Ruby Pipeline Shipper Receives Favorable California Regulatory Decision
November 10 2008 - 8:00AM
Marketwired
El Paso Corporation (NYSE: EP) today announced the California
Public Utilities Commission (CPUC) has given final approval to
Pacific Gas and Electric Company (PG&E) to proceed with an
agreement announced last year to obtain 375,000 dekatherms per day
of capacity on the Ruby Pipeline for the delivery of natural gas to
PG&E's gas and electric customers.
The unanimous CPUC approval of this important "anchor" shipping
agreement paves the way for El Paso to move forward with the
approximately 680-mile interstate natural gas pipeline that will
extend from the Opal Hub in Wyoming to a pipeline interconnect at
Malin, Oregon, near California's northern border.
"We are very pleased with this decision by the California Public
Utilities Commission," said Jim Cleary, president of El Paso's
Western Pipelines. "This was an important milestone in keeping Ruby
Pipeline on schedule to provide a much needed outlet for an
increasing amount of Rocky Mountain natural gas production as well
as improved supply diversity for the Western United States. With
this approval, Ruby remains on schedule for a planned first quarter
of 2011 in-service date."
In granting its approval, the CPUC agreed that Ruby will serve
the public interest by enhancing competition, increasing
reliability, and promoting gas supply diversity. In addition, the
CPUC decision cited lower gas commodity and transportation costs, a
reduction in environmental impacts, and favorable rates for
consumers. Next, Ruby will file with the Federal Energy Regulatory
Commission in January 2009 for necessary federal approvals. For
more information on the Ruby project, please visit
www.rubypipeline.com.
El Paso Corporation provides natural gas and related energy
products in a safe, efficient, and dependable manner. The company
owns North America's largest interstate natural gas pipeline system
and one of North America's largest independent natural gas
producers. For more information, please visit www.elpaso.com.
El Paso Corporation Cautionary Statement Regarding
Forward-looking Statements
This release includes certain forward-looking statements and
projections. The company has made every reasonable effort to ensure
that the information and assumptions on which these statements and
projections are based are current, reasonable, and complete.
However, a variety of factors could cause actual results to differ
materially from the projections, anticipated results or other
expectations expressed in this release, including, without
limitation, our ability to obtain all necessary federal, state and
local regulatory approvals; our ability to successfully construct
and operate the proposed facilities described in this release on
time and within budget; our ability to obtain additional
contractual commitments; changes in steel prices for a portion of
the pipeline to be purchased from our steel mills; creditworthiness
of our shippers; the successful close of our financing
transactions; general economic conditions in geographic regions or
markets served by El Paso Corporation and its affiliates, or where
operations of the company and its affiliates are located, and other
factors described in the company's (and its affiliates') Securities
and Exchange Commission filings. While the company makes these
statements and projections in good faith, neither the company nor
its management can guarantee that anticipated future results will
be achieved. Reference must be made to those filings for additional
important factors that may affect actual results. The company
assumes no obligation to publicly update or revise any
forward-looking statements made herein or any other forward-looking
statements made by the company, whether as a result of new
information, future events, or otherwise.
Contacts: Investor and Media Relations Bruce Connery Vice
President Office: (713) 420-5855 Media Relations Richard Wheatley
Manager Office: (713) 420-6828
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