Inergy Midstream, L.P. (NYSE:NRGM), UGI Energy Services, Inc. a subsidiary of UGI Corporation (NYSE: UGI), and Capitol Energy Ventures Corp., a subsidiary of WGL Holdings, Inc. (NYSE:WGL), today announced they are conducting a non-binding Open Season for shippers desiring to transport natural gas volumes on the proposed Commonwealth Pipeline.
The proposed pipeline will transport up to 1.2 Bcf of natural gas per day to city gates and interstate pipeline systems at points between the southern terminus of Inergy Midstream’s MARC I line (at the interconnect with Transcontinental Gas Pipe Line Company, LLC’s Leidy Line near Station # 517 in Lycoming County, Pennsylvania) and the Dominion Cove Point LNG, LP pipeline in Charles County, Maryland. The primary purpose of the Commonwealth Pipeline is to provide a direct and flexible path for bringing natural gas produced in the Marcellus and Utica Shale plays in Pennsylvania and neighboring states to growing natural gas markets in central and eastern Pennsylvania; the metropolitan areas of Philadelphia, Baltimore, and Washington, D.C.; and the Delmarva Peninsula.
The proposed project is targeting shippers seeking (i) additional supply flexibility, diversity, and reliability; (ii) liquid points for trading locally-produced Marcellus and Utica shale gas; (iii) direct access to premium markets in the Northeast and Mid-Atlantic region, including new delivery points to constrained areas in the greater Washington, D.C. metropolitan area; (iv) the ability to capture pricing differentials between the various interconnected market pipelines; and (v) firm access to long-lived dry gas reserves that will not require the additional expense and potential interruptibility of natural gas liquids (“NGL”) processing. Commonwealth will provide shippers additional opportunities to buy and sell supplies, and to transport natural gas to where it is needed and valued most. This “market pull” project will provide shippers with a short-haul transportation option for direct access to Marcellus and Utica Shale gas supplies, thereby eliminating the expense of system-wide fuel and maintenance costs associated with long-haul pipelines traditionally bringing Gulf Coast supply to the Northeast and Mid-Atlantic markets.
Rates for the Commonwealth Pipeline will be determined after the conclusion of this non-binding Open Season and are dependent upon the final scope of the facilities and firm service commitments. The non-binding Open Season will close at 5:00 p.m. Central Time on Friday, June 8, 2012.
For questions concerning this non-binding Open Season or for Open Season packages, contact David Hooker at (816) 714-5494 or by email at firstname.lastname@example.org. Open Season packages can also be downloaded from the following website: http://www.commonwealthpipeline.com.
About Inergy Midstream, L.P.
Inergy Midstream, L.P.(NYSE: NRGM), headquartered in Kansas City, Missouri, is a master limited partnership engaged in the development and operation of natural gas and NGL storage and transportation assets. Inergy Midstream owns and operates natural gas storage facilities with aggregate working gas capacity of 41 bcf, natural gas liquids storage facilities with capacity of 1.5 million barrels and natural gas pipelines with 355 MMcf/d of transportation capacity in New York and Pennsylvania. Additional information about Inergy Midstream, including reports from the United States Securities and Exchange Commission, are available on the company’s website, www.Inergylp.com.
About UGI Energy Services, Inc.
UGI Energy Services, Inc. owns 14.7 BCF of underground natural gas storage in north-central Pennsylvania, operates LNG and propane/air peaking plants in Pennsylvania, and is developing midstream projects throughout the Marcellus Shale region. UGI Energy Services also markets natural gas, electricity, and liquid fuels to over 10,000 commercial and industrial customers at more than 30,000 locations in eight eastern states and Washington, D.C. and owns electric generation assets in Pennsylvania. UGI Energy Services is a wholly-owned subsidiary of UGI (NYSE: UGI), a distributor and marketer of energy products and services that, in addition to UGI Energy Services, operates natural gas and electric utilities in Pennsylvania and distributes propane both domestically and internationally. Comprehensive information about UGI Corporation is available on the Internet at http://www.ugicorp.com.
About WGL Holdings, Inc.
Headquartered in Washington, D.C., WGL Holdings, Inc.(NYSE: WGL) has four operating segments: (i) the regulated utility segment, which primarily consists of Washington Gas, a natural gas utility that serves over one million customers throughout metropolitan Washington, D.C., and the surrounding region; (ii) the retail energy-marketing segment which consists of Washington Gas Energy Services, Inc., a third-party marketer that competitively sells natural gas and electricity; (iii) the commercial energy systems segment, which consists of Washington Gas Energy Systems, Inc., a provider of energy efficiency solutions to government and commercial clients and (iv) the wholesale energy solutions segment, which consists of Capitol Energy Ventures Corp., a non-utility asset optimization business. Additional information about WGL Holdings, Inc. is available on its website, wglholdings.com. Go to washingtongas.com for more information about Washington Gas Light Company.
This news release and other statements by us include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the outlook for earnings, revenues, and other future financial business performance or strategies and expectations. Forward-looking statements are typically identified by words such as, but not limited to, “estimates,” “expects,” “anticipates,” “intends,” “believes,” “plans,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would,” and “could.” Although we believe such forward-looking statements are based on reasonable assumptions, we cannot give assurance that every objective will be achieved. Forward-looking statements speak only as of today, and we assume no duty to update them. Factors that could cause actual results to differ materially from those expressed or implied include, but are not limited to, general economic conditions and the factors discussed under the “Risk Factors” heading in our most recent annual report on Form 10-K and other documents we have filed with, or furnished to, the U.S. Securities and Exchange Commission.
Debbie Medina, 816-842-8181
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