the other senators," said Treasurer Folwell. "As Chairman of the Local Government Commission, I constantly see the vital importance of continuing to fuel the economic engine that supports tax revenue and job growth at a local level. To do any less risks the economic viability of our cities and towns."

    The Local Government Commission, chaired by Treasurer Folwell and staffed by the Department of State Treasurer, has a statutory duty to approve most debt issued by units of local government and public authorities in the state. Additionally, the LGC staff oversees the annual independent auditing of local governments, monitors the fiscal health of local governments and offers broad assistance in financial administration to local governments.


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