WILLIAMSVILLE, N.Y., September 26 /CNW/ - National Fuel Gas Supply
Corporation ("Supply Corporation"), the wholly-owned interstate pipeline
subsidiary of National Fuel Gas Company (NYSE: NFG) ("the Company"), today
announced that it has reached a settlement in principle with the Public
Service Commission of the State of New York, the Pennsylvania Public Utility
Commission, the Pennsylvania Office of Consumer Advocate and other active
parties with regard to the complaint filed in April 2006 with the Federal
Energy Regulatory Commission ("FERC") under Sections 5(a) and 13 of the
Natural Gas Act.
As a result, Supply Corporation has filed at FERC an unopposed motion to
suspend the procedural schedule associated with the matter in order to permit
the parties to focus their resources on developing a definitive settlement
agreement. Such an agreement, if reached, would be publicly filed at FERC for
approval which, if granted, would conclude the matter (subject to requests for
rehearing and appeals). The content of the settlement in principle cannot be
made public until a definitive settlement agreement is reached and filed at
FERC. Accordingly, the Company cannot at this time publicly project the effect
the settlement, if approved, would have on the Company's earnings.
Supply Corporation comprises the largest portion of the Pipeline and
Storage segment of National Fuel Gas Company. The operations of Empire State
Pipeline are also part of National Fuel Gas Company's Pipeline and Storage
segment, but Empire State Pipeline was not cited in these pleadings. Supply
Corporation owns and operates 2,972 miles of natural gas pipelines and 32
natural gas storage fields, including four that are co-owned with
non-affiliated companies.
National Fuel Gas Company is an integrated energy company with $3.8
billion in assets comprised of the following five operating segments: Utility,
Pipeline and Storage, Exploration and Production, Energy Marketing, and
Timber. Additional information about National Fuel Gas Company is available on
its Internet Web site: http://www.nationalfuelgas.com or through its investor
information service at 1-800-334-2188.
