Con Ed & Crestwood Seal the Deal on Marcellus Pipeline/Storage JV

StagecoachIn April MDN brought you the news that New York City’s largest utility company–Consolidated Edison Inc.–had formed a 50/50 joint venture to purchase ownership of pipelines and storage facilities from Crestwood Equity Partners in the PA and NY Marcellus region (see Utility Giant ConEdison Buys a Piece of the Marcellus Midstream). The newly formed jv, called Stagecoach Gas Services, will be operated by Crestwood and includes four natural gas storage facilities (Stagecoach, Thomas Corners, Steuben and Seneca Lake) with a combined storage capacity of approximately 41 billion cubic feet; and three natural gas pipelines (MARC I, North/South and the East Pipeline) with a combined throughput capacity of 2.96 billion cubic feet per day. The deal closed earlier this week. Con Ed ponied up $945 million, and together with the pipelines and facilities “donated” by Crestwood to the jv, the new Stagecoach Gas Services company is worth an estimated $2 billion…

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