Williams Partners’ Northeast Supply Enhancement Project Expected to Generate $327 Million Economic Impact, Support More Tha...
June 06 2017 - 10:00AM
Business Wire
Williams Partners L.P. (NYSE: WPZ) today released the results of
a comprehensive study authored by researchers at Rutgers University
analyzing the economic impact of the proposed Northeast Supply
Enhancement project – a nearly $1 billion energy infrastructure
investment designed to increase natural gas deliveries to New York
City in time for the 2019/2020 winter heating season.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170606006065/en/
Economic Impact of the Northeast Supply
Enhancement Project (Graphic: Business Wire)
According to researchers at the Edward J. Bloustein School of
Planning and Public Policy, the design and construction of the
Northeast Supply Enhancement project will generate approximately
$327 million in additional economic activity (GDP) in Pennsylvania,
New Jersey and New York. In addition, the project will directly and
indirectly generate 3,186 jobs during the one-year construction
period, resulting in an estimated $234 million in labor income.
The economic modeling exercise uses the R/ECON Input-Output
Model, which was developed at the Bloustein School to measure the
economic and fiscal impacts of infrastructure investments, business
operations, and other economic events. The Bloustein School is one
of the nation’s leading centers for the theory and practice of
planning and public policy scholarship and analysis.
“This broad analysis conducted by Rutgers University researchers
clearly shows the economic ripples that are created by such a
significant investment in the region’s energy infrastructure,” said
Phil Beachem, president of the NJ Alliance for Action. “Besides the
clear environmental benefits of increased natural gas utilization,
this project will offer an economic boost to the region by
generating hundreds of millions of dollars in economic activity and
supporting more than 3,000 good-paying jobs.”
Key findings from the analysis include:
- In Pennsylvania, the design and
construction of the project will generate $63.6 million in
additional economic activity (GDP), including 499 direct and
indirect jobs during construction, $45.6 million in labor income
and $3.9 million in local and state taxes.
- In New Jersey, the design and
construction of the project will generate $239.9 million in
additional economic activity (GDP), including 2,411 direct and
indirect jobs during construction, $171.9 million in labor income
and $16.4 million in local and state taxes.
- In New York, the design and
construction of the project will generate $23.7 million in
additional economic activity (GDP), including 276 direct and
indirect jobs during construction, $16.6 million in labor income
and $2.3 million in local and state taxes.
Once operational, the pipeline’s economic impact is projected to
result in approximately $11.1 million in additional annual local
property taxes paid by Williams to local municipal and county
governments. The complete economic impact analysis is available at
www.northeastsupplyenhancement.com.
The Rutgers University study was commissioned by Williams, which
operates the Transco pipeline and currently transports about 50
percent of the natural gas consumed in New Jersey and New York
City.
Filed with the Federal Energy Regulatory Commission in March
2017, the Northeast Supply Enhancement project is a proposed
expansion of the existing Transco pipeline to increase natural gas
deliveries to National Grid – the largest distributor of natural
gas in the northeastern U.S. – in time for the 2019/2020 winter
heating season. Once complete, the project will help meet the
growing natural gas demand in the Northeast, including the 1.8
million customers served by National Grid in Brooklyn, Queens,
Staten Island and Long Island.
The project has been designed to consist of approximately 10
miles of pipe in Pennsylvania, three miles of pipe in New Jersey,
23 miles of pipe offshore in New Jersey and New York state waters,
a new compressor facility in New Jersey as well as additional
horsepower at an existing Pennsylvania compressor facility.
About Williams Partners
Williams Partners (NYSE: WPZ) is an industry-leading, large-cap
natural gas infrastructure master limited partnership with a strong
growth outlook and major positions in key U.S. supply basins.
Williams Partners has operations across the natural gas value chain
from gathering, processing and interstate transportation of natural
gas and natural gas liquids to petchem production of ethylene,
propylene and other olefins. Williams Partners owns and operates
more than 33,000 miles of pipelines system wide – including the
nation’s largest volume and fastest growing pipeline – providing
natural gas for clean-power generation, heating and industrial use.
Williams Partners’ operations touch approximately 30 percent of
U.S. natural gas. Tulsa, Okla.-based Williams (NYSE: WMB), a
premier provider of large-scale U.S. natural gas infrastructure,
owns approximately 74 percent of Williams Partners.
Portions of this document may constitute “forward-looking
statements” as defined by federal law. Although the partnership
believes any such statements are based on reasonable assumptions,
there is no assurance that actual outcomes will not be materially
different. Additional information about issues that could lead to
material changes in performance is contained in the partnership’s
annual and quarterly reports filed with the Securities and Exchange
Commission.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170606006065/en/
Williams Partners L.P.Media Contact:Christopher Stockton,
713-215-2010orInvestor Contacts:John Porter,
918-573-0797orBrett Krieg, 918-573-4614
Williams Companies (NYSE:WMB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Williams Companies (NYSE:WMB)
Historical Stock Chart
From Apr 2023 to Apr 2024