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TEXAS EASTERN TRANSMISSION CORPORATION RECEIVES FERC ORDER ENABLING $200 MILLION CUT IN POTENTIAL ORDER 636 COSTS

 HOUSTON, April 2 /PRNewswire/ -- Transmission Corporation (TETCO) has received a Federal Energy Regulatory Commission (FERC) order that enables TETCO and ProGas Limited to settle two long-term natural gas supply contracts, thereby reducing TETCO's potential costs under FERC Order 636 by approximately $200 million from estimates previously submitted to FERC.
 The FERC order approves TETCO's assignment of approximately 100 million cubic feet per day (MMcf/d) of firm transportation service to ProGas USA, Inc., a subsidiary of ProGas Limited of Canada. Settlements of two contracts for TETCO to purchase approximately 100 MMcf/d from ProGas specify that the contracts expire April 1, 1993, relieving both parties of obligations that would have extended through the year 2006.
 "This overall settlement is a true win-win situation. It shows what the natural gas industry can do to create a more market-driven business environment," TETCO President George L. Mazanec said.
 Mazanec expressed appreciation to FERC for acting on the order, despite a heavy workload. "TETCO also appreciates the support of its customers in achieving the savings in the ProGas settlement," he said.
 Texas Eastern Transmission Corporation 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 and transportation related services to the Midwest and Northeast markets.
 -0- 4/2/93
 /CONTACT: Guy Cantwell, 713-627-5012, or Brad Porlier (investor), 713-627-4600, or 800-347-3636, both of Texas Eastern Transmission Corporation/
 (PEL)


CO: Texas Eastern Transmission Corporation ST: Texas IN: OIL SU:

SH -- NY058 -- 2581 04/02/93 14:32 EST
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Publication:PR Newswire
Date:Apr 2, 1993
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