Spectra Energy Partners Becomes Newest Member in PennEast Pipeline Project
(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.
About PennEast Member Companies:
AGL Resources www.aglresources.com
AGL Resources (NYSE: GAS) is an Atlanta-based energy services holding company with operations in natural gas distribution, retail operations, wholesale services and midstream operations. AGL Resources serves approximately 4.5 million utility customers through its regulated distribution subsidiaries in seven states. The company also serves approximately 630,000 retail energy customers and approximately 1.2 million customer service contracts through its SouthStar Energy Services joint venture and Pivotal Home Solutions, which market natural gas and related home services. Other non-utility businesses include asset management for natural gas wholesale customers through Sequent Energy Management and ownership and operation of natural gas storage facilities. AGL Resources is a member of the S&P 500 Index. For more information, visit www.aglresources.com.
NJR Pipeline Company www.njresources.com
NJR Pipeline Company is a subsidiary of New Jersey Resources (NYSE: NJR), a Fortune 1000 company that provides safe and reliable natural gas and clean energy services, including transportation, distribution and asset management. NJR Pipeline is part of NJR’s strong financial profile and ongoing commitment to invest in and own midstream assets, including natural gas storage and transportation pipelines. NJR’s midstream assets are currently comprised of a 5.53 percent stake in Iroquois Pipeline and a 50 percent stake in Steckman Ridge, a 12 Bcf storage field in south central Pennsylvania, and now equity ownership in the PennEast Pipeline.
Public Service Enterprise Group www.pseg.com
Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of $10 billion. Its operating subsidiaries are: PSEG Power, Public Service Electric and Gas Company (PSE&G) and PSEG Long Island.
South Jersey Industries www.sjindustries.com
South Jersey Industries (NYSE: SJI), an energy services holding company based in Folsom, NJ, operates its business through two primary subsidiaries. South Jersey Gas, one of the nation’s fastest growing natural gas utilities, delivers clean, efficient natural gas and promotes energy efficiency to over 365,000 customers in southern New Jersey. SJI’s non-regulated businesses, under South Jersey Energy Solutions, promote efficiency, clean technology and renewable energy by developing, owning and operating on-site energy production facilities – including Combined Heat and Power, Solar, and District Heating and Cooling projects; acquiring and marketing natural gas and electricity for retail customers; providing wholesale commodity marketing and risk management services; and offering HVAC and other energy-efficiency related services.
Spectra Energy Partners www.spectraenergypartners.com
Spectra Energy Partners, LP (NYSE: SEP) is a Houston-based master limited partnership, formed by Spectra Energy Corp (NYSE: SE). SEP is one of the largest pipeline MLPs in the United States and connects growing supply areas to high-demand markets for natural gas, natural gas liquids, and crude oil. These assets include more than 17,000 miles of transmission and gathering pipelines, approximately 150 billion cubic feet of natural gas storage, and approximately 4.8 million barrels of crude oil storage.
UGI Energy Services www.ugies.com
UGI Energy Services is a subsidiary of UGI Corporation (NYSE: UGI). Its midstream services division builds, owns and operates natural gas storage facilities and high-pressure transmission and gathering lines. The company also owns and operates LNG and propane peaking facilities and terminals in Pennsylvania. UGIES also owns coal, natural gas and renewable-fueled generating assets. UGIES’ retail energy marketing division sells natural gas, electricity and liquid fuels to approximately 30,000 business, commercial, industrial, institutional and government customers in nine states and Washington, DC. The UGI name has been known in the region for more than 130 years and is an integral part of the community.