HOUSTON, Dec. 21, 2011 /PRNewswire/ -- Spectra Energy Corp's (NYSE: SE) Texas Eastern Transmission, LP (Texas Eastern), American Electric Power (NYSE: AEP) and Chesapeake Energy Marketing, Inc., a wholly owned subsidiary of Chesapeake Energy Corporation (NYSE: CHK), today announced their intention to advance the development of the Ohio Pipeline Energy Network (OPEN) project, a proposed expansion of the Texas Eastern pipeline system that will connect Ohio's Utica and Marcellus shale gas supplies with the fast-growing markets attached to the Texas Eastern system, in particular natural gas-fired power generation.
The OPEN project brings together the largest producer and leaseholder in the Utica shale play, the largest power generator in the region and the premier pipeline company with over 60 years of safe and reliable operational history in the state of Ohio. The project will involve approximately 70 miles of new pipeline and create an additional 1 billion cubic feet per day (Bcf/d) of transportation capacity to serve local distribution companies, industrial users and gas-fired power generators in the Ohio market, as well as markets along the Texas Eastern system.The project is anticipated to deliver substantial investment in energy infrastructure in the state through mineral leasing and development and construction of pipeline gathering and transportation infrastructure, as well as create significant jobs and lasting tax revenue for the state. As part of the project, American Electric Power continues to invest in Ohio and will pursue transportation capacity that would enable the company to connect Ohio gas supplies with its gas-fired power plants in the Midwest. Chesapeake, which holds 1.5 million net acres, by far the largest acreage position in the Utica play, is pursuing capacity to access the substantial Texas Eastern markets spanning from the Gulf of Mexico to the Northeast U.S. "We are excited about the production potential of the Utica and Marcellus shale in Ohio and the ability to serve communities with clean-burning and domestically abundant natural gas," said Bill Yardley, group vice president, Spectra Energy Transmission, Northeast. "At a time when there is growing environmental need for cleaner power generation, this new infrastructure will deliver clean, affordable and much-needed energy to Ohio, the Midwest and South." A binding open season for the OPEN project is planned for the first quarter 2012 with the projected in-service slated for November 2014.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV