Today’s PennEast announcement is a strong signal that investors see this project as needed and on track for approval given the vast need for lower cost, clean-burning natural gas to power New Jersey’s economy. Importantly, PSEG Power remaining as the second largest subscriber on the line underscores the need for this major infrastructure project, and federal regulators during the Obama administration have already found this project can be built with minimal impact to the environment.
The fact that a current PennEast partner and nationally recognized pipeline firm like Spectra Energy Partners would act so quickly to pick up PSEG’s equity share is yet another endorsement of the project. New Jersey’s business community looks forward to PennEast’s approval in the weeks ahead to create jobs, lower energy costs, and make our state more competitive for the future.
