Inergy, L.P. (NASDAQ: NRGY) announced today that its
wholly-owned subsidiary, Inergy Midstream, LLC (“Inergy”), is
conducting two non-binding Open Seasons. The first Open Season is
for the “MARC I Hub Line Project,” and the second is for the
“North-South Project.” Together, these projects would allow
shippers to wheel gas bi-directionally on a firm basis to and from
the Millennium Pipeline in Tioga County, New York, approximately 75
miles to and from Transcontinental Gas Pipeline Corporation’s
(“Transco”) Leidy Line near its compressor station 517, and to and
from all points in between.
MARC I Hub Line
Project
The MARC I Hub Line Project seeks to gauge interest for
Northeast shippers that desire to move gas bi-directionally between
the South Lateral of Inergy’s Stagecoach Gas Storage Facility
(“Stagecoach”), Tennessee Gas Pipeline Company’s (“TGP”) 300 Line
near its compressor station 319, and Transco’s Leidy Line near its
compressor station 517.
The Marc I Hub Line Project includes approximately 43 miles of
lateral piping, compression, and interconnect facilities connecting
Inergy’s Stagecoach South Lateral to Transco. The Marc I Hub Line
Project, when placed in-service, will allow Inergy to wheel volumes
to and from Stagecoach’s South Lateral, TGP, Transco, and the
Millennium Pipeline.
North-South
Project
The North-South Project seeks to gauge interest for shippers
that desire to wheel gas on a firm basis through Inergy’s existing
North and/or South Laterals of Stagecoach to and from TGP’s 300
Line, Inergy’s proposed MARC I Hub Line, and the Millennium
Pipeline.
The North-South Project includes setting additional compression
and expanded measurement facilities at Inergy’s existing Millennium
and TGP interconnects.
The proposed projects are targeting Northeast shippers seeking:
(i) additional market supply flexibility and reliability; (ii)
access to additional gas supplies in the market area; (iii) liquid
points of sale for locally produced gas from the Marcellus Shale
and Trenton-Black River plays, among others; (iv) additional
storage opportunities; and (v) capture of pricing differentials
between the various interconnected market pipelines.
Rates, including fuel retention, for both projects 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. Indicative rates are provided for both
projects in each of the non-binding Open Season Packages.
Non-binding Open Seasons for both projects will close August 21,
2009, at 5:00 p.m. CT.
The anticipated in-service date for both projects is September
1, 2011.
For questions concerning this non-binding Open Season or for
Open Season packages, contact Ron Happach at 720-279-6344 or by
email, rhappach@inergyservices.com. Open Season packages can also
be downloaded from the following websites:
- www.stagecoachstorage.com
- www.storageboard.com
About Inergy Midstream, LLC
Inergy Midstream, LLC, is a wholly-owned subsidiary of Inergy,
L.P., and is headquartered in Kansas City, Missouri. The Company
owns and operates Central New York Oil And Gas Company, LLC’s
Stagecoach Gas Storage Facility, which has 26 BCF of working gas
capacity; Finger Lakes LPG Storage, which includes an existing 1.5
million barrel underground salt cavern LPG storage facility as well
as a development of up to 5 million additional barrels of
underground salt cavern storage capacity near Watkins Glen, N.Y.;
and Arlington Storage Company, LLC, which owns and operates the
Steuben Gas Storage Facility, a 5.7 BCF natural gas storage
facility and the Thomas Corners Gas Storage Facility, a 7 BCF
natural gas storage facility, which is currently being
developed.
About Inergy, L.P. and Inergy Holdings, L.P.
Inergy, L.P., also headquartered in Kansas City, Mo., is among
the fastest growing master limited partnerships in the country. The
Company’s operations include the retail marketing, sale and
distribution of propane to residential, commercial, industrial and
agricultural customers. Today, Inergy serves approximately 700,000
retail customers from over 300 customer service centers throughout
the eastern half of the United States. The Company also operates a
40 BCF natural gas storage business; a liquid petroleum gas storage
business; and a propane supply logistics, transportation and
wholesale marketing business that serves independent dealers and
multi-state marketers in the United States and Canada.
Inergy Holdings, L.P.’s assets consist of its ownership interest
in Inergy, L.P., including limited partnership interests, ownership
of the general partners, and the incentive distribution rights.
This news release contains forward-looking statements, which are
statements that are not historical in nature such as the
expectation that Marc I Hub Line project will add additional
transportation capacity in the northeast, the proposed hub line
will interconnect with Tennessee Gas Pipeline and Transcontinental
Gas Pipeline Corporation’s (Transco) Leidy Line, and the
expectation that commercial operations will commence in 2011.
Forward-looking statements are subject to certain risks,
uncertainties, and assumptions. Should one or more of these risks
or uncertainties materialize or any underlying assumption proves
incorrect, actual results may vary materially from those
anticipated, estimated, or projected. Among the key factors that
could cause actual results to differ materially from those referred
to in the forward-looking statements are: weather conditions that
vary significantly from historically normal conditions; the demand
for high deliverability natural gas storage capacity in the
Northeast; the general level of petroleum product demand and the
availability of natural gas and the price of natural gas to the
consumer compared to the price of alternative and competing fuels;
our ability to successfully implement our business plan with
respect to our continued expansion of our midstream operations; our
ability to generate available cash for distribution to unitholders;
the outcome of rate decisions levied by the Federal Energy
Regulatory Commission; and the costs and effects of legal,
regulatory, and administrative proceedings against us or which may
be brought against us. These and other risks and assumptions are
described in Inergy’s annual report on Form 10-K and other reports
that are available from the United States Securities and Exchange
Commission.
Corporate news, unit prices, and additional information about
Inergy, including reports from the United States Securities and
Exchange Commission, are available on the Company’s website,
www.InergyPropane.com. For more information, contact Mike Campbell
in Inergy’s Investor Relations Department at 816-842-8181 or via
e-mail at investorrelations@inergyservices.com.
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