HOUSTON, Texas - Spectra Energy Corp.'s Texas Eastern Transmission, LP on Jan. 17 announced it has reached binding agreements with two anchor shippers for its TEAM 2014 project, an expansion of its existing Texas Eastern system to deliver additional emerging Appalachian shale natural gas supplies to diverse markets in the Northeast, Midwest and Southern U.S.
The commitments provide sufficient market support to proceed with the development of the TEAM 2014 project. Texas Eastern will solicit interest from additional shippers through a binding open season that began on Jan. 17 and will end Feb. 17.
TEAM 2014, with an estimated fourth quarter 2014 in-service date, reflects a fully scalable capacity expansion of up to 1.4 billion cubic feet per day, including the volume of the two anchor shippers. Because Texas Eastern is expanding its existing pipeline system, the expansion project can be sized to meet the needs of the two anchor shippers as well as additional shippers that may be identified during the binding open season.
The company currently estimates the expansion will result in a capital investment of approximately $500 million, which could potentially increase based on the results of the open season.
Interested shippers will have the opportunity to nominate transportation services from multiple existing and proposed receipt points in West Virginia and southwestern Pennsylvania to multiple delivery points across the Northeast, Midwest and Southeast U.S. markets.
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