CALGARY, ALBERTA–(Marketwired – March 11, 2016) – Veresen Inc. (“Veresen”) (TSX:VSN) has received an order from the Federal Energy Regulatory Commission (“FERC”) denying the applications of Jordan Cove LNG and Pacific Connector Gas Pipeline (“Pacific Connector”) seeking authorization for the construction and operation of a liquefied natural gas (“LNG”) export terminal and natural gas pipeline. Specifically, the FERC stated that the public benefits of Pacific Connector do not outweigh the potential for adverse impacts on landowners and communities.
“Clearly, we are extremely surprised and disappointed by the FERC decision,” said Don Althoff, President and CEO of Veresen. “The FERC appears to be concerned that we have not yet demonstrated sufficient commercial support for the projects. We will continue to advance negotiations with customers to address this concern.”
Jordan Cove LNG and Pacific Connector will file a request for a rehearing of the decision.
Jordan Cove LNG is a wholly-owned subsidiary of Veresen. Pacific Connector Gas Pipeline is owned equally by a subsidiary of Veresen and a subsidiary of The Williams Companies, Inc.
About Veresen Inc.
Veresen is a publicly-traded dividend paying corporation based in Calgary, Alberta that owns and operates energy infrastructure assets across North America. Veresen is engaged in three principal businesses: a pipeline transportation business comprised of interests in the Alliance Pipeline, the Ruby Pipeline and the Alberta Ethane Gathering System; a midstream business which includes a partnership interest in Veresen Midstream Limited Partnership which owns assets in western Canada, an ownership interest in Aux Sable, a world-class natural gas liquids (NGL) extraction facility near Chicago, and other natural gas and NGL processing energy infrastructure; and a power business comprised of a portfolio of assets in Canada. Veresen is also developing Jordan Cove LNG, a six million tonne per annum natural gas liquefaction facility proposed to be constructed in Coos Bay, Oregon, and the associated Pacific Connector Gas Pipeline. In the normal course of business, Veresen regularly evaluates and pursues acquisition and development opportunities.
Veresen’s Common Shares and Cumulative Redeemable Preferred Shares Series A, Series C and Series E trade on the Toronto Stock Exchange under the symbols “VSN”, “VSN.PR.A”, “VSN.PR.C” and “VSN.PR.E”, respectively. For further information, please visit www.vereseninc.com.
Director Investor Relations