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Iberdrola USA sells Seneca Lake assets to Inergy Midstream

New York State Electric & Gas Corporation (NYSEG), an Iberdrola USA subsidiary, has reached an agreement with Inergy Midstream to sell its Seneca Lake assets, totalling $65 million (45.54 million).

This deal, which forms part of the asset disposal scheme outlined in Iberdrola's Strategic Plan 20082010, is subject to regulatory authorisation as well as other pertinent approvals.

The Seneca Lake assets comprise a high-rotation saline natural gas storage facility with 1.45 bcf of capacity and two gas pipelines in New York State.

The Seneca Lake Storage site is located on the western shore of Seneca Lake, three miles north of Watkins Glen in New York State. It includes a compression station and a high-rotation salt cavern. The plant is hooked up to the Dominion transmission system in Big Flats by the West pipeline which is 20 miles long and 16 inches in diameter.

The East pipeline, 37.5 miles long and 12 inches in diameter, connects the eastern-most point of the interstate gas transmission system (Dominion Transmission Pipeline) close to Danby with the Binghampton area.

The Seneca Lake deal is in addition to others announced in 2009 by Iberdrola, such as the disposal of its stakes in the Sagunto and BBG regasification plants, two hydroelectric plants in Chile, the sale of 10% of Gamesa and 27% of Guatemala's telecommunications operator, Navega.

Inergy Midstream is a subsidiary of Inergy, L.P. headquartered in Missouri and owner of natural gas and propane gas storage and marketing assets in the Mid-West, the South, South-East and North-East.

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