October 5, 2012

Malloy pitches $2.2B energy plan overhaul

Gov. Dannel P. Malloy on Friday proposed a sweeping energy reform package that calls for a $2.2 billion expansion of the state's natural gas distribution system and nearly doubling the number of Connecticut households that use natural gas to power their homes.

The ambitious plan, unveiled at an energy event in Cromwell sponsored by the Connecticut Business & Industry Association and the Connecticut Power & Energy Society, is part of a new comprehensive energy strategy that includes regulatory, private industry and legislative initiatives.

Of the $2.2 billion investment, about $815 million would be financed by the state's natural gas companies who would work to connect residents and businesses to natural gas main lines. Those funds would largely be repaid through the distribution charges on the bills of new customers, a common utility practice.

The remaining $1.4 billion would be paid for by a combination of state bonding and private industry investment and would help build 900 miles of new natural gas main lines.

Malloy said his goal is to increase from 31 percent to 50 percent the number of households in Connecticut that use natural gas.

Malloy said the plan would also create 7,000 jobs in the state.

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