With an ongoing commitment to shareowners, New Jersey Resources has made a strategic decision to begin investing in the midstream asset sector, specifically natural gas storage and transportation pipelines. These investments, in the form of equity ownership, will provide NJR’s shareowners with another source of earnings. As a result, NJR created two wholly owned subsidiaries – NJR Storage Holdings Company and NJR Pipeline Company, both housed under our NJR Energy Holdings subsidiary.
In addition to a 5.53 percent equity investment in Iroquois Pipeline and the Steckman Ridge natural gas storage facility in Western Pennsylvania, NJR announced the PennEast Pipeline project. NJR Pipeline, together with UGI Energy Services, a subsidiary of UGI Corporation, AGL Resources and South Jersey Industries, formed the PennEast Pipeline Company to build a 100-mile pipeline from northeast Pennsylvania to western New Jersey, and provide natural gas service up to 1 Bcf a day. Pending FERC approval, construction will begin in 2017 with an in-service date of November 2017.
For more information about the PennEast Pipeline, visit www.penneastpipeline.com.
For more information about the Iroquois Pipeline, visit www.iroquois.com.