What is not cited here, but drove this decision, is the financial return to the Houston-based company is not what they were looking for. Traditionally, this would be looked at as a defeat for New England. Now we look at it as a victory. Because, renewables are more affordable, easier to get permitted and bring energy production, and jobs, back to local communities.
Think about if: Who in New England wants to shift money to Houston companies for transpiration and funds to other states and countries for natural gas supplies? Not when we can install hydro, wave/tide, solar, wind systems that make us more profitable and resilient to market disruptions.
Great news. We will follow this on our main site as well at Renewable Now.biz:
Posted Apr 20, 2016 at 6:28 PM
Updated Apr 20, 2016 at 6:30 PM
BOSTON (AP) — Plans to build a $3.3 billion natural gas pipeline from New York into New England through western Massachusetts and southern New Hampshire have been suspended.
Houston-based Kinder Morgan Inc. announced Wednesday it has decided to stop work on the project. It cites a lack of contracts with gas distribution companies.
The company also says New England states haven't established needed regulatory procedures to allow it to move forward and the process in each state for creating those procedures remains open-ended.
The company says given the market conditions continuing to develop the pipeline is an unacceptable use of its shareholder funds.
U.S. Sen. Kelly Ayotte (AY'-aht) says she's pleased by the announcement. The New Hampshire Republican says there were still many unanswered questions about the project.
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