The company says given the market conditions, continuing to develop the pipeline is an unacceptable use of its shareholder funds
BOSTON—Plans to build a $3.3 billion natural gas pipeline from New York into New England through western Massachusetts and southern New Hampshire have been suspended.
Houston-based Kinder Morgan Inc. said April 20 it has decided to stop work on the project. It cites a lack of contracts with gas distribution companies.
The company also says New England states haven’t established needed regulatory procedures to allow it to move forward and the process in each state for creating those procedures remains open-ended.
The company says given the market conditions continuing to develop the pipeline is an unacceptable use of its shareholder funds.
U.S. Senator Kelly Ayotte says she’s pleased by the announcement. The New Hampshire Republican says there were still many unanswered questions about the project.