October 29, 2014
(WYOMISSING, PA) – PennEast Pipeline Company, LLC, announced today that Spectra Energy Partners (NYSE: SEP) has joined in the development of its PennEast Pipeline. The proposed interstate natural gas pipeline will transport clean, affordable and abundant natural gas to reliably meet growing energy demand in New Jersey and Pennsylvania while providing environmental and economic benefits to the region.
Spectra Energy Partners becomes the sixth member of the PennEast Pipeline Company, LLC. It joins AGL Resources; NJR Pipeline Company, a subsidiary of New Jersey Resources; PSEG Power LLC; South Jersey Industries; and UGI Energy Services (UGIES), a subsidiary of UGI Corporation. Spectra Energy Partners and PSEG Power each have a 10 percent interest in PennEast; the remaining member companies each have a 20 percent interest. UGIES is the project manager for the development of the project and will operate the pipeline.
“Spectra Energy Partners is one of the leading pipeline and midstream companies in North America,” said Peter Terranova, chair of the PennEast Pipeline Company Board of Managers. “Its involvement underscores the vital role PennEast Pipeline has in addressing fluctuating prices and supply constraints experienced by natural gas and electric customers.”
The 108-mile, 36-inch diameter PennEast Pipeline will transport one billion cubic feet of clean, natural gas per day – enough to serve approximately 4.7 million homes. It will run from Dallas, Luzerne County, in northeastern Pennsylvania, to Transco’s pipeline interconnect in Pennington, Mercer County, New Jersey.
“The PennEast Pipeline will deliver much-needed natural gas to address the region’s reliability concerns and reduce costs paid by consumers,” said Bill Yardley, Spectra Energy’s president of U.S. transmission and storage. “This project provides Spectra Energy Partners with a strategic opportunity to leverage our existing assets by directly connecting northeast Pennsylvania Marcellus shale production to our Texas Eastern Transmission and Algonquin Gas Transmission systems, and allows us to further strengthen our relationship with some of our biggest customers.”
PennEast has initiated the Federal Energy Regulatory Commission Pre-filing process and plans to file a formal application in the third quarter 2015. Pending regulatory approval, PennEast anticipates a November 2017 in-service date.
For additional information, visit penneastpipeline.com, call toll-free (844) 347-7119 or send an e-mail to answers@PenneastPipeline.com.
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