As a partner of New York Transco, LLC, Con Edison Transmission (CET) is developing a portfolio of transmission upgrade projects in New York State to fulfill the goals of the New York Energy Highway Initiative. The New York Transmission Owners (Central Hudson, Con Edison, National Grid, New York State Electric & Gas, Orange and Rockland Utilities and Rockland Gas and Electric) along with New York Transco have submitted nine enhanced and innovative transmission line proposals to the New York Public Service Commission.
CET operates Con Edison Gas Midstream, LLC, which invests in gas pipeline and storage businesses.
In January, Con Edison Transmission announced its first investment in the natural gas infrastructure with the Mountain Valley Pipeline, a new project that will deliver natural gas to the northeast and southeast markets when it is completed in 2018. As proposed, the project is a natural gas pipeline system that spans approximately 301 miles from northwestern West Virginia to southern Virginia as an interstate pipeline that will be regulated by the Federal Energy Regulatory Commission (FERC). The agreement has 20-year fixed-price agreements for the pipeline's entire capacity rights.
CET is purchasing a 50-percent stake in a gas pipeline and storage business in Pennsylvania and New York, worth $2 billion. CET is forming the joint venture with Crestwood Equity Partners. Known as Stagecoach Gas Services, the project provides a critical link between natural gas fields and the high demand for gas in the Northeast. CET purchased 50-percent equity interest in the Pennsylvania-Southern New York gas pipeline and storage business for about $975 million, with an implied market value of almost $2 billion.