Constitution Pipeline Receives Federal Energy Regulatory Commission’s Final Environmental Review
October 24 2014 - 2:02PM
Business Wire
Key Milestone on Project That Could Increase
Natural Gas Supply to NY, New England by Winter ’15-’16 Heating
Season
Constitution Pipeline Company, LLC reported a key regulatory
milestone toward approval to construct its proposed pipeline on a
schedule that targets increasing natural gas supply to New York and
New England markets in time for the winter 2015-16 heating
season.
The Federal Energy Regulatory Commission on Oct. 24 published
its final environmental review of the proposed 124-mile
Constitution Pipeline. The FERC action is a key step toward the
commission's decision on the project, which is expected as early as
late November.
Assuming timely receipt of all necessary regulatory approvals,
Constitution Pipeline would begin construction as early as the
first-quarter next year in order to help meet winter 2015-16
heating-season needs in New York and New England.
“After a long and comprehensive review of our proposed route, as
well as significant route alternatives, the FERC’s Final
Environmental Impact Statement confirms that the Constitution
Pipeline can be constructed in a manner that minimizes
environmental impacts, while adding a key piece of natural gas
infrastructure to the U.S. Northeast,” the project sponsors said in
a joint statement. “Once in service, the Constitution Pipeline will
provide important access to new, domestic sources of natural gas,
bolstering supply reliability and contributing toward stabilization
of the prices consumers pay for energy.”
Specific to New England, insufficient natural gas pipeline
infrastructure last winter had the effect of exposing consumers to
high natural gas prices and, as a result, higher electric-power
costs. The Constitution Pipeline is designed to help address the
issue by connecting New England markets with abundant, low-cost,
cleaner energy via an interconnect with the existing Tennessee
Pipeline. Additionally, the Constitution Pipeline is designed to
enhance New York’s natural gas supply options via an interconnect
with the existing Iroquois Pipeline.
“We look forward to the issuance of the final FERC Order, as
well as other applicable approvals we need to begin construction on
this pipeline so that we can deliver much-needed additional natural
gas supply to New York and New England as quickly as possible,” the
project sponsors said.
Earlier this year, Constitution Pipeline and Leatherstocking Gas
Company, LLC announced plans to install four delivery taps along
Constitution's proposed route to facilitate local natural gas
service to homes and businesses in southern New York and northern
Pennsylvania.
The FERC Environmental Impact Statement (EIS) assesses the
potential environmental effects of the construction and operation
of the projects in accordance with the requirements of the National
Environmental Policy Act. The EIS concluded that environmental
impacts would be reduced to “less than significant levels” with the
implementation of proposed mitigation measures by the company and
FERC.
The FERC served in a coordinating role with relevant federal and
state agencies in developing its final EIS. The U.S. Environmental
Protection Agency, the U.S. Army Corps of Engineers, the Federal
Highway Administration, and the New York State Department of
Agriculture and Markets also participated as cooperating agencies
in the preparation of the EIS.
The FERC’s 90-day federal authorization decision deadline for
the project is set for Jan. 22, 2015.
The Constitution Pipeline is designed to transport enough
natural gas each day to serve approximately 3 million homes in the
U.S. Northeast. The project involves the construction and operation
of 124 miles of 30-inch-diameter pipeline from natural gas supply
areas in northeast Pennsylvania and connecting with existing
transmission pipelines in Schoharie County, N.Y.
Constitution Pipeline Company
Constitution Pipeline Company, LLC is owned by subsidiaries of
Williams Partners L.P. (NYSE:WPZ), Cabot Oil & Gas Corporation
(NYSE:COG), Piedmont Natural Gas Company, Inc. (NYSE:PNY), and WGL
Holdings, Inc. (NYSE:WGL). The 124-mile pipeline project is
proposed to connect domestic natural gas production in northeastern
Pennsylvania with northeastern markets by late 2015 or 2016.
Additional information about the Constitution Pipeline can be found
at www.constitutionpipeline.com.
Portions of this document may constitute “forward-looking
statements” as defined by federal law. Although the company
believes any such statements are based on reasonable assumptions,
there is no assurance that actual outcomes will not be materially
different. Any such statements are made in reliance on the “safe
harbor” protections provided under the Private Securities Reform
Act of 1995. Additional information about issues that could lead to
material changes in performance is contained in the company’s
annual reports filed with the Securities and Exchange
Commission.
Media Contacts:Constitution PipelineChris Stockton,
713-215-2010Christopher.L.Stockton@Williams.comorInvestor
Contacts:WilliamsJohn Porter,
918-573-0797John.Porter@Williams.comorSharna Reingold,
918-573-2078Sharna.Reingold@Williams.com
Cabot Oil and Gas (NYSE:COG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cabot Oil and Gas (NYSE:COG)
Historical Stock Chart
From Apr 2023 to Apr 2024