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Spectra Energy Partners closes acquisition of additional 10% stake in PennEast

Enbridge Inc. master limited partnership Spectra Energy Partners LP completed its acquisition of a 10% position in PennEast Pipeline Co. LLC from PSEG Power LLC, making the MLP a 20% equity partner in the pipeline.

PennEast's board of managers approved the final purchase and sale agreement, closing the deal, according to a June 7 news release. PSEG Power will retain its 125,000-Dth/d commitment on the pipeline.

"PSEG's unwavering commitment to its subscribed PennEast capacity underscores the need for lower-cost natural gas to power New Jersey's future, and directly rebuts the notion this project is about excessive returns – rather than a need for the gas," said Dat Tran, chairman of PennEast's board of managers.

The interstate natural gas pipeline project obtained a positive final environmental impact statement from the Federal Energy Regulatory Commission and a key water quality permit from the Pennsylvania Department of Environmental Protection. It awaits a certificate of public convenience and necessity and is scheduled to begin service in the second half of 2018.

The other partners in PennEast, which is designed to move 1.1 MMDth/d of gas from Pennsylvania to New Jersey, are Southern Co.'s Southern Gas Co., New Jersey Resources Corp.'s NJR Pipeline Co., South Jersey Industries Inc.'s SJI Midstream and UGI Corp.'s UGI Energy Services.