October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net Summary Conclusions (8 of 16) Market Size Driver Conclusions (Continued) – Market Size Driver: Policy • FERC approval for interstate pipeline activity is critical to future construction activity 1-3 years post approval. 19 Source: Propriety Continuum analysis of PHMSA raw data, FERC raw data on pipeline approvals. 0 500 1,000 1,500 2,000 2,500 3,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 FERC Miles Approved New Transmission Mileage Gas Transmission Miles Approved
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