“Fracking” Saves Pittsburgh Airport. Natural gas development enabled Pittsburgh International Airport to expand flights and plan a $1.1 billion renovation, Allegheny County Executive Rich Fitzgerald, a Pittsburgh Democrat, said during a recent interview with the Pittsburgh Business Times. In 2013, the airport authority partnered with Consol Energy – now CNX Resources – to develop natural gas under the airport’s 9,000 acres with an agreement that included a $46 million upfront payment.
As the Business Times reports, that long-term partnership has already resulted in a positive difference for our region:
Without the Consol deal, which included a $46 million upfront payment with the expectation that an additional $20 million would be generated annually, Pittsburgh International Airport was unlikely to have experienced its recent expansion in new daily flights, which Fitzgerald said have grown from a nadir of around 37 a day a few years ago to more than 70 now as the airport has been able to reduce gate fees to airlines due to the gas revenue.
“If we had not done the gas royalty deal with Consol, we would’ve defaulted on our bonding,” said Fitzgerald of Pittsburgh International Airport. “It’s really made us a much better, more attractive place to do business.”
Now, instead of being in default, Pittsburgh International Airport is pursuing a $1.1 billion repositioning and modernization plan that will completely reconfigure its operation, and the county expects revenue from the Consol deal will help generate the financing to pay for it.
As the Business Times reports, that long-term partnership has already resulted in a positive difference for our region:
Without the Consol deal, which included a $46 million upfront payment with the expectation that an additional $20 million would be generated annually, Pittsburgh International Airport was unlikely to have experienced its recent expansion in new daily flights, which Fitzgerald said have grown from a nadir of around 37 a day a few years ago to more than 70 now as the airport has been able to reduce gate fees to airlines due to the gas revenue.
“If we had not done the gas royalty deal with Consol, we would’ve defaulted on our bonding,” said Fitzgerald of Pittsburgh International Airport. “It’s really made us a much better, more attractive place to do business.”
Now, instead of being in default, Pittsburgh International Airport is pursuing a $1.1 billion repositioning and modernization plan that will completely reconfigure its operation, and the county expects revenue from the Consol deal will help generate the financing to pay for it.
