OMAHA, Neb., July 11, 2003 — Northern Border Pipeline Co. announced it has received commitments from several entities for transportation capacity, leaving approximately 11% of the total system capacity expiring prior to November 1, 2003.
These commitments are at the maximum rate available under Northern Border’s tariff, the majority of which are for terms of one to two years, with a small amount of capacity extending up to ten years.
“The success of the recontracting effort to date reinforces Northern Border’s ongoing stability of revenue and cash flow,” said Bill Cordes, chairman of the Northern Border Pipeline Management Committee. “We have been and remain confident in our ability to recontract our available capacity based on the favorable competitive position of the Northern Border system. Once again, the shippers have confirmed the value of holding pipeline capacity between Canadian supply areas and midwestern U.S. markets.”
Northern Border Pipeline Company is a general partnership that owns and operates a 1,249-mile interstate pipeline that transported approximately 20 percent of all Canadian gas imported into the United States in 2002. Northern Border Partners, L.P. owns a 70 percent general partner interest in Northern Border Pipeline Company. The remaining 30 percent general partner interest is owned by TC PipeLines, LP.