PennEast Pipeline has added Spectra Energy Partners as the sixth investor in a $1 billion, 108-mile proposed natural gas transmission line that would cut through Northampton County on its way from Wilkes-Barre to Trenton, N.J.
The company joins AGL Resources, NJR Pipeline Co., PSEG Power LLC, South Jersey Industries and UGI Energy Services, a subsidiary of UGI Corp.
“Spectra Energy Partners is one of the leading pipeline and midstream companies in North America,” said Peter Terranova, chairman of the PennEast Pipeline Co. board of managers, in a statement released by the company. “Its involvement underscores the vital role PennEast Pipeline has in addressing fluctuating prices and supply constraints experienced by natural gas and electric customers.”
Spectra Energy Partners and PSEG Power will each have a 10 percent interest in PennEast, with the remaining companies each holding a 20 percent interest. UGI Energy Services is overseeing the project.
Spectra, based in Houston, develops and operates natural gas, oil and natural gas liquids pipelines in the U.S. and Canada. It also gathers, processes, stores and distributes natural gas.
The pipeline project has generated significant opposition among residents whose property is in or near the preliminary path of the pipeline. The company has scheduled on open house on the pipeline for Nov. 12 at the Hanover Township Community Center, 3660 Jacksonville Road, Hanover Township, Northampton County.
PennEast plans to file a formal application with federal regulators next year and hopes to complete construction by late 2017.
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