PSEG looks to sell stake in $1.2B PennEast pipeline project

By The Associated Press

New Jersey's largest utility is trying to sell its stake in a pipeline project that's designed to ferry cheap Marcellus Shale natural gas from northern Pennsylvania to New Jersey.

 

HARRISBURG, Pa. (AP) — New Jersey's largest utility is trying to sell its stake in a pipeline project that's designed to ferry cheap Marcellus Shale natural gas from northern Pennsylvania to New Jersey.

A PSEG spokesman said Thursday that the company intends to remain a customer of the PennEast pipeline to bring natural gas to its customers. But spokesman Mike Jennings says PSEG wants to focus more on its core business of running and building power plants.

PSEG has a 10 percent equity stake in the roughly 120-mile, $1.2 billion pipeline project.

The pipeline is awaiting approval by the Federal Energy Regulatory Commission. A spokeswoman for the six-member pipeline partnership says it expects FERC approval and a seven-month construction process to finish in the second half of 2018.

Environmental advocacy groups oppose the project.

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