Columbia LNG completes buy of Pepco's interest in Cove Point

Columbia LNG Corporation, a subsidiary of Columbia Energy Group, announced that through an affiliate it completed the purchase of Pepco Energy Company's 50 % interest in the Cove Point LNG Limited Partnership for approximately $ 40.7 mm. Columbia LNG and its affiliates now own 100 % of the Cove Point LNG terminal.

Cove Point LNG is proceeding with plans to conduct an open season for bids on import capacity. Pending approval by the Federal Energy Regulatory Commission, Cove Point plans to reopen its LNG marine terminal facilities by late 2001. Located in Lusby, the Cove Point LNG terminal includes LNG storage and terminal operations, and an 87-mile natural gas pipeline that connects with gas pipelines in Northern Virginia. It is able to send out up to 1 bn cfpd of gas. The Cove Point LNG terminal currently provides peak shaving services to meet high-demand periods for customers in the mid-Atlantic and South-eastern regions.

Columbia Energy Group, based in Herndon, Virginia, is one of the nation's leading energy services companies, with assets of approximately $ 7 bn. Its operating companies engage in all phases of the natural gas business, including exploration and production, transmission, storage and distribution, as well as retail energy marketing, propane and petroleum product sales, and electric power generation.