State-Backed Natural Gas Line Fails

RALEIGH — A natural gas pipeline project in Northeastern North Carolina, built through the help of taxpayer-backed bonds, is hemorrhaging money and its managers are trying to find a way to stop the bleeding. Eastern NC Natural Gas was formed four years ago through an equal partnership between an economic development corporation and what is now Progress Energy. It received almost all of a $200 million state bond issue to construct a natural gas pipeline through 14 Northeast counties. The project, acquired by Piedmont Natural Gas, has failed to attract many customers, so now Piedmont wants its entire customer base to cover the losses.