UIL Invests $80M in Kinder Morgan’s Northeast Energy Direct Pipeline

UIL Holdings, a Connecticut-based utility with 725,000 electric and natural gas customers in two states, is investing $80 million in Kinder Morgan’s Northeast Energy Direct (NED) natural gas pipeline project that will stretch from NY to near Boston, MA to bring cheap, abundant and clean-burning natural gas to New England. One of UIL’s subsidiary companies is Berkshire Gas Company, one of NED’s anchor shippers. Berkshire, you may recall, is at capacity now with respect to natural gas supplies they receive from Kinder’s Tennessee Gas Pipeline. Berkshire has put a moratorium on accepting any new hookups for natural gas in Franklin County, MA (see Guts: No New Pipeline in MA? Then No New Natgas for Utility Customers). You may also recall that UIL is the company that offered the City of Philadelphia the best deal it will ever get to sell the city-owned Philadelphia Gas Works utility, a deal ultimately scuttled by the Democrat-controlled–and profoundly corrupt–Philadelphia City Council (see Philly City Council Kills the Phila. Gas Works $1.86B Deal). UIL will get a 2.5% ownership stake in NED in return for it’s $80M investment…

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