Northern Border (NYSE:NBP)
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Northern Border Partners, L.P. (NYSE:NBP) announced
today that Midwestern Gas Transmission Company (Midwestern) accepted
the certificate of public convenience and necessity issued by the
Federal Energy Regulatory Commission on March 10, 2006, for its
Eastern Extension Project. The certificate authorizes Midwestern to
construct and operate approximately 31 miles of 16-inch natural gas
transportation pipeline with a capacity of 120,000 dekatherms per day
(Dth/d) to provide Piedmont Natural Gas Company, Inc. (Piedmont), an
energy services company headquartered in Charlotte, North Carolina,
with a reliable and diversified transportation source.
This extension will move Chicago-sourced natural gas in a
southeast direction from Midwestern's current terminus at Portland,
Tennessee to interconnects with Columbia Gulf Transmission Company
(Columbia Gulf) and East Tennessee Natural Gas LLC (East Tennessee)
near Hartsville, Tennessee. Capital costs are estimated to be
approximately $28 million. The target in-service date is November
2006.
Piedmont advised that this additional capacity is required to meet
its demand growth projections on the eastern side of its distribution
system in the Nashville area and in North and South Carolina. Piedmont
plans to provide 100,000 Dth/d of this natural gas to its subsidiary,
Nashville Gas Company, which serves residential, commercial and
industrial customers in Cheatham, Davidson, Dickson, Robertson,
Rutherford, Sumner, Trousdale, Williamson and Wilson Counties. The
remaining 20,000 Dth/d will be delivered into the East Tennessee
system for delivery to Piedmont's distribution systems in North and
South Carolina.
"We are pleased to have this opportunity for organic growth of our
interstate pipeline business and to serve Piedmont as our new
customer," said Bill Cordes, chief executive officer of Northern
Border Partners. "This project is significant to Midwestern and its
customers as it opens new corridors of natural gas transportation
between Chicago and growing southeastern markets."
Northern Border Partners, L.P. is a publicly traded partnership
whose purpose is to own, operate and acquire a diversified portfolio
of energy assets. The Partnership owns and manages natural gas
pipelines and is engaged in the gathering and processing of natural
gas. More information may be found at
http://www.northernborderpartners.com.
This press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Although Northern Border
Partners, L.P. believes that its expectations are based on reasonable
assumptions, it can give no assurance that such expectations will be
achieved. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include:
Midwestern's ability to acquire all necessary rights-of-way and obtain
agreements for interconnects in a timely manner; timely receipt of
required regulatory clearances; and Midwestern's ability to promptly
obtain all necessary materials and supplies required for construction.