From EQT Corp., NextEra today:
PITTSBURGH--(BUSINESS WIRE)--EQT Corporation (NYSE: EQT) and NextEra US Gas Assets, LLC, an indirect, wholly owned subsidiary of NextEra Energy, Inc (NYSE: NEE) today announced the formation of a joint venture, Mountain Valley Pipeline, LLC, that will construct and own the Mountain Valley Pipeline. The joint venture also announced the launch of a binding open season for the Mountain Valley Pipeline. The companies also announced EQT Corporation, through one or more of its affiliates, including EQT Midstream Partners, LP (NYSE: EQM), will operate the pipeline and own a majority interest in the joint venture.
With a vast supply of natural gas from Marcellus and Utica shale production, the Mountain Valley Pipeline is expected to provide at least two billion cubic feet per day of firm transmission capacity to demand markets in the Mid- and South Atlantic regions of the United States. Subject to FERC approval, the estimated 330-mile Mountain Valley Pipeline will connect the existing Equitrans transmission system in West Virginia, to Transcontinental Gas Pipeline Company’s (Transco) Zone 5 compressor station 165 in Virginia – a highly marketable trading area for the southeast region. To-date, the joint venture has received firm capacity commitments that total 1.5 Bcf per day. The pipeline is expected to be in-service during the fourth quarter 2018.
“As we move into a binding open season, securing the 1.5 Bcf per day of firm capacity confirms we have an economically viable project. Marcellus and Utica producers will have cost-effective access to the growing demand for natural gas for use by local distribution companies, manufacturers, and power generation facilities,” stated Randy Crawford, senior vice president, EQT Corporation; and chief operating officer, EQT Midstream Partners.
“We are encouraged by the market response to the proposed Mountain Valley Pipeline thus far,” said TJ Tuscai, president, NextEra US Gas Assets. ”We look forward to working with our partner EQT to bring a new reliable supply of natural gas to customers in the southeast United States.”
The binding open season was filed by the joint venture, and the initial operator of the pipeline will be a subsidiary of EQT Corporation. The binding open season is scheduled to end on September 29, 2014, at which time the final project scope will be determined. For more information on the binding open season, please visit www.eqt.com.
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