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TransCanada announced on Feb. 22, 2007 it has closed the acquisition of American Natural Resources Company and ANR Storage Company (collectively, ANR) and an additional 3.55 per cent interest in Great Lakes Gas Transmission Limited Partnership (Great Lakes) from El Paso Corporation.
“We’re pleased the deal has closed and we can move forward with integration efforts,” says Hal Kvisle, TransCanada’s chief executive officer. “These high quality, regulated assets are a strong fit with TransCanada’s existing North American portfolio, and strengthen our position as a leader in the North American gas transmission business. In addition, the expert people we have gained through this acquisition will continue to further our capabilities and our opportunities for growth.”
This acquisition has significantly expanded TransCanada’s continental natural gas pipeline and storage operations, and will establish it as one of the continent's largest gas storage operators. It will expand the company's pipeline network by around 40 per cent and nearly triple its capacity to store natural gas.
“With the acquisition of ANR, TransCanada’s wholly owned natural gas pipeline network extends more than 59,000 kilometres and offers our customers unparalleled connections from traditional and emerging supply basins to growing North American markets,” says Hal. “By acquiring more than 230 billion cubic feet of natural gas storage capacity, TransCanada now has interests in approximately 360 billion cubic feet of storage capacity, making us one of North America’s largest gas storage operators.”
The ANR pipeline system is one of the largest interstate natural gas pipeline systems in the United States, providing transportation, storage, and various capacity-related services to a variety of customers in both the U.S. and Canada. The system consists of 17,000 kilometres (10,500 miles) of pipeline with a peak-day capacity of 6.8 billion cubic feet per day (Bcf/d). It transports natural gas from producing fields in Louisiana, Oklahoma, Texas and the Gulf of Mexico to markets in Wisconsin, Michigan, Illinois, Ohio and Indiana. The pipeline system also connects with numerous other pipelines providing customers with access to diverse sources of supply from Western Canada and the Rocky Mountain region, and access to a variety of end-user markets in the Midwestern and Northeast United States.
For more information, visit TransCanada's website. |
