Upstate NY’s Corning Gas Sees More Opportunities with Marcellus

Corning Natural Gas Corporation, a subsidiary of Corning Natural Gas Holding Corporation, is a local distribution company (LDC, or “utility”) with nearly 450 miles of gas pipeline mains transporting natural gas to roughly 15,000 customers. Corning makes natgas deliveries in 23 towns and villages–over 400 square miles–throughout the Southern Tier and central regions of New York State. Corning, as you may know, sits virtually on top of the border of New York and Pennsylvania. On the NY side of the border, a tyrant governor (Andrew Cuomo) rules with an iron fist and blocks fracking and even natural gas pipelines. On the PA side of the border, Marcellus (and increasingly Utica) shale gas is extracted in large quantities, creating a bonanza of economic and (yes) environmental benefits. Fortunately for Corning Gas, they are able to tap into some of that PA Marcellus supply. Corning Gas has a 50% joint venture owner in Leatherstocking Gas Company and Leatherstocking Pipeline Company. Leatherstocking runs gas mains to residents and businesses in small communities, like Montrose, PA (see PA Rural Residents Burn Marcellus Gas, Save Big Bucks on Heating). In a Securities and Exchange Commission 10-Q filing yesterday (10-Q is a comprehensive report of a company’s performance that must be submitted quarterly by all public companies to the SEC), Corning Gas management said one of their “most promising growth opportunities” is by “increasing connections with local gas production sources”–meaning they want to tap more Marcellus gas to sell to their customers. Corning Gas wants/needs more Marcellus gas in order to grow. We like the sound that!…

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