A FEASIBILITY study into the delivery of natural gas has found three potential connection points for Murray River communities in Victoria.

Deputy Premier and Regional and Rural Development Minister Peter Ryan today said only the Bendigo network had capacity to supply the area without great additional cost according to the $1 million study.

"The route which best met study objectives and required the lowest unit charge was the Bendigo East to Swan Hill option, which includes the communities of Gunbower, Leitchville, Cohuna, Kerang, Tresco, Lake Boga and Murray Downs," Mr Ryan said.

"GHD (the consulting company) estimates that to supply natural gas to those communities identified under the Bendigo East option would require a total capital investment in excess of $67 million."

In a statement he said the cost would be shared between the state and federal governments and the private sector.

Stage two of the feasibility study will begin early next year.