Gas pipeline company sold to Colo. firm
Kennebec Valley Gas Co., which has proposed a 56-mile natural gas pipeline through central Maine, has been sold to a subsidiary of a Colorado-based energy company. State utilities regulators, however, still must approve the deal.
Summit Natural Gas of Maine Inc., a subsidiary of Summit Utilities, bought the assets of Portland-based Kennebec Valley Gas, according to the Kennebec Journal. The terms were not disclosed. The deal could mean an expansion of the central Maine project. Fairfield Town Manager Joshua Reny told the paper Summit officials said they're planning to extend the gas line network from what Kennebec Valley proposed.
Kennebec Valley Gas' proposed $85 million pipeline would pass through 12 communities from Richmond to Madison. Summit officials said they plan to build more distribution lines in those communities to reach more customers.
Voters in Belgrade yesterday approved a tax increment financing agreement for the pipeline project, according to the paper. Many communities have approved TIFs, which may need to be amended following the sale of the company.
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