Economic Development
Shale Law Weekly Review – Week of June 21, 2021
Economic Development: Maine Passes Law Requiring State Divestment of Fossil Fuel Securities ⚡
On June 16, 2021, the Governor of Maine signed into law L.D. 99 (H.P. 65), titled “An Act to Require the State to Divest Itself of Assets Invested in the Fossil Fuel Industry.” The act prohibits the Treasurer of State (Treasurer) from investing in the stocks, bonds, commercial paper, or securities of any fossil fuel company and requires the Treasurer to review the holdings of the Maine Public Employees Retirement System and completely divest any fossil fuel-related holdings by January 1, 2026. The law requires the […]
Shale Law Weekly Review – Week of February 8, 2021
Pipelines: Supreme Court Agrees to Hear PennEast Pipeline Eminent Domain Case
On February 3, 2021, the U.S. Supreme Court granted PennEast Pipeline’s Petition for Writ of Certiorari. PennEast filed the Petition after the U.S. Court of Appeals for the Third Circuit ruled that PennEast was barred from bringing a lawsuit against New Jersey due to the state’s Eleventh Amendment immunity. (PennEast Pipeline Co., LLC v. New Jersey, Nos. 19-1191 thru 19-1232). PennEast was approved to begin construction on its pipeline when it sued New Jersey under the Natural Gas Act to gain access to state properties using eminent […]
