Inergy Announces Open Season for Northeast Market Area Natural Gas Storage
Inergy, L.P. (NASDAQ:NRGY) announced today that its wholly-owned subsidiary, Inergy Midstream, LLC (“Inergy”), is conducting a non-binding Open Season for firm storage services in central New York. Inergy is considering the development of both a depleted gas reservoir and conversion of certain salt dome caverns to natural gas storage in Steuben County, New York, and surrounding areas with interconnects to Tennessee Gas Pipeline, Columbia Gas Transmission and potentially Dominion Gas Transmission, Empire Pipeline, and Millennium Pipeline. The anticipated initial in-service date for the facilities is the fall of 2009.
This Open Season will commence on October 10 and close November 2, 2007.
Inergy will operate the depleted gas reservoir and salt dome caverns as an integrated facility offering a wide range of flexible market-based storage services which can be customized to meet a shipper’s specific requirements, including:
ten day multi-cycle peaking to typical base load type services;
ratcheted and unratcheted; and
no seasonality requirements.
The strategic location of the storage facilities and their proposed interconnects offer shippers market storage opportunities to the Northeast and Mid-Atlantic.
For questions regarding this Open Season or for Open Season packages, contact Ron Happach, Vice President – Commercial Operations, at 816-714-5428 or by email, rhappach@inergyservices.com. Open Season packages can also be downloaded from the following websites.
www.stagecoachstorage.com
www.storageboard.com
About Inergy Midstream, LLC
Inergy Midstream is a wholly-owned subsidiary of Inergy, L.P. and is headquartered in Kansas City, Missouri. The company owns and operates Central New York Oil And Gas Company, LLC, a natural gas storage business; a 1.2 million barrel underground salt cavern liquid petroleum gas storage facility; and Arlington Storage Company which is the majority owner and operator of Steuben Gas Storage Company.
About Inergy, L.P. and Inergy Holdings, L.P.
Inergy, L.P., also headquartered in Kansas City, Mo., is among the fastest growing master limited partnerships in the country. The company’s operations include the retail marketing, sale and distribution of propane to residential, commercial, industrial and agricultural customers. Today, Inergy serves approximately 700,000 retail customers from over 300 customer service centers throughout the eastern half of the United States. The company also operates a natural gas storage business and a supply logistics, transportation and wholesale marketing business that serves independent dealers and multi-state marketers in the United States and Canada.
Inergy Holdings, L.P.’s assets consist of its ownership interest in Inergy, L.P., including limited partnership interests, ownership of the general partners, and the incentive distribution rights.
This news release contains forward-looking statements, which are statements that are not historical in nature such as the expectation that Northeast Market Area Natural Gas Storage project will add additional storage capacity in the northeast, the proposed storage facility will interconnect with Tennessee Gas Pipeline, Columbia Gas Transmission, and potentially Dominion Gas Transmission, Empire Pipeline and Millennium Pipeline, and the expectation that commercial operations will commence in the fall of 2009. Forward-looking statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or any underlying assumption proves incorrect, actual results may vary materially from those anticipated, estimated or projected. Among the key factors that could cause actual results to differ materially from those referred to in the forward-looking statements are: weather conditions that vary significantly from historically normal conditions, the demand for high deliverability natural gas storage capacity in the Northeast, the general level of petroleum product demand and the availability of natural gas and the price of natural gas to the consumer compared to the price of alternative and competing fuels, our ability to successfully implement our business plan for the Steuben County, New York facilities, our ability to generate available cash for distribution to unitholders, the outcome of rate decisions levied by the Federal Energy Regulatory Commission, and the costs and effects of legal, regulatory and administrative proceedings against us or which may be brought against us. These and other risks and assumptions are described in Inergy’s annual report on Form 10-K and other reports that are available from the United States Securities and Exchange Commission.
Corporate news, unit prices and additional information about Inergy, including reports from the United States Securities and Exchange Commission, are available on the company’s Web site, www.InergyPropane.com. For more information, contact Mike Campbell in Inergy’s Investor Relations Department at 816-842-8181 or via e-mail at investorrelations@inergyservices.com.