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, NJR has announced plans to develop a natural gas storage facility in Western Pennsylvania through a partnership with Spectra Energy. The new facility, known as Steckman Ridge, has an anticipated in-service date of mid-2009.
For more information about the Iroquois Pipeline, visit www.iroquois.com.