NextDecade Comments on Recent Court Actions
August 03 2021 - 6:21PM
Business Wire
Today, the U.S. Court of Appeals for the D.C. Circuit issued an
order and a separate opinion related to the Federal Energy
Regulatory Commission’s (FERC) authorization of NextDecade’s Rio
Grande LNG export project (RGLNG).
In the order and separate opinion, the Court rejected all but
two of the claims put forward by RGLNG’s opponents. The Court asked
FERC to further explain two technical items related to climate
change and environmental justice. In its conclusion, the Court
expressly stated that it is “reasonably likely” that on remand FERC
can address the two identified deficiencies “while reaching the
same result.”
“We are pleased the Court affirmed the validity of the FERC
authorization of our Rio Grande LNG project and we look forward to
the FERC’s response to the Court’s requests,” said Matt Schatzman,
NextDecade’s Chairman and Chief Executive Officer. “Efforts to
reduce global greenhouse gas emissions are at the very foundation
of our company and we have already announced actions to reduce
emissions at Rio Grande LNG by more than 90 percent through use of
carbon capture and storage.”
At NextDecade, we are taking real action to reduce the
greenhouse gas intensity of the LNG we sell and to help our
customers reduce CO2 emissions at their facilities. Natural gas in
the form of LNG will play an important role in the energy
transition, but its contribution to global greenhouse gas emissions
must be reduced to an absolute minimum. Furthermore, to limit
global warming to 1.5 degrees Celsius, it is critical to lower
greenhouse gas emissions like CO2 from industrial-scale facilities
around the world.
About NextDecade Corporation
NextDecade Corporation is a clean energy company accelerating
the path to a net-zero future. Leading innovation in greener LNG
and carbon capture solutions, NextDecade is committed to providing
the world access to cleaner energy. Through our wholly owned
subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are
developing a 27 mtpa LNG export facility in South Texas along with
one of the largest carbon capture and storage projects in North
America. We are also working with third-party customers around the
world to deploy our proprietary processes to lower the cost of
carbon capture and storage and reduce CO2 emissions at their
industrial-scale facilities. NextDecade’s common stock is listed on
the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is
headquartered in Houston, Texas. For more information, please visit
www.next-decade.com.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “contemplate,” “estimate,” “expect,” “project,”
“plan,” “intend,” “believe,” “may,” “might,” “will,” “would,”
“could,” “should,” “can have,” “likely,” “continue,” “design” and
other words and terms of similar expressions are intended to
identify forward-looking statements, and these statements may
relate to the business of NextDecade and its subsidiaries. These
statements have been based on NextDecade’s current assumptions,
expectations, and projections about future events and trends and
involve a number of known and unknown risks, which may cause actual
results to differ materially from expectations expressed or implied
in the forward-looking statements. These risks include NextDecade’s
progress in the development of its LNG liquefaction and export
projects and the timing of that progress; NextDecade’s final
investment decision (“FID”) in the construction and operation of a
LNG terminal at the Port of Brownsville in southern Texas (the
“Terminal”) and the timing of that decision; the successful
completion of the Terminal by third-party contractors and a
pipeline to supply gas to the Terminal being developed by a
third-party; NextDecade’s ability to develop the carbon capture and
storage project at the Terminal (the “CCS project”) to reduce
carbon emissions from the Terminal; NextDecade’s ability to secure
additional debt and equity financing in the future to complete the
Terminal; NextDecade’s ability to secure additional debt and equity
financing in the future to complete the CCS project, if
implemented; the accuracy of estimated costs for the Terminal; the
accuracy of estimated costs for the CCS project; statements that
the Terminal and the CCS project, when completed, will have certain
characteristics, including amounts of liquefaction capacities and
amount of CO2 reduction; the development risks, operational
hazards, regulatory approvals applicable to the Terminal’s, the CCS
project's and the third-party pipeline's construction and
operations activities; technological innovation which may lessen
NextDecade’s anticipated competitive advantage; the global demand
for and price of LNG; the availability of LNG vessels worldwide;
changes in legislation and regulations relating to the LNG
industry, including environmental laws and regulations that impose
significant compliance costs and liabilities; global pandemics,
including the 2019 novel coronavirus pandemic, and their impact on
NextDecade’s business and operating results, including any
disruptions in its operations or development of the Terminal and
the health and safety of NextDecade’s employees, and on
NextDecade’s customers, the global economy and the demand for LNG;
risks related to doing business in and having counterparties in
foreign countries; NextDecade’s ability to maintain the listing of
its securities on a securities exchange or quotation medium;
changes adversely affecting the business in which we are engaged;
management of growth; general economic conditions; NextDecade’s
ability to generate cash; compliance with environmental laws and
regulations; the result of future financing efforts and
applications for customary tax incentives; and other matters
discussed in the “Risk Factors” section of NextDecade’s Annual
Report on Form 10-K for the year ended December 31, 2020 and other
subsequent reports filed with the Securities and Exchange
Commission, all of which are incorporated herein by reference.
Additionally, any development of the Terminal and CCS project
remains contingent upon completing required commercial agreements,
acquiring all necessary permits and approval, securing all
financing commitments and potential tax incentives, achieving other
customary conditions and making a final investment decision to
proceed. The forward-looking statements in this press release speak
as of the date of this release. Although NextDecade believes that
the expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that the expectations will
prove to be correct. NextDecade may from time to time voluntarily
update its prior forward-looking statements, however, it disclaims
any commitment to do so except as required by securities laws.
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