HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced that its subsidiary,
Tennessee Gas Pipeline Company (TGP), has executed agreements with
producers, local distribution companies (LDCs) and a New York end-use
market participant totaling 627,000 dekatherms per day (Dth/d) for the
Supply Path component of the proposed Northeast Energy Direct Project
(NED). The agreements will provide a direct supply link from abundant
natural gas fields in Pennsylvania to existing and future Northeast and
New England markets, and firm transport of incremental supplies for
delivery at or near Wright, New York. From the Wright area, shippers can
deliver into the Market Path component of the NED project for transport
to Dracut, Massachusetts, or into TGP’s existing pipeline system or into
the Iroquois Gas Transmission system. The incremental gas supplies will
help meet New York and New England’s growing consumer and industrial gas
needs, as well as helping to bolster electric reliability in the region.
TGP is continuing to negotiate with additional potential shippers on the
NED project, including LDCs and others, and expects to announce these
commitments and others at a later date.
NED’s Supply Path component, from northeastern Pennsylvania to Wright,
New York, is scalable up to 1.2 billion cubic feet per day (Bcf/d), and
its Market Path component is scalable up to 1.3 Bcf/d. The NED project,
including the Supply Path and Market Path components, has a planned
in-service date of November 2018, subject to regulatory approvals.
Additionally, the NED Supply Path component and associated agreements
are subject to approval by the Kinder Morgan board of directors.
“We are pleased to secure these additional commitments to the NED
project, augmenting the commitments we previously announced on the
project’s Market Path. This is the next step in TGP’s efforts to provide
a transformative solution to reduce energy costs in the region,” said
KMI East Region Gas Pipelines President Kimberly S. Watson.
“The NED project will provide a direct link between the abundant,
domestic natural gas fields in Pennsylvania and existing and future
Northeast markets. We are excited to support the producer community as
it looks to ensure the continued development of acreage and the LDC and
end-use markets in need of securing additional gas supplies for electric
and gas reliability and growth needs,” said Watson.
Kinder Morgan, Inc. (NYSE: KMI) is the largest energy infrastructure
company in North America. It owns an interest in or operates
84,000 miles of pipelines and 165 terminals. The company’s pipelines
transport natural gas, gasoline, crude oil, CO2 and other
products, and its terminals store petroleum products and chemicals, and
handle bulk materials like coal and petroleum coke. Kinder Morgan is the
largest midstream and third largest energy company in North America with
an enterprise value of approximately $110 billion. For more information
please visit www.kindermorgan.com.
This news release includes forward-looking statements. These
forward-looking statements are subject to risks and uncertainties and
are based on the beliefs and assumptions of management, based on
information currently available to them. Although Kinder Morgan
believes that these forward-looking statements are based on reasonable
assumptions, it can give no assurance that such assumptions will
materialize. Important factors that could cause actual results to
differ materially from those in the forward-looking statements herein
include those enumerated in Kinder Morgan’s reports filed with the
Securities and Exchange Commission. Forward-looking statements
speak only as of the date they were made, and except to the extent
required by law, Kinder Morgan undertakes no obligation to update or
review any forward-looking statement because of new information, future
events or other factors. Because of these uncertainties, readers
should not place undue reliance on these forward-looking statements.
