Exhibit 99.2
Sept. 18, 2000 CONTACTS: Gail Schutz
Duke Energy
Phone: 713/627-4060
Regina Biddings
NiSource
Phone: 219/647-6204
DUKE ENERGY GAS TRANSMISSION COMPLETES PURCHASE
OF MARKET HUB PARTNERS
HOUSTON AND MERRILLVILLE, IND. -- Duke Energy Gas Transmission (DEGT) has
acquired the natural gas salt cavern storage business commonly known as Market
Hub Partners (MHP), from subsidiaries of NiSource Inc., for $250 million in cash
plus the assumption of $150 million in debt. The deal completed today was
announced Aug. 30.
This new line of business for DEGT has 23 billion cubic feet of storage capacity
with significant expansion capability. MHP's Moss Bluff storage facility in
Liberty County, Texas, and Egan storage facility in Acadia Parish, La., are
active while natural gas storage projects in Mississippi and Pennsylvania are
under development.
MHP was a subsidiary of EnergyUSA, a wholly owned subsidiary of NiSource Inc.
NiSource Inc. (NYSE: NI) is a holding company with headquarters in Merrillville,
Ind., whose primary business is the distribution of electricity, natural gas and
water in the Midwest and Northeastern United States. The company also markets
utility services and customer-focused
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resource solutions along a corridor from Texas through Chicago to Maine. More
information about the company is available on the Internet at www.nisource.com.
Duke Energy Gas Transmission, based in Houston, operates 12,000 miles of natural
gas pipelines known as Texas Eastern Transmission Corp., Algonquin Gas
Transmission Co., East Tennessee Natural Gas Co. and with other partners,
Maritimes & Northeast Pipeline. Together, these companies transport 8 percent of
the natural gas consumed in the United States.
Duke Energy, a diversified multinational energy company, creates value for
customers and shareholders through an integrated network of energy assets and
expertise. Duke Energy manages a dynamic portfolio of natural gas and electric
supply, delivery and trading businesses generating revenues of nearly $22
billion in 1999. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100
company traded on the New York Stock Exchange under the symbol DUK. More
information about the company is available on the Internet at:
www.duke-energy.com.
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