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PANHANDLE EASTERN CORPORATION SUBSIDIARIES FILE FOR LNG PROJECT SOLUTION

PANHANDLE EASTERN CORPORATION SUBSIDIARIES FILE FOR LNG PROJECT SOLUTION
 HOUSTON, Feb. 28 /PRNewswire/ -- Trunkline Gas Company (TGC), Trunkline LNG Company (TLNG) and Panhandle Eastern Pipe Line Company (PEPL) filed with the Federal Energy Regulatory Commission (FERC) to recover more than $400 million of costs related to the company's liquefied natural gas (LNG) project.
 "Regulatory changes are rapidly shifting the pipelines' role from a merchant to a transporter. Upcoming regulations will accelerate this shift, so we are eliminating the charges for services that will not be needed in this new environment," said Paul Anderson, executive vice president of Panhandle Eastern Corporation (NYSE: PEL). "Our operations will then be based on current costs alone, and the Trunkline LNG minimum bill charge will be removed from our customers' future rates."
 TGC filed to recover $306 million, which represents costs associated with accelerating the minimum bill payments. The TLNG filing seeks recovery of 50 percent of its $196 million take-or-pay costs incurred in a settlement with Sonatrach, the Algerian state-owned oil and gas company and LNG supplier. TGC is also making a filing to flow through this $98 million related to take-or-pay costs to its customers.
 PEPL filed to flow through its allocated costs from the TLNG and TGC filings. PEPL is asking for recovery of $151 million related to the LNG minimum bill and $51 million related to take-or-pay costs.
 Panhandle Eastern Pipe Line Company, Trunkline Gas Company and Trunkline LNG Company are subsidiaries of Panhandle Eastern Corporation, which operates one of the nation's largest interstate natural gas pipeline systems, providing natural gas to the Midwest and Northeast markets.
 -0- 2/28/92
 /CONTACT: John P. Barnett, 713-627-4072, or Dorothy M. Ables, investor relations, 713-627-4600, both of Panhandle Eastern Corporation/
 (PEL) CO: Panhandle Easter Corporation ST: Texas IN: OIL SU: AH -- NY076 -- 3945 02/28/92 18:12 EST
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Publication:PR Newswire
Date:Feb 28, 1992
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