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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (11583)	7/7/1998 4:13:00 PM
From: Kerm Yerman	Respond to of 15196

PIPELINES / IPL Energy Files for Approval of Key Gas Pipeline Link IPL ENERGY INC. TSE, ME SYMBOL: IPL NASDAQ SYMBOL: IPPIF JULY 6, 1998 CALGARY, ALBERTA--(July 06, 1998) - The Vector Pipeline Project, a joint venture of Calgary-based IPL Energy Inc. and Detroit-based MCN Energy Group Inc., today filed an application with the National Energy Board to construct and operate the 25 kilometre southern Ontario portion of the 551 kilometre Vector natural gas pipeline project. Upon start-up in late 1999, Vector will provide a cheaper alternative transportation link for up to one billion cubic feet of natural gas per day from western Canada and the United States to growing markets in eastern Canada and the upper Midwest and northeastern United States. The Vector Pipeline Project will originate at points of interconnection with the terminus of the approved Northern Border Pipeline extension and the proposed Alliance Pipeline, near the rapidly expanding Chicago hub, to points in Michigan and on to the hub at Dawn, Ontario. Additional markets in eastern Canada and the United States will be accessed in the future through proposed and existing transmission systems. "The filing of the NEB application for Vector marks another step in the continued development of IPL Energy as a major North American natural gas transporter," said IPL Energy President & Chief Executive Officer, Brian F. MacNeill. "Combined with our significant interest in Alliance Pipeline, Vector Pipeline will be an important strategic asset for transporting natural gas from the Chicago region to U.S. and Canadian markets." In December 1997, Vector filed an application with the Federal Energy Regulatory Commission in Washington D.C. to construct, lease and operate the 526 kilometre U.S. portion of the proposed pipeline. The project is on target for an in-service date of late 1999. IPL Energy Inc. is a leader in energy delivery and services, operating the world's longest crude oil and liquids pipeline system, and Canada's largest natural gas distribution company through The Consumers' Gas Company Ltd. which serves 1.4 million residential, commercial and industrial customers in south central and eastern Ontario, Quebec and Upper New York State. IPL Energy's common shares trade on the Toronto and Montreal stock exchanges in Canada under the symbol "IPL". In the United States the shares trade on the NASDAQ under "IPPIF". MCN Energy Group Inc. is a diversified energy holding company with more than $4 billion of assets, and with markets and investments throughout North America and in Asia. The company operates through two major business groups: Diversified Energy, operating through MCN Investment Corporation, is involved in oil and gas exploration and production, natural gas gathering, transmission, processing and storage, energy marketing, electric power generation and distribution, and other energy-related businesses; Gas Distribution consists principally of Michigan Consolidated Gas Company, a natural gas distribution and transmission company serving 1.2 million customers in more than 500 communities throughout Michigan. Information about MCN Energy Group is available on the World Wide Web at mcnenergy.com. /T/ SYSTEM DESCRIPTION Capital Cost ($U.S.) United States Segment $447 million Canada Segment $24 million Total $471 million Length of Pipeline United States ------------- 269.7 miles (431.5 kilometres) of new pipeline through Illinois, Indiana and Michigan. 59 miles (94.4 kilometres) of leased pipeline between Milford and Belle River, Michigan. 328.7 miles ( 525.9 kilometres) total U.S. section Canada ------ 24.8 kilometres (15.5 miles) from Canada/US border to Dawn, Ontario Canada/U.S. Combined -------------------- 550.7 kilometres (344.2 miles) total Canada/US New Pipeline Diameter 1067 mm (42-inch) Capacity 1 MMDth/d (approx. 1 Bcf/d) of initial firm capacity; operating pressure 6895 kPag (1000) psig Compression Two 30,000 HP compressor stations in the U.S. In-Service November 1, 1999