The Millennium Pipeline is a vital piece of the Northeast’s energy infrastructure that safely delivers clean-burning natural gas to our homes and the businesses that power the state’s economy.
According to the U.S. Energy Information Administration, New York is the fourth largest natural gas consuming state in the nation. As the demand for energy increases, investments in infrastructure such as the Valley Lateral Project and the Eastern System Upgrade help ensure that our homes and businesses continue to have the competitively-priced natural gas and electricity necessary to create jobs and grow the region’s economy.
For more than a decade, Millennium Pipeline has been a major contributor to New York’s economy. Its positive economic impact includes:
- Providing annual property tax payments to host community school districts and local governments that significantly lowers the tax burden for homeowners and businesses since since 2008. In 2015 alone, these payments totaled approximately $7.5 million.
- A $39.4 million investment in the Valley Lateral project which will connect the Millennium Pipeline to a new 650 MW natural gas power plant and create new construction jobs in the region.
- The $275 million Eastern System Upgrade project that will meet growing energy demand and help save New Yorkers $495 million in reduced energy costs over the first 10 years of the project’s operations. In addition saving New Yorker’s on energy costs, the project will:
- Create approximately 300 new construction jobs
- During the construction phase, the project will generate more than $300 million in new economic activity and support an average of 440 jobs in local communities during that period.Anticipated new tax revenue for localities is expected to be approximately $3 million.The full economic impact study can be read here.