TRENTON, N.J.—New Jersey’s largest utility has found a buyer for its stake in a pipeline project that’s designed to carry Marcellus Shale natural gas from northern Pennsylvania to New Jersey.
The PennEast pipeline said Monday that Spectra Energy Partners has agreed to buy PSEG’s 10 per cent equity stake in the roughly 120-mile, $1.2 billion pipeline project. Spectra’s stake will go from 10 per cent to 20 per cent under the arrangement.
A PSEG spokesman says financial details are not being made public.
The company has said it plans to remain a customer of the pipeline. Spokesman Mike Jennings says PSEG wants to focus on its core business of running and building power plants.
The pipeline is awaiting approval by the Federal Energy Regulatory Commission, but environmental groups oppose the project.