A proposed liquefied natural gas
terminal, to be built near a PG&E Corp. power plant in Somerset,
Massachusetts, is being held up by the bankruptcy of PG&E’s
National Energy Group unit, the project’s chief developer said.
Somerset LNG LLC, the investor group seeking to build the
terminal, said a site agreement at the Brayton Point power plant
in Somerset was stalled after plant owner National Energy filed
for bankruptcy last month.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
“We’re waiting for Brayton Point to complete negotiations
with creditors so that we know who we are dealing with,” said
Mike Feodorov, president of Somerset LNG.
The terminal would be able to handle 430 million cubic feet
of gas a day and have the ability to store about 3.5 billion
cubic feet of fuel, providing about 15 percent of the natural gas
for New England on an optimum day. At a cost of $250 to $300
million, project construction could begin in 2005, with an
opening in 2007, Feodorov said.
A competing group, Weaver’s Cove Energy LLC, is planning a
terminal three miles away from the Somerset project, in Fall
River, Massachusetts. That proposal has so far been met with
greater community resistance than the Somerset plan, Somerset
town officials said.
Bloomberg News
