HOUSTON, Jan. 31 /PRNewswire-FirstCall/ -- Colorado Interstate Gas (CIG),
a subsidiary of El Paso Corporation (NYSE: EP), and Xcel Energy (NYSE: XEL)
announced today that WYCO Development LLC plans to develop and lease new
natural gas transportation and storage facilities in Colorado. WYCO was
jointly formed in 1999 to develop and lease gas pipeline and compression
facilities. The companies are equal partners in the joint venture to develop
the proposed High Plains Pipeline Project.
The proposed project includes approximately 164 miles of natural gas
transmission pipeline and natural gas storage facilities having working gas
capacity of approximately 7 billion cubic feet. The facilities will be
regulated by the Federal Energy Regulatory Commission (FERC) and leased and
operated by CIG. CIG expects to file applications with FERC in the spring and
fall of 2007.
CIG is holding a binding open season for the proposed project. A pipeline
open season began January 12, 2007 and runs through February 12, 2007. A
binding open season for the storage project began January 16, 2007 and runs
through February 16, 2007. Questions concerning the open seasons or requests
to obtain precedent agreements and offer sheets should be referred to Greg
Ruben at CIG at (719) 520-4870.
El Paso Corporation provides natural gas and related energy products in a
safe, efficient, and dependable manner. The company owns North America's
largest natural gas pipeline system and one of North America's largest
independent natural gas producers. For more information, visit
http://www.elpaso.com .
Xcel Energy is a major U.S. electricity and natural gas company with
regulated operations in eight Western and Midwestern states. Xcel Energy
provides a comprehensive portfolio of energy-related products and services to
3.3 million electricity customers and 1.8 million natural gas customers
through its regulated operating companies. Company headquarters are located in
Minneapolis. More information is available at http://www.xcelenergy.com .
El Paso 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, the receipt of the necessary capacity
commitments for the project described in this release; the receipt of
necessary governmental approvals for such project; 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.
Xcel Energy Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements that are subject to
certain risks, uncertainties and assumptions. Such forward-looking statements
include projected earnings, cash flows, capital expenditures and other
statements and are identified in this document by the words "anticipate,"
"estimate," "expect," "projected," "objective," "outlook," "possible,"
"potential" and similar expressions. Actual results may vary materially.
Factors that could cause actual results to differ materially include, but are
not limited to: general economic conditions, including the availability of
credit, actions of rating agencies and their impact on capital expenditures;
business conditions in the energy industry; competitive factors; unusual
weather; effects of geopolitical events, including war and acts of terrorism;
changes in federal or state legislation; regulation; costs and other effects
of legal administrative proceedings, settlements, investigations and claims
including litigation related to company-owned life insurance (COLI); actions
of accounting regulatory bodies; the higher degree of risk associated with
Xcel Energy's nonregulated businesses compared with Xcel Energy's regulated
business; and other risk factors listed from time to time by Xcel Energy in
reports filed with the SEC, including Exhibit 99.01 to Xcel Energy's report on
Form 10-K for year 2005.
SOURCE El Paso Corporation; Xcel Energy
Contact: Bruce L. Connery, Vice President - Investor and Public Relations, +1-713-420-5855, or Richard Wheatley, Manager - Media Relations, +1-713-420-6828, or fax, +1-713-420-6341, both of El Paso Corporation; or Mark Stutz, Media Relations of Xcel Energy, +1-303-294-2080