El Paso Corp. (ticker: EP, exchange: New York Stock Exchange (.N))
News Release -
4-Dec-2006
El Paso Corporation Completes New Infrastructure Project to Serve Growing Northeastern MarketsHOUSTON, Dec 04, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Tennessee Gas Pipeline (TGP), a
subsidiary of El Paso Corporation (NYSE: EP), announced today it has placed
the Northeast ConneXion NY/NJ Expansion project into service. The new
infrastructure includes two natural gas pipeline loops, additional
compression, and storage deliverability upgrades that will help meet growing
demand for energy in the New York and New Jersey areas. The entire project
involves a series of improvements to TGP's system in northern Pennsylvania and
upgrades to compressor stations along the system totaling more than
$39 million.
This project gives El Paso's customer, Public Service Electric & Gas
Company, enhanced flexibility to withdraw greater volumes of natural gas from
market area storage and transport 50,000 dekatherms of additional quantities
of gas to its service area to meet this winter's demand.
"By increasing capacity downstream of our market area storage, Public
Service is better able to manage its peak demands," said Steve Beasley,
president of El Paso's Eastern Pipelines. "This expansion demonstrates our
ability to scale projects in a timely manner, capturing system efficiencies
and building on them to meet both the current and future needs of the market."
El Paso Corporation provides natural gas and related energy products in a
safe, efficient, and dependable manner. The company owns North America's
largest natural gas pipeline system and one of North America's largest
independent natural gas producers. For more information, visit
http://www.elpaso.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 company has 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 El Paso Corporation and its affiliates, or where
operations of the company and its affiliates are located; the uncertainties
associated with governmental regulation; competition; and other factors
described in the company's (and its affiliates') Securities and Exchange
Commission filings. While the company makes these statements and projections
in good faith, neither the company nor its management can guarantee that
anticipated future results will be achieved. Reference must be made to those
filings for additional important factors that may affect actual results. The
company assumes no obligation to publicly update or revise any forward-looking
statements made herein or any other forward-looking statements made by the
company, whether as a result of new information, future events, or otherwise.
Editor's Notes:
- Construction of two, 30-inch diameter pipeline loops began in
July 2006 and was completed in November 2006.
- A two-mile section of pipeline was placed in Bradford County, and a
four-mile section was placed in Susquehanna County.
- Additional compression capacity was also added.
- The expansion will provide transportation of 50,000 dekatherms of
natural gas per day from El Paso's storage facilities in Potter
County, Pennsylvania, to Ramsey, New Jersey. That would equate to
powering the homes of about 200,000 residential customers a day.
SOURCE El Paso Corporation
Investor and Public Relations, Bruce L. Connery, Vice President, +1-713-420-5855, or
Media Relations, Richard Wheatley, Manager, +1-713-420-6828, both of El Paso
Corporation, fax, +1-713-420-4417
http://www.elpaso.com
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