DT Midstream has purchased an additional 26.25% ownership interest in Millennium Pipeline. DT Midstream has acquired National Grid’s full ownership interests in Millennium Pipeline for US$552 million, bringing DT Midstream’s total ownership in Millennium Pipeline to 52.5%.
The Millennium Pipeline, consisting of a 263-mile (423-km) interstate pipeline and compression facilities with 84,000 hp (62,664 kW) installed, serves utility and power plants across New York state and New England. The Millennium Pipeline is designed to deliver 2.0 Bcf/d (56.3 x 106 m3/d). The pipeline is also interconnected with the company’s Bluestone Gathering Lateral Pipeline, which has upstream connections to its Susquehanna Gathering System.
“Increasing our ownership in a premium integrated asset like Millennium Pipeline directly aligns with our strategic investment thesis and accelerates our growth plan,” said David Slater, president and CEO of DT Midstream. “This transaction also increases the revenue contribution from our pipeline segment, underpinned by take-or-pay contracts with high credit quality customers.”
Headquartered in Detroit, DT Midstream is an owner, operator, and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, and treatment and surface facilities. The company transports natural gas for utilities, power plants, marketers, large industrial customers, and energy producers across the Southern, Northeastern, and Midwestern United States and Canada.
