TransCanada to Increase Interest in Portland Natural Gas Transmission

abarrelfullabarrelfull wrote on 28 May 2015 12:33
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September 23, 2003

TransCanada Corporation today announced that it has exercised its right to increase its ownership interest in Portland Natural Gas Transmission System (PNGTS) to 43.42 per cent, an increase of 10.13 per cent. TransCanada will increase its interest by acquiring a portion of DTE East Coast Pipeline Company's interest in PNGTS for approximately US$47.1 million, including assumed debt of approximately US$27.8 million.

The transaction is expected to close within the next month. Upon closing, ownership of PNGTS will be: TransCanada (43.42 per cent); El Paso Corporation (29.64 per cent); and Gaz Métropolitain and Company, Limited Partnership (26.94 per cent).

PNGTS operates a 471 kilometre, 220 million cubic feet per day interstate natural gas pipeline which connects with the Trans-Québec & Maritimes Pipeline near Pittsburg, New Hampshire and has delivery points in Maine, New Hampshire and Massachusetts, including the Boston area.

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