Regulatory preparations have been suspended on WCC LNG Ltd.’s dormant proposal for a jumbo liquefied natural gas (LNG) export terminal on the Pacific coast of British Columbia at Prince Rupert. A year after closing WCC’s office in the northern port, sponsors Imperial Oil Ltd. and ExxonMobil Corp. have withdrawn the application for BC and federal environmental approvals. The project’s 40-year export license from the National Energy Board for up to 4.6 Bcf/d remains valid if deliveries begin before November 2026. The WCC partners have told shareholders that the fate of all their projects depends on evolving market conditions.
Mounting questions by regulators and elected officials about corporate governance at Pacific Gas and Electric Co. (PG&E) have prompted Moody's Investors Service to identify as "material credit negative" alleged safety violations by the combination utility as part of its role in wildfires in Northern California over the past two years. If the alleged violations are found to be true, Moody's said it would be a sign of "systemic weakness" in PG&E's corporate governance and oversight policies. Moody's noted that a new investigation by the California Public Utilities Commission comes at a time when PG&E is facing significant liabilities from the multiple wildfires of recent years. PG&E spokesman Matt Nauman said Moody's report "reinforces that more work remains" to better prevent and deal with wildfires and other climate change impacts.