PAA Natural Gas Storage Pine Prairie facility listed as ICE market hub

PAA Natural Gas Storage Pine Prairie facility listed as ICE market hub
HOUSTON, Texas - PAA Natural Gas Storage (PNGS), LLC on April 28 announced that IntercontinentalExchange (NYSE: ICE), a leading operator of regulated global futures exchanges and over-the-counter markets, has listed the PNGS Pine Prairie facility in Evangeline Parish, La., as a natural gas market hub on the ICE OTC trading platform. PNGS is indirectly owned 50 percent by Plains All American Pipeline, L.P. (NYSE: PAA) and 50 percent by Vulcan Capital.
"The listing of Pine Prairie Hub as a trading point by ICE is a meaningful step in the evolution of our Pine Prairie franchise," said Dean Liollio, president of PNGS. "ICE is a well-respected market platform that offers customers price discovery and the ability to buy and sell natural gas at a variety of physical market hubs throughout North America. The addition of Pine Prairie to the ICE system facilitates our customers' ability to efficiently utilize their leased storage and wheeling capacity at Pine Prairie to balance their system-wide natural gas needs and improves the liquidity of the Pine Prairie facility. Enhanced liquidity around a market hub is attractive for customers and we believe will ultimately improve the value of our asset."