Comments of Terri Wiles the Northeast Energy Direct Project under PF14-22.

Appendix M Economic Impact Report and Analysis: PennEast Pipeline Project Economic Impact Analysis PRELIMINARY DRAFT Pre-Filing Draft APRIL 2015 PENNEAST PIPELINE PROJECT ECONOMIC IMPACT ANALYSIS February 9, 2015 REPORT SUBMITTED TO: PennEast Pipeline Company, LLC 1 Meridian Boulevard Suite 2C01 Wyomissing, PA 19610 REPORT SUBMITTED BY: Econsult Solutions, Inc. Drexel University School of Economics 1435 Walnut Street Gerri C. LeBow Hall Suite 300 3220 Market Street Philadelphia, PA 19102 Philadelphia, PA 19104 Econsult Solutions, Inc.| 1435 Walnut Street, Ste. 300 | Philadelphia, PA 19102 | 215-717-2777| econsultsolutions.com PennEast Pipeline Project Economic Impact Analysis 2 TABLE OF CONTENTS Table of Contents............................................................................................................................ 2 Executive Summary ........................................................................................................................ 3 1.0 Introduction ........................................................................................................................... 4 1.1 Overview of Project ..................................................................................................... 4 1.2 Purpose of Report ........................................................................................................ 4 2.0 Description of Project ........................................................................................................... 5 2.1 Origination/ Purpose of PennEast.............................................................................. 5 2.2 PennEast Partners ........................................................................................................ 5 3.0 Capital Infrastructure Economic Impacts ......................................................................... 7 3.1 Geography of Impact ................................................................................................ 7 3.2 Economic Impact Modeling ...................................................................................... 8 3.3 Direct Design and Construction Expenditures ......................................................... 9 3.4 Design and Construction Economic Impact ......................................................... 10 4.0 Ongoing Annual Economic Impact ................................................................................. 13 4.1 Annual Impacts .......................................................................................................... 13 4.2 Annual Direct Operation Expenditures ................................................................... 13 4.3 Additional Economic Benefits .................................................................................. 16 5.0 Conclusion ........................................................................................................................... 17 Appendix A Economic and Fiscal Impact Model Theory ..........