Enbridge-backed PennEast becomes the latest to scuttle a natural gas pipeline project

In the United States, there is plenty of product available for heating and power generation. But with the cancellation of PennEast, the industry is becoming more concerned that the vast growth in Appalachia’s production will become trapped.

PennEast was cancelled, the company said, because it had not yet received all of its required permits. The project was one of the last major ones in the works set to pull gas from the Marcellus/Utica formation in Pennsylvania, Ohio and West Virginia, the biggest gas shale basin in the United States. Enbridge Inc.

U.S. natural gas prices are at a seven-year high, boosted by overseas demand for U.S. liquefied natural gas exports. Global gas prices are at a record due to low storage levels in Europe and insatiable demand in Asia.

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