Natural gas plan may not help taxpayers
AUGUSTA (AP) — A recent report says Maine taxpayers are unlikely to benefit from plans to invest up to $75 million a year into storing natural gas in liquid form.
The report found 11 proposals received by the Maine Public Utilities Commission are not expected to provide a big return on investment for ratepayers if the proposed Access Northeast pipeline is built.
The report said if the pipeline isn't built, the proposals could benefit ratepayers in a best-case scenario.
Maine legislators passed a law saying regulators could execute a contract that's commercially reasonable, among other things.
The idea is to reserve space in yet-to-be-built liquefied natural gas tanks and then convert the liquid back to gas in winter when prices spike.
One company is now asking regulators to let companies submit new offers.