Avoca Natural Gas Storage closes financing project to enhance NGC's ability to serve customers.HOUSTON--(BUSINESS WIRE)--Feb. 21, 1996--The Avoca Natural Gas Storage Project has completed financing of the storage facility now under construction in Avoca, N.Y., U.S. Generating Company, the project's developer, manager and lead sponsor announced earlier today. NGC NGC New General Catalogue (of Nebulae and Star Clusters; astronomy) NGC National Geographic Channel (TV) NGC National Guideline Clearinghouse is a 28-percent equity partner of the underground, salt-bed storage project through its subsidiary, Natural Gas Clearinghouse clearinghouse Institution established by firms engaged in similar activities to enable them to offset transactions with one another in order to limit payment settlements to net balances. . Stephen W. Bergstrom Berg·strom , Sune Karl 1916-2004. Swedish biochemist and physician. He shared a 1982 Nobel Prize for research into the chemical structure of prostaglandins. , president of Natural Gas Clearinghouse, said, "We're excited to be involved with a project as important as Avoca. With access to multiple markets, the Avoca storage project will strongly enhance our ability to serve our customers. As not only an equity partner, but also a storage-capacity holder in the project, Clearinghouse will be able to offer balancing, peaking capacity and emergency supply, all of which are critical during times of extreme fluctuations in demand and prices as we saw during the recent severe cold weather that blanketed the eastern two-thirds of the country. Strategically located just north of the Ellisburg-Leidy Northeast Hub, which NGC operates through its affiliate, Enerchange L.L.C., Avoca will serve a key natural gas market area." Avoca, the first high-deliverability storage facility in the Northeast, is scheduled to begin commercial operations in Oct. 1997, with the final two phases following in Oct. 1998 and Oct. 1999. The facility will have access to the Leidy Hub through interconnections with the Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. Gas, Consolidated Natural Gas Transmission and National Fuel Gas Supply pipeline systems. NGC Corporation (NYSE NYSE See: New York Stock Exchange :NGL NGL - A dialect of IGL. ) is a leading gatherer, processor, transporter and marketer of energy products and services in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and the United Kingdom. Through its "Energy Store," NGC offers a one-stop energy commodity and services resource that provides natural gas, natural gas liquids, electricity and crude oil. NGC through its affiliates markets an average of 7 billion cubic feet per day of natural gas sales volumes throughout North America. CONTACT: NGC Corporation, Houston Media Contact: Katherine K. Putnam, 713/507-3936 or Analyst Contact: R. Dean Ayers, 713/507-6852 |
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