Nipsco Finalizes TPC Acquisition
Nipsco Industries Inc. said subsidiary Energy USA Inc. completed
its acquisition of TPC Corp., including its 66% interest in Market
Hub Partners LP. The deal was finalized April 1 and is valued at
about $150 million.
Houston-based TPC is a major gas marketer, utility gas asset
portfolio manager and a leading developer of salt cavern storage.
MHP is the largest independent owner and operator of salt cavern
gas storage in North America with facilities near Houston and in
Acadia Parish, LA. The facilities have combined working storage of
more than 20 Bcf with potential for additional cavern expansion.
This year in Tioga County, PA, construction is scheduled to begin
on a new 15 Bcf salt cavern facility that will initially provide
2.5 Bcf of storage by 2001.
"This acquisition enhances NI's strategy to link gas storage
facilities to the growing Southwest, Midwest and Northeast natural
gas market centers. Nipsco Industries continues to develop diverse
natural gas supply and storage options for the growing gas
marketplace," said James K. Abcouwer, NI senior vice president and
president of Energy USA.
NI's other energy marketing and gas portfolio management
operations will become part of TPC's operation.
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