Monday, gas infrastructure company Spectra Energy Corp. (SE) said its subsidiary Texas Eastern Transmission has signed a binding deal for a minimum of 150 million cubic feet per day of firm transportation capacity with an affiliate of Range Resources Corporation (RRC) to bring new supplies of Appalachian natural gas to markets in the Northeast United States.
Houston, Texas-based Spectra Energy said to keep pace with the Appalachian production, Texas Eastern is also planning to increase its system's capacity by up to 300 million cubic feet per day, or Mmcf/d, commencing in fourth quarter 2012.
Spectra Energy said with this deal, Marcellus Shale producer Range Resources will become the anchor customer for the Texas Eastern Appalachia to Market Expansion, or TEAM, Program.
Texas Eastern plans to announce a binding open season (TEAM 2012) for the remaining 150 Mmcf/d capacity for the targeted 2012 in service date. This is expected to provide interested shippers an opportunity to nominate transportation services from multiple existing and proposed new receipt points on the Texas Eastern system within the Appalachian production region to delivery points across Texas Eastern's market area.
Based on market demand, Texas Eastern also may pursue a second phase of the TEAM Expansion Program and will start talks to ascertain market interest through another open season (TEAM 2013) to be announced shortly. Targeted in service for the second phase expansion would be 2013.
The proposed TEAM expansions will use existing utility corridors and rights-of-way, where possible, in order to minimize the effects on landowners and the environment, the company said.
SE is currently up $0.11 or 0.57% and trades at $19.28. RRC is currently up $0.92 or 1.91% and trades at $49.00.
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