Babel is outputting a file which node failes to run citing "require is not defined"

I am encountering an error as displayed below. The error arrises when I run the following command in an attempt to build and run a node project with babel. The issue arose on a larger project, I recreated the basic components in order to better diagnose the issue, but I am stumped now.

When running

babel --extensions ".ts" index.ts -o dist/index.js;node dist/index.js

node returns

file:///Users/sadeksyed/Documents/Programming%20Projects/HC/test-babel-proj/dist/server.js:3
var _path = _interopRequireDefault(require("path"));
            ^

ReferenceError: require is not defined
    at file:///Users/sadeksyed/Documents/test-babel-proj/dist/server.js:3:13
    at ModuleJob.run (internal/modules/esm/module_job.js:110:37)
    at async Loader.import (internal/modules/esm/loader.js:179:24)

This file index.ts looks like:

import path from "path";
var __dirname = path.resolve();
import http from "http";
import dotenv from "dotenv";
dotenv.config({ path: __dirname + "/test/.env" });
console.log(process.env.PORT);

.babelrc

{
  "presets": [
    [
      "@babel/preset-env",
      {
        "targets": {
          "esmodules": true
        }
      }
    ],
    "@babel/preset-typescript"
  ],
  "plugins": ["@babel/plugin-transform-runtime"]
}

package.json

{
  "name": "test-babel-proj",
  "version": "1.0.0",
  "description": "",
  "main": "index.js",
  "scripts": {
    "test": "echo \"Error: no test specified\" && exit 1"
  },
  "type": "module",
  "author": "",
  "license": "ISC",
  "devDependencies": {
    "@babel/core": "^7.10.2",
    "@babel/plugin-transform-runtime": "^7.10.1",
    "@babel/plugin-transform-typescript": "^7.10.1",
    "@babel/preset-env": "^7.10.2",
    "@babel/preset-typescript": "^7.10.1",
    "@types/node": "^14.0.13"
  },
  "dependencies": {
    "dotenv": "^8.2.0"
  }
}

I've been attempting to resolve this problem all day yesterday and today. Any help would be appreciated!