FERC's unanimous (5-0) May 30, 2026 Notice of Proposed Rulemaking (NOPR) rewriting Part 157 Subpart F natural gas blanket certificates represents a major regulatory shift for U.S. midstream infrastructure and Gulf Coast LNG project finance.

Five Key Underwriter Re-Pricing Areas

1. Blanket Cost Ceilings: Proposes resetting historical thresholds (~$14M auto-approval; ~$39M prior-notice) and linking them to project category. This compresses the FID-to-FEED-to-FNTP timeline.
2. NEPA Categorical Exclusions: Expands exclusions for in-corridor repairs while tightening environmental-justice screens. Structurally advantages large incumbents like Williams, Kinder Morgan, Energy Transfer, and Enbridge.
3. Notification Windows: Recalibrates landowner notification and tribal consultation timelines.
4. Abandonment Authority: Expands blanket abandonment/storage-modification rights, simplifying the repurposing of legacy oil/refined systems to gas feeds.
5. Water-Quality Certifications: Section 401 state reviews remain a binding constraint despite FERC's acceleration.

This regulatory easing mirrors [[news-3216090|ANEEL's LRCAP 2026 homologation]], favoring heavily capitalized sponsors.