Duke Energy Gas Transmission Completes Acquisition of Storage and Pipeline Assets in Virginia From AGL Resources
Posted on: Wednesday, 10 August 2005, 15:01 CDT
HOUSTON, Aug. 10 /PRNewswire-FirstCall/ -- Duke Energy Gas Transmission (DEGT) has completed its acquisition of natural gas storage and pipeline assets in southwest Virginia and a 50-percent interest in Saltville Gas Storage LLC (Saltville Storage) from units of AGL Resources for $62 million.
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With the closing of the Saltville Gas Storage aspect of the transaction, DEGT - already a 50-percent owner in the limited liability company - becomes sole owner.
"This acquisition of the remaining interest in Saltville Storage complements our existing East Tennessee Natural Gas (ETNG) system, providing us with opportunities to expand Saltville Storage and assist our customers in optimizing their transportation positions," said Martha Wyrsch, president and chief executive officer, DEGT. "We are excited about the high quality of the employees and assets. This transaction helps position DEGT to continue to grow over the next several years."
Saltville Storage, which began commercial operation in summer 2003, currently has a working gas capacity of about 2 billion cubic feet (Bcf). The geologic formation in the area provides for the only salt cavern storage in the mid-Atlantic market area.
In addition to Saltville Storage, other hard assets involved in the transaction include a nearby previously developed salt cavern and related facilities with a working gas capacity of about 1 Bcf, a 77-mile-long, 8-inch- diameter natural gas pipeline known as the P-25 line and the Early Grove storage field.
The P-25 pipeline stretches from Saltville to Radford, Va., running parallel to DEGT's ETNG pipeline system. The Early Grove facility, site of the first natural gas discovery in Virginia, is a depleted underground natural gas reservoir and related assets with a working gas capacity of about 1.5 Bcf.
AGL Resources , an Atlanta-based energy services holding company, serves 2.3 million customers in six states through its utility subsidiaries - Atlanta Gas Light, Elizabethtown Gas in New Jersey, Virginia Natural Gas in Norfolk, Florida City Gas, Chattanooga Gas, and Elkton Gas in Maryland. A Fortune 1000 company that ranks number 46 in the Fortune gas and electric utilities sector, AGL Resources reported 2004 revenue of $1.8 billion and net income of $153 million. The company also owns Houston-based Sequent Energy Management, an asset manager serving natural gas wholesale customers throughout the East and Midwest. As a 70 percent owner in the SouthStar partnership, AGL Resources markets natural gas to consumers in Georgia under the Georgia Natural Gas brand. AGL Networks, the company's telecommunications subsidiary, owns and operates fiber optic networks in Atlanta and Phoenix. The company also owns and operates Jefferson Island Storage & Hub, a high- deliverability natural gas storage facility near the Henry Hub in Louisiana. For more information, visit http://www.aglresources.com/.
Duke Energy Gas Transmission is a North American leader in developing energy infrastructure and connecting major natural gas supply basins to growing markets. The company's natural gas operations include more than 17,500 miles of transmission pipeline and 250 billion cubic feet of storage capacity in Canada and the United States. More information on DEGT can be found at: http://www.duke-energy.com/businesses/companies/degt.asp.
Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com/.
CONTACT: Danny Gibbs Phone: 713/627-4060 24-Hour: 704/382-8333
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Duke Energy
CONTACT: Danny Gibbs of Duke Energy, +1-713-627-4060, or 24-Hour,+1-704-382-8333
Web site: http://www.duke-energy.com/http://www.duke-energy.com/businesses/companies/degt.asphttp://www.aglresources.com/
Company News On-Call: http://www.prnewswire.com/comp/257451.html
Source: PRNewswire-FirstCall
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