HOUSTON, Dec. 18, 2015 /PRNewswire/ -- Columbia Gas Transmission, LLC ("Columbia Transmission"), a subsidiary of Columbia Pipeline Group, Inc. (NYSE: CPGX) and Columbia Pipeline Partners LP (NYSE: CPPL) (together, "CPG"), has filed a customer agreement with the Federal Energy Regulatory Commission ("FERC") to extend its long-term system modernization program. Columbia Transmission has requested FERC's approval of the customer agreement by March 31, 2016, which will allow critical planning and scoping work to commence in a timely manner.
The filing extends and expands the first-of-its-kind customer agreement, initially approved by the FERC in January 2013. The program will be extended three years, through 2020, and will provide for approximately $1.1 billion of additional investment. The agreement also expands the scope of facility investments covered by the program.
"We are pleased to extend our Modernization Program, which continues a collaborative partnership with our customers to enhance the safety and reliability of the Columbia Transmission system," said CPG President Glen Kettering. "Further, we believe this agreement is fully consistent with the FERC's recently issued Modernization Policy Statement."
CPG has invested approximately $1.0 billion under the Modernization Program over the last three years, placing more than 100 projects into service, including the:
- replacement of more than 130 miles of bare steel pipelines and wrought iron facilities;
- installation or upgrading of approximately 116,000 horsepower of compression, including adding approximately 80,000 horsepower of compression to its standby fleet; and
- installation of an emerging technology, real-time preventive maintenance monitoring system to more than 80 percent of its existing compressor fleet.
Investments in the Modernization Program have also enabled CPG to reduce greenhouse gas emissions by approximately 20,000 metric tons annually.
Columbia Transmission is engaged in the transmission and storage of natural gas and operates approximately 12,000 miles of pipeline across 10 states. Customers include local gas distribution companies, natural gas producers, energy marketers, electric power generating facilities, as well as industrial and commercial end users. The company also owns and operates one of North America's largest underground natural gas storage systems.
For more information on CPG's Modernization Program, visit: www.cpg.com/current-projects/modernization-program.
About Columbia Pipeline Group, Inc.
Columbia Pipeline Group, Inc. operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica shale production areas. Columbia Pipeline Group, Inc. also operates one of the nation's largest underground natural gas storage systems. Columbia Pipeline Group, Inc. is listed on the NYSE under the ticker symbol CPGX.
About Columbia Pipeline Partners LP
Columbia Pipeline Partners LP, based in Houston, Texas, is a fee-based, growth-oriented master limited partnership formed to own, operate and develop a growing portfolio of natural gas pipelines, storage and related midstream assets.
Columbia Pipeline Partners' business and operations are conducted through CPG OpCo LP and its subsidiaries, which own and operate substantially all of the natural gas transmission, storage and midstream assets of Columbia Pipeline Group, Inc. Columbia Pipeline Group operates approximately 15,000 miles of strategically located interstate pipelines extending from New York to the Gulf of Mexico, one of the nation's largest underground natural gas storage systems, and a growing portfolio of related gathering and processing assets. The majority of its assets overlay the Marcellus and Utica Shale production areas. Additional information can be found at www.columbiapipelinepartners.com or www.cpg.com.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission ("SEC"). These statements include statements regarding the intent, belief or current expectations of CPG and its management. Although CPG believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expectations, including required approvals by regulatory agencies, the possibility that the anticipated benefits from such activities, events, developments or transactions cannot be fully realized, the possibility that costs or difficulties related thereto will be greater than expected, the impact of competition, and other risk factors included in CPG's reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. CPG expressly disclaims any duty to update any of the forward-looking statements contained in this press release.
SOURCE Columbia Pipeline Group, Inc.