EQT CEO urges U.S. Congress to streamline permits, warning delays hinder energy development and AI competition with China and Russia.
The CEO of EQT, the largest U.S. natural gas producer, has called on Congress to accelerate the permitting process for energy infrastructure projects, warning that the country risks falling behind Russia and China if delays persist. According to the Financial Times, Toby Rice emphasized that America’s complex and drawn-out project approval procedures are obstructing its ability to compete globally in both energy and artificial intelligence.
Rice expressed deep concern over the bureaucratic hurdles companies face when developing essential infrastructure such as pipelines, wells, and power plants. “Congress [needs] to step up and act,” he stated, noting that the mounting threat stems not just from hostile energy-exporting nations, but also from the intensifying technological rivalry with China in artificial intelligence. According to Rice, AI-related electricity demands will surge, and the U.S. must be equipped with sufficient energy resources to meet this challenge.
One key issue Rice identified is the lengthy judicial review period in the U.S., which allows permit decisions to be legally contested for up to six years. He supports proposals to shorten this window in future reform efforts. He also criticized the fast-tracking of renewable energy projects, such as wind and solar, arguing that these initiatives have unintentionally contributed to higher overall energy costs.
President Donald Trump has prioritized energy dominance in his 2024 campaign, lifting the Biden-era ban on new liquefied natural gas (LNG) export terminals and instructing the Maritime Administration to streamline permitting processes. These actions come as data centers—critical to AI development—drive up electricity demand. The International Energy Agency forecasts global data center power usage will nearly double to 945 TWh by 2030.
In line with this trend, EQT announced on Tuesday an agreement in principle to supply gas to a 4.4GW facility that will power the Homer City Energy Campus, a massive 3,200-acre data center project in Pennsylvania.
Globally, efforts to reduce dependency on Russian gas continue. Following Russia’s full-scale invasion of Ukraine in 2022, European nations have sought alternative suppliers. On Wednesday, Italian energy giant ENI signed a 20-year deal with Venture Global to import 2 million metric tonnes of LNG annually.
Trump’s energy agenda includes a proposed bill capping permit review durations and revising Department of Energy environmental policies that he argues have hindered infrastructure approvals. One notable revival is the Constitution Pipeline, a 124-mile project canceled years ago under environmentalist pressure, now reportedly restarted in exchange for regulatory relief on another offshore wind project.
Despite volatile natural gas prices—which fell after spiking in 2022—EQT has improved its operational efficiency, cutting unlevered costs from $3 to $2 per MMBtu through rig optimization and the acquisition of Equitrans Midstream. Rice expects prices to recover to $4 per MMBtu by 2026.
