Washington Gas Supports Maryland’s “Natural Gas Infrastructure Expansion and Reinforcement” Act
February 16 2016 - 8:30AM
Business Wire
Economic Study Reflects Benefits of Legislation
to Expand Natural Gas Service
Maryland Poll Reveals 70% of Voters Welcome
Natural Gas as an Energy Option
Washington Gas, a WGL company (NYSE: WGL), today announced its
support of Maryland’s “Natural Gas Infrastructure Expansion and
Reinforcement” Act − Senate Bill 778, House Bill 1324 − recently
introduced in the Maryland General Assembly. The energy bill
proposes statewide expansion of natural gas infrastructure that
would lead to additional jobs, economic growth, carbon reduction,
and empower more Marylanders to choose natural gas as a clean,
affordable and efficient source of energy.
According to Towson University economists, extending the state’s
natural gas system to reach underserved and unserved towns promises
to generate economic growth, add well paying jobs, lower consumer
and business energy spend, and reduce greenhouse gas (GHG)
emissions. A recent survey reveals seventy percent of Maryland
voters polled would favor a program that provides greater access to
natural gas.
“The abundance of clean, affordable natural gas is a key driver
of economic development, supports carbon footprint reduction
objectives and provides considerable energy costs savings to
consumers,” said Adrian Chapman, president and chief operating
officer of Washington Gas and WGL Holdings. “We support the Natural
Gas Infrastructure Expansion and Reinforcement Act and look forward
to the opportunity to deliver the benefits of reliable and
affordable natural gas to more customers in Maryland.”
“As Maryland counties compete against other states to attract
advanced manufacturing and other energy-intensive industries, the
availability of natural gas infrastructure and supply can be a
competitive game changer,” said Dr. Michaeal Galiazzo, president of
the Regional Manufacturing Institute (RMI) of Maryland. “The
absence of such infrastructure puts Maryland at a competitive
disadvantage.” RMI is a non-profit 501-C6 manufacturing advocacy
group representing the interests of manufacturers statewide through
programs and services.
Report Identifies Economic Benefits for Maryland
"Economic and Fiscal Impacts of Expanding the Natural Gas
Infrastructure in Maryland," an independently prepared report
recently released by the Regional Economic Studies Institute
(RESI), Towson University, is based on a projected ten-year period
of construction, expansion, and installation (2016-2026). Key
findings of the Towson University study include:
- An estimated 134 additional miles of
gas mains to the existing state infrastructure to accommodate
potential new natural gas customers.
- As a result of construction investment
and conversion activity over ten years, an average of 7,318 jobs
would be supported each year.
- An average annual savings per household
of $806 over heating oil customers and $1,705 for existing propane
customers.
- Lower greenhouse emissions to meet
aggressive Regional Greenhouse Gas Initiative (RGGI) targets and
other federally mandated standards.
- Projected revenue increases of $19.6
million in new yearly state and local tax revenues over a ten-year
period.
- More than 270,200 new natural gas
customers throughout the state forecasted by 2026, including
residential and commercial/industrial.
Washington Gas commissioned the independently produced study
with other Maryland local distribution companies (LDCs), including
Baltimore Gas and Electric, Chesapeake Utilities, Columbia Gas of
Maryland, and Elkton Gas.
Survey of Maryland Voters: Favor Greater Natural Gas
Access
Led by Gonzales Research & Marketing Strategies, the survey
was conducted from January 11 through January 16, 2016, and
included 819 registered voters in Maryland. A cross-section of
interviews occurred in each jurisdiction within the state to
reflect general election voting patterns.
Polling revealed seventy percent of Marylanders who currently do
not use natural gas as an energy source favor a program that would
provide greater access. Other highlights include:
- Among Maryland households who don’t
have access to natural gas, nearly 70% would consider switching to
natural gas as an energy source.
- Eighty-seven percent of those who now
use natural gas think it’s an important factor that a typical home
in Maryland using natural gas saves on average of $700 to $1,000
per year in fuel costs, and releases 15 to 50 percent less GHG
emissions than homes supplied by oil and propane sources.
- Among households that don’t currently
use natural gas, 71% think it’s important that a typical home using
natural gas saves $700 to $1,000 per year in fuel costs and
releases 15 to 50 percent less greenhouse gas emissions than homes
supplied by oil and propane sources.
About Washington Gas
Washington Gas Light Company is a regulated natural gas utility
providing safe, reliable natural gas service to more than 1.1
million customers in the District of Columbia, Maryland and
Virginia. A subsidiary of WGL Holdings, Inc., the company has been
providing energy to residential, commercial and industrial
customers for more than 166 years.
About WGL
WGL (NYSE: WGL), headquartered in Washington, D.C., is a leading
source for clean, efficient and diverse energy solutions. With
activities and assets across the U.S., WGL consists of Washington
Gas, WGL Energy, WGL Midstream and Hampshire Gas. WGL provides
options for natural gas, electricity, green power and energy
services, including generation, storage, transportation,
distribution, supply and efficiency. Our calling as a company is to
make energy surprisingly easy for our employees, our community and
all our customers. Whether you are a homeowner or renter, small
business or multinational corporation, state and local or federal
agency, WGL is here to provide Energy Answers. Ask Us. For more
information, visit us at www.wgl.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160216005447/en/
Washington GasNews Media:Bernie Tylor,
202-624-6778btylor@washgas.comorFinancial Community:Douglas
Bonawitz, 202-624-6129
Wgl (NYSE:WGL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Wgl (NYSE:WGL)
Historical Stock Chart
From Sep 2023 to Sep 2024