PSEG Power (part of the Public Service Enterprise Group) has reached an agreement with Spectra Energy (merged with Enbridge since the end of February 2017) on the sale of its 10% interest in the PennEast Pipeline project in the North-East of the Untied States. The transaction, whose financial terms were not disclosed, will help PSEG Power focus on its core business, namely power plants, and will raise Enbridge's stake in the project from 10% to 20%.
The US$1bn PennEast pipeline will stretch from Luzerne County in northeastern Pennsylvania to the Trenton-Woodbury interconnection in New Jersey (United States) over 100 miles (160 km). It will have a capacity of 1 bcf/d (10.3 bcm/year) and is expected to be commissioned in the second half of 2018, to serve approximately 4.7 million homes. The pipeline is awaiting approval of the Federal Energy Regulatory Commission and is opposed by environmental groups.
PennEast is a company set up by UGI Energy Services (UGIES, subsidiary of UGI Corporation), AGL Resources, NJR Pipeline Company (New Jersey Resources), South Jersey Industries and Spectra Energy Partners, with 20% each.