Northern Border Pipeline Company to Proceed with Chicago III Expansion
13 September 2005 - 4:42AM
Business Wire
(NYSE:NBP)(Nasdaq:TCLP) Northern Border Pipeline Company announced
today that it accepted the certificate of public convenience and
necessity issued by the Federal Energy Regulatory Commission (FERC)
on August 18, 2005 for its Chicago III Expansion Project. The
certificate authorizes the Company to construct, modify and install
compression facilities to increase capacity on its pipeline system
from Harper, Iowa to North Hayden, Indiana. Northern Border
Pipeline will construct a new 16,000 horsepower electric drive
compressor unit at its existing Compressor Station No. 16 site in
Johnson County, Iowa and make modifications to existing Compressor
Station No. 17 in Scott County, Iowa and existing Compressor
Station No. 18 in Bureau County, Illinois. The project will create
an additional 130 million cubic feet per day of transportation
capacity, which is fully subscribed by four shippers under
long-term firm agreements with terms ranging from five and one half
years to 10 years. Construction is estimated to cost approximately
$21 million and the pipeline is expected to be in service in the
spring of 2006. "We are very pleased to begin our third expansion
of the Northern Border Pipeline into the Chicago market hub. This
project will create value for our customers and it will improve the
overall utilization of our pipeline by building additional capacity
into the attractive Chicago market," said Bill Cordes, chairman of
the Northern Border Pipeline Management Committee. "We expect
construction to commence in the very near future to meet our target
in service date of next spring." Northern Border Pipeline Company
is a general partnership that owns and operates a 1,249-mile
interstate pipeline that transported approximately 22 percent of
all Canadian gas imported into the United States in 2004. Northern
Border Partners, L.P. (NYSE:NBP) owns a 70 percent general partner
interest in Northern Border Pipeline Company. The remaining 30
percent general partner interest is owned by TC PipeLines, LP
(Nasdaq:TCLP). This press release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Although Northern Border Pipeline Company believes that its
expectations are based on reasonable assumptions it can give no
assurance that such expectations will be achieved. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include receipt of required
regulatory clearances; timely completion of construction; natural
gas development in the Western Canadian Sedimentary Basin;
competitive conditions in the overall natural gas markets;
performance of contractual obligations by the shippers; our ability
to market pipeline capacity on favorable terms; and the price of
natural gas.
TC Pipelines, LP - Common Units Representing Limited Partnership Interests (MM) (NASDAQ:TCLP)
Historical Stock Chart
From Sep 2024 to Oct 2024
TC Pipelines, LP - Common Units Representing Limited Partnership Interests (MM) (NASDAQ:TCLP)
Historical Stock Chart
From Oct 2023 to Oct 2024
Real-Time news about TC Pipelines, LP - Common Units Representing Limited Partnership Interests (MM) (NASDAQ): 0 recent articles
More Northern Border Pipeline Company News Articles