80% of the homes in Fall River use natural gas for heating during the cold winter months. 30% of New England’s new gas-fired electric generating plants are within a one hour drive of Fall River. An LNG terminal in Fall River will bring additional supplies of energy to the region, and could help reduce natural gas prices by 10%, according to the Energy Information Administration (EIA). This project will also produce increased local tax revenues, new jobs and long-term benefits for area residents and businesses:
- Weaver’s Cove Energy will generate approximately $3 million in new real estate tax revenues. This will fund general city budget items.
- The project will create up to 350 local jobs during the three years of construction. These construction jobs are earmarked to local residents whenever possible.
- In addition, the facility will offer up to 30-35 permanent, well-paid, stable jobs. Local residents will be given preference in hiring and the company will provide the necessary training. An equivalent number of jobs will be created in the service and support areas required by the facility.
- After it begins operations, Weaver’s Cove Energy will purchase up to $4 million worth of goods from the local economy each year in the way of needed goods and services from local businesses, including smaller firms and contractors.
- Also, after it begins operations, Weaver’s Cove Energy will also purchase approximately $3 million in marine services (e.g. tug boats, crews, pilots, etc.) yearly.
- Weaver’s Cove Energy will work to deepen the present federal shipping channel in the Taunton River, allowing increased commercial river traffic for local businesses at no cost to taxpayers.
This project offers the additional benefit of taking a largely abandoned "brownfield" site, used for similar industry for over 80 years, and making it productive once again.