Printer Friendly

FLORIDA POWER CORPORATION JOINS SUNSHINE PROJECT AS EQUITY PARTNER

 ST. PETERSBURG, Fla., Feb. 18 /PRNewswire/ -- The Coastal Corporation (NYSE: CGP) announced today that Florida Power Corporation has signed 25-year contracts with a Coastal subsidiary to transport natural gas on the proposed SunShine pipeline systems and has also become, through subsidiaries, a one-third equity partner. Coastal expects that additional equity partners will be announced in the near future.
 The SunShine Project, estimated to cost more than $600-million, would be built in two segments. An interstate pipeline, regulated by the Federal Energy Regulatory Commission, would originate near Pascagoula, Miss., and serve Mississippi, Alabama and Florida Panhandle customers. The larger share of the project is an intrastate pipeline, regulated by the Florida Public Service Commission, that would serve expanding markets in central and southern Florida.
 Initial capacity is anticipated to be 325 million cubic feet a day (mmcfd), growing to 800 mmcfd by 2000. Florida Power has agreed to transport 120 mmcfd beginning in 1995 and increase that volume to 210 mmcfd by 1999.
 "With Florida Power's commitment in place, we're moving ahead with our state and federal regulatory filings in March," said James R. Paul, president and chief executive officer of The Coastal Corporation. "We're also continuing to develop additional transportation customers in the utility, industrial and power generation markets. Our current goal is to construct SunShine to central Florida, but future market demand may dictate that construction continue further south."
 Subject to receiving applicable governmental approvals, construction would begin in 1994 on the 30-inch, 600-mile pipeline, with an in- service date possible in early 1995.
 "Florida Power's strategy is to broaden our fuel mix to include more natural gas-fired plants," said Stephen Watsey, Florida Power's vice president of purchasing and stores. "We've made a strategic decision that we believe will serve the best interest of our customers in the long term.
 "The competition created by bringing another natural gas pipeline into Florida will benefit Florida Power and the state as a whole," he said.
 The Coastal Corporation is a Houston-based energy holding company. Coastal has consolidated assets of $10 billion and subsidiary operations in natural gas marketing, transmission and storage, refining and marketing, oil and gas exploration and production, coal, chemicals, trucking and independent power production.
 Since 1915, Coastal subsidiaries have provided Florida customers with energy products. Coastal subsidiaries operate 82 convenience stores, operate marine fueling operations in every major Florida port, and market and distribute industrial and consumer petroleum products, including asphalt, gasoline, and fuel oil.
 Florida Power Corporation, the principal subsidiary of St. Petersburg-based Florida Progress Corporation (NYSE: FPC), is an electric utility serving 1.2 million customers in central and northern Florida. Florida Progress diversified operations include coal mining and transportation, life insurance, real estate lending and leasing.
 -0- 2/19/93
 /CONTACT: Will Rodgers of Florida Power Corporation, 813-866-4782/
 (CGP FPC)


CO: Florida Power Corporation; The Coastal Corporation ST: Florida, Texas IN: UTI OIL SU: CON

JB-AW -- FL004 -- 7852 02/18/93 11:29 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 18, 1993
Words:489
Previous Article:MARION MERRELL DOW BOARD OF DIRECTORS NOMINATES JUDITH A. HEMBERGER, PH.D., TO BOARD
Next Article:CII FINANCIAL INC. REPORTS SHARPLY REDUCED FOURTH QUARTER LOSS
Topics:


Related Articles
SOUTHERN ELECTRIC INTERNATIONAL NAMED FINALIST FOR POWER PROJECT
COASTAL'S PROPOSED 600-MILE PIPELINE SELECTED BY FLORIDA POWER
FLORIDA POWER JOINS SUNSHINE PROJECT AS EQUITY PARTNER
SUNSHINE PIPELINE FILED WITH THE FLORIDA PUBLIC SERVICE COMMISSION
PEOPLES GAS AGREES TO BECOME CUSTOMER OF PIPELINE VENTURE
TRANSCANADA JOINS SUNSHINE PROJECT
TRANSCANADA JOINS SUNSHINE PROJECT
FLORIDA POWER CORPORATION WITHDRAWS AS EQUITY PARTNER IN THE SUNSHINE PIPELINE PROJECT
SUNSHINE PARTNERS ADJUST EQUITY POSITIONS
FLORIDA POWER CORPORATION SEEKS TO TERMINATE AGREEMENTS WITH SUNSHINE PIPELINE PROJECT

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters