'the gas pipeline business being mature and likely to suffer death-by-a-thousand cuts'
We are talking about over the next 35 years, not sure many current investors have an investment timeline that long to worry about the decline in gas usage.
If anything usage will increase over the next 5-10 years as coal fired generation is replaced by gas as part of a transition to renewables.
You're right that investments in renewables is to a certain extent is uncertain but isn't that the case with most new businesses or businesses going into new markets?
If you avoided companies that didn't expand into new markets or new products you wouldn't have much growth in capital or income in your portfolio.
Ann: Impairment of Moomba Sydney Ethane Pipeline, page-9
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