TransCanada's (TRP) Pipeline Company Files Settlement with FERC Over Section 4 Rate Case
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TransCanada Corporation (NYSE: TRP) (TransCanada) announced that its ANR Pipeline Company filed a comprehensive settlement of its current Natural Gas Act Section 4 rate case with the Federal Energy Regulatory Commission (FERC). The settlement, which was supported or unopposed by all parties, settles all issues in its general rate case.
New settlement rates are effective August 1, 2016, subject to ultimate approval of the settlement by FERC. Under the settlement, ANR's general transportation rates increase by 34.8 percent over previous rates, while storage rates remain essentially unchanged. ANR will retain its seven-zone rate system.
In addition, the settlement includes a three year, US$837 million capital maintenance program to enhance the efficiency, reliability and safety of ANR's system.
"TransCanada and ANR appreciate the efforts of the parties and FERC staff to reach this comprehensive agreement and avoid costly, time-consuming litigation," said Stan Chapman, TransCanada senior vice president and general manager, U.S. Natural Gas Pipelines. "This settlement is particularly important given ANR's role in the market, serving some of the most prolific natural gas producing regions and some of the largest consuming markets in the United States.
"The parties were able to reach agreement on revised rates that reflect the ongoing costs of operating a safe and reliable pipeline as well as new costs and mandates that were not in effect when ANR's rates were last adjusted more than 20 years ago," Chapman said. "I am very proud of the effort that went into achieving this important milestone for ANR and its customers."
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