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PANHANDLE EASTERN PIPE LINE COMPANY SETTLES CANADIAN GAS SUPPLY CONTRACT

PANHANDLE EASTERN PIPE LINE COMPANY SETTLES CANADIAN GAS SUPPLY CONTRACT
 HOUSTON, Nov. 2 /PRNewswire/ -- The Federal Energy Regulatory Commission Friday issued an order approving Panhandle Eastern Pipe Line Company's (PEPL) previously announced settlement to terminate the company's Canadian gas supply contract. PEPL subsequently implemented the terms of the settlement, making it effective Nov. 1.
 The settlement ends PEPL's obligations to buy natural gas from Northwest Alaskan Pipe Line Company and Pan-Alberta Gas Ltd., and removes transportation demand charges associated with the Canadian gas from PEPL's rates.
 "This settlement removes the final major impediment to achieving fully competitive rates on PEPL," said Paul Anderson, PEPL president.
 An affiliate of Pan-Alberta will assume PEPL's 150 MMcf/d of capacity on Northern Border Pipeline Company. Panhandle Eastern retains its 22.75 percent Northern Border ownership interest.
 Panhandle Eastern Pipe Line Company is a subsidiary of Panhandle Eastern Corporation (NYSE: PEL), which operates one of the nation's largest interstate natural gas pipeline systems, providing natural gas to the Midwest and Northeast markets.
 -0- 11/2/92
 /CONTACT: (Media Relations) John P. Barnett, 713-627-4072, or (Investor Relations) Brad Porlier, 713-627-4600 or 800-347-3636, both of Panhandle Eastern/
 (PEL) CO: Panhandle Eastern Pipe Line Company ST: Texas IN: OIL SU: CON


KD -- NY097 -- 1817 11/02/92 17:37 EST
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Publication:PR Newswire
Date:Nov 2, 1992
Words:213
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