El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
Copper Eagle Gas Storage Extends Open Season
Copper Eagle Gas Storage, L.L.C. ("Copper Eagle"), will extend until November 2, 2001, a non-binding open season announced earlier this month.
The open season, being conducted to assess interest in a proposed high-deliverability natural gas storage facility to be located west of Phoenix in Maricopa County, Arizona, is being extended due to requests from several interested parties to allow enough time for the completion of their evaluation and response. The original date for the open season to close was October 24, 2001.
Copper Eagle is a new entity formed by Crystal Gas Storage Inc., a subsidiary of El Paso Corporation (NYSE: EPG), and Pinnacle West Energy, the generation subsidiary of Pinnacle West Capital Corporation (NYSE: PNW).
The proposed storage facility would have 3.2 billion cubic feet of working gas storage capacity, with the capability of withdrawing the entire working gas volume in 10 days, and the capability of injecting the entire working gas volume in 20 days. The facility is anticipated to be available for service in the fourth quarter of 2004.
The non-binding open season began October 10, 2001, and will end at 5 p.m. CDT on November 2, 2001. For more information regarding this proposed project, the terms of the open season, and to obtain Non-Binding Open Season Request Forms, please visit www.CopperEagleGS.com or contact Russ Kovin at (832) 676-5659.
El Paso Corporation is committed to meeting energy needs throughout the United States and the world, with operations that span the energy value chain from wellhead to electron. El Paso Corporation is involved in every segment of the natural gas industry, including production, gathering and processing, and transmission. The company also provides merchant energy services, international project development, energy financing, power generation, and telecommunications services. El Paso is focused on speeding the development of new energy sources to address critical energy shortages across the globe. For more information, please visit www.elpaso.com.
Pinnacle West Capital Corporation is a Phoenix-based company with consolidated assets of approximately $8 billion. Through its subsidiaries, the company generates, sells and delivers electricity and sells energy-related products and services to retail and wholesale customers in the western United States. It also develops residential, commercial and industrial real estate projects.
Pinnacle West Energy
Office: (602) 250-2363
Fax: (602) 250-3202
Pinnacle West Energy
Office: (602) 250-5668
Fax: (602) 250-5555