Natural gas pipeline approved by FERC

Spectra Energy Corp. (NYSE: SE) May 21 received approval from the Federal Energy Regulatory Commission (FERC) for its New Jersey-New York Expansion Project, which will transport natural gas supplies to Con Edison’s (NYSE: ED) distribution markets in northern New Jersey and New York City.

Commissioners voted 4-0 on the $1.2 billion project. Officials plan to begin construction of the pipeline by June 2012 and complete it by November 2013.

The 20-mile expansion of Spectra’s Texas Eastern Transmission and Algonquin Gas Transmission interstate pipeline systems is expected to provide 800 million cubic feet per day (Mmcf/d) of additional capacity to the region once it is completed in the fourth quarter of 2013.

“The Project’s FERC certificate is the culmination of a comprehensive, multi-year review by numerous federal, state and local agencies,” said Greg Ebel, president and chief executive officer, Spectra Energy Corp.  “This milestone is a crucial step toward completing this project, which will provide critically needed pipeline infrastructure and numerous environmental and economic benefits to the region.”

During the planning and construction phases of the project, more than 5,200 direct and indirect jobs will be created in and around local host communities. The project is expected to reduce carbon dioxide emissions by 6 million tons per year.

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