El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
ANR Pipeline Extends Portfolio of Long-Term Services With Its Largest Customer, We EnergiesHOUSTON, Oct 30, 2002 /PRNewswire-FirstCall via COMTEX/ -- ANR Pipeline
Company, a subsidiary of El Paso Corporation (NYSE: EP), and We Energies, a
subsidiary of Wisconsin Energy Corporation (NYSE: WEC), today announced that
they have extended their relationship through 2010 by signing a number of
natural gas service agreements, many of which were due to expire in 2003.
Specifically, ANR Pipeline and We Energies have successfully renegotiated
multiple firm transportation, storage, and related natural gas service
contracts. In total, ANR will provide 866,500 dekatherms per day of service
starting in 2003 under contracts of various terms extending to 2010.
Key to the portfolio is ANR's ability to provide service both directly into We
Energies' distribution system, as well as through the Guardian Pipeline via a
new interconnection near Joliet, Illinois, a major pipeline Hub. This
arrangement will ship the gas through Guardian Pipeline to various
interconnections with We Energies' system and will free up additional
transportation capacity on ANR Pipeline to the benefit of Wisconsin energy
users. This newly available capacity will be used, for example, by ANR's
recently announced WestLeg Project to serve local utility needs and electric
power growth markets in Wisconsin.
"Months of cooperative effort between our companies has culminated in the
signing of these agreements, allowing ANR Pipeline to continue its important
relationship with We Energies, our largest customer," said James J. Cleary,
president of ANR Pipeline Company. "ANR will provide a broad portfolio of
competitively priced services designed to meet We Energies' specific needs,
featuring long-term rate stability and flexibility."
"We are pleased to continue our long-standing relationship with ANR," said
Richard Grigg, We Energies president and chief operating officer. "These
agreements will translate into significant cost savings for our customers."
The agreements have been approved by the Public Service Commission of Wisconsin
and the Federal Energy Regulatory Commission.
El Paso Corporation is the leading provider of natural gas services and the
largest pipeline company in North America. The company has leading positions in
natural gas production, gathering and processing, and transmission, as well as
liquefied natural gas transport and receiving, petroleum logistics, power
generation, and merchant energy services. El Paso Corporation, rich in assets
and fully integrated across the natural gas value chain, is committed to
developing new supplies and technologies to deliver energy. For more
information, visit www.elpaso.com .
We Energies, the principal utility subsidiary of Wisconsin Energy Corp., serves
more than one million electric customers and more than 970,000 natural gas
customers throughout Wisconsin and Michigan's Upper Peninsula. Visit the
company's Web site at http://www.we-energies.com . Learn about Wisconsin Energy
Corp. by visiting http://www.WisconsinEnergy.com .
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements and projections, made in
reliance on the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The companies have made every reasonable effort to ensure
that the information and assumptions on which these statements and projections
are based are current, reasonable, and complete. However, a variety of factors
could cause actual results to differ materially from the projections,
anticipated results or other expectations expressed in this release, including,
without limitation, changes in commodity prices for oil, natural gas, and power;
general economic and weather conditions in geographic regions or markets served
by the companies and their affiliates, or where operations of the companies and
their affiliates are located; the uncertainties associated with governmental
regulation; the uncertainties associated with regulatory proceedings, appeals
from regulatory proceedings, and any related litigation; political and currency
risks associated with international operations of the companies and their
affiliates; inability to realize anticipated synergies and cost savings
associated with mergers and acquisitions or restructurings on a timely basis;
difficulty in integration of the operations of previously acquired companies;
competition; the successful implementation of the Balance Sheet Enhancement
Program and the Strategic Repositioning Plan; and other factors described in the
companies' (and their affiliates') Securities and Exchange Commission filings.
While the companies makes these statements and projections in good faith,
neither the companies nor their management can guarantee that anticipated future
results will be achieved. Reference should be made to those filings for
additional important factors that may affect actual results. The companies
assume no obligation to publicly update or revise any forward-looking statements
made herein or any other forward-looking statements made by the companies,
whether as a result of new information, future events, or otherwise.
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SOURCE El Paso Corporation; We Energies
CONTACT: Communications and Government Affairs, Norma F. Dunn, Senior
Vice President, +1-713-420-3750, or fax, +1-713-420-3632, or Investor
Relations, Bruce L. Connery, Vice President, +1-713-420-5855, or fax,
+1-713-420-4417, both of El Paso Corporation; or Megan McCarthy, Media
Relations of We Energies, +1-414-221-4444, or fax, +1-414-221-2821
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