Iroquois Announces NYMarc Open Season
Shelton, Conn., Nov. 17 /PRNewswire/ -- Iroquois Gas Transmission System, L.P. ("Iroquois") has announced the commencement of a non-binding open season for its NYMarc project proposed to connect rapidly expanding Marcellus gas supplies to New York, New England and Eastern Canadian gas markets.
As proposed, the NYMarc project will interconnect with both the Tennessee Gas Pipeline Company in Sussex County, New Jersey and the Millennium Pipeline Company in Orange County, New York and traverse a northeasterly route of approximately sixty-six (66) miles in length before tying into Iroquois' mainline in Pleasant Valley, New York. Once constructed, the NYMarc project will provide producers in the Marcellus Shale access to Iroquois' existing marketplace and the opportunity to supply greater than 1 Bcf/d of Northeast market demand. NYMarc will also afford Marcellus producers the opportunity to supply major gas markets in Eastern Canada, as well as growth markets in New York City through Iroquois' existing pipeline system.
"As development of the Marcellus Shale continues, one of the pivotal issues facing producers will be optimization of capital investment in transportation infrastructure out of the basin so as to create the greatest value for the gas that they are producing," said Scott Rupff, Iroquois' Vice President of Marketing, Development, and Commercial Operations. "Iroquois' NYMarc project will provide producers with access to one of the highest priced markets in North America while benefiting Iroquois' existing customer base by augmenting their current access to the Western Canadian Sedimentary Basin and Dawn, Ontario Hub," continued Mr. Rupff.
The NYMarc project is targeted for service commencing as early as November 1, 2014.
Any party interested in acquiring firm transportation capacity on the NYMarc project may express such interest during this open season. Results from the open season will determine the final design and scope of the project.
Bids will be accepted beginning Tuesday, November 17, 2009 through Friday, January 29, 2010, 5:00 PM EST. Open season bid forms, and additional information on the NYMarc project, are available on Iroquois' website at www.iroquois.com.
Iroquois Gas Transmission System, L.P. is the owner of an interstate pipeline extending 416 miles from the US-Canadian border at Waddington, New York, through the state of Connecticut to South Commack, Long Island, NY and Hunts Point, Bronx, NY. The company is regulated by the Federal Energy Regulatory Commission ("FERC"). Since going into operation in December 1991, Iroquois has more than doubled its design day throughput capacity. The pipeline is operated by the Iroquois Pipeline Operating Company, a wholly owned subsidiary of Iroquois.
Iroquois is a Limited Partnership owned by affiliates of TransCanada PipeLines Limited, Dominion Resources, Inc., National Grid, New Jersey Resources and Energy East Corp.
FORWARD-LOOKING STATEMENT DISCLAIMER
This press release contains various forward-looking statements. Such forward-looking statements are based on current expectations, are not guarantees of future performance and include assumptions about future market conditions, operations and results. Iroquois can give no assurance that such expectations will be achieved. Among the many factors that could cause actual results to differ materially from those in the forward-looking statements herein are: future demand and prices for natural gas; availability of supplies of natural gas; regulatory, political, legislative and judicial developments, particularly with regard to regulation by the Federal Energy Regulatory Commission; the timing and cost of Iroquois' expansion projects; competitive conditions in the marketplace; changes in the receptivity of the financial markets to Iroquois or other oil and gas credits similar to Iroquois and, accordingly, our strategy for financing any such change in business strategy or expansion.
Contacts: Scott Rupff, 203-925-7291 Todd White, 203-925-7284
SOURCE Iroquois Gas Transmission System, L.P.