El Paso Corporation Announces Transportation Agreement With Pacific Gas and
Electric Company for Ruby Pipeline
HOUSTON, Dec. 21 /PRNewswire-FirstCall/ -- El Paso Corporation (NYSE: EP)
announced today that it has executed a precedent agreement with Pacific Gas
and Electric Company (PG&E) for long-term firm transportation service on El
Paso's Ruby Pipeline -- a proposed 680-mile, 42-inch natural gas transmission
pipeline that would begin at the Opal Hub in Wyoming and terminate at the
Malin, Oregon, interconnect near California's northern border. The PG&E
precedent agreement provides for the transportation of 375,000 dekatherms per
day for a 15-year term.
"We are very pleased by PG&E's decision to become an anchor shipper on the
Ruby Pipeline," said Jim Cleary, president of El Paso's Western Pipeline
Group. "Ruby will provide PG&E and its customers access to natural gas from
the Rockies, the nation's most important supply growth region for natural
gas."
"This agreement for transportation service on the Ruby Pipeline will help
ensure that PG&E customers will have a long-term, reliable source of natural
gas supplies for their homes, businesses and new, efficient natural gas power
plants that are currently under development," said Roy Kuga, vice president-
Energy Supply, for PG&E.
El Paso is in discussions with other prospective shippers and will
announce a formal open season shortly. Subject to Federal Energy Regulatory
Commission and other regulatory approvals, and after obtaining necessary
customer commitments, the Ruby Pipeline is anticipated to be in service in the
first quarter of 2011.
El Paso Corporation provides natural gas and related energy products in a
safe, efficient, and dependable manner. The company owns North America's
largest interstate natural gas pipeline system and one of North America's
largest independent natural gas producers. For more information, visit
http://www.elpaso.com.
Pacific Gas and Electric Company, California's largest investor-owned
utility, serves more than 15 million people throughout a 70,000 square-mile
service area in northern and central California. The utility is a subsidiary
of PG&E Corporation (NYSE: PCG), a Fortune 200 energy-based holding company
headquartered in San Francisco. For more information, visit the Web site at
http://www.pgecorp.com.
Cautionary Statement Regarding Forward-Looking Statements
This release includes forward-looking statements and projections, made in
reliance on the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The company has made every reasonable effort to ensure
that the information and assumptions on which these statements and projections
are based are current, reasonable, and complete. However, a variety of factors
could cause actual results to differ materially from the projections,
anticipated results or other expectations expressed in this release,
including, without limitation, our ability to obtain all necessary regulatory
approvals and to successfully construct and operate the proposed facilities
described in this release; general economic conditions in geographic regions
or markets served by El Paso Corporation and its affiliates, or where
operations of the company and its affiliates are located, and other factors
described in the company's (and its affiliates') Securities and Exchange
Commission filings. While the company makes these statements and projections
in good faith, neither the company nor its management can guarantee that
anticipated future results will be achieved. Reference must be made to those
filings for additional important factors that may affect actual results. The
company assumes no obligation to publicly update or revise any forward-looking
statements made herein or any other forward-looking statements made by the
company, whether as a result of new information, future events, or otherwise.
Editor's Note: El Paso Corporation announced the Ruby Pipeline project on
December 3, 2007. The press release can be accessed at
http://investor.elpaso.com/phoenix.zhtml?c=97166&p=irol-
newsArticle&ID=1083561&highlight=
SOURCE El Paso Corporation; Pacific Gas and Electric Company
Investor-Media Relations, Bruce L. Connery, Vice President, +1-713-420-5855,
Fax, +1-713-420-4417, or Media Relations, Richard Wheatley, Manager,
+1-713-420-6828, Fax, +1-713-420-6431, both of El Paso Corporation; or Media
Relations, Jon Tremayne, Manager of Pacific Gas and Electric Company, News
Department, +1-415-973-5930
