HOUSTON, July 5, 2016 /PRNewswire/ -- Cabot Oil & Gas
Corporation (NYSE: COG) ("Cabot")
today reported it has executed a 10-year sales agreement to be the
exclusive provider of natural gas supplies to Invenergy LLC's
Lackawanna Energy Center power plant. Additionally, South Jersey
Industries (NYSE: SJI) ("SJI"), the energy holding company for
South Jersey Resources Group, LLC, will become a counterparty to
both entities through an exclusive supply fuel management service
agreement.
The proposed facility is a natural-gas fueled 1,500 megawatt
combined-cycle generating station located in Lackawanna County, Pennsylvania and is
expected to be one of the most efficient power plants in
the United States. Commercial
operations are expected to begin in mid-2018 and to reach
full-scale operations by year-end 2018. The facility, at maximum
capacity, will burn up to 240,000 dekatherms of natural gas per
day. Confidential pricing terms under the agreement guarantee
Cabot attractive rates of return
while providing fuel costs directly linked to power prices,
eliminating risks for each of the parties involved in the
transaction.
"We are very pleased to finalize this agreement with SJI and to
provide locally produced natural gas to this state-of-the-art power
generation facility," commented Dan O.
Dinges, Chairman, President and Chief Executive Officer.
"Together with our previously announced agreement with SJI to
supply natural gas to the Caithness Moxie Freedom project,
Cabot will be providing more than
400,000 dekatherms of natural gas per day for power generation
directly in our backyard."
About Cabot Oil & Gas Corporation
Cabot Oil & Gas Corporation (NYSE: COG), headquartered in
Houston, Texas, is a leading
independent natural gas producer with its entire resource base
located in the continental United
States. For additional information, visit the Company's
website at www.cabotog.com.
About South Jersey Industries
South Jersey Industries (NYSE: SJI), an energy services holding
company based in Folsom, NJ,
operates its business through two primary subsidiaries. South
Jersey Gas delivers clean, efficient natural gas and promotes
energy efficiency to approximately 375,000 customers in southern
New Jersey. SJI's non-regulated
businesses, under South Jersey Energy Solutions, promote
efficiency, clean technology and renewable energy by developing,
owning and operating on-site energy production facilities;
acquiring and marketing natural gas and electricity for retail
customers; providing wholesale commodity marketing and fuel
management services; and offering HVAC and other energy-efficiency
related services. For more information about SJI and its
subsidiaries, visit www.sjindustries.com.
About Invenergy
Invenergy is delivering innovation in energy. Invenergy and its
affiliated companies develop, own, and operate large-scale
renewable and other clean energy generation and storage facilities
in the Americas, and Europe.
Invenergy's home office is located in Chicago and it has regional development
offices in the United States,
Canada, Mexico, Japan
and Europe.
Invenergy and its affiliated companies have developed more than
13,719 MW of projects that are in operation, construction or
advanced development, including wind, solar, natural gas-fueled
power generation and energy storage projects. For more information,
please visit www.invenergyllc.com.
The statements regarding future financial performance and
results and the other statements which are not historical facts
contained in this release are forward-looking statements that
involve risks and uncertainties, including, but not limited to,
market factors, the market price (including regional basis
differentials) of natural gas and oil, results of future drilling
and marketing activity, future production and costs, and other
factors detailed in the Company's Securities and Exchange
Commission filings.
FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642
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SOURCE Cabot Oil & Gas Corporation