Crestwood Equity Partners and Consolidated Edison has successfully offloaded the subsidiaries of Stagecoach Gas Services, except for Twin Tier Pipeline, to a subsidiary of Kinder Morgan for $1.2bn.
The cash proceeds from the previously announced sale were shared between Crestwood and Con Edison in line with each member’s 50% ownership interest in the joint venture. The closing of the remainder of the transaction, which consists of the Twin Tier Pipeline, for an additional $30m, is subject to New York state regulatory approval and is expected to close during the first quarter 2022.
Stagecoach is comprised of premier natural gas pipeline and storage facilities that provide a link between robust natural gas supply and Northeast US demand markets. Located in New York and Pennsylvania, Stagecoach consists of four natural gas storage facilities (Stagecoach, Thomas Corners, Steuben and Seneca Lake) with a combined storage capacity of approximately 41 Bcf and three natural gas pipelines with a combined delivery capacity of approximately 3 Bcf per day.
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