El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
27-Sep-1999
Atlantic Alliance Project Extends Open SeasonHouston, Texas, and Clarksburg, W. Virginia, September 27, 1999-Tennessee Gas Pipeline Company, a business unit of El Paso Energy Corporation
(NYSE:EPG), and CNG Transmission Corporation, a subsidiary of Consolidated Natural Gas
Company (NYSE: CNG), announced that the Atlantic Alliance Project open season will be
extended to Tuesday, November 30, 1999 at the request of potential shippers. The open
season was originally proposed to close on Thursday, September 30, 1999.
Potential shippers requested that the open season be extended due to increased
uncertainty regarding the Millennium and Independence/MarketLink certificate proceedings
including the Federal Energy Regulatory Commission's (FERC) recently announced public
conference regarding Independence/MarketLink. Additionally, the targeted gas-fired power
plant market is still being defined.
The Atlantic Alliance Project is proposed to transport up to 750,000 dekatherms of
natural gas per day from Chicago and the Niagara Import Point to developing markets in the
northeast. It will include access to Transco and the proposed MarketLink Project at Leidy,
Pennsylvania, and to Columbia and the proposed Millennium Project at Horseheads and
Greenwood, New York. Capacity will be phased in as needed on Tennessee's and CNG's
existing systems by adding limited facilities along existing rights-of-way. This approach
minimizes any adverse effects on existing customers, existing pipelines in the market and
their captive customers or landowners, as well as communities affected by the route of the
new facilities, in compliance with FERC's new policy statement.
With over $10 billion in assets, El Paso Energy Corporation provides energy solutions
through its strategic business units: Tennessee Gas Pipeline Company, El Paso Natural
Gas Company, El Paso Field Services Company, El Paso Power Services Company, El Paso
Merchant Energy Company, and El Paso Energy International Company. The company owns the
nation's only integrated coast-to-coast natural gas pipeline system and has
operations in natural gas transmission, gas gathering and processing, power generation,
energy marketing, and international energy infrastructure development. On June 10, the
stockholders of both El Paso Energy and Sonat Inc. overwhelmingly voted in favor of
merging the two organizations. The merger is expected to close in the fourth quarter of
this year, concurrent with the completion of regulatory reviews. Visit El Paso Energy's
web site at www.epenergy.com.
CNG Transmission, headquartered in Clarksburg, W.Va., is the interstate natural gas
transmission subsidiary of Pittsburgh-based Consolidated Natural Gas Company, a fully
integrated natural gas company. CNG is in the process of merging with Dominion Resources,
Inc., to become one of the nation's largest integrated energy companies, with 4
million customers, 20,000 megawatts of electric generating capacity, and more than 3
trillion cubic feet equivalent of oil and natural gas reserves. CNG Transmission provides
gas transportation and storage services to other major pipelines and to markets in the
Midwest, Mid-Atlantic, and Northeast regions of the country.
New Shippers May Contact:
Tennessee Gas Pipeline
Mike Stokdyk
(713) 420-3434
CNG
Cindy Currey
(304) 623-8231
CNG Media Relations Contacts
Robert Fulton
(304) 623-8200
Dan Donovan
(412) 690-1370
CNG Investor Relations Contact
Jim Garret
(412) 690-1485
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. While the companies make these statements and projections in good faith,
neither the companies nor their managements can guarantee that the anticipated future
results will be achieved. Reference should be made to the companies' (and their
affiliates') Securities and Exchange Commission filings for additional important
factors that may affect actual results. |