CRESTWOOD EQUITY PARTNERS LP
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|Inergy Completes Acquisition of Seneca Lake Gas Storage Facility|
KANSAS CITY, Mo., Jul 14, 2011 (BUSINESS WIRE) --
Inergy, L.P. (NYSE:NRGY) ("Inergy") announced today that it has closed on its previously announced acquisition of the Seneca Lake natural gas storage facility located in Schuyler County, New York, ("Seneca Lake") and two related pipelines for approximately $65 million from New York State Electric & Gas Corporation.
Seneca Lake is an approximate 2.0 billion cubic feet (Bcf) underground salt cavern storage facility located on Inergy's US Salt property outside Watkins Glen, NY, and has a maximum withdrawal capability of 145 MMcf/day and maximum injection capability of 72.5 MMcf/day. Seneca Lake is connected to the Dominion Transmission System via the 16-inch, 20 mile Seneca West Pipeline and indirectly to the city gate of Binghamton, NY, via the 12-inch, 37.5 mile Seneca East Pipeline, which runs within approximately 4 miles of Inergy's Stagecoach North Lateral interconnect with the Millennium Pipeline.
"Inergy is pleased to complete the acquisition of the Seneca Lake gas storage facility," said John Sherman, President and CEO of Inergy, L.P. "This acquisition expands our storage and transportation capabilities and provides us with important pipeline infrastructure that enhances the connectivity and flexibility we can offer customers on our system. The acquisition immediately provides Inergy with additional fee-based cash flow and is an important step in the continued execution of Inergy's natural gas storage and transportation strategy in the northeast market."
About Inergy, L.P.
Inergy, L.P., with headquarters in Kansas City, Missouri, is a publicly traded master limited partnership. Inergy's operations include the retail marketing, sale, and distribution of propane to residential, commercial, industrial, and agricultural customers from customer service centers throughout the United States. Inergy also operates a natural gas storage business and a supply logistics, transportation, and wholesale marketing business that serves independent dealers and multi-state marketers in the United States and Canada.
This press release includes statements that may constitute forward-looking statements, which are statements that are not historical in nature. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. Factors that can affect future results are discussed in Inergy's annual report on Form 10-K and other reports filed by Inergy from time to time with the U.S. Securities and Exchange Commission. Inergy undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.
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SOURCE: Inergy, L.P.