The availability of low-cost natural gas and investment in related infrastructure has saved Tennessee’s families and businesses more than $14 billion between 2008 and 2018, according to a new report released by Consumer Energy Alliance (CEA). Households saved over $3.8 billion and commercial and industrial users saved more than $10.5 billion, according to the report, entitled "Natural Gas Fuels Growth and Opportunity for Tennessee."
The report underscores the critical role affordable energy and natural gas have played in Tennessee’s past growth before our recent economic uncertainties. The turmoil caused by COVID-19 has shown how essential it is to our national supply chain and manufacturing infrastructure – particularly in attracting advanced manufacturing jobs.
For instance, natural gas availability was critical in attracting the construction, operation and expansion of the Volkswagen Assembly Plant in Chattanooga – which supports over 16,400 jobs, provides nearly $74 million in local tax revenue and over $8.56 billion in state economic activity. It has been critical for the expansion and investment of another $800 million in the region for electric vehicle manufacturing.
Brydon Ross, CEA’s Vice President of State Affairs, said "This new report shines an important light on the incredible impact natural gas is having on the lives of everyone across Tennessee. Not only are continued investments critical in helping to fuel economic development, but they are charting a course for a cleaner, more environmentally responsible and more prosperous tomorrow."
Report highlights include:
- Tennessee’s growth was aided by the availability of reliable and affordable natural gas, saving households, businesses and manufacturers more than $14.3 billion from 2008-2018. Residential users saved almost $3.8 billion, and commercial and industrial users saved more than $10.5 billion combined.
- Tennessee’s $56 billion manufacturing sector is vitally dependent on natural gas. It exports over $24 billion in manufactured goods and the industrial sector is the state’s largest consumer.
- Robust natural gas supplies and continued investments in infrastructure help avoid bottlenecks and keep natural gas prices down across Tennessee. Since 2008, the industrial prices have declined by 75% and citygate prices have declined by nearly two-thirds.
- Gas utilities have invested these savings to upgrade and modernize their infrastructure, while customers are enjoying historically low prices. For example, Chattanooga Gas customers pay roughly 60% less for gas today than during peak levels in 2008.
- Natural gas availability and infrastructure investment has been critical to growth in Tennessee, and has helped the Chattanooga region with the creation of at least 18,475 jobs and over $2.5 billion in local investment since 2011.
- Despite economic and population growth since 1990, carbon dioxide (CO2) emissions declined over 6% due to the expanded use of natural gas and related investments. From 1990 to 2019, Tennessee’s emissions of key pollutants decreased across the board.
- From 2008-2018, Chattanooga’s greenhouse gas emissions declined more than 25% while GDP grew almost 45% and the population grew more than 14%. During this time frame, residential and commercial natural gas use increased by 2% and 5.5% respectively.
About Consumer Energy Alliance
Consumer Energy Alliance (CEA) is the leading voice for sensible energy and environmental policies for consumers, bringing together families, farmers, small businesses, distributors, producers and manufacturers to support America's environmentally sustainable energy future. With more than 550,000 members nationwide, we are committed to leading the nation’s dialogue around energy and the environment, its critical role in the economy, and how it supports the vital supply chains for the families and businesses that depend on them.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200901005723/en/
Contacts
Emily Haggstrom
P: 720-582-0242
ehaggstrom@consumerenergyalliance.org
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