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PANHANDLE EASTERN CORPORATION UNIT TO PROVIDE FIRM NATURAL GAS TRANSPORTATION TO COGENERATION FACILITY UNDER 20.5-YEAR AGREEMENT

 PANHANDLE EASTERN CORPORATION UNIT TO PROVIDE FIRM NATURAL GAS


TRANSPORTATION TO COGENERATION FACILITY UNDER 20.5-YEAR AGREEMENT
 HOUSTON, April 27 /PRNewswire/ -- Panhandle Eastern Pipe Line Company (NYSE: PEL) (PEPL), one of the major natural gas transmission subsidiaries of Panhandle Eastern Corporation, has signed a 20.5-year agreement with Sithe/Energy Group to provide firm natural gas transportation service for Sithe's proposed independent station, the Oswego Project. The 1,000-megawatt, natural-gas-fired cogeneration facility will be located in Scriba, N.Y.
 Under the agreement, PEPL will transport a minimum of 36 million cubic feet per day (MMcf/d) of natural gas for Sithe's Oswego Project to Union Gas Limited at Ojibway, Canada. Transportation may be increased to 65 MMcf/d at Sithe's option. Over the course of the agreement, a minimum of 260 billion cubic feet of natural gas will be transported to the facility, with estimated transportation revenues of more than $140 million.
 "Fueling electrical generation represents one of the most promising incremental market opportunities for the natural gas industry in the 1990s, and we are pleased to be able to provide this firm service for the project," said Paul Anderson, president of PEPL.
 Panhandle Eastern Pipe Line Company is a subsidiary of Panhandle Eastern Corporation, which operates one of the nation's largest interstate pipeline systems providing natural gas to the Midwest and Northeast markets.
 -0- 4/27/92
 /CONTACT: Maureen Civiletto, 713-627-4076, or Dorothy M. Ables, 713-627-4600, both of Panhandle Eastern Pipe Line/
 (PEL) CO: Panhandle Eastern Pipe Line Company; Sithe/Energy Group ST: Texas, New York IN: OIL SU: CON


SM -- NY108 -- 3384 04/27/92 16:53 EDT
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Publication:PR Newswire
Date:Apr 27, 1992
Words:270
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