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Gold/Mining/Energy : LNG -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (539)	7/24/2005 10:05:14 AM
From: Dennis Roth	Read Replies (1) \| Respond to of 919

Street supports proposal for Port Richmond terminal By Jennifer Lin Inquirer Staff Writer Posted on Sun, Jul. 24, 2005 philly.com Mayor Street says that the Philadelphia Gas Works' plan to build a terminal for tankers hauling a liquid form of natural gas "could be a great thing for the city." When asked about the mayor of Fall River, Mass., who is opposing a similar project in his city for homeland-security reasons, Street said, "Everything poses a security risk these days." Two LNG projects, two mayors, two very different reactions. How come? The answer may stem from the fact that the PGW project is unlike any other in the country. It's the only one being sponsored by a municipally owned gas company. PGW is not controlled by shareholders. It's owned by the city and its residents, giving them a more direct financial stake in the project. PGW officials say the project will benefit customers by holding down home-heating costs and providing new revenue for the struggling company. PGW could have news on a partner for developing an import terminal on the Delaware River in Port Richmond by the end of the summer, said David F.C. Griesing, PGW's vice president of strategic planning. The gas company already stores LNG in two tanks in Port Richmond. It buys fuel from pipelines and converts it to a liquid for storage in the tanks, which hold a combined 48 million gallons. Residents who live nearby say they are only beginning to weigh what the arrival of LNG tankers could mean for them. PGW plans to have a community meeting about the project after it announces a developer. Harry Enggasser, a Democratic ward leader who lives a half-mile from the LNG tanks, said that last February PGW met with a dozen local leaders to state its case. He said that although the mayor may support the idea, "we need someone from outside the box to look at it." The potential security risk, Griesing argues, has to be weighed against potential economic benefits to the city. "We're trying to bring new revenue to the city of Philadelphia and to the people who can't afford to buy gas," Griesing said. Of the utility's 500,000 or so customers, roughly half don't pay their bills on time or don't pay at all. LNG revenue could offset those losses, he said. Contact staff writer Jennifer Lin at 215-854-5659 or jlin@phillynews.com. Staff writer Marcia Gelbart contributed to this article.