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Enron Mail |
-----Original Message----- From: Taylor, Gina Sent: Thursday, January 31, 2002 2:53 PM To: Gadd, Eric; Hyatt, Kevin Subject: FW: Clip fyi... Gina -----Original Message----- From: BWHO [mailto:BWHO@bizwire.com] Sent: Thursday, January 31, 2002 2:48 PM To: Taylor, Gina Subject: Clip PRESS RELEASE:Utilicorp Unit To Develop Ariz. Facility <UCU Jan 31 at 15:20 ( BW)(MO-AQUILA)(UCU) Aquila Set to Develop Arizona Gas Storage Facility Business Editors KANSAS CITY, Mo.--(BUSINESS WIRE)--Jan. 31, 2002--Aquila, the wholly owned subsidiary of UtiliCorp United (NYSE: UCU), announced today that it has purchased the Red Lake Storage Project from Southwest Gas Corporation. The purchase includes 36,000 acres approximately 30 miles north of Kingman, Arizona, and the rights to develop a salt cavern storage facility. Along with the land, Aquila purchased the water and mineral rights necessary to develop the facility. The facility will have a gas storage capacity of 12 billion cubic feet (Bcf). The first phase of the facility, with a storage capacity of 6 Bcf, is expected to be in operation by the fourth quarter of 2003, with the full 12 Bcf planned for the fourth quarter of 2004. The facility will connect to pipelines operated by El Paso Natural Gas Pipeline and Transwestern Pipeline Company. Aquila anticipates beginning an open season for the facility within the next seven to ten days. In an open season period a company seeks storages commitments from potential clients. "This facility fits with our strategy to build or acquire assets that enable us to provide clients with the energy they need when they encounter dramatic increases in demand," said Ed Mills, president and chief operating officer of Aquila. The facility is positioned to serve Arizona power plants, as well as other facilities in Nevada and California. There are approximately 60 gas-fired power plants in Arizona, representing one of the largest single concentrations of such facilities in the United States "Southwest Gas Corporation is pleased to see the Red Lakes Storage Project being developed," said Ed Zub, executive vice president of Southwest Gas Corporation. "Development of this project will benefit the states of Arizona and Nevada where Southwest Gas Corporation serves more than 1.1 million customers." Aquila currently owns one of the largest independent storage facilities in the southwest, a 21 Bcf facility in Katy, Texas. The company is also currently completing the acquisition of a storage facility near Lodi, California, which will provide gas to the frequently energy-short cities in northern California. With the addition of the Red Lake Storage Project, Aquila will be one of the largest independent storage providers for power plants and local gas distribution companies in the Southwest. Based in Kansas City, Aquila is a leading wholesaler of natural gas, power and coal in North America and provider of risk management services. Aquila also provides wholesale energy and risk management services in the United Kingdom, Germany and Scandinavia. Aquila is wholly owned by Kansas City-based UtiliCorp United, an international energy company with 4 million customers across the U.S. and in Canada, the United Kingdom, New Zealand and Australia. Additional information is available at www.aquila.com, or contact Mark D. Cook at 816/527- 1369. --30--LVD/dx* CONTACT: Aquila Media Contact: Al Butkus, 816/467-3616 Media Relations, 816/467-3000 Investor Contact: Ellen Fairchild, 816/527-1409 KEYWORD: MISSOURI ARIZONA CALIFORNIA NEVADA UNITED KINGDOM GERMANY NEW ZEALAND AUSTRALIA INTERNATIONAL EUROPE ASIA PACIFIC CANADA INDUSTRY KEYWORD: ENERGY OIL/GAS UTILITIES SOURCE: Aquila Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: http://www.businesswire.com (END) DOW JONES NEWS 01-31-02 03:20 PM Company Symbols: UCU Subject Codes: I/ELC I/UEC N/DJN N/DJWI N/CNW N/DJWB N/LNG N/PRL N/TPCT N/WEI M/NND M/TPX M/UTI P/NRG R/MO R/NAPW R/NERC R/NME R/SPP R/US R/USC PR/EXCL
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