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News
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LCG, April 29, 2025--Officials from the U.S. Environmental Protection Agency (EPA) and Texas Railroad Commission (RRC) signed a memorandum of agreement (MOA) today outlining the state’s plans to administer programs related to carbon storage wells, known as Class VI wells. The MOA signing is a required step in the RRC’s application to be granted authority to permit Class VI wells in the state of Texas. EPA is currently preparing a proposed approval of RRC’s primacy application.
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LCG, April 24, 2025--Exxon Mobil Corporation (ExxonMobil) announced yesterday an agreement with Calpine Corporation (Calpine) to transport and permanently store up to 2 million metric tons per annum (MTA) of CO2 from Calpine’s Baytown Energy Center, a natural gas-fired facility located near Houston, Texas. This is part of Calpine’s Baytown Carbon Capture and Storage (CCS) Project that is designed to add CCS for the facility’s CO2 emissions. The Calpine facility could then provide a 24/7 supply of low-carbon electricity to the Texas grid plus steam to nearby industrial facilities.
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Industry News
TransCanada to Acquire Columbia Pipeline Group
LCG, March 18, 2016--Columbia Pipeline Group, Inc. (CPG) yesterday announced that it has entered into a definitive agreement to be acquired by TransCanada Corporation (TransCanada) for $25.50 per share in cash. The total enterprise value of the transaction is approximately $13 billion. The agreement has been unanimously approved by CPG's Board of Directors. The transaction is expected to close in the second half of 2016, subject to customary closing conditions and the affirmative vote of holders of a majority of CPG's outstanding shares.
The acquisition will create one of North America's largest regulated natural gas transmission businesses, with a combined $23 billion portfolio of secured, near-term growth projects that positions the company for long-term growth, according to documents supporting yesterday's presentation by TransCanada. The natural gas pipeline footprint of TransCanada will expand into the Mid-Atlantic, with a greater capacity to the Gulf Coast markets as well.
With the acquisition of CPG, TransCanada will gain both natural gas pipeline and storage assets, including an extensive position in the Marcellus and Utica shale regions, and Federal Energy Regulatory Commission (FERC) regulated assets that generate stable and predictable earnings and cash flow.
A process is underway to sell U.S. Northeast power assets, including: Kibby Wind, TC Hydro, Ocean State Power, Ravenswood and Ironwood. The monetization of minority interest in Mexican natural gas pipeline business is also planned.
CPG's Chairman and Chief Executive Officer stated, "This transaction delivers tremendous value to our shareholders and places CPG within a leading energy platform that can maximize the value of our strategic positioning and deep inventory of transformational growth projects. The value presented here is a strong endorsement of our team's outstanding work. I am confident that this newly enhanced business will continue to deliver on our core commitments to customers, employees, stakeholders and stockholders."
TransCanada's President and CEO said, "This transaction is truly transformational for TransCanada. CPG's interstate pipeline and midstream assets sit directly on top of the fastest growing areas of the Marcellus and Utica Shale regions. This provides us with a complementary asset base, a substantial growth pipeline network and a broad team that has a solid track record of executing on projects and delivering results."
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