LNG imports hit 10-year low in 2012
Imports of liquefied natural gas into New England on the Maritimes and Northeast Pipeline hit a 10-year low in 2012, a trend fueled by low prices for U.S.-produced gas out of Pennsylvania and higher-priced markets in Asia and Europe, according to a report released today by the Federal Energy Regulatory Commission.
The report found that the decreasing price of natural gas drove more electricity generation away from coal, which hit a 30-year low for its share of electricity generation nationwide.
Electricity costs fell with the price of natural gas, but pipeline constraints in New England kept prices in the region slightly higher than elsewhere in the country. Over the full year, the average spot price for natural gas at Boston's Algonquin Citygate terminal was $3.91, over a $1 higher than areas like Chicago, Texas and Washington state but still 22% lower than the previous year.
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