Duke Energy and Williams Strike Deal to Develop Buccaneer Gas Pipeline Project.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Feb. 10, 2000 Duke Energy (NYSE NYSE See: New York Stock Exchange :DUK DUK Duke Energy Corporation (stock symbol) DUK Dead Upon Keyboard ) and Williams (NYSE:WMB WMB Waste Management Board WMB Write Me Back WMB Wheaton Municipal Band (Wheaton, IL) WMB Waukegan Municipal Band (Waukegan, IL) WMB Websphere Message Broker ) today announced that they have entered into a 50/50 ownership agreement to jointly develop, construct and operate the Buccaneer buccaneer: see piracy. buccaneer Any of the British, French, or Dutch sea adventurers who chiefly haunted the Caribbean and the Pacific seaboard of South America during the latter part of the 17th century, preying on Spanish settlements and shipping. Gas Pipeline Project which will transport clean-burning natural gas to emerging markets in Florida. &uot;We are very pleased to welcome Duke Energy to the Buccaneer team. This significant collaboration brings together the considerable capabilities of two of the top energy companies in America,&uot; said Cuba Wadlington Jr., president and chief executive officer, Williams Gas Pipeline. &uot;This dynamic combination clearly places the Buccaneer Gas Pipeline Project in the forefront of projects currently proposed to meet Florida's natural gas needs.&uot; Duke Energy's president of Gas Transmission Robert B. Evans Robert Beverley Evans (1907 - ) was an industrialist, socialite, and sportsman who served for a time as Chairman of American Motors Corporation (AMC). [1] Evans bought 200,000 shares of AMC stock (worth US$3 million) and became the firm's largest shareholder. added, &uot;Taking a major role in this significant energy project is a noteworthy step for Duke Energy. In partnering with Williams, a respected industry leader, we rapidly accelerate Duke Energy's entry into Florida's ripe-for-competition natural gas marketplace. The move also solidifies a major team effort by two major energy service providers to meet that state's growing needs for this clean-burning fuel.&uot; The 674-mile Buccaneer Gas Pipeline system will traverse traverse - traversal the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and come ashore on Florida's western coast. The pipeline is designed to deliver 900,000 dekatherms of natural gas per day to power generation facilities and other natural gas users located throughout the state. The $1.5 billion project was filed with the Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. on Oct. 28, 1999. With today's announcement, Buccaneer now has firm commitments for over 50 percent of the project's total capacity. Today's announcement is not expected to have an impact on Buccaneer's schedule which calls for construction to begin in January 2001 and the project to be placed into service as early as April 2002. Buccaneer representatives have held hundreds of meetings with residents, community leaders and public officials from across the proposed route since January 1999. The purpose of these meetings is to solicit public input to ensure that the Buccaneer Gas Pipeline maximizes the benefits to Florida and its citizens while minimizing the impact to property owners and the environment. Buccaneer will continue to work closely with all stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. throughout the approval, permitting and construction phases of the pipeline. For more information about the project, visit the project web site at http://www.buccaneer.twc.com. Duke Energy, a premier global energy services company, serves customers and creates shareholder value through an integrated network A network that supports both data and voice and/or different networking protocols. See converged network and new public network. of energy assets and energy experts. As market leaders in their respective fields, Duke Energy businesses manage a multi-national portfolio of energy supply, delivery and trading assets valued at approximately $30 billion. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com. Williams' gas pipeline unit has headquarters in Houston with offices in Salt Lake City and Owensboro, Ky. Together, its five interstate natural gas pipelines are among the nation's largest-volume transporters of natural gas, delivering approximately 16 percent of the natural gas consumed in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Its 27,300-mile pipeline network stretches from coast to coast with access to every major supply basin in the country. Williams, through its subsidiaries, provides a full range of traditional and leading-edge energy and communications services. Williams information is available at http://www.williams.com Portions of this document may constitute &uot;forward-looking statements&uot; as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the &uot;safe harbor&uot; protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company's annual reports filed with the Securities and Exchange Commission. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion