KNG Energy Begins Innovative Pipeline Capacity Auction Using EnergyGateway.com
COLUMBUS, Ohio--Aug. 3, 2001--KNG Energy, Inc., (KNG) a Findlay, Ohio-based natural gas pipeline company, has signed an agreement with EnergyGateway to auction portions of its pipeline capacity between a receipt point interconnection with Crossroads Pipeline at Cygnet, Ohio, and delivery points with Columbia Gas of Ohio in Market Area 7-1, Dominion East Ohio in Cleveland, as well as a proposed interconnect with Columbia Gas of Ohio in Market Area 5-2, also known as Parma."EnergyGateway will help us gain exposure to a much broader universe of wholesale and retail market participants who are seeking the diversification in their supply portfolios which Crossroads and KNG offer through direct connections to the Chicago supply hub," stated Sandy Roller, Manager of Operations for KNG. "EnergyGateway adds further value by providing us with strategic market knowledge from highly experienced energy transaction professionals. Because our pipeline has been in operation for less than a year, we need to both gather and convey information about the strategic value we might offer to shippers. The EnergyGateway solution may be an efficient and economical way to reach our target customers."
Companies wishing to place offers on KNG pipeline capacity should review the postings for capacity found on the EnergyGateway "Natural Gas Marketplace" located on the Internet at www.energygateway.com.
"KNG's business is operating a natural gas pipeline system, while EnergyGateway's business includes providing market liquidity and depth in energy marketing experience. Our agreement is an example of two forward thinking companies leveraging the combined strengths and interest to our mutual gain," said Mark Jergens, CEO of EnergyGateway.
About KNG Energy
From the time of its origin in 1991 KNG's business strategy has been to anticipate and exploit, the profound changes in the natural gas industry resulting from pipeline deregulation and the emergence of Chicago as a major natural gas supply hub feeding the industrial Midwest and Eastern United States. Increasing supplies of natural gas are coming into the Chicago hub from not only the Gulf Coast and Southwestern US, but newly developed producing areas in the Rocky Mountains and Western Canada.
KNG Energy, Inc. is an Ohio intrastate natural gas transmission company with minor interests in natural gas distribution. Information, including maps showing the location of KNG's high pressure pipelines, interstate pipeline interconnections, available transportation paths to Ohio markets, and existing and proposed delivery points can be found by visiting KNG's web site at www.kngenergy.com. KNG is subject to regulation by the Public Utilities Commission of Ohio (PUCO), and through the PUCO is also regulated by the US Department of Transportation, Office of Pipeline Safety.
About EnergyGateway.com
EnergyGateway, an independent Ohio based company, is a highly customizable business-to-business e-commerce Internet transaction platform that combines an efficient physical energy purchasing process with a strategic information source for buyers and sellers. EnergyGateway's B2B and B4B Natural Gas Marketplace was launched on September 15, 1999. Over $550 million of energy has already been transacted on this industry leading natural gas Internet exchange. More information is available at www.energygateway.com