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Investing.com -- The proposed Constitution natural gas pipeline could deliver significant economic benefits to the U.S. Northeast, according to an analysis released Tuesday by S&P Global.
The 135-mile (217-km) pipeline project, owned by Williams Companies, could generate up to $11.6 billion in energy savings for the region over a 15-year period while supporting nearly 2,000 jobs annually during that timeframe.
S&P Global’s analysis indicates the pipeline could add up to $4.4 billion in gross state product across Connecticut, Massachusetts, New York state and Rhode Island. The project is also expected to generate $432 million in federal and state tax revenues.
The Constitution pipeline aims to address persistent pipeline constraints in the Northeast, where winter gas prices can reach nearly three times the national average despite the region’s proximity to low-cost Appalachian gas reserves.
During peak demand months, the pipeline could reduce local gas prices by up to 6% even in years with average weather conditions, according to the report.
The analysis also suggests improved gas delivery and price stability could contribute to lower greenhouse gas emissions by encouraging consumers to switch from heating oil to natural gas, which has 28% lower emissions intensity.
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