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New partner announced for Constitution gas pipeline proposal

Wednesday, November 14, 2012
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— Constitution Pipeline Co. has found another partner to invest in the proposal to build a 120-mile natural gas pipeline from Pennsylvania to Schoharie County.

North Carolina-based Piedmont Natural Gas expects to invest $180 million into the $750 million project that’s currently undergoing a pre-filing process with the Federal Energy Regulatory Commission.

Piedmont, a publicly traded utility company, provides natural gas to more than 1 million customers in North Carolina, South Carolina and Tennessee. The company and its subsidiaries also invest in other energy-related businesses.

Piedmont joins Oklahoma-based Williams Partners and Texas-based Cabot Oil & Gas, making Constitution Pipeline a three-part joint venture.

Under the expanded partnership, Williams Partners maintains a 51 percent ownership share, Cabot Oil and Gas will have a 25 percent share and Piedmont Natural Gas, which created a wholly owned subsidiary “Piedmont Constitution Pipeline Company LLC,” will own 24 percent.

Constitution Pipeline spokesman Christopher Stockton in an e-mail Tuesday said Piedmont’s involvement is strictly financial — Piedmont won’t be using gas Constitution Pipeline expects to transport if the project is approved by FERC.

“Adding an additional partner to share in the project’s cost reduces the financial load on the other partners, and at the same time, creates opportunity for companies like Piedmont who share our belief in the viability and importance of this critical infrastructure,” he said.

 
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