CHATHAM, ON, Dec. 18, 2015 /CNW/ – Union Gas today received approval from the Ontario Energy Board (OEB) for a 15-year contract to move natural gas from supply basins located near Ohio, into the Union Gas Dawn Hub on the proposed NEXUS Gas Transmission system (NEXUS), starting November, 2017.
Over the past five years, there has been a significant increase in the development and production of natural gas within the Appalachian Basis in Ohio and Pennsylvania. The proposed NEXUS project, which is being developed jointly by Spectra Energy and DTE Energy, will connect Ontario gas consumers to these new and growing supplies and provide Ontario consumers with greater supply diversity, security and cost competitiveness.
“Our goal is to ensure that Ontario gas consumers, including homes, businesses and industry, have secure access to a diverse supply of competitively-priced natural gas,” said Mark Isherwood, vice president of business development, storage and transmission.
Abundant North American supplies are keeping prices low for natural gas consumers. In fact, the price Union Gas customers pay for natural gas has steadily declined and is lower today than it was 10 years ago. In addition, experts agree that natural gas will continue to be competitively-priced well into the next decade.
“We are excited about the opportunities that the increased access to new supplies of competitively-priced natural gas present for invigorating our economy by saving people money, encouraging investment and helping our manufacturing sector be competitive with low-cost energy,” added Isherwood.
About Union Gas
Union Gas Limited is a major Canadian natural gas storage, transmission and distribution company based in Ontario with 100 years of experience and service to customers. The storage and transmission business offers a variety of storage and transportation services to customers at the Dawn Hub, the fastest growing liquid market hub in North America with the largest underground storage facility in Canada and one of the largest in North America. The Dawn Hub offers customers an important link in the movement of natural gas from Western Canadian and U.S. supply basins to markets in central Canada and the northeast U.S. One of Canada's Top 100 Employers for 2015, Union Gas is a Spectra Energy (NYSE: SE) company with assets of $7 billion and approximately 2,200 employees. For more information, visit uniongas.com or follow us on twitter.com/uniongas, facebook.com/uniongas and youtube.com/user/uniongas.
SOURCE Union Gas Limited