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NORTHERN BORDER PARTNERS ANNOUNCES APPROVAL OF PROJECT 2000
FOR IMMEDIATE RELEASE: Thursday, March 16, 2000
OMAHA, Neb. - Northern Border Partners, L.P. (NYSE - NBP) announced today that the Federal Energy Regulatory Commission (FERC) has voted to approve Northern Border Pipeline Company's Project 2000. This pipeline extension project is designed to provide the shippers on Northern Border Pipeline with access to the northern Indiana industrial zone, served by Northern Indiana Public Service Company (NIPSCO). NIPSCO is a major Midwest local distribution company with large industrial load requirements and total annual system deliveries in excess of 300 billion cubic feet.
"We are very pleased to have received the FERC's approval to move forward with Project 2000," said Larry L. DeRoin, chairman and chief executive officer of Northern Border Partners, L.P. "This project strategically positions us to move natural gas east of Chicago, and continues our planned growth into new and diversified markets, including the growing power generation markets."
Northern Border Pipeline plans to install approximately 34 miles of 30-inch pipe commencing from its 36-inch pipeline near Manhattan, Ill. to a point near North Hayden, Ind. Design capacity of the new line will be 544 million cubic feet per day. The FERC approved rolled-in rate treatment for the estimated $94.4 million project.
Northern Border Partners, L.P. owns a 70 percent interest in Northern Border Pipeline Company, which owns and operates a 1,214 mile interstate pipeline system that transports approximately 23 percent of all Canadian gas imported into the United States. In addition, the Partnership owns the Black Mesa Pipeline, a 273-mile, coal-water slurry pipeline extending from Kayenta, Arizona to the Mohave Power Station in Laughlin, Nevada and holds an equity investment in Bighorn Gas Gathering, L.L.C., a gathering system located in the Powder River Basin in Campbell and Sheridan Counties, Wyoming.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Northern Border Partners, L.P. believes that its expectations are based on reasonable assumptions, it can give no assurance that such expectations will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, actions by regulatory agencies, unforeseen construction conditions, and competitive conditions in the sale and transportation of natural gas.
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For additional information please contact:
Beth Jensen
402-398-7806
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